Finally, Finally – A Newbie Sells in the Hills

Posted by Dave Fratello on Tuesday, December 30th, 2008 at 4:08am.

A Christmastime deal in the Hill Section marks just the second purchase of a new home in the Hills this year.

930 John (the listing can still be viewed while in "backup offer" status) is a large (5br/6ba, 5400 sq. ft.) new home near downtown with city views. It started up in April at $4.995m and cut, over time, to $3.999m.

It'll be some time till we get the final price, but you might imagine the buyers took a bit more off the top. That would put the total cuts over $1m, and that's increasingly common in the Hills.

The only other purely new home purchased this year off the MLS was 911 Duncan (5br/6ba, 3700 sq. ft.), which closed in February at $3.190m (-$580k/-15% from start). (See "Such a Deal on Duncan.") Another new home closed in the first half of January, based on a deal from 2007 (853 6th at $4.5m).

As we bid farewell to 930 John, there are 5 new homes left in the Hills (click for pics & details via Redfin):
Of those, 4 of the 5 are down something near $1m from their starts ($955k-$1.325m), and 3 have been around more than 8 months as we enter 2009.

So they didn't get it done this year, but hope – in the New Year – springs eternal.
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