“Hot town, Summer in the City, Back of my neck……..” (you know the tune). It was number one on the Billboard Charts in August of 1966 and tells the tale of nobody being around town in the summer. Up until this summer, I tended to agree that July and August tended to be quiet. But this summer was highly unusual in terms of real estate transactions in that it was one of the most robust my colleagues and I have ever experienced. For example, at last count there were 19 offers submitted to purchase a well-priced, modest, 1920’s home on 9th and Marguerita. “Hotter than a Match Head……”
Latest real estate news:
714 Euclid St.: 4bd + 3ba. $1.99 million, charming 1927 Spanish. Fabulous location close to shops, restaurants and the beach. Last sold in September 2009 for $1,600,000 (so why not try for $2M three years later).
333 20th St.: 5bd + 6.5ba. $5.25 million built in 2007. Apx. 7,000 sq. ft. of living space. Large basement. This home last sold in June 5, 2007 for $5,100,000. Noteworthy as 2007 was the beginning of the crash. If this closes at $5M+ it would mark a recapture of nearly all the losses experienced as the recession eroded equity and prices dropped until recently.
NEW CLOSED DEALS
408 17th St.: 5bd + 4.5ba. $3.25 million, this is one of my favorite remodeled homes in the neighborhood. It was tastefully redone a few years ago, sold to an A- list actor and re-sold a few years after that. Much of the original charm remains.
346 16th St.: 4bd + 3ba. $2.68 million, this is another great example of how hot this summer was. Multiple offers and nearly $200,000 over list price is how this apx. 3,000 sq. ft. 2-story Spanish on an apx. 7,500 sq. ft. lot closed escrow.