We see a couple of recent closings that help fill out a picture of Tree Section activity...
958 Rosecrans (2br/1ba, 975 sq. ft.) on a 6000 sq. ft. lot, was one of "Two New REOs" we mentioned in early May. It has now closed for $650k, a token $100.00 over the list price.
The same property sold for:
We see a couple of recent closings that help fill out a picture of Tree Section activity...
958 Rosecrans (2br/1ba, 975 sq. ft.) on a 6000 sq. ft. lot, was one of "Two New REOs" we mentioned in early May. It has now closed for $650k, a token $100.00 over the list price.
The same property sold for:
- $580k in March 2003 (+37% over 2001)
- $977k in July 2006 (+68% over 2003, +132% over 2001)
There was something wrong with that 2006 sale – few payments, if any, were made. The bank took it back in May 2007, and only this year sought to unload it.
Admittedly, this sale doesn't tell us much about the market, because it's such an outlier. The other home mentioned in "Two New REOs," 543 24th, hasn't closed yet.
We also just saw the sale close on 2300 Laurel, a 4800 sq. ft. corner lot.
That listing began at $1.399m, despite the clear evidence that this was an overreach. A better-located lot-and-a-quarter (6000 sq. ft.) at 1900 Laurel had closed for $1.25m in January. (See "Dirt Cheaper?" for more on that one and other lot sales.)
2300 Laurel closed Wednesday for $1.160m, about $120k below the last list price, and $90k below the bigger lot at 1900.
Also, we've been meaning to offer some news on 2 other lower-priced Tree Section homes, 2111 Valley and 2500 Oak (3br/2ba, 1350 sq. ft.). (2500 Oak pictured.)
Valley seemed to be a very cheap lot sale when listed for $638k in late February; we have once previously noted that it closed for $725k in mid-April. But here's where we got an assumption wrong: The home (3br/1ba, 925 sq. ft.) is not being scraped, but redone.
That makes Valley part of a growing (and welcome) trend – homes that would have been teardowns not so long ago are being spiffed up to be lived in instead.
Much the same for 2500 Oak, which closed for $738k in late February. (See "New Lows Achieved in Trees.") As anyone who passes the corner of Marine and Sepulveda can plainly see, the home is getting new life with a remodel.
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 November 29th, 2023 at 10:45pm 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.
