Closed Sales from Year End '09

Posted by Dave Fratello on Friday, January 15th, 2010 at 4:42am.

Time to tie up a few loose ends from the MB Market Update for 12/31/09, as we're getting ready to post a mid-January update with a lot more activity.

A small rush of new listings is starting early this year, and – as you'll see this weekend – there's a full plate of debut open houses coming out now, too.

So let's finish with 2009 so we can move into 2010 next week.

As you may recall, our first post on the 12/31/09 update listed inventory at year-end as 59 SFRs west of Sepulveda, and discussed the one new listing and a few sales. (Click here for the online spreadsheet for year-end.)

What we did not get to was the closed sales for late in the year. Here they are (click any highlighted address for more pics & details via Redfin):

  • 877 8th (6br/6ba, 5000 sq. ft.) adds to the cluster of larger homes selling in the non-view sections of the Hill. This one had been offered for most of the year, and finally closed at $3.1m. That sale price was a substantial step down from the Sept. 2007, near-peak price the outgoing owners paid: $3.650m.
  • Just a few steps away, the bigger new Mediterranean at 718 N. Poinsettia (6br/5ba, 5725 sq. ft.) sold for $3.225m. The home also boasts a slightly larger lot than 877 8th, though busy Poinsettia is a bit of a drag.
It's worth noting that a fairly new home down the hill from both of these, down Poinsettia at 903 10th (6br/7ba, 5120 sq. ft.), sold in early December for $2.475m. (See "Another New Low in the Hills.") And though it's not a comp, it's also interesting to recall that directly across from 718 N. Poinsettia, 717 N. Poinsettia, a double lot with a nice home that needs (and will get) some updates, sold for $3.110m in November (see "Close the Books on 717 Poinsettia.")
  • The final Hill Section sale for late December was the boxy colonial brick home at 822 John (John!), which closed for $1.788m. The 4br/4ba, 3750 sq. ft. home is pretty vanilla and didn't have much in the way of views, and the 4000 sq. ft. corner lot doesn't have a ton of potential. The listing dropped $600k over 6 months on market to meet those realities. 
We discussed the 2 late-December Sand Section sales, 528 24th ($1.060m) and 537 21st ($1.010m), in "We'll Take the Gaslamp" before Christmas.

In the Trees:
  • The pleasant Spanish at 566 31st (5br/5ba, 3325 sq. ft.) sold for $1.795m, down somewhat from the $2.1m start price, but also just a strikingly moderate price for a spacious home in a nice part of the area. Well, there could be a Sand Dune Park factor – but if they keep the park closed, the property value here goes up instantly.
  • A similar price came in at 648 26th, $1.750m, for a somewhat smaller (5br/3ba, 2775 sq. ft.), newer (2004) custom-built Mediterranean in a better location.
  • The last closed sale in the Trees was on smallish 1508 Ardmore (3br/2ba, 1150 sq. ft.), a 1950s cottage with some updates late last century. There's some extra sq. footage in a big garage with windows and possibilities, but the big attractions here were price ($975k) and proximity to downtown.
So that's the way 2009 ended.

There are a few early-2010 closed sales that are very interesting, along with other activity, so we'll get rolling with that information next week.

And remember, if you haven't been going to many opens recently, it starts to get interesting now. More this weekend.
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