tree section

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The recent rate of turnover among homes on Oak Ave. in the Tree Section is almost unbelievable.

In the past 24 months, there have been 24 listings of homes with an Oak Ave. address. (The mathematically inclined may note that this is a rate of one per month.)

The newest to market is 1508 Oak (4br/2ba, 1780 sqft.), a 60s original that looks to be very nicely updated and clean.

[UPDATE: The listing for 1508 Oak quit just 3 days after hitting the market. The rest of this story continues as posted originally.]

A Tree Section home of that size with no work to do will really set you back these days. The list price on this one is $1.649M. No doubt, it'd be higher off of Oak Ave. and if not on the commercial-adjacent side of Oak.

Of the 24 listings recently,…

Plus-size lots are continuing to come to market demanding big dollars.

Quick to make a deal recently is the oversized East MB lot at 1156 6th, along the corner with lightly trafficked Johnson St.

This one is listed as 15,311 sqft., a minor (but perhaps significant) 311 sqft. larger than a typically "permissible" double lot. What that might mean is that the buyer will either have to split the property into two lots (as is envisioned in this image from the listing) or somehow shed 311 sqft. in order to build on one double-size patch of land. Depends on the city's take.

So, one big home, or two? The double-plus-sized lot was listed at $3.500M. We'll see where that ends up.

West of the highway, 500 Pacific offers an 11,400 sqft. corner lot in the Hill

In this rising market, it's pretty easy for sellers to dream of a huge payday. As often as not, they get all they want and more.

But there are a couple of old rules that still apply today:

1) Location matters, and

2) Overprice, and you may get less.

Our case study here is 3102 Blanche (5br/4ba, 3400 sqft.).

In the hot, hot Spring this year, 3102 Blanche came out of the gates asking $2.750M.

That was $809/PSF, which would have put this home on a par, by the square foot, with two better-located sales that had closed just before the listing launched:

2001 Agnes (5br/4ba, 3470 sqft.) at $2.811M and $811/PSF (pictured)

633 26th (5br/5ba, 3380 sqft.) at $2.637M – a "gross equivalent" price of $2.700M because the buyer took no buyer's agent

New construction at 1817 Oak (5br/6ba, 3120 sqft.) has now completely smashed the prior record for prices on the street.

Oak ordinarily sees lower values because the street is the first block in off of Sepulveda. But sales activity on the street has been busy and values have reached new highs up and down the block.

The sale price on this bold, undersized and slightly different new construction was $2.699M.

You could note that the sale is $300K under asking, exactly 10%, but that's not the story.

The highest price ever for any home on Oak came 11 months ago at 1720 Oak (4br/4ba, 3470 sqft.), a spectacular remodel on the "wrong" side – backing up to commercial.

The sale price in October 2014: $2.227M. In that case, they got a ton more than the asking