Close the Books on 636 8th

Posted by Dave Fratello on Tuesday, August 7th, 2012 at 3:00am.

And now that's done.

Current house at 636 8t
They've sold 636 8th, a Hill Section lot with views we've called "top-flight, quintessential Hill Section panoramas" to the south and west.

This one began in February at $4.850m, a reach above some comparable sales nearby.

Now they've closed at $4.1m, or 15% off the start.

Early this year, we saw comps in the $4.3m-ish range. (See "Big Views, Nearly $5m for Dirt," for MBC's rundown.) But there's a lot of art and emotion to comps – it ain't pure science, kids.

Here they figured this very special lot – 9950 sq. ft., narrow, deep, dropping down fabulously to the west – would sell itself, the scarcity factor would come into play, emotion would take over, and they could "push the ceiling" a little on a sale price.

The risk, when you overshoot, is that you eventually come in lower.

We wrote in May that "it's a $7m++ project for whoever undertakes it." But at about $4m for acquisition, maybe that pricetag does come down a bit for the buyer. We're still hoping to check out that final product some day. Who wouldn't?
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