As MBC had guessed it might, 633 15th has now taken a big step closer to $4m, approaching lot value for the double-wide lot's location on American Martyrs hill.
With a new $600k cut Friday, it's now at $4.295m, a far ($1.2m) cry from its start of $5.495m last July.
Now, there is the matter of the very large home…
As MBC had guessed it might,
633 15th has now taken a big step closer to $4m, approaching lot value for the double-wide lot's location on American Martyrs hill.
With a new
$600k cut Friday, it's now at
$4.295m, a far ($1.2m) cry from its start of
$5.495m last July.
Now, there is the matter of the very large home (6br/4ba, 6000 sq. ft.) on the property. Maybe it stays, maybe it goes. As we said in "
Big Tree Lots" in mid-January, when 15th was at $4.895m:
For the money, the build is not impressive. (Don't even get us started on the attached "guest house.") So it has lingered, and if it were to gradually near $4m, that could be lot value.
Nearby, on the ocean-view side of the hill on 15th, regular-size lots were worth almost exactly $2m in Summer 2006, when a few were purchased for spec development. (All successful in 2007-08.)
We'd still bet on 15th finding a buyer for the home as it stands, but, for now, it's the second-biggest lot in town on offer, and some visionary could swoop in with a very different idea of what belongs at this particular address.
Any "visionary" with $4m or so to spend on dirt now finds patience rewarded. The current price still reflects value for the structure, but less and less.
If you're curious, 633 15th is open Sunday, 2-4pm.
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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 July 21st, 2024 at 8:29am 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.