What $1.3M Gets in East MB

By Dave Fratello | December 13th, 2013

It seems that several recent sales in East MB are clustering near the $1.3M-$1.4M price point. Here's a look at some examples of what has sold this year and what you get for that money around different neighborhoods east of the highway.

1501 Magnoia (3br/2ba, 1540 sq. ft.) is the most recent sale, at $1.305M.

This was a late-1940s cottage, but with a smart recent addition and modernization that gave it a very appealing 21st-century beach cottage look.

Take note of the size, around 1500 sq. ft., the lot size (4850 sq. ft.) and location – on the bluff right above Target and the car dealer, though those commercial properties are not in view.

Neighboring 1509 Magnolia (3br/2ba, 1320 sq. ft.) sold in October for $1.335M.

That one had just received the treatment – a high-caliber flipper remodel. It had somewhat less square footage but a bigger yard that seemed to just open up to the sky... private, open, bright.

However, we know that some buyers paused a bit over the smallish secondary bedrooms. No worries, it sold quickly. (For our brief video tour, click here.)

Let's hang around on Magnolia for one more moment. 1400 Magnolia (3br/2ba, 1320 sq. ft.) got $1.227M in July.

That one had aimed for $1.3M but fell short. It was nicely redone but had mainly a concrete patio for a backyard. It's got an interesting location along the little sidewalk route set up to ferry kids to school safely without walking all the way down to MBB.

Somewhat comparable to those, but on a busier street, is 1150 Keats (3br/2ba, 1275 sq. ft.), which sold in June for $1.275M.

It's another 50s cottage with updates, ready to move in, and a nice slice of a backyard on the sunny southern side. (We're not sure we'd have chosen the style for the baths, but they're acceptable.)

They did not, apparently, know what the market for this one would prove to be. It started at $1.075M and rocketed up $200K with multiple offers.

Fairly nearby Keats and very close to Pennekamp elementary on a quiet street, 1340 1st (4br/2ba, 1750 sq. ft.) drew multiple offers this Summer and sold for $1.350M.

Here again the lot size is around 5000, just like with each property mentioned above. That 4th bedroom is actually smallish study off the kitchen, legally qualifying as a bedroom but not super for sleeping.

We had some concerns about the layout, which is a bit broken up, and at a minimum the master bath needed a complete re-do. But people no doubt looked at it as a good starting point with its quiet location and sunny back patio/yard.

Also back in August, they closed the sale for 1560 10th St. (4br/3ba, 2400 sq. ft.) at $1.350M.

This is almost the largest home you'll find on this list, but... It's also on a half lot, just 3700 sq. ft. Somehow, incredibly, they had built all that house and gave the property a sizable yard, with room for a nice deck and plenty of grass.

There's no garage – the one-car garage won't host most modern vehicles and, at any rate, has been converted for living space – and we had a couple other questions about the home. They wanted $1.389M initially but came down a bit to meet the market.

1813 23rd St. (3br/2ba, 1760 sq. ft.) is pretty much the only Liberty Village-area sale we're drawing into this list, which is a bit of a surprise. It sold for $1.356M in October.

Seems there should be more remodeled cottages in the area near this price point, but the turnover this year has been limited in the area.

This home had just been radically remodeled, with addition of a true master suite in back and the wanton knocking down of interior walls to create a wonderful, open kitchen/great room combo. The kitchen and baths boasted high style. The backyard on this 5420 sq. ft. lot wasn't going to be much – Liberty Village homes seem to be set back more, so you lose more space in front – but we liked how the master opened to that yard, giving it a quiet garden feeling. The driveway along the side and rear garage also eat into the lot's free space.

Now let's look at some bigger lots.

If you're willing to trade to a lesser location, you can get a home on one of East MB's trademark full-size 7500 sq. ft. lots at around this price point.

Most recent is 1757 Voorhees (4br/3ba, 2460 sq. ft.), a 1970s original with some upgrades, but wanting much more. This one sold in late November for $1.340M. And yes, it's got that full 7500 sq. ft. lot, so you get the square footage plus a big yard, though you can also see and hear Aviation.

This one launched as a FSBO, but the sellers quickly retreated to using a traditional agent. (See "Voorhees FSBO Gives Up, Hires Up.") And whereas they had sought $1.495M initially, they settled for $150K less.

We had called 1757 Voorhees one "a remodel in waiting," while the agent called it "fantastic," "gorgeous," and even "stupendous." We're going to stand by our initial wording. If this one gets recast by the new owners, it could look like a very good deal when they are done.

In September, the "cool, casual, contemporary" remodel at 1721 Ruhland (3br/2ba, 1950 sq. ft.) fetched $1.350M, an overbid of $65K beyond the asking price.

The home was easy on the eyes after the (outgoing) owners had finished up a tasteful remodel. (We had seen it a few years back when it was quite tired.) It's a single level, with adequate common spaces and a great-room feel with the kitchen and a family room in back, opening to the yard.

And oooooh, that yard, on this 7500 sq. ft. lot – it's almost enormous and with a feeling of forever sky all around, just because of its position on a slope. It's a heck of a play area, or could make for a huge vegetable garden – or both. That was a huge appeal.

Earlier in the season, Dave's clients got 1746 Nelson (3br/3ba, 1615 sq. ft.), a very well-done flipper remodel with a modern beach-cottage feel, for $1.300M.

This one has a nice, open great room in front, with dark-stained wood floors nicely contrasting against white cabinetry, wainscoting and bright countertops. Two of the bedrooms in back are suites; the master opens to the huge backyard (7500 sq. ft. lot again), which is on the southern side and therefore sunny throughout the day.

So there are some samples of what people have gotten for $1.3M or so this year.

In escrow now are:

1316 Curtis (3br/2ba, 1570 sq. ft.) is back over by Pennekamp on a smaller 5250 sq. ft. lot. It's a 50s original with (necessary) additions in back to add a formal dining room, family room and half bath. It was listed for $1.270M recently and made an immediate deal. The kitchen and main bath could use a re-do, and there's a lot of pressure on that one full bath, which is smallish and serves all the bedrooms.  

1726 Ruhland (3br/2ba, 1435 sq. ft.), listed at $1.275M. Like some of those discussed above, it's also got a lesser location but a 7500 sq. ft. lot.

1813 10th (3br/3ba, 1600 sq. ft.) came out at $1.299M and made an immediate deal. Once again, lesser location but huge lot. The home's been remodeled over the years but could stand some updates again soon.

So we'll see where those end up, possibly by year end, but certainly before the next season begins with the Super Bowl next year.

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