Tree Section Land: Not Done Rising

By Dave Fratello | May 14th, 2014

It was very notable when the standard-size corner lot at 738 29th registered a new high for Tree Section dirt at $1.750M.

But the momentum in this market could soon propel land values beyond that point, which was only hit in early April. (See "Another High for Tree Section Dirt.") Yes, there's a lot of Spring left – even though we're baking like it's Summer here already.

You already have 2100 Palm in escrow, with its list price of $1.695M having been eclipsed quickly with just the first round of bids.

That lot is slightly bigger (4945 sq. ft., thanks to a 45' frontage) and definitely sports a prime location. There were a lot of "must have" buyers in that mix, so the sky is almost the limit for that plot.

Also benefiting from a prime location is the new listing at 1808 Agnes, just steps from the American Martyrs school and church, and walkable to town and beach.

1808 Agnes is a standard, 4800 sq. ft. lot with a start price of $1.799M.

Complicating this picture a bit is the fact that there's a vintage home on the property (5br/2ba, 2050 sq. ft.) that some buyers might simply want to retool. The bulk of the value is still in the land, of course.

The neighbor, 1804 Agnes, sold as a lot off-market last year (51 weeks ago, actually) for $1.700M, a price that turned out to foretell where the market was headed. (In the photo here you can see the new construction on that site.)

Another new listing is at 577 31st, a little original cottage (3br/1ba, 1250 sq. ft.) that we'd kind of love to see get a rehab job or minor expansion, to preserve a little bit of old MB.

But that 5025 sq. ft. lot, west of Blanche, with park nearby and a gentle slope to the street, would also be a great place for a new home.

If we're thinking that, so are builders and would-be buyers looking to build for themselves.

They're starting out here at $1.699M for a lot that's slightly larger than the others in this post, with the added benefit of a street-to-alley orientation, allowing a garage in back. (Hooray, no garage face!)

New construction nearby at 585 31st sold last year for $2.800M.

Any or all of these sales, as they wrap up, could surpass the oh-so-recently set new record at 738 29th.

Is there nowhere to go but up?

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