Saturday, April 28, 2007

Low-end north-of-Montana

After a drought of low-end north-of-Montana listings there's now a spring flood in March and April:

307 Euclid, 3 bed/2.5 bath, asking $2,195K
433 12th, 3/2, $2,240K
211 20th, 2/1.75, $2,295K;
727 12th, 5/3, $2,295K;
427 17th, 4/2, $2,295K (in escrow)
716 11th, 3/3, $2,295K (in escrow)
515 12th, 2/1, $2,299K
363 21st Place, 4/3.75, $2,398K

If tear-downs like 433 12th ("Property sold for land value. House is in rough condition.") and 515 12th ("NOT IN LIVABLE CONDITION PRESENTLY") are worth this much it would be a big leap. But this feels like the over-reaching I saw the last two years, especially with this many on the market.

The photo above is 450 Lincoln, the second-cheapest north-of-Montana sale last year, 2/2, closed 11/9/06 for $1,605, after multiple reductions from $2,195K to $1,749K, and is still standing. Slightly less was 717 7th, 3/1.75, closed 6/8/06 for $1,540, but 7th is really busy. A 2/2 at 717 Euclid was listed for months at $1,895K, but never sold, showing $1.9M was over lot value. Other low-end sales included:

620 17th, 2/2, 11/7/06, $1,860
434 11th, 3/2, 12/15/06, $2,025
416 17th, 3/2, 10/18/06, $2,042K
454 12th, 4/2.5, 11/21/06, $2,085K (cute corner Storybook with master on 2nd floor)
429 21st Pl, 3/1.75, 9/1/06, $2,095K
411 Lincoln, 3/1.75, 5/23/06, $2,095K
716 11th, 3/3, 9/14/06, $2,112K
703 14th, 3/2, 3/2, 12/4/06, $2,150K (big, nice 1-story, but on busy 14th above Peet's Coffee)

1 comment:

Craig said...

Thanks for putting up these properties. The demand for these "low end" houses is based on the demand for newly built $4-5 million dollar mansions. So much spec builing goes on north of if people can't get their high asking prices for the houses they build on spec, then they won't want to continue the process and the demand for these tear downs will erode. It will be interesting to watch this play out.