What is it about 19th St. this past year?
Already there's a short sale pending in the 300 block east of Highland on 19th (329 19th
Now another emerges in the 100 block?130 19th
is not a new listing, exactly. It logged about 6 months at notably unrealistic prices, beginning at $3.5m in July last year.
What's new is that this Strand-close, beach-close scraper has suddenly dived to $2.795m
and has become a short sale.
That 3.5 price always struck us as one borne of overconfidence.
The sellers seemed to be saying, "Yep, we've got a rare gem here, and someone is really going to pay us for it." When the price hit $3.2m, that seemed to be about as generous as they were going to get.
But things change. It's down $700k from the start and short.
The home itself is gamely touted as a potential remodel, whereby one might take advantage of the "shorter front setback" – that is, you could continue to poke out in front of your neighbors and enjoy better views as a result, if you refashion the current (1939) house. Maybe, but not likely. Didn't we already call this a scraper?
The new 2.8ish price immediately calls to mind 2 recent 100-block trades in the teen streets nearby.
Those would be the Summer 2010 sales at:
- 117 17th, currently a building site, purchased off-market for $3.050m (yep, $450k more than the neighbor where they actually made use of the structure).
The short-sale offering price for 130 19th falls right between those fairly recent sales.
It also shows some welcome/necessary downward movement from 132 20th
(5br/5ba, 4000 sq. ft.), a different kind of 80s wreck that's being gutted and redone now. (For more on 132 20th and other "teen streets" sales, see "Action in the Teens
" from last August.)
20th sold for $3.3m
in April last year, reflecting the utility of the structure to the new owners. What was the land value there? Maybe 2.7-2.8?
Meantime over at 19th, it seems that a kind of urgency is going to help drive a deal. You might bet on a pretty good dirt price for the 100 block when all is said and done.