Down Hill

Posted by Dave Fratello on Friday, September 26th, 2008 at 3:26am.

News of the Hill Section's recovery from a late-Summer slump may have been exaggerated.

One month ago, to the day, MBC featured 4 Hill Section homes that had all gone into escrow within days of each other. (See "A Hilly Hat Trick.")

Now, 3 of those 4 are back on the market after failed escrows:

  • 910 2nd (pictured, 5br/4ba, 3400 sq. ft.) is back at $2.895m;
  • 913 8th (4br/3ba, 2925 sq. ft.) is back at $2.249m; and
After that story last month, just 1 Hill Section listing, 1031 Boundary (a 3br/3ba, 2950 sq. ft. home we called "funkytown, alarmingly near to Sepulveda") went into escrow – at $1.499m. (It was featured in "A Nice Little Burst" about 2 weeks ago.)

Otherwise, it's been the sound of crickets all over the Hills, MB's prestige region.

Surely this has something to do with the credit crisis and economic turmoil all around us.

In our town, buyers tend to come pre-approved, with cash in hand, so dropouts can be all the more surprising.


What's happening to financing, or buyers' attitudes, or sellers' commitment to proceed to closure in this environment?

In the Hills of MB, the answers to those questions are coming up, quite simply, as zeroes.


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UPDATE: The original story referenced a fourth home, 914 2nd, whose status was shifted to "withdrawn" rather than "sold" when, apparently, escrow closed, creating the impression that the escrow had failed.
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