Oak is Bananas

By Dave Fratello | October 28th, 2015

The recent rate of turnover among homes on Oak Ave. in the Tree Section is almost unbelievable.

In the past 24 months, there have been 24 listings of homes with an Oak Ave. address. (The mathematically inclined may note that this is a rate of one per month.)

The newest to market is 1508 Oak (4br/2ba, 1780 sqft.), a 60s original that looks to be very nicely updated and clean.

[UPDATE: The listing for 1508 Oak quit just 3 days after hitting the market. The rest of this story continues as posted originally.]

A Tree Section home of that size with no work to do will really set you back these days. The list price on this one is $1.649M. No doubt, it'd be higher off of Oak Ave. and if not on the commercial-adjacent side of Oak.

Of the 24 listings recently, just 4 canceled – one of them re-listing right away with another agent (3513 Oak, on the market now at $1.499M).

Over these 2 years, 17 Oak listings have sold, one is pending and you have the two actives on Oak now.

By way of comparison, Liberty Village's Wendy Way seemed busy when it saw 7 homes sell in each of the past 2 years, 2013 and 2014. (See: "Wendy Not a Turnoff?" from March 2014.)

That street seems similar to Oak Ave., in that both are just one in off of a busy highway, typically meaning lower prices, more first-time buyers coming in and, ultimately, higher rates of turnover down the line.

Oak has more homes than Wendy, however, running somewhat longer along the Tree Section's eastern edge than Wendy does along the LV, and the number of sales reflects that fact, in part.

Meanwhile, Wendy's been largely quiet this year, with only one sale after those two boom-boom years. Of course, this being 2015 and this being a continuing rising market, that one sale, a well-done flipper remodel at 2209 Wendy (4br/2ba, 1770 sqft.) set a record for the block at $1.749M.

There are 2 more months left in the year. Is there room for one more Oak listing or a couple more sales? Sure.

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