Details: 3 bed/2.75 bath 2,262 sq ft house, 7,500 sq ft lot, "updated"
Description: Light and bright single level Traditional with 3bd+2.75ba. Totally modern and updated, move-in condition. Hardwood floors thru-out, wired for sound. Living room with fireplace and formal dining room opening to front patio. Family room w/built-in entertainment center. Sleek kitchen features white marble counters, stainless steel cabinets, top-of-line appliances. Master opens to large backyard with built-in BBQ and fridge. Perfect for entertaining. Franklin School District.
Previous Purchase: 10/15/08 - $2,365,000
Listing History: 4/9/10 - $2,300,000
Reduced down to - $2,195,000
SOLD: 7/15/10 - $2,000,000
This is an interesting example to compare with the house which I featured in my last post (also on 15th street in 90402). This house here is totally redone, has an extra bedroom and 1.25 baths and is much bigger. However, it sold for LESS than what 334 15th is currently asking. It should be very obvious that 334 needs to come down in price.
Looking at the rollback on this house shows what I would call a pretty modest decline of a little more than 15%. However, I think you might be able to make the case that the October 2008 price was already below what a peak price would have been, so in essence we are looking at a larger peak to current decline. I don't think you can make a case for this to be a 2004 rollback...looks like something later into 2005 maybe.
However 334 15th is a very unique house. It has a wow factor that I don't think this house does. 423 is boring. People seem to be willing to pay up for Spanish homes with character although the current owners of 334 paid even more than a top of the market price.
ReplyDeleteI would disagree somewhat with the comparison as well.
ReplyDelete334 15th has a guest house so the difference between 334 & 423 is really the 0.25 bth which we all know is questionable in value.
Also, 334 is on the West side of the street (more desirable sunny side in the afternoon) versus 423 on the East side of the street.
I'm not commenting on the ultimate price of 334 as much as disagreeing with the implication that 334 is inferior. In fact, it could be superior.
423 is move in condition. Bring your spouse and 2 kids and start living right away. 334 was a really cool house (as I keep saying) but it was a bit of a mess. Big difference in condition.
ReplyDeleteSome further evidence of good demand for properties with character is 401 21st Place - 3bd/2ba, 1,488 sqft. Asking $2.249m - sold $2.30m.
ReplyDelete