The Trees Above $2.0m

By Dave Fratello | August 12th, 2011
It was once the case that you'd find the $2m+ price range in the MB Tree Section to be populated mainly by new construction.

As we noted the other day, the newest new stuff in the Trees is slipping well below that threshold, into the 1.8s and below. (See "Quick Check-In on the Speedy Speckies.")

So what do you get for $2m+ these days?

There are 10 current listings above that marker. In price order (click any pic to enlarge):

1417 Elm

1417 Elm (5br/5ba, 3000 sq. ft.) is a light, bright Cape Cod that's technically smaller than some newer construction, which often averages 100-400 more square feet inside. It's a 2007 build that sold very late in the last cycle for $2.065m in May 2008, after a start at $2.175m in Aug. 2007. (That gives you some picture of where new-home prices were then.) It's at $2.049m now after 6 weeks.

1801 Palm (4br/4ba, 3900 sq. ft.) remains on offer, nearing 5 months. It's an attractive, big, newer (2000), corner-lot home in a great location offered at $2.129m, more than 8% below its 2004 purchase price ($2.325m).

Note to 1417 Elm:
This is 900 more square feet in a markedly better location, lingering at a list price just $80k higher.

3104 Maple (5br/4ba, 3350 sq. ft.) first hit the market 4 years ago, brand new, and found a buyer at $2.490m at the literal peak of the local market.

In their attempt to sell last year, the owners sought $2.349m, but they're way down now to $2.149m (-$341k/-14% off acquisition) this time. Nearing 2 months on market now.

660 29th (5br/4ba, 3450 sq. ft.) is an 11-year-old Cape Cod that found a buyer pretty quickly this Summer – a neighbor, no less. It's in escrow now.

The home offers a pretty sweet execution of a familiar Tree Section layout, but seeming, somehow, much larger than normal. 29th was listed at $2.150m when the (very local) buyer knocked.

598 27th (5br/6ba, 4200 sq. ft.) is newer construction (2005 build) near Grandview and The Dune, abutting fairly busy Blanche.

Hard to imagine now, but the property was so hot when new in May 2005 that it was bid up over the $2.395m asking price to $2.504m.

Notables: The lot is 5120 sq. ft., a bit more than average for the Trees, but the builders went down and created a very sizable basement media room.

598 27th began one month ago at $2.279m (-$225k/-9% from 2005) and remains there.

1816 Palm (5br/4ba, 3800 sq. ft.) is a newer (2000) custom build that's 10-20% bigger than most of the last decade's construction, and on one of the great, quiet, prestige blocks in the Trees. The mix proved right for someone, because it's in escrow now, after less than 3 weeks.

During the local market's peak, 1816 Palm was offered for much, much more – $2.595m-$2.695m. That may have been an overreach then (it never sold), but it does put the recent list price of $2.299m into context. Pretty quick deal here.

2909 Laurel (4br/4ba, 3700 sq. ft.) is another newer (2005) home in a decent location. It boasts a unique "plantation" style, and is built into an uphill slope.

It's a pretty big home that sold new during the bubble years, for $2.6m in Sept. 2005, and is up now at a discount, $2.350m. We'll have more on this one over the weekend.
2800 Palm (6br/6ba, 4225 sq. ft.) is by far the most out-of-place on this list, asking $2.420m for an early-90s home that lacks "wow" factors and needs a great deal of help.

Yes, there's a lot of square footage, and there's extra bonus space... and extra bonus space... and more, below, but the lack of an accessible yard and the overall period feel of the property is going to drag this one for a time, we'd guess.

1406 Laurel Ave. (5br/6ba, 4575 sq. ft.) is a positively enormous 5-year-old home near American Martyrs that still feels new, with high-quality stone and woods, a big great room and even a decent little back yard. The master features a substantial office/library with views that's a nice room unto itself.

1406 Laurel was sold new for $2.825m in Nov. 2006, but is now offered back at a small discount at $2.700m.

927 27th (5br/6ba, 4250 sq. ft.) is a newer (2007) build that's one of the rare Tree Section properties to have ever netted more than $3m.

As we've noted before, the listing has been advertised here and we're friendly with the sellers.

Still, we rave. The home's big and luxurious, a cut above most newer builds. The original home was customized further by the current owners with upgrades aplenty.

927 27th was purchased in Aug. 2007 for $3.150m, and with its range of extras added since then, is offered now at $2.875m.

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