Sometimes, just the right property comes along at just the right time for just the right buyer.
At that moment, the price is just the means for that buyer to get that house. They're not going to quibble, or consult the record books. They're just going to try to get the seller to say "yes."
We'll assume that the buyer who just closed on 2104 Lynngrove (5br/6ba, 3598 sqft.) in Liberty Village was neither aware of nor concerned with the fact that they'd just paid 10% more than any prior sale in Liberty Village (east of Redondo Ave.). They loved the well-done home in a nice location, and did what it took to get it.
List price: $4.195M.
Sold price: $4.195M.
The prior record price for the immediate area was $3.801M for 1204 Faymont in Dec. 2023. (Pictured.)
Indeed, we pointed out in "First Over $4M on a 5K Lot?" that this sale on Lynngrove also sets a record for all of East Manhattan, for homes on a lot of less than 6000 sqft. (The full list of top sales is in that article; none are over $4M.)
The Lynngrove sale may be a good omen for the new construction home at 1157 8th (5br/6ba, 3460 sqft.), which has just listed for $4.095M.
While 2104 Lynngrove was closing, another notable new construction home was going under contract in the Tree Section.
That's at another 2104 – 2104 Laurel, in the American Martyrs neighborhood.
The new home with basement (5br/6ba, 4863 sqft.) drew a few compliments in our April review:
... pitch-perfect, soft modern new construction in a superb Martyrs location. With high ceilings, tons of light, a more-than-ample basement space and knockout bedroom suites, it's a well-crafted work of understated luxury.
We did note that, with an asking price of $8.499M: "Price-wise, they're aiming for a top slot in the record books. Most of the [Tree Section] comps you would look to are larger and/or have larger lots, and still top out in the 7s."
The virtual ink is still virtually drying on the contract, but we'll go ahead and assume for now that the buyer, just 5 weeks into the listing, wasn't too finicky about the price tag. You see what you like, realize it's the only one out there, and you make your move.
Say what you will about rates, the market, the season: Great homes are moving at impressive prices.
Please see our blog disclaimer.
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 May 20th, 2024 at 8:55am 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.
