A Hilly Hat Trick

Posted by Dave Fratello on Wednesday, August 27th, 2008 at 4:23am.

Most of a month passed with no sales in the Hill Section. But things changed quickly.

The last sale (new escrow) for a while was 508 Larsson, a small, dated home on a large lot on the Sepulveda side. That sold on or about July 24, and then a modest drought began.

Last week, 913 8th went into escrow at $2.249m.

Tuesday, deals were posted on 3 more Hillies:
(Click highlighted addresses for details via Redfin; at the time this story posted, all 3 listings could still be seen while in "backup offer" status.)

So it looks like Hill Section buyers are back from vacation.

Last time we saw a fairly close cluster of 3 sales in the Hills was in early April. (See "Hills En Fuego.")

At that time, inventory in this subregion was at 15. On August 15, inventory was at 24. (Dare we point out that this was a 60% increase? Well, small numbers can be misleading.)

The new sales also helped wipe out a local mini-trend. For a time there, 5 listings were clustered on busy 2nd St. Three were all next-door neighbors.

With 2 of the sales above and a cancellation Monday at 114 N. Poinsettia, suddenly there are only 2 left on 2nd, with 1 near the bottom of the hill (815 2nd) and 1 at the top, the last house on the street, next to a commercial building (1042 2nd).

This little hat trick is a breath of fresh air in an otherwise downbeat time. Here's a secret: The buyers all got into some pretty great homes.
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