$4M Off in the Hills

Posted by Dave Fratello on Tuesday, January 15th, 2013 at 8:06pm.

Picture, if you will, an enormous, classically styled estate in the Hill Section, one with a timeless chateau feeling, and even its own loving name: Summerhill.

Add a huge lot – nearly a triple lot at over 14,000 square feet.

Add in some ocean views from high up the hill.

What's that worth?

"Summerhill" at 250 S. Dianthus
That's the question they've been trying to answer at 250 S. Dianthus (5br/7ba, 8500 sq. ft.) since last June.

With 243 DOM under the bridge, Tuesday saw another big price cut at 250 Dianthus, as the sellers attempt to find their market.

The launch on the MLS was at $11.9M in early June 2012, but $2M came off the top quickly, before that month's end.

The listing shed another $1M in September before chopping a fourth $1M this week. Current price: $7.995M.

This is a signal of sorts: The folks are trying to say they're ready to sell. Can we bet on 2013 as their year?

853 3rd: $16.0M in 2011
When Summerhill launched last year, there was some initial comparison drawn to the record-shattering sale from 2011 at 853 3rd (6br/7ba, 8100 sq. ft.) which closed at an eye-popping $16.0M in Sept. 2011 (see "2011: A Year of Highs, Part II.")

That was the highest sale price for a residential property ever recorded in MB, period. Summerhill's property profile matched up reasonably against 853 3rd, with a little more interior square footage and about 3000 more square feet of land than the record-smasher.

But you have to know that there were factors far beyond market value alone that drove the enormous run-up in the price in the off-market sale of 853 3rd. It will really take something extraordinary to see a price like that on a comparable home any time soon.

Meanwhile, 250 S. Dianthus is being offered for half the record price – still a princely sum – just waiting for the right kind of new king and queen to come take over the castle.
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