The investors who grabbed the lot at 121 9th back in mid-2006 seemed to have pretty bad timing.
By the time they had closed escrow, the local real estate market was beginning to wobble. They were holding a piece of land they'd bought for $3.35m to use for a spec build, but soon it would prove impossible to proceed…
The investors who grabbed the lot at
121 9th back in mid-2006 seemed to have pretty bad timing.
By the time they had closed escrow, the local real estate market was beginning to wobble. They were holding a piece of land they'd bought for
$3.35m to use for a spec build, but soon it would prove impossible to proceed with the project, as construction financing dried up.
Not much happened at 9th from 2007-2008. An old triplex onsite held on for a while, finally giving way in 2009 to the 'dozers.
Now something big has happened at 121 9th. On Thursday, a partially completed modern-style speckie (4br/5ba, 4200 sq. ft.) was sold off-market for
$6.2m. (The price includes completion of the home; the buyer also plans to upgrade it further.)
That's the highest price paid for a non-Strand property west of Highland since 2008.
In fact, it's almost $1.5m more than was paid for the last modern-style speckie
on the same, short block – 54 weeks ago.
128 9th sold for
$4.9m in late November 2009.
What a difference a year makes.
Go back a bit further, and the previous high-water mark for new construction west of Highland was the
$5.6m paid for
200 19th back in March 2008, just before the local real estate market took a dive. (See MBC's "
High/Low Prices for 2008.")
That sale on 19th looked like it might hold the record for several years. Turns out, it was just 2 and a half years.
The sale at 9th is a bullish sign for a few listings around town, mainly west of Manhattan Ave., for instance:
121 4th (4br/5ba, 4000 sq. ft.)
(pictured).That sharp contemporary looked quite high when it launched at
$6.5m last month, but now?
The new high point could also be good for
128 5th (5br/6ba, 4300 sq. ft.), another new modern that has logged 5 months on market at
$5.799m but only recently reached a stage of near-completion adequate for public tours. (See MBC's "
Hallo-weekend Opens" post for a brief review.)
We're told that one more new build at
128 6th has also sold off-market, pre-completion, though for somewhat less than 121 9th. We'll get a closed price on 6th by year-end.
Worth noting: The lot at 6th was virtually stolen for
$2.625m during the very depressing (economically) month of December 2008. A long-term vision helped a lot there, just as it did at 121 9th.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of May 30th, 2023 at 4:17pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
