No More Tree Section New Construx?

With the recent new escrow at 3400 Poinsettia (5br/6ba, 3250 sqft.), it feels like there's almost nothing new left in the Tree Section for buyers.

That was one of the last "mainstream" priced new homes, asking $2.995M.

Just a few days before, another new construction project at 2201 Oak (5br/6ba, 3120 sqft.) went into escrow, within a month of its start at $2.895M.

As we have noted more than once, that price at 2201 Oak would be a record for Oak. (The high for any home on Oak is $2.800M for new construx at 2001 Oak in Sept. last year.)

3400 Poinsettia will settle someplace near the closed price for the larger next-door neighbor, new construx at 3312 Poinsettia (5br/5ba, 3600 sqft.) which just closed last week for $3.087M.

But let's say you're looking in the Trees and would like something new.

If you're looking in the 2's and low 3's, forget it. All gone. Almost.

You can look to the ultra-modern, highly artistic 3605 Oak (5br/4ba, 3250 sqft.), now asking $2.995M.

It is quite a work, but will be challenged due to its location across from the hotel and near Rosecrans. The other two recent new construx sales had location challenges, too, but nothing like this one.

If you want new, you can take a look at 2612 Pine (5br/4ba, ~3600 sqft.), but they are way up there at $3.795M.

They're calling that one a "refined contemporary craftsman," but there is some flexibility in definitions of style. (Click the address to see the photos.)

Take another step up and you might look at 3000 Palm (5br/5ba, 3600 sqft.) at $3.995M. (Pictured.) (It's actually down from the original asking price of $4.149M.)

Or look at a 25% larger house on a prime block at 575 31st (5br/7ba, 4850 sqft.), with a start price of $4.795M.

It's really quite a challenge, then, as a buyer. 

You want new for about $3M? Try Oak/Rosecrans. Otherwise, raise your budget by 25% to 60%. Yikes.

Or you'll be looking at the inventory of existing homes. There are some nice ones. (Like Dave's listing at 2100 Pine, of course.)

This gap in the market won't remain forever, of course. It's Summer, and if you have a new construx project coming, you'll probably hold it till September.

Meantime, for the buyer looking for a nice 4br+, 3000+ sqft. home under $3.5M, below are the options as of today (email subscribers will need to view this post in a browser).