Walnut Shocker

By Dave Fratello | May 16th, 2013

It was almost 2 months ago that one of the more amazing Spring bidding wars broke out.

That was at 1312 Walnut (3br/3ba, 2100 sq. ft.) a remodeled (and added-onto) 1950s cottage in a nice location on a corner near the elementary school.

This one launched at $1.599M, which seemed clearly to be pushing the limit for the property.

But no.

After multiple-multiple bidders came in, it went 10% higher.

The newly closed sale price: $1.760M.

We had said shortly after the deal posted: "[T]he sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow."

We can still say that pretty comfortably about $1.760M, but word is they had an even higher bid in place at one time. (All over town we hear and see examples of bidding war winners walking away for whatever reasons, so that part is not a big surprise.)

The same home last traded in May 2010 at $1.250M, and has been remodeled since.

For the subsequent 2+ years, this home, in remodeled condition, was probably a $1.35-$1.4M home. That it moved into the $1.5s this year was not a huge shock.

But $1.7+? $1.75+? We're still shaking that off.

Among the very recent sales of larger homes at around the same price:

  • 1705 Pine (4br/4ba, 3125 sq. ft.) at $1.750M in Dec. 2012
  • 1209 Oak (5br/5ba, 3125 sq. ft.) at $1.700M in Nov. 2012
  • 3412 Pine (5br/4ba, 3160 sq. ft.) at $1.700M in March 2013

All of those had 1000+ more square feet inside. 1705 Pine is the closest thing, location-wise.

Or, reach quite a bit further back and you see:

  • 1408 Poinsettia (4br/4ba, 3100 sq. ft.) at $1.675M in May 2010
  • 1809 Walnut (5br/5ba, 3120 sq. ft., 2004 build) at $1.775M in Jan. 2011
  • 2309 Pine (5br/4ba, 3250 sq. ft., 2001 build) at $1.775M in Sept. 2011

Each of those is fairly nearby, all much newer and larger homes. But those were different times, weren't they?

Here's a little more on 1312 Walnut from our review in March:

[1312 Walnut] hides most of its assets from passersby. The 1950s cottage with an add-on over the garage looks plain as could be from outside, and its yard is enclosed by a high fence. You could pass it 100 times and never take note of this home, though it's on a corner and is fully exposed on 2 sides.

But walk in and you're treated. Enter into the great room and a mid-century modern type feel kicks in at first, with floor-to-ceiling windows along the sunny western side of the home, making an already open room feel that much larger. The garden seems to be part of the room.

The kitchen (and master) is done up in a more French country style, which is attractive, if not everyone's cup of tea café au lait.

You feel the original cottage layout, with a central hall and bedrooms on either side, but what would have been your 3rd bedroom downstairs is a hybrid room – maybe a small study or library, with laundry just off of it and the stairwell up to the master as well. And that's a good-size master with modern-feeling bath.

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