Walnut Twins Have Deals

By Dave Fratello | November 17th, 2011
On consecutive days this week, 2 of the more challenged Tree Section listings posted deals.

Are they awful houses? Why, no. But these big, next-door neighbors share a location that's not only far north of Valley and approaching Rosecrans, but also, due to their position on the hill, they enjoy have too great a view of the refinery complex, and suffer noise impacts as well.

We have clients looking in the Tree Section for whom the Walnut Twins were a complete no-go. One drive-by and the location ended the discussion.

How do you fix an issue like this? With price, of course.

3525 Walnut (4br/4ba, 3500 sq. ft.) is the newer of these 2 homes, sporting a 2001 build date, and also the larger of them at 3500 sq. ft.

It was also consistently the lowest-priced of the Walnut Twins in a little pricing duel these listings engaged in for much of the year.

After a start at $1.799m, the listing went to "backup offer" status in late October with a reduced price of $1.399m. It switched formally to "pending" on Tuesday.

Think about that – 1.3ish for a 3500 sq. ft. house in the Trees.

We've noted that the home has the familiar layout of Tree Section homes of the last decade, and sports "bold, custom colors, wallpapers and elaborate décor with a strong Asian theme to the space." No beige in sight.

Neither neighbor has much of a yard – there is a grassy patch out back down some stairs.

3521 Walnut (5br/4ba, 3250 sq. ft.) is a custom Craftsman built in 1999. It delivers on the promise of the exterior, filled with lovely woods throughout the interior – "a delight inside," we've said. Plus it's got one more bedroom than the Caliterranean neighbor.

We offered a thorough review this mid-June post, and in late August, in "Forgotten North of Valley?" we said of 3521 Walnut:
This may be the signature example of an almost-unforgettable home that seems utterly forgotten in the Tree Section mix.
But "forgotten" is a temporary state. Buyers took notice and reached a deal Wednesday when the list price was at $1.495m. (As it was this week, 3521 has often been priced about $100k higher than the Caliterranean.)

The ambitions at 3521 have sometimes been for a much higher price. Look back to 2009, a time that was as close to a real estate depression as MB had seen for perhaps 15 years. Then, 3521 Walnut sought $2.065m in a listing that started in the bloody days of Spring, and ran 4 months with just a little cutting to $1.899m.

This year the listing picked up where it had left off 18 months earlier, launching at $1.899m in June. It came down $400k from there, and the sellers were offering to sweeten the deal by carrying the principal loan for a buyer. Facing a narrower buyer pool due to location, this was a nice trick to expand the audience a bit.

Both Walnut Twins were within days of marking 6 months on market with the holidays around the corner. Turns out they didn't need to get dragged further along before buyers willing to compromise came along and made their deals.

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