What's Right for 505 3rd?

By Dave Fratello | August 9th, 2007
MBC has discussed 505 3rd St. in the Market Updates a couple of times (here and here).

This one offers 4br/3ba, 2550 sq. ft. on a typical local lot of 2700 sq. ft., for $1.949m. No yard, and it ain't pretty.

We've called it:
  • a dated, mishmash, sorta-remodel
  • a challenge
  • awkward
  • in need
  • a head-scratcher
So, it's not our dream house.

The South End location is nice, but there are recent sales nearby to consider...
  • 532 1st, 4/3, 2650 sq. ft. nicely remodeled and on a larger 4000 sq. ft. lot, sold for $1.9m in late April (third pic)
  • 525 2nd St., 4/4, 2750 on a 2700 sq. ft. lot, newer and crisp, closed for $2.125m in early July (fourth pic)
  • 440 6th, a small home on a corner lot (@ Ingleside) on a walkstreet (quite possibly a teardown), in escrow, was listed at $1.899m
So, recent comps, seemingly all better homes or better locations, have been at $1.9m or a tick higher. At $1.949m, 3rd is playing the equal or better to the comps above, though it isn't.

505 3rd has been around since early June. (There has never been a sign out front.) They pulled a bogus re-list this week so the current MLS# (S952443) starts Aug. 7.

The re-list was, evidently, due to a failed escrow. (Doesn't that justify pretending you have a new listing?)

MBC might march out and say 505 3rd is overpriced, but they already had one acceptable offer, so how far off can they be?

The sellers paid $1.6m in Sept. 2005. They are getting out, and a profit would be nice.

But this is one of those listings that falls into the nether-regions – they want too much for the lot, but the house ain't that great, and pricing is a mystery as a result. Where should it be?

UPDATE: We hear that 440 6th (the walkstreet corner) went for $2.050m, well above the $1.9m list.

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