Two at 4.2 on the Teen Streets

By Dave Fratello | July 23rd, 2013

Two recent sales in the Sand Section teen streets came from very different places, but wound up at the same number: $4.2M.

One was 128 20th (5br/5ba, 4600 sq. ft.), a big structure way down there by the water. It's got this gaping problem: An early-90s style that is so terribly custom that almost no one could readily see what to do with it.

The home is surprisingly dark inside, with lots of walls breaking up the flow, and there's that heavy, heavy use of brick in the construction. That's the starting point to describe what made it difficult.

As we noted in "Tough 20th St. Listings Sell," this one ran a long time in 2010-2011, racking up an incredible 560 DOM in a failed listing. The price back then at launch was $4.450M, and the last time we saw it make a chop was in Sept. 2011, with a dip to $3.685M.

This year it began $1.1M higher than that 2011 qutting-time price, at $4.850M.

Though they made a deal pretty quickly, the buyer took 13% off to get it at $4.200M.

And the sellers are saying something like: "Good thing we quit back then. It got us $500K extra."

And now, for the buyers, we might assume it's time for the work to begin.

The sellers of 228 18th (4br/4ba, 3200 sq. ft.) had already done their work.

The home is originally from the early 1980s, but they've been rejiggering and retooling the place for years, especially the past 12 months. The goal: Create a modern "Hamptons" feeling to match up with this home's outstanding 180-degree ocean views. Then sell for top dollar.

Mission(s) accomplished. The home, while it has some "layout quirks" as we noted in our review, sparkles – especially on that top floor, with its stunning kitchen and multiple decks – drew more than 10 offers and went way over asking at $4.225M.

They had launched this one at $3.500M, perhaps thinking that buyers would discount it a bit from 100-block properties due to the relatively smaller size (3200 sq. ft.), relative closeness to Highland (one door off that street), or the risk to those views over the long term if/when the neighbor to the west gets built up.

But no, buyers did not "discount" it, they bid it up. By 21%... $725K.

We're thinking that the sellers had begun their analysis of the value of their home by taking a look at the recent sale at 133 17th. (A pretty safe assumption, since the listing agent for 18th had just sold 17th.)

That one is comparable in size (4br/3ba, 2925 sq. ft.), fully updated in a comparable style, and lower down the block (100 block!).

133 17th had launched in February at $3.950M, and sold in April for $3.800M – a little off the top.

So, $3.8M for the 100 block might have translated to $3.5M for the top of the street.

It might have meant that. Unless there were 10+ bidders shooting for the one at the top of the street.

Then it would be $4.2M.

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