Saturday, November 15, 2008

Success and failure north of Montana

Here are tales of two spec builders north of Montana, which some of you can never get enough of....

One may have sold the highest-priced new house on a regular lot (60-foot, 8,700 SF) east of 7th Street. The 5 bed / 6 bath house at 2502 Marguerita (above) was listed 10/1/08 for $5,625M, beating our last record of $5,200K, and entered escrow 11/4. Last sale was 10/23/03 for $1,695K, according to Zillow. It's described as:

"Beautiful, warm & spacious super cool contemporary in coveted No of Montana location. Almost 7000 sqft feet of brand new, quality construction w/top of the line finishes. The main level of the home features a large open floor plan, a study and sleek eat-in kitchen. Upstairs is home to 4 generous bedrooms inc. grand master w/spa bath, & lower level is an entertainer's dream: screening room, gym, wine cellar, office. The outdoor areas offer dining patios, nice grass yard, and a great rooftop deck."

The other appears to be bailing, attempting to sell the vacant lot-and-a-half (11,250 SF) at 444 10th Street, with Richard Ramirez (architect of high-end Spanish houses) plans (but apparently not permits) for $3,130K. SM Distress Monitor covered this today. Wonder if construction financing dried up?

Listed 12/21/06 for $2,700K, I recorded it selling 6/6/07 for $2,750K. Above is a "time warp" interior photo of the two-story old bungalow that has since been demolished (I was hoping to find a photo of the front). But its most recent sale appears to be 8/15/07 for $2,950K. Did the first buyer resell it?

Added (thanks, Frank!!): Here's the MLS photo of the old house, and confirmation of its 6/7/07 sale for $2,750K.


Anonymous said...

i spent time inside 2502

nice - but the main great room felt too long and narrow

like a bowling alley

but a nice job overall and i am glad to see the nice young couple that built it make a healthy profit

Anonymous said...

Click over to forbes

they feature venice as a place where house prices are solid - they say venice is one of the easiest places in the usa to sell a house

frank said...

(I was hoping to find a photo of the front).

Ask and you shall receive

Anonymous said...

These are shacks

go visit 808 Adelaide - that is an example of fine quality craftmanship

let's step back and see what that baby sells for - will be a good sign of whether the market for high end in sm is up or down

Anonymous said...

Actually, 2502 was not a spec home. My husband and I built it to live in it, and ended up moving as quite a surprise. We loved that house and built it with the total care for our own family! We are happy the new owners will enjoy it.