Details: 5 bed/6 bath 4,229 sq ft house, 7,500 sq ft lot, 2008 construction
Description: Completed in 2008 Spanish Colonial by Fernando Dizitti w/5bd, 5.5ba. North of Montana. Step down living room w/fireplace, elegant formal dining room & office. Kitchen w/Calcutta marble, waterworks fixtures, top-of-the-line appliances, butler's pantry w/wine closet & fridge. Bright family room w/fireplace opens to patio perfect for outdoor entertaining! Master suite w/ hi ceilings, balcony, bath w/limestone counters. Features walnut distressed hardwood, unique archways & wood-beamed ceilings, & exquisite detail thru-out. 2 systems for air/heat, wired for alarm & sound. Tenant occupied
Lot Purchase: 3/3/05 - $1,500,000
Listing History: 2/29/08 - $3,750,000
reduced and re-listed a few times until we get to the...
Current Listing History: 9/30/10 - $2,995,000
SOLD: 11/19/10 - $2,900,000
I recently featured another 90402 spec house on 24th which sold not too long ago. I estimated the cost net of the lot (i.e. the construction cost to the buyer) to be roughly $342/sq ft. I believe the quality of the construction for the 24th street house was pretty good.
But looking at this house on 14th, I think the buyer didn't get that great of a deal. If we use the early 2005 lot value purchase as a rough estimate of lot value today, then the buyer just paid $1,400,000 for the construction. What does that work out to? Well, about $331/sq ft. This is less than the $342/sq ft for the 24th street house, but I think it should be even lower given that I had heard multiple reports that the construction on the 14th street house was not nearly as high quality as many other high end specs in the area. Additionally, the house on 14th has been rented out and lived in by someone else! So while it was completed in early 2008, it isn't really "new" anymore and should deserve a bit of a discount relative to a real "new" house.
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