The Battle On Cypress

Who will win?
The 1100-1300 block of Cypress (Between 11th and Pier Avenue) has been
relatively quiet over the past 2 years, with only 3 sales. In the last 6 months,
we have seen 3 closed sales, one pending sale and 2 currently on the market.
1101 Cypress (an old duplex on the corner of 11th and Cypress) sold on
April 16th, 2012 for $1,100,000. It was later torn down and recently became
3 new attached townhomes (2300 sq. ft. ish) that sold in the $1.55M-1.60M range.

1101-1105 Cypress-SOLD                                                             

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1309 and 1315 Cypress-ACTIVE

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There are currently 2 Active properties for sale on Cypress Avenue…1309 and 1315.
And so the battle begins! 1315 Cypress is a rear unit 2006 built townhome (1730 sq. ft.),
and 1309 is the front unit of the same 3-on-a-lot complex. 1315, the rear unit, came out 2 weeks prior to the front unit. They are relatively the same layout and square footage, however the back unit is considerably darker and tighter feeling. The front, which just
came on the market, shows better in my opinion, has a more open feel, is lighter and brighter, and under cut the back unit by $70,000. 1309 (the front unit) was on the market in 2012 for $1,149,000 ($80K lower then the current price), and did not sell.
Will it sell now? Probably. Does the lower priced front unit hurt the back unit’s sale? Likely. In the meantime…the battle ensues.

Address                                                    Asking                                                              Will sell for
1315 Cypress                                          $1,299,000                                                                ?

1309 Cypress                                         $1,229,000 (yes, $70K less)                                     ?

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