Hill Bits

Posted by Dave Fratello on Friday, March 27th, 2009 at 5:28am.

There is not a lot going on the Hill Section, but a few tidbits hit our radar...

First, 406 Anderson is a new home (5br/4ba, 4500 sq. ft.) that has taken a steep and quick dive from its early-January start at $3.699m to $2.999m.

There can't be too much profit left in this project. The lot was acquired for $2.050m in May 2007.

Next, in recent days we saw 3 listings quit in the Hills, at least a couple needing further research/explanation:
  • 1042 1st (5br/5ba, 4800 sq. ft.), a resale, expired after 6 months, trimming from $3.495m to $2.795m;
  • 617 6th (5br/6ba, 5725 sq. ft.), a new home, dropped out after a year in which $1m came off the asking price, but there's no market now even at $4.995m; and
  • 700 8th (5br/5ba, 4925 sq. ft.), a resale on a big ocean-view lot that was actually purchased late last year (Sept. 2008) for $6.9m, is gone for now after 4 months at $6.75m. [UPDATE: 700 8th later returned, posted in escrow, at $5.799m.]
Third, 620 9th (4br/4ba, 3675 sq. ft.) is back.

This big, if rehab-worthy, ocean-view home near downtown made a deal in late February, fairly quickly (8 DOM), after pricing at just $2.199m. (See "Low on the Hill" for more on the home and its aggressive pricing.)

Interesting change: In our first story, MBC referenced 620 9th's "big" 4500 sq. ft. of living space. Now the listing says 3681, to be exact.

Fourth, of course, is the fact that there's a deal on one of the brand-new MBB townhomes across from Pacific Elementary.

Imagine our surprise. Yes, yes, yes, we are surprised.

It's 1110 John, the biggest of the 3 condos at 3br/3ba, 2500 sq. ft. The home opens out onto the "live green roof deck," which is to say: a 2nd-floor concrete patio with grass.

MBC was officially skeptical of this development in "A Surprising Development on MBB," wondering who might find these townhomes preferable to the other options at the same price points.

1110 John came down a quick 15% from its (strangely precise) $1.793m start price, and was at $1.525m when a deal was made. There's more to learn here, too, as we see what the final price works out to (assuming it closes), and whether the other 2 units also sell or rent out (signs in the windows appear to offer them for lease or sale).

For now, hey, we're completely impressed that they found someone willing to sign papers. Brav-o.
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