What's Moving These Past 2 Weeks

By Dave Fratello | January 10th, 2011
Hard to believe, is it not, that Santa was just here, rain-mageddon was pelting L.A., and someone was keeping you up late for one more round of "Auld Lang Syne"?

At MBC, we've been busy looking back at 2010, and haven't yet delivered an update on current sales activity. So let's now look at several late-2010, early-2011 deals that have just been posted.

Double Lots: Both of the double-lot Tree Section homes we mentioned 6 weeks ago in "Double the Fun?" are in escrow.

Back Yard at 2912 Pacific
The first was 2912 Pacific (4br/2ba, 1875 sq. ft.), a one-story, contemporary-styled remodel consuming just part of a large 9300 sq. ft. lot.

Priced at $1.599m, the home was arguably being offered near lot value, though clearly above. It took about 3 weeks to put the home in escrow. (Status still says "backup offers" are welcome.)

The other is 2600 Pine (4br/2ba, 1550 sq. ft.), priced at $1.749m and running 3 months before finding a buyer. It's got the same lot size but a house needing a total rehab job. It may work out that the lot gets split in 2 for at least one spec home, but spec development has been mostly absent recently, and that's a big bet, especially if the land cost works out near that start price. One to watch.

Sand Moderns: 2808 Manhattan Ave. (4br/4ba, 3300 sq. ft.) is spectacular new construction that launched in the Summer at $3.299m and never took a price cut. Big views, a voluptuous, modern build, plus a fairly quiet, out-of-the-way location are all nice assets.

Meantime, 473 31st (4br/5ba, 4000 sq. ft.) up on the plateau is a sharp, custom modern that was new in late 2007. Having sold back then for $2.8m, it launched this past summer for a tad more ($2.925m), but took a battery of cuts, all the way down to $2.499m before inking a deal right after Christmas.

The home at 31st features an upside-down layout with a master suite MBC called "striking and large, with a spa-like bath and an ample closet room." A sale here could have ramifications for nearby 473 29th, a comparably sized, more conventional home that quit in early December at the same price, if 29th comes back to market in 2011.

One More in the Trees: MBC ran a pricing poll on 2913 Pacific after it launched at $1.1m in early December. As we said in the story teeing up the poll, the one-story 60s structure (3br/2ba, 1900 sq. ft.) "is no teardown, it's just a bore." (Admittedly we saw it before some staging jazzed it up.)

The buyers weren't the least deterred; within 3 weeks, there was a signature on the dotted line. We'll compare the 2913 Pacific poll results (which we kept but hadn't yet published) with the actual sales figure when the sale closes.

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