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.