Most all of us agree that 2009 was the bottom of the great recession. Since it is apparent that recovery in Westside real estate prices has leveled off, I thought that it would be interesting to compare the bottom of the market to what will likely prove to be the top of the current cycle.
444 9th Street – a great location for a 50×150 lot sold for only $1,585,000 in 2009. This year, well-located lots these sizes are selling for $2.3 to $2.450 million, a 45% increase in value for 7,500 sq. ft. lots.
One of the lowest priced sales of 2009 was one of a lesser location (close to Montana Ave.) – 723 11th St. – which sold for only $1,294,003.
For only $3.5 million in 2009, you could have purchased a brand new, 4,200 sq. ft. home on one of the nicest streets in the Roosevelt school district at 307 Euclid St. Today that home would be $4.5 million or more.
428 21st Place is an interesting home for comparison having sold for $3,250,000 in 2009. It sold again this year for $3.9 million with very few, if any upgrades or changes since 2009 (see photos below). It is 4,878 sq. ft. This is a 20% increase four years later.
739 23rd St. sold in 2009 for $3,200,000 and this year sold again for $3,925,000 representing a 23% change.
715 23rd St. sold in 2009 for $2,550,000 (see photos below). It is currently listed for sale for $3,898,000. If this home sells for this price the gain would be a whopping 53%.
415 17th St. sold as a tear down for $1,600,000 and was developed into a spec home that sold in 2012 for $4,850,000 (see photos below). This sale, in my opinion, marked the start of the race to the top. Investors and developers took notice and began scrambling to find land-value properties to develop into the biggest homes the city would allow.
And finally in what was the largest year over year increase in value from the bottom to the present is the sale of a tear down at 409 21st St. This lot sold in 2009 for only $1.8 million and resold this year for $2.9 million with no major upgrades or changes made (see photos below). A whopping 61% increase in values in only 4 years!
A VERY BIG THANK YOU to all our clients. 2013 has been one of our best years ever. In the past 12 months we have represented 64 wonderful clients and closed over $ 117 million in sales. It has been a privilege to serve you and we thank those of you who have referred your family, friends and coworkers. Your trust, support and loyalty have helped us maintain a strong presence on Montana Avenue, supporting the community and helping real estate Buyers, Sellers, Investors, Lessors and Lessees. It means a lot to us to be considered your trusted ally. We know that 2014 will be a fantastic year and we look forward to helping you in finding your dream home or selling the one you have.
WISHING YOU AN EXTRAORDINARY 2014!