Sand Lot Not 'Stolen' But Under $1m

Posted by Dave Fratello on Friday, April 6th, 2012 at 5:22pm.

Back in January we let you know about 433 Marine Place, a full-size lot (2700 sq. ft.) along a nice street just steps from Grandview elementary and with ocean-peek potential.

In "Steal This Sand?" we took particular note of the start price: $725k. That was really not much for a lot on a nice block of the Sand Section, zoned for townhomes.

Of course, that was just a come-on price, meant to draw a bunch of bidders and set the market price through a slow, "unlabeled auction," as we said then. 

Now the "auction" is over and the sale price has posted: $957k.

That seems just about right. In January, MBC said:

On the same block more than a year ago, 442 23rd St. sold for $1.325m. That's an odd duplex (2 separate structures) on a larger lot (40x90, 3640 sq. ft.)... That sale hints at a value for 433 Marine Place below $1m, but we would not be surprised to see it go higher based on other comps.
It didn't go higher, it went under $1m as we anticipated.

Build the townhomes on this site, and the market might be pretty nice for them. Right next door, 436 23rd (3br/4ba, 2470 sq. ft.) sold for $1.475m late last year. That unit benefited from the larger lot size and resulting larger TH size, but it was also a dozen years old and something new would be, well, new.

You can pencil out something around $1.5m+ for each new unit and measure that against the lot acquisition price – that could be a profitable development.

We'll check back in whenever they get under way and when the new units hit the market.
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