In the space of a couple weeks, 2 new moderns in the Sand Section have sold near $3m each.
Intriguingly, neither sported an "A" location.
305 20th (5br/6ba, 4100 sq. ft.) is a full-size, maxed-out new home that took less than 3 months on market to find a buyer.
MBC featured it in late June as it hit the market,…
In the space of a couple weeks, 2 new moderns in the Sand Section have sold near $3m each.
Intriguingly, neither sported an "A" location.
305 20th (5br/6ba, 4100 sq. ft.) is a full-size, maxed-out new home that took less than 3 months on market to find a buyer.
MBC featured it in late June as it hit the market, noting that the "warm contemporary" sported "disappearing walls that open the living space out to a big ocean-view deck." Too see lots of pics, see the still-active listing website. (Click "forward" at the bottom to speed through the pics.)
The home is east of Highland, and – a bigger would-be negative – just one door in off that busy street. Those are concerns, but build a great, sleek home on a walkstreet, deliver big ocean views, and you can overcome that.
Pricing flexibility helped here, too. The listing began at $4.2m, but cut $500k to $3.695m and actually closed for $3.265m (-$935k/-22%). Those were real cuts, but that's still a respectable PPSF near $800. Of note: the sale closed very quickly, with the deal having been posted just a couple of weeks ago.
The lot for 305 20th was acquired for $1.525m in Feb. 2008, leaving $1.7m after the sale to cover construction, carrying costs and commissions. Those numbers have the look of a successful speckie.
Meanwhile, up in El Norte, a substantially smaller home on a half lot at 3611 Manhattan Ave. now has a deal just about a month after completion. (MBC noted this one in a "Weekend Opens" feature in mid-August, linking to a 3-D architectural video tour.)
This one was priced 50% higher by PPSF than 305 20th just closed at – about $1,200/PSF for a 3br/4ba, 2500 sq. ft. home boasting a west-of-Highland location, but also one nearer to Rosecrans than you might consider ideal.
A cool build helps. MBC described 3611 Manhattan as "one of the more ambitious custom contemporaries" in town and lauded its "sharp lines and mixes of quality materials – wood and stucco outside, great woods, stone and glass inside" in teasing the first open house. Several pics are still online at the agent's website.
The list price of $2.998m never changed, but we'll have to wait a bit to see if the buyers took much off. With the lot acquired for $1.2m in May 2007, this one, too, has the look of a profitable venture.
Not moving quite so fast: 304 16th Place (3br/3ba, 2100 sq. ft.), which has completed 11 months on market, has endured cuts totalling $420k to $1.779m, with no takers as of yet.
Likewise 502 24th, a big (4br/4ba, 3875 sq. ft.), fun, award-winning "green" modern with a big location issue across from Grandview Elementary. This one has been discussed several times at MBC (including in "Short in the Sand") as it has slipped to a price said to be, in the listing, "over $1,000,000 under what it cost to build." But it's still $2.995m.
Maybe there's hope as the market for beach-close moderns heats up before the weather is ready to chill.
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 13th, 2024 at 7:52am 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.
