Sunday, November 16, 2008

New low-end north of Montana

Yet more north of Montana, here are two new listings and a recent sale to update our 10/31/08 low-end north of Montana sales.

Just listed 11/12 is this 3 bed / 2 bath, 1,733 SF house at 320 9th Street, on a 50 foot lot (7,500 SF), asking $2,095K, described as:

"BEAUTIFUL COUNTRY ENGLISH COTTAGE CURB APPEAL HIGHLIGHTS THIS HOME IN A GREAT NORTH OF MONTANA LOCATION. ... LARGE FORMAL DINING ROOM, KITCHEN W/EATING AREA AND ENCLOSED PATIO. AMENITIES INCLUDE A NICE YARD AND LARGE ROOMS. THE HOME NEEDS SOME TLC, REMODEL OR BUILD NEW."

This is really cute and pretty big, I'd think worth more than lot value. Redo the kitchen and bathrooms and you'd likely have a nicely-finished smaller house (I haven't been inside). I think I recall its brick facade was repaired after the 1994 earthquake.

Second is this 3 bed / 2.5 bath, 2,556 SF house at 209 25th Street, on a 60 foot lot (8,700 SF), asking $2,050K, described as:

"This is a one story ranch style with 3 bedroom, 2 ½ bathrooms and a large great room. There is a detached 2 car garage that is accessed from San Vicente Blvd. The property is being sold in as –is condition without any warranties or guarantees. Easy to show."

This seems similar in size and San Vicente Blvd. noise proximity to the 2 bed / 2.5 bath house 219 23rd Street, 7,975 SF lot, sold 1/28/08 for $1,880K, which we featured 2/19/08.

Finally, this 3 bed / 1.75 bath, 1,644 SF house at 416 21st Place on a 60 foot lot (9,000 SF) closed 10/31/08 for $2,185K, 8% off its 9/4/08 listing price of $2,375K.

"Wonderful Traditional home in Gillette's Regent Square. Live in, remodel or rebuild. 3BD, 1.75BA + converted garage to office with bath & FP. Beautiful hardwood floors thruout. High ceilings & FP in LR, charming breakfast room off kitchen, A/C, unique "gumwood" doors & windows, original tiles in bath. Attic w/darkroom, sink & lots of storage. Nice backyard w/mature trees. Do not miss! ..."

This is the lowest Gillette sales price since early 2006, except Montana-close 710 19th (closed 7/19/08 for $2,086K), in the 9/7/08 Gillette Regents Square low-end sales history.

13 comments:

frank said...

This is the lowest Gillette sales price since early 2006...

733 20th closed 9/11/2008 for $1.75M.

Anonymous said...

Not on MLs

Anonymous said...

I know it is outside the 90402, but check out 40 Beverly Park Circle - it is being rented out for 2.3 million per year -
on the MLS

this has to be some kind of record - instead of buying a house north of montana you can rent 40 Beverly Park for a year

Anonymous said...

209 25th street is a lot worse than 23rd street; the backyard backs into a parking lot for the retail at the corner of 26th and San Vicente, which is a very busy corner

Anonymous said...

Can someone comment on the all-in cost to construct a house like
2502 Marguerita ?

I am especially interested in hearing from people that actually have taken a look at it

specifically, i have been told that in late 2007 it cost $350 a square foot to build to that standard.

I have just been told that due to collapsing steel and concrete prices as well as much lower prices for subcontractor labor that the cost has fallen to $275 a square foot if a person bids it out today November 2008 with construction to start in Feb 2009

Can anyone comment based on what you are hearing and seeing ?

Anonymous said...

I would say there would be more GC's out there to bid it, but I think 10-15% off of labor+materials is all I would expect....especially as you are looking for high quality GC's to build custom homes, not Jose and his bro fresh from building CMU walls in Mexico.

The high quality guys will always be in demand, and they are who you want to build with.

Anonymous said...

$350-400 square foot all in....anybody who tells you otherwise is lying.

Anonymous said...

Depends what you factor into the square footage cost....arch/engineer fees,landscaping,permits, carrying costs,utility upgrades,etc.

Anonymous said...

$350-400 psf is jjust not true, even when considering soft costs. You can spend that amount, but you can also build something very well appointed for much, much less.

Anonymous said...

I don't believe it when people say they have built for less than $350psf...they are not calculating soft costs and they are lying....no one wants to fess up on high end homes construction costs....everyone lies....

Anonymous said...

Landscaping/hardscape/pool can be 100-150K, arch. fees 15% of construction (250K), add another 50K on permits, utility upgrades,demo,city improvements....you are at 400K and you don't even have a stick of house
up yet....

Anonymous said...

Right

a typical 90402 new house is 4300 square feet of house plus 500 square feet of garage

you are talking 1.5 million for hard cost of construction

250k for architect
100k for the landscape architect
50k for fees and permits

add it all together and you are all in for 1.9

then assume that you paid 1.9 for the dirt

all in cost of the new home in the 90402 is 3.8 million


i am not a bull saying this will go up or bear saying it will go down

i am simply saying that today november 2008 the above numbers are what you will pay

all in you wind up with 4300 sq foot house for 3.8 million

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