new construction

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Maybe we're not charging enough for our house, thought the sellers to themselves... Time for a price increase.

We've seen that around here from time to time.

Is that the case at 516 Marine?

Not really, but there was just a big price jump: From $2.600M asking to $3.699M. That's basically $1.1M (+42%).

They were already asking a pretty princely sum for the original 3br/2ba, 1600 sqft. house. (The 1960 build has some nice updates inside, but more can be done with this nearly 3000 sqft. lot.)

Comps for the property as-is seem to hover in the $2.2-2.3M range, but they were asking $2.6M.

The markup was surely partly about turning a quick-flip profit on a recent acquisition. The property sold just this past March for $2.150M, after some on-and-off NOD

There's only one way to say it: 2412 John (3br/3ba, 1890 sqft.) was an unconventional project for new construction in the Tree Section.

Situated on a prime block – although a tad close to Marine – the new home recently built here dared to be different.

And if you've ever been that weird kid, the nonconformist marching to your own drummer, the type who doesn't really much care how "everyone else" is doing things... then you could easily appreciate this revivalist mid-century marvel.

Actually you don't have to be all that different to smile warmly at a new, eco-friendly home that's bright, open, slick and modern, ready to go.

But the tut-tutting we've heard about this house came out of the fact that it was "undersized."

Oh, imagine that: Someone decided

This is a story that's only really a "bookend" to the story of one spec project.

That would be 750 30th St. (5br/7ba, 5070 sqft.), a new "beach plantation" style home that has just closed for $4.500M.

The sale itself is notable, for sure. 

It's only the fourth-ever sale to close in the Tree Section over $4M that wasn't near American Martyrs church. (Click for more on the Martyrs area and active listings there.)

One of those past $4M+ sales was of a double-lot "compound" (3305 Pine) that sold back in 2012.

The other two more "conventional" home sales over $4M came within just the last year:

  • 769 33rd (6br/5ba, 4900 sqft., 7400 sqft. lot), a big, luxe custom Spanish on an oversized lot, sold for $4.100M off-market in July last year;

We half-joked yesterday that when a home sits for 30 days in this market, it almost seems like a "crisis."

Where's my bidding war? Where are the all-cash offers?

Well here's a case of a home that took 5 full years to sell.

906 9th (6br/7ba, 5425 sq. ft.) is a Hill Section spec home that first came out in April 2010 asking $4.695M.

Along the way, asking prices dipped as low as $3.895M.

It's been rented out for much of its time since completion.

Around this time last year, 906 9th came to market asking $4.895M. It hung around for 9 months.

Finally, this week, it sold. The new closed price: $4.300M, somewhere in between the up-and-down asking prices of the last few years.

But now, through some combination of persistence, timing and luck, it's done.