They're not making new land around here anymore (old joke), but they're also not making many new homes, either – at least not for the spec market.
In the past week or so, the limited inventory of available and pending new construction has begun to close out even more.
- 229 24th, a gorgeous big (5br/4ba, 4200 sq. ft.) Spanish west of Highland, has now closed for $4.2m. (Click address for pics & details via Redfin.)
Yes, that's down quite a bit from the ambitious start at $5.495m in February (-$1.295m/-24%), but it's that closed figure that stands out. Impressive for a home that's close to Highland, but – importantly – west of it.
Lots of echoes of 229 24th in 332 20th, another beaut by the same builder, which was new in 2008 and is recently back on market after a rental interlude at $3.895m. East of Highland will do that to you.
- Also closing this week: Something different at 2901 Oak.
As we noted in "Renting Can Cost You, Part II," Oak hit the market at $1.995m in Spring 2008, but rented out – more like a lease-option deal, we hear – instead of selling. The option wasn't exercised and it came back this October, selling quickly (2 weeks) for list price: $1.699m. Not bad for almost-new and an Oak location.
- Also almost-new, but pending: 903 10th, which made a deal a few weeks back (not closed yet). This one is big (6br/7ba, 5125 sq. ft.) and perhaps overdone in some details. The home bears a 2007 completion date, but these buyers will be the first people who didn't build it to live in it. Began at $3.195m and was last at $2.850m.
- Truly new and pending: 718 Poinsettia, just up the block from 903 10th and a bit bigger (6br/5ba, 5725 sq. ft.). Began at $3.849m, shifted some digits to $3.489m, and we'll wait to see where it closes.
- Also new & pending: 128 9th, down low in the Sand near downtown (last at $5.395m) and 2401 John, quite nearly the last speckie to hit the market in the Trees, which posted its long-rumored deal last week. (UPDATE: 128 9th closed for $4.9m later in the day that this story was posted.)
There may come a time soon when we're not using that "new" designation much in the MBC spreadsheets. As Blake Roberts wrote the other day
, we may be nearing the "very tip of the dragon's tail" in terms of new construction offerings in MB. (His imagery, not MBC's.)
Yes, the bubble-driven wave of redevelopment may be all but over. Until the next set hits.