|Confused monster house at 650 18th|
In May we toured 650 18th
and reported back here on MBC that it was "hard to overstate" what a "difficult" house it was, albeit in a "terrific location."
A neighbor who had just toured agreed readily: the monster house (4br/4ba, 4350 sq. ft.) with its very difficult layout might be best off euthanized, razed and begun again.
In a situation like that, who knew it would go quickly (5 DOM) at the asking price of $2.6m
, with – we hear – more than one suitor? (The sale closed a few weeks ago.)
So, what might you figure the lot value as here at 650 18th, with a 6240 sq. ft. plot and maybe
some ocean peek/view potential, but just generally a great Martyrs hill location?
Well, you could look to the also-very-recent sale at 635 18th
, a smaller home (4br/4ba, 2900 sq. ft.) with layout challenges that could use some work. That one closed for $2.4m
and has confirmed ocean peeks. Does that help?
No, no, put away the slide rule – the market tells us that the land value, to this buyer,
was $2.6m for 650 18th.
Because we're hearing they don't want the house at all – the neighbor directly behind 650 18th, over on 17th St., purchased it with an eye toward making it a nice yard for the 17th St. house.
That's the kind of multi-parcel acquisition you hear about more in the Hill Section, where mini-estates get cobbled together step by step over the years. If it's going to happen in the Trees, though, Martyrs is where you'd expect it.
If there's a top-flight block in all of the Martyrs area, it's 17th, the cul-de-sac,
semi-private street that ends above the American Martyrs school playing fields. So to own on 17th and blast through the back wall to absorb a huge yard space on 18th – that's living.
Curiously, the 17th St. house in question
remains more or less a modest early-1950s cottage, as it was when purchased for pretty much the same $2.6m
in the heyday year of 2006.
So that's 2 adjoining homes with the same owners at $2.6m each, and nothing big or fancy – yet.
But once they are in for almost $5.5m before any grand plans come together, don't you want to see what they can do?
|635 18th – across the street|
UPDATE: We've kind of backed into this in our post – it turns out that both
of these 18th St. houses, 650 18th and 635 18th, seem to be opportunistic purchases by neighbors.
We got a tip that 635 18th was purchased by a trust that also owns the next-door neighbor to the west. And it checks out.
Their plans for the challenged neighbor? TBD.