Why Not Another Record?

By Dave Fratello | September 23rd, 2014

In a year already packed with record-breaking sales all over town, why should the "wrong" side of Oak be left out?

The freshly remodeled listing at 1720 Oak (4br/4ba, 3470 sq. ft.) stands a good chance to set that record.

As it stands today, the highest-priced sale on the east side of Oak in the Tree Section is $1.899M, set 13 months ago in August 2013 at 2600 Oak. That 5br/5ba, 3200 sq. ft. Mediterranean was built as part of the Speedy Speckies, a 6-pack of new construction using a template from the last cycle, built in 2011-12 and sold in the past couple years. (See "Reconsidering the Speedy Speckies.")

Now along comes the 1988 build at 1720 Oak, recognizable if you have seen these 80s homes with the 3 garages along the front – but also clearly different, with a ton of effort poured into a fashionable, thorough update.

Newer cherry wood flooring, soapstone counters and a built-in nook in an updated kitchen, sleek, white siding... that, plus nice furniture make for a warm, inviting package.

So can they get their $1.999M? In 2014, they'll have a fighting chance. 

Now, might they snag more than asking?

If so, can they beat the all-time record along Oak?

That record currently belongs to the wondrous custom Spanish at 1725 Oak (4br/5ba, 3200 sq. ft. ), which closed for $2.085M in April 2013.

Truly a special property, that one actually beat its own Oak Ave. record of $2.050M, set when the property traded previously in 2007. 

The high-water mark for this Tree Section submarket was quite nearly hit more recently by the onetime spec Craftsman at 2105 Oak (5br/5ba, 3100 sq. ft.) only this past May. 2105 Oak sold for $2.075M.

We'll take a look at some of the various new highs of 2014 in submarkets and pockets around MB in an upcoming post.

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