There are never many Tree Section homes priced over $3m, and suddenly there are 2 fewer.
Two new(er) homes by the same builder have made deals almost simultaneously, leaving only one Tree Section listing above $3m – 645 12th ($3.395m), and that one purports to be a Sand Section home. (Not to beat a dead horse, but…
There are never many Tree Section homes priced over $3m, and suddenly there are 2 fewer.
Two new(er) homes by the same builder have made deals almost simultaneously, leaving only one Tree Section listing above $3m –
645 12th ($3.395m), and that one purports to be a Sand Section home. (Not to beat a dead horse, but see "
When Maps Collide" for more.)
The new deals:
529 18th (5br/5ba, 5600 sq. ft.) was the DOM champ – meaning the "Long[est] in the Tooth" for all of MB WOS – as of late February, at 531 DOM. Upon finding a buyer, it was up to 574 DOM.
The home's got huge square footage (5600+), some great details, and a location on one of the great Martyrs area streets. That combination helps explain why the listing began at $4.279m.
It was down nearly $1m to $3.399m recently.
You can call the home new construction, but September 2008 – when the listing began – was a long time ago, plus... someone's been living in the home for a while. That has worn down the otherwise valuable caché of "new."
The 6250 sq. ft. lot was purchased for the robust price of $2.1m October 2006 (can you say "peak"?), with construction loans totaling $2.9m by Aug. 2007. The loans went into default in January this year, adding some urgency, one presumes, to the sale.
- 768 31st (5br/4ba, 5200 sq. ft.) isn't quite as large, but boasts a location on one of the signature, great streets of the MB Trees.
It may be the last big, special spec home from this past cycle to get built or sold in any kind of prime location in the Trees.
The big Cape Cod was first offered last August at $3.775m, and MBC got wind of the sellers rejecting a near-immediate offer around $3.5m.
Now 7 months later, the public price was at $3.499m, so we'll see soon how close that rumored early offer turned out to be to market value.
Even after these sales (new escrows), most Tree Section inventory remains priced above $1.5m, meaning there's plenty to be worked off at the higher end for the area. But this is a start, and good evidence that even some of the older inventory has a chance this Spring.
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 March 21st, 2023 at 10:45pm PDT. 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.
