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The Dirt On The Corner

Posted by John Hathorn on July 20, 2019
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For those of you who don’t think there is a price difference for potential historically significant / designated land-value properties in the North of Montana Ave area, riddle me this;

Why would 457 20th Street, with no historic designation, sell a few months ago for $3,590,000 while 401 19th Street with a (usual and typical these days) 5D3 historic designation only fetch (closed escrow this week) for $3,140,000? I’m no Pythagoras but I have a theory that this $450,000 discount might be because a demo permit is not guaranteed at 401 19th. The fact that 401 19th is a corner lot could be an issue but corners do not typically sell for a discount. Lack of development potential does. Do you think the historic designation could be to blame?

I welcome all opinions on this.

In other news:

Right now there are 23 active listings in 90402. The average days on market is 39 days and the average list price is $6,652,255.

The least expensive active listing is:

523 7th Street – Listed at 2,950,000. This lot value currently has a 1,696 sqft house on a 50 foot wide lot. Originally listed at 3,300,000 about 18 days ago.

 

The most expensive active listing is:

 436 Georgina Avenue – Listed $15,995,000. Over 11,000 sqft estate on a half acre lot. Originally listed at 16,995,000 about 65 days ago. It was last sold in 2012 for $7,400,000.

 

The most recently listed properties are:

434 21st Street– Listed at $3,995,000. Classic 1927 Spanish, approximately 3,000 sqft plus a guest house and pool on a 60 foot wide lot.

631 15th Street– Listed at $3,295,000. Lot value, 1700 sqft house on a 50 foot wide lot. Sold just a year ago for $3,100,000.

 

There are 8 properties currently under contract. The average days on market is 117 days and the average price is $4,621,500.

 

8 properties have closed escrow since the start of June:

530 15th Street– Sold by Pence Hathorn Silver at the asking price of $4,695,000. 21 days on the market.

446 22nd Street– Sold for 3,050,000. Originally listed at $3,200,000. 15 days on the market.

401 18th Street– Sold for $4,400,000. Originally listed at $4,995,000. 71 days on the market.

604 23rd Street– Sold for $4,400,000. Originally listed at $4,500,000. 22 days on the market.

315 15th Street– Sold for $4,225,000. Originally listed at $4,500,000. 74 days on the market.

324 10th Street– Sold for $7,360,000. Originally listed at $7,395,000. 23 days on the market.

733 18th Street– Sold for 3,250,000. Originally listed at $3,425,000. 7 days on the MLS but was a For Sale By Owner (FSBO) for much longer!

401 19th Street– Sold for $3,140,000. Originally listed for $3,995,000. 387 days on the market!

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