New Construx in East MB Rocking

By Dave Fratello | January 21st, 2014

After some down years, it's looking like a new era for new construction east of the highway.

In just the past few months, 3 of the top 7 sale prices ever have posted for new homes on standard-size lots (7500 sq. ft.). These were:

1626 1st (5br/5ba, 4950 sq. ft.) (pictured) at $3.200M;

1421 18th (6br/6ba, 4430 sq. ft.) at $2.700M; and

1200 10th (5br/6ba, 4600 sq. ft.) at $2.729M.

Of those, the last (10th St.) posted in September 2013, while the others finished up just last week.

The posted sale at 1626 1st marks out a new high, by $100K, for the east side. (Specifically on 7500 sq. ft. lots.)

In June 2007, 1622 Gates (5br/6ba, 4850 sq. ft.) (pictured) sold new in June 2007 for $3.1m. And for nearly 7 years, that's where the (figurative) trophy stayed.

The next-highest sale after that wasn't near $3M. It was 1514 5th (5br/5ba, 4550 sq. ft.) in Oct. 2006 at $2.690M. (They posted $2.759M on the MLS but we're going with the public records of the sale here instead.)

That story on 5th didn't end so well, as the home was resold at the utter bottom of the market in July 2009 for $2.135M. (Or maybe it did end well if you were the buyer!)

A rundown of some other East MB highs – including those on larger lots – can be found in this MBC post from July 2012.

One of the most recent deals in East MB is on new construction at 1741 9th (5br/6ba, 4400 sq. ft.).

As we said in a recent review as the home debuted, this one "rebuts a notion we've had for a while: No one is building Mediterraneans anymore."

They came out with this one asking $2.649M, which seemed bold for the style and location. But maybe not for the times we live in.

Yep, it looks like it's on in East Manhattan again.

We're aware of some new projects in East MB getting under way – including one across the street from the recent sale at 1421 18th. (Feel free to ask Dave for details.)

The new ones are going to start pricing in the sudden uptrend, though – they're redefining what seems possible on "the other side" of Sepulveda.

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