The past few days have seen a minor flurry of closed sales, a few of the listings having long back stories here at MBC:
- 511 Pacific (5br/9ba, 8000 sq. ft.) is a spectacular, unique and somewhat mazelike modern home. It offers a surprising, 180-degree panorama from a fairly low point on the hill, just above…
The past few days have seen a minor flurry of closed sales, a few of the listings having long back stories here at MBC:
- 511 Pacific (5br/9ba, 8000 sq. ft.) is a spectacular, unique and somewhat mazelike modern home. It offers a surprising, 180-degree panorama from a fairly low point on the hill, just above Ardmore.
In a more indepth story in late January (see "Pacific Connection"), we had more to say about the house and history.
The short: This one began at $8.150m when newly completed in late 2008, was at $5.995m by March 2009 and has now closed for $5.250m.
505 3rd (4br/3ba, 2550 sq. ft.) is a tired, dated home on a typical local lot of 2700 sq. ft. It's finally sold now for $1.352m after first hitting the market in May 2007.
Investors had grabbed the property in Sept. 2005 for $1.6m and tried to resell it for prices as high as $1.949m from 2007 forward. MBC wondered aloud what it "should" sell for in Aug. 2007 in "What's Right for 505 3rd?" – that was back in the days before MBC pricing polls.
3rd was listed as a short sale this year. (As the Redfin display page still shows.) Final sale price was -248k/-15% off the Sept. 2005 trade.
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The suggestion was that the unique, luxe Spanish at 3011 Elm (5br/5ba, 3600 sq. ft.) could be around a while to tour, ponder and, perhaps someday, purchase. But it did not linger – it sold almost immediately, after listing at $2.495m. It has now closed for $2.475m.
The backstory was that the home was listed new in 2005 at $2.595m, got bid up before selling to a certain local/international USA soccer star for $2.8m, but the home had traded again in Dec. 2007 for less: $2.650m. In 2007, it was one of the first truly great properties we saw sell for less than acquisition, suggesting that a trend was taking hold. (It was.)
The new sale is another step down: -175k/-7% from Dec. 2007, and still 5% below the 2005 start price.
For more on some recent closings, see
Redfin's MB page and click the tab at the top for "Recently Sold."
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 August 23rd, 2024 at 5:35am 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.