Highest Sale Prices of 2007

Posted by Dave Fratello on Wednesday, January 2nd, 2008 at 2:52am.

The other day we featured some of the biggest price cuts of 2007 (see "Price Chops of the Year").

While those chops hint at a slowing market, the counterbalancing reality is that high-end homes sold continuously in 2007, often at some eye-opening prices and without big discounts, percentagewise.

Based on MBC’s tracking since March, we offer the following rundown of the highest-priced sales in MB this year. If we missed something earlier in the year or additional off-MLS sales, please let us know. Our data show these big-dollar sales:


Hill Section

Biggest Sale: In mid-August, we got word of an off-MLS sale at 863 6th, a newer (2002) Cape Cod style home on a large lot (11,400 sq. ft.) that offers 4br, 6ba and more than 5,400 sq. ft. of living space.

It closed for $8.325m on August 14, reportedly the highest price paid yet in the Hills. Records indicate that the sellers had paid $4.5m in April 2005, or $3.8m less, so that’s 85% appreciation in 28 months. Wow.

Runners-Up: From the MLS, the highest-priced closed sale came on new construction at 300 N Dianthus (pictured) (6br/6ba, 5500 sq. ft., lot: 7600), which closed for $4.175m at the end of August. This one is a lovely home custom-fit to its lot and location to feature its views to the north and east. MBC had noted a design compromise: an awkwardly placed master suite (see “Privacy is Overrated”). The sale was -$325k (-7%) from the start price.

One more pending sale won’t make our data for 2007, but it’s worth a mention. New construction at 853 6th (6br/4ba, 4925 sq. ft.) was listed for more than 6 months at $4.795m. The deal now in escrow is said to be at a price of $4.5m, which would have made it the top MLS sale of the year in the Hill Section, had escrow closed by Dec. 31.


Sand Section

Biggest Sale: Our record price for the year came on The Strand – perhaps no surprise there. 1212 The Strand (pictured) is a modern steel-and-glass home with 4br/5ba, 4600 sq. ft. that sold for $10.7m after less than two weeks on the market. The sale closed Sept. 21. (Click for the slightly annoying 40-second virtual tour.)

Runners-Up: Two SFRs not listed on the MLS closed for about the same price. 125 17th is a newer home offering 4br/4ba and 4300 sq. ft., and look again at that location – a quiet walkstreet near downtown, and a 100s address. Closed for $5.385m on June 6. Meanwhile, new construction at 220 8th sold for $5.4m, closing Sept. 19. (Sorry to say we have no home details on 8th St. at this time.)

Special Mention: 120 2nd St. seemed destined to establish lot values in the 100s with the biggest overbid situation we are aware of in 2007. This 2700 sq. ft. lot (with two buildings now) was offered in mid-March for $3.3m. In the space of a week, multiple bids took the price up to $3.810m (+$510k/+15%), the sale price closing April 30. Subsequently, both 129 6th and 128 5th (click for details on either listing via Redfin) have hit the market at $3.9m, hoping that this 2nd St. sale was no fluke.


Tree Section

Biggest Sale: A pre-sale off the MLS of new construction on American Martyrs Hill ranked as the top closed sale of 2007. One of three neighboring lots being built out at the same time, 608 15th features 5br/6ba, and 4775 sq. ft. on a 6250 sq. ft. lot. The nicely designed Caliterranean is near the peak of the hill on 15th, affording some big ocean views. Sale price of $4.2m was rumored for a while and finally closed October 26.

Neighboring 604 15th, also a pre-sale, was pending at $4.2m as we entered 2008. And in late December, the only one of these three to be offered to the public (613 15th) went into escrow – last listed at $4.179m. (See "Success Selling Excess.")

Runners-Up: If look at closed sales of homes that were listed on the MLS 2007, the top Tree Section sale was 1718 Pacific. The home overcame location issues (on Pacific Ave., near the school) in part because of the double-size lot (9900 sq. ft.) and a recently rebuilt, custom home. The sellers tried for $4.5m and got $4.037m, closing Nov. 7.

Trailing somewhat behind Pacific was 712 31st (pictured), new construction that might be MBC’s favorite home of the year. With 5br/4ba and 3800 sq. ft., this home took full advantage of its downslope location (south side of 31st) to offer flowing, open living spaces with the garage tucked away down below. The look, feel and finish were terrific, and the basement media room one of the best executions of the (increasingly common) feature we recall seeing this year. List price was $3.399m, sale price was $3.325m, closing July 15.
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