A reader tipped us off last week that construction had finally gotten underway at 1326 Mascher St., a long vacant lot in South Kensington. We told you to prepare for this project back in the fall of 2014, and at the time we predicted that construction would get moving rather quickly. And we were totally wrong. But so it goes! With construction now moving forward, look for twenty homes running between Mascher and Hancock Streets. A drive-aisle will run east to west, with two rows of ten homes on either side.
Back when we previously mentioned this project, we told you that the interior 3-story homes would be priced at $400K, the corner 3-story homes at $425K, and the 4-story homes at $450K. But it seems the delayed timing for the project will work out famously for the developers, as we predict that every home will sell for at least $50K more than originally planned. What makes us so confident about this? Mostly, it's the conveniently located comps immediately to the north.
We actually told you about the 20-home project at 1350 Mascher St. several months after we brought the project at 1326 Mascher St. to your attention, but it's moved much more quickly. Looking at public record, it appears that five of these homes have already sold, with the lowest sale price coming in at $440K. Eight more of the homes are under agreement, with list prices ranging between $480K and $535K. Only one is currently listed for sale, with a list price of $530K. With the developers seemingly having few problems selling other units at this price point, we don't imagine they'll struggle to find a buyer willing to pay the desired price. And with these homes selling before while they're still under construction, it would seem like a good indication that the new project next door will see brisk sales as well. Furthermore, it's a signal to other developers that they should similarly think big in South Kensington.