Newly Gone, South

By Dave Fratello | August 31st, 2009
Good news for the South End walkstreets – the first new home to hit the open market in a long time has found a buyer within 2 months.

440 6th (6br/6ba, 4200 sq. ft.), a new Cape Cod on a corner lot at Ingleside, has a lot to love. (Listing can still be viewed while in "backup offer" status.)

Just quickly recap what we've got here:
  • new,
  • corner,
  • South End,
  • walkstreet.
Good stuff. The home itself is dandy as well.

What's missing? An ocean view, we suppose, but there's nothing like the family lifestyle of the flat walkstreets on most downhill, ocean-view blocks west of Highland. (Where the last comparable sale was newbie 224 7th at $4.9m in late April – see "Recent Closings.")

The listing for 6th never varied from its start price at $4.495m. We're hearing that the (contingent) offer in hand is less than full price, but not a big discount, either.

Recall that this one was not a spec home per se, but rather a planned custom build that the owners switched gears on midstream and decided to sell. They picked up the lot for $2.050m in Oct. 2007, bidding over the list price of $1.899m. (See "MB Market Update for 9/15/07.")

For would-be buyers of 440 6th – there were plenty kicking the tires – today's news may not be the end. A contingent deal in 2009 is hardly a sure thing. This one depends on the sale of a property outside the area (Northern California).

The buyer interest and apparent deal should be good news, also, for two other yet-to-be-developed newbies down south at 412 8th and 416 8th. These 2 lots were once slated to be built out with a single mega-home (see "2 Are Better Than 1" and "No Mega-Home on Flat Walkstreet").

Now, they'd better get those homes built while $3.95m looks reasonable.

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