When they built 3 new homes in the Hill Section right off Sepulveda together as a group, you may have had some questions.
These triplets were spec homes built in a difficult location near a traffic light. And the location was getting (a) more difficult, and/or (b) more valuable at the same time, depending on…
When they built 3 new homes in the Hill Section right off Sepulveda together as a group, you may have had some questions.
These triplets were spec homes built in a difficult location near a traffic light. And the location was getting (a) more difficult, and/or (b) more valuable at the same time, depending on your perspective on the planned new Gelson's market. (We'll explain in a moment.)
There was some artistry to the homes, though they shared essentially the same floorplan, looking a bit like a mini-tract there at 8th/Sepulveda.
Each home was finished differently, especially outside, to break up a feeling of uniformity among the threesome.
Yet these homes had a rough go on the public market.
1033 8th (pictured above), 1037 8th (pictured here) and 1041 8th all came out sporting big asking prices in Spring 2016: $3.650M to begin for the home least near to Sepulveda, 1033 8th.
Then, 1037 sought $3.350M and 1041 8th, which has as a neighbor some kind of empty lot + large metal storage unit/garage, began at $3.295M.
Each got a little market exposure, not a lot, running from 8 official Days on Market to just 58 at the high end. That's less than 2 months of official public market time.
The lowest price ever for any of them was $3.125M for the middle home, 1037.
And then they were gone.
All three of these new homes, built for spec, rented out instead of selling:
1033 8th: $10,500/mo.
1037 8th: $10,000/mo.
1041 8th: $11,000/mo.
Maybe that was simply a savvy decision by the builders to cut bait quickly and get some return on the investment.
Perhaps we'll be seeing these come back some day when there's demand at the values they wanted, or after Gelson's is complete.
Now, about that. The high-end market is at advanced planning stages, but faces turbulence as well. No one can say for sure when it might be built, or what its impact will be on the neighborhood.
These new homes are directly across from the moribund commercial site where the Gelson's would go. If somehow the traffic and parking are not major issues, perhaps being situated right across from the Gelson's will prove to be a selling point.
Or not.
Say this, though, for the builders: They didn't make a decision to just sit around and see what happens. They moved to their Plan B pretty quickly.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of May 30th, 2023 at 4:32pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
