Tuesday, August 7, 2007

Another attempted flip

Nothing in Sunset Park has sold for over $1.8M this year, and as far as I know, only one has two have ever sold for over $1.99M: 2325 25th St, 4 bed / 3 bath, closed 11/29/06 for $2.1M, and 1011 Pine, 4 bed / 4 bath, closed 6/10/05 for $2.306M (see comments).

So what's really special about this new 4 bed / 4.5 bath listing at 2343 29th St. to justify its asking price of $1,995K? Certainly not its narrow 40-foot lot, stucco-and-double-garage facade, or largely-concrete front yard. Not the common "Viking kitchen, granite counters ... hardwood floors ... cathedral ceilings" its listing describes. Nor the interior shown in its listing photos. And how does a 3,200 sq.ft. house on a 40 x 150 lot leave a "large yard"?

According to eppraisal.com it last sold on 5/16/05 for $810K. Let's see: if they built 3,200 sq.ft. plus 400 sq.ft. garage at a cheap $200/sq.ft. they've spent $1.53M so far. At $250 they're in $1.71M. That's $7,650-8,550 per month carrying cost at 6% interest, or $92K-103K/year. I'm not holding my breath.

9 comments:

Anonymous said...

Also in Sunset Park, 2005 Ashland just went on the market. 3 br, 2 bath. Open house held today.
Only a couple of things missing from the info sheet- lot size, sq. footage and an asking price!
Could it be the guessing game is the latest marketing tactic for SM?

Westside Bubble said...

That's an unusual one. Nice koi pond to see out the master bedroom windows, yet they hadn't refinished the floors in the original two bedrooms.

The back of the color photo sheet I saw says LP is $1,499K, lot size is 7,000 sq.ft., and house is 1,981 sq.ft.

Anonymous said...

"as far as I know, only one has ever sold for over $1.99M: 2325 25th St, 4 bed / 3 bath, closed 11/29/06 for $2.1M."

I believe a brand new two story Spanish style on Pacific around 11th sold for 2.2 or 2.3 last year.

Westside Bubble said...

Hmmm, Anon. I don't have anything in my logs for 2006 or 2007 on Pacific that expensive, and I just looked at the County's Parcel Viewer for everything sold on Pacific the last two years between 10th and 16th without finding that. Do you have an address?

Looking on the other streets nearby, I only found a multi-family building at 1044 Grant that sold 10/6/06 for $2.213M. All the single-family ones were under $2M.

Anonymous said...

1011 Pine St. sold 5/29/05 for $2.3mil.

Westside Bubble said...

Thanks, Anon. I didn't have it from the County, but do see 1011 Pine at $2,306K, closed 6/10/05, on eppraisal.com.

Anonymous said...

Spoke to a friend living on 29th yesterday who said this house was built by a local redeveloper. Neighbors say the man lives on 28th St.; he has purchased and redeveloped lots in the area for just this sort of resale. The neighbors resent that the house was not owner occupied and do not appreciate the scale of house for this block. They indicate the inside first floor is tight on social and entertainment areas, like the back yard. They say every bedroom has a private bathroom. Overall, they deem design less than optimal. They hope he gets stuck holding the property for a while, if only to slow his advance on other homes around them.

Anonymous said...

"The neighbors resent that the house was not owner occupied and do not appreciate the scale of house for this block."

Boo hoo. It must make their 1100 SF homes look even more dinky than they previously looked.

Anonymous said...

Did this place ever sell and if so for how much?