2 More Overbids

Posted by Dave Fratello on Thursday, December 16th, 2010 at 5:26am.

When bidding wars break out, as we've seen a few times this year, you know a couple of things:
  • It's not a depression everywhere; and
  • Sellers have gotten some kind of message, maybe something like, "don't play around."
View from 636 9th
It's certainly not 2009 anymore in the Hill Section, where 636 9th, a lot sale, just closed for $3.6m – a marked step up from a start at $3.0m.

This is a 9425 sq. ft. Hill Section lot with "ocean view potential" that lasted only a week.

As we first discussed in a South Bay Confidential column, the bidding war that broke out over 9th included neighbors looking to protect their own views. Turns out, what they feared most was that view "potential" being realized by a new owner.

In the end, it was the neighbors who prevailed, paying more than others who might have liked to pay to build a dream home for themselves.

Meanwhile, 1720 Poinsettia (4br/4ba, 2700 sq. ft.) debuted in late October, a slow time, but the listing became an instant sensation.

MBC said, in our "Weekend Opens" review, "Certainly there will be interest; a quick deal isn't out of the question."

The nicely done remodel came on at $1.499m, a sweet spot of sorts in the Trees. Below $1.5m, you get a certain kind of home (less square footage, lesser location), while above $1.5m, you may expect a newer home, or a good combination of size, style and location regardless.

This one offers a pretty good location, even if Poinsettia is a minor thoroughfare, and the home is bigger than even that official 2700 sq. ft. in the listing suggests – a garage has been fully converted into an extra suite with bath.

The home drew immediate interest – as it was priced to do – and sold for a notch higher: $1.575m, logging just 9 DOM.

As the year draws to a close, MBC will include these 2 sales in a wrapup on the bidding wars we've seen this year.
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