Details: 2 bed/2 bath teardown on an 8,000 st ft lot
Description: BIG OPPORTUNITY! THIS SWEET COTTAGE SITS ON A FLAT 8000' LOT ON THE BEST BLOCK SOUTH OF MONTANA. AMAZING DEVELOPMENT OPPORTUNITY TO EXPAND ON OR REBUILD. GREAT WIDE STREET, FRANKLIN SCHOOLS. STEPS TO MONTANA SHOPS + RESTAURANTS. VERY QUIET AND PRIVATE.
Listing History: 12/14/10 - $989,000
OMG, a well located teardown in 90403 for less than a million!...Well, not so fast. Despite the fact that it is a pretty slow time of year for real estate, high quality lots get a lot of attention when listed for well below market value.
I actually think this listing strategy isn't crazy when trying to get a relatively quick sale done. Lots of excitement clearly got generated in this case with such a low list price and the ensuing bidding war is likely in its final stages as I post this right now. Somebody I talked to guessed this would sell for about $1.35mm when it is all said and done. I think that will turn out to be a pretty close guess. We'll see.
Finally, compare this listing strategy to that of 907 22nd which has been active on the market for almost a full year. Stale, no excitement, no buzz. I think the location of the house on 23rd is superior to that of the location of the house on 22nd so when this transaction closes, it will create a nice comp and reality check for the 22nd street house.
Well, with the Happy New Year, activity on 23rd seems to be heating up. Took only 2 weeks for this property in 90403 to go pending. Saunter several blocks west into NOM 90402 and you get to 428 23rd which looks like it "sold" for $1,420K on 12-20-10 per Redfin. That's for a 3/2, 1,903/8,040 sqft property.
ReplyDeleteBut then again, 428 23rd may have been an empty lot or a short sale or a foreclosure/REO or a refinance or even a murky transaction like last year's 1328 Hill. Who knows anymore?
Still, if 428 23rd did indeed sell, a price like that hasn't been seen in the area since 6-26-09 when $1,400K was shelled out for 720 17th, a hideous 1/1 teardown with 1,079/8,000 sqft on a busy street.