Big Views Discounted

Posted by Dave Fratello on Wednesday, May 23rd, 2012 at 4:30am.

Current house at 636 8th
After 100 days, they're marking down the best views now on offer in the Hill Section, over at 636 8th.

Sure, $4.575m is still some kind of stratospheric price for dirt, but it's now about 6% off from the start price, and just 6% above the most recent, nearby, reasonably comparable lot sale in the Hills from 2010.

If you want to appreciate what they're offering at 636 8th (a 9950 sq. ft. lot), you might need to devote 2 minutes to our short video capturing those views:



The potential here is impossible to miss.

The problem is that it's a $7m++ project for whoever undertakes it, and that requires a rare combination of acquisition capital and patience to achieve the right result.

We recounted a list of Hill Section comps in our first post on 636 8th, "Big Views, Nearly $5m for Dirt." These included:
  • 809 Highview at $4.3m in Aug. 2010 – a 14,000+ sq. ft. lot on the (preferable) downsloping western side of the street.
  • 600 John, also at $4.3m in Jan. 2011 – a 9975 sq. ft. corner lot with big sweeping views where the new owners have decided to remodel the old 1-story house instead of scraping it.
  • 704 Pacific recently closed at $4.295m – an 8960 sq. ft. lot with a charming, custom Colonial/Cape Cod home on it (5br/7ba, 4975 sq. ft., 8960 sq. ft. lot), but one that will get some (needed) serious remodeling now. It's got lesser views than the other properties mentioned in this post but they could be enhanced... TBD.
None is the perfect comparison to 636 8th, though. It's still looking for that ambitious, project-oriented buyer. With $7m-$8m to spend. That's big-game hunting.
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