Hills En Fuego

Posted by Dave Fratello on Tuesday, April 15th, 2008 at 5:36am.

We noted the other day that several weeks had passed in the Hill Section without a sale, and then, boom, two homes near each other on 9th St. sold (916 and 943). (See "Action on 9th.")

Now there's a third sale, almost enough to qualify as a trend: The Hill Section is on fire!

The lucky sellers this time have paid their dues – 811 Boundary Pl. has been on public offer for almost 9 full months, since mid-June 2007.

But let's dial back further first. In Sept. 2004, the current owners paid $1.789m for a property listed as new in 2003.

Just 2 1/2 years later, they sought $2.599m (+$810k/+45%).

And yet, as great as a newer home in the Hill Section might sound, the sellers were repeatedly snubbed. Maybe it's that location, barely up east off of Ardmore, on a tight street facing a series of older, beaten-up Hermosa MFRs. Maybe it was the home itself. As buyers got pickier, 811 Boundary was passed over.

The price came down. Over the months, it dribbled a bit at a time, gradually reaching $2.199m. (Still +$410k/+23%).

At the end of March, the last big reduction hit: $2.199m to $2.099m (+$310k/+17% over the 2004 purchase price). That's where it was when a buyer was found.

Of course, that last price was a big cut off the dream price of last Summer (-$500k/-19%) and the final price may or may not leave the sellers in great shape. But you know they'll be better off with a sale this Spring than they would have been hanging around any longer.
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