Midyear last year we bade farewell to a home MBC had called "Reagan's Suit" – in honor of the former president's memorably dreadful brown getups.
In anticipating a scrape of the property, perhaps we jumped the gun. We said last June:
The very custom, and not very big (3br/3ba, 2200 sq. ft.) mid-80s "contemporary"…
Midyear last year we bade farewell to a home MBC had called "Reagan's Suit" – in honor of the former president's memorably dreadful brown getups.
In anticipating a scrape of the property, perhaps we jumped the gun. We said
last June:
The very custom, and not very big (3br/3ba, 2200 sq. ft.) mid-80s "contemporary" had to be viewed as a lot sale.
Whoops. Turns out, the new owners of
121 17th have now completed a modernization of the home.
These before-and-after photos are testament to the power of vision. They brought Ronald Reagan into the 21st century with a handsome makeover.
(Click the new pic to enlarge.)And the price the buyers paid is starting to look like a testament to the power of bargaining.
Recall that Reagan's Suit began horrifically overpriced at $3.999m in late 2009. If the lot value was roughly near $3m, they were actually asking buyers to pay a mint for a smallish, troubled, dated house with a chopped-up layout.
The sellers came down a lot once buyers knocked:
-$1.399m/-35%. The closed price:
$2.6m. For a prestige walkstreet near downtown. In the 100 block. Bravo.
As a side note, the listing agent also represented the buyers. That's not always a scenario where we'd expect to see a big bargain. A listing agent's conflicting duties to get the highest price for the sellers and the best deal for the buyers seem not to work out so great for the buyers, typically – but here's an exception that goes against that grain.
By way of comparison, look next door.
117 17th sold off-market last year somewhat after Reagan's Suit for
$3.050m, or $450k more (+17%) than the
passé couture one door up. This one was clearly a lot sale, as the green fence now surrounding the 1920s-vintage home attests. Say goodbye to that old beach cottage.
All of this talk of Reagan's Suit was actually sparked by a completely different deal – the sale closing earlier this week at
132 20th. It's yet another 100-block walkstreet home, just a few extra steps from downtown, and still one of the great blocks without a Manhattan Ave. to worry about.
The fairly big (5br/5ba, 4000 sq. ft.) Reagan-era contemporary (1986 build, early-90s feel) really needed refreshing. It rang up more than 250 DOM after a start at $3.750m. As we noted earlier this year: "the number of buyers looking to spend $3.5m and
then get to work is pretty limited... The home could be so much more, but needs the right mix of a project-oriented buyer and the right price."
It would appear that balance came together at
$3.3m, the price posted Tuesday,
-$450k/-12% off the start. Now, if they need inspiration, maybe the buyers can look to Reagan.
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 December 9th, 2023 at 2:30am PST. 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.
