Tree Section Dirt Reaches New Heights

Earlier this year, we were already amazed at the runup in land values in the Tree Section. (See "Tree Section Lot Values Spike Again.")

The newest closed sale exceeds the points of reference we had before.

That's at 738 29th St., a standard-size 4800 sq. ft. corner lot in a very quiet, favorable location along Agnes.

They listed it publicly at$1.495M, conscious that a larger, nearby lot with a nice location at 750 30thhad recently settled for$1.515M.

But that $1.5-ish price turned out to be just the starting point.

A rush of early offers came in, and the victor paid $1.750M.

Our information is that the buyers are, as they say, "owner/users" intending a custom new build for themselves. Spec builders were in the mix at this price level as well.

For the 4800 sq. ft. lot, this purchase price – underscored as the market value by the presence of other competing offers at or above that price – amounts to another (recent) record high for a lot in the Trees: $365/PSF for land.

For reference, the 5417 sq. ft. lot at 750 30th sold for $280/PSF per land square foot.

There's not much to hesitate on regarding the 30th St. location – it's great, and just a 40-second walk away on the next block. The lot orientation allows for a sunny, south-facing backyard.

But the corner lot here on Agnes for 738 29th adds value. Agnes is a quiet street, and the design options open up a great deal if you can stash the garage in the back of the house off Agnes instead of forcing it to the front, as you would on an interior lot.

How much added value from the corner? Apparently around $200K.