Some Pickup

By Dave Fratello | June 12th, 2009
There's a buzz that sales activity is picking up.

We don't see a big wave, with just 20 sales for all of May (among SFRs west of Sepulveda), some of which you'll see in the new MB Market Update spreadsheets for 5/31/09, which cover the second half of the month.

And we do see some failed-escrow comebackers, like 1308 Walnut, which has returned at $1.899m (down from $2.099m) and is now priced just $50k above the Nov. 2006 acquisition price. Also, 2400 Poinsettia ($1.599m), a 2-week-old listing that got a quick offer that appears to have fallen through.

But there is something happening around town, even a surprise or two.

The newest deals:
  • 1600 Elm (3br/3ba, 1975 sq. ft.), which MBC called "just plain cute" with "some nice throwback appeal, and just. enough. space... almost." Priced at $1.339m. (Can still be viewed via Redfin while in "Backup Offer" status.)
  • The second of the Twins in the Trees, 3309 Poinsettia, was recently taken over by a more aggressive agent – or so it would seem – who dropped the price a couple times, most recently to $1.9m.
The listing, a frequent mention here at MBC, had logged more than 450 DOM and had dropped from the silly heights of a $2.795m start. The first twin, 3307 Poinsettia, closed on Christmas Eve last year for $2.1m.
  • Well, here's your surprise: 1042 2nd in the Hills has a deal.
It's a large (5br/4ba, 4400+ sq. ft.), newer (2003) home with views of the city, and a location right next door to a commercial building at Sepulveda. (Barely out of frame in this pic, to the left.)
Sellers paid $1.460m in March 2004. Last Summer, they started by asking almost a million more: $2.395m.

Last at $1.999m, but what's the over-under on this sale? We'll declare surprise with a closing over $1.65m.

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