$1.5m Off the TopPosted on Tuesday, February 3rd, 2009 at 10:56pm.
700 8th St. is quite large (5br/5ba, 4925 sq. ft.) and offers those big-blue-marble ocean views you want from up there. It hit the market last year for $8m and sold in Sept. 2008 for $6.9m. (See "Levitating," Sept. 30.) The new owner almost immediately faced a change in plans, and put the home back on the market in November for less: $6.75m, where it stands today.
Hovering above 700 8th in price for quite some time was a somewhat larger home at 801 Highview (pictured). This one offers 6br/8ba and 6,425 sq. ft. – 30% more living space on a lot that is somewhat smaller than 8th. It began at $7.495m in October.
As MBC has noted before, these big-dollar listings also seem to take the steepest cuts when they make a move.
And so it was at 801 Highview, which cut $1.5m Tuesday in a single move. Suddenly, the larger home is notably less expensive, with a new price of $5.997m.
Now, in the rarefied world of $5m+ Hill Section estates, which is the better deal?
Wait, there's more. Around this price point, the Hills are getting crowded. There's also:
- 1011 Pacific (6br/5ba, 6035 sq. ft.), now at $5.495m (down $500k from $5.995m);
- 612 John (6br/8ba, 7400 sq. ft.), now at $6.3m (down $1m from $7.3m); and
- 511 Pacific (5br/8ba, 8300 sq. ft.), featured the other day in our "Super Saturday for Opens," is at $6.699m.
True, most of us don't have the problems these sellers have, but the travails of the high end inevitably matter to everyone in the market.
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