MB Market Update for 11/15/09

Posted by Dave Fratello on Monday, November 16th, 2009 at 5:15am.

Things are looking better in the Hill Section as the holidays approach – and it's not just all the early Christmas lights – as we'll see in the first of our November market updates.


The new MB Market Update spreadsheets are online for your viewing by clicking here, or at any time by using the pull-down menu at the top of the page under "MB Market Updates." The current update, dated 11/15/09, covers the first 2 weeks of this month.

Remember, with the new online format, properties actively for sale can be viewed instantly (via Redfin) by clicking the property address in the spreadsheet. Also, you can easily click between the different pages (by region and by active or sold) using the blue tabs at the top of the page.

November so far has seen more sales than new listings: 8 new entries and 10 sales (new escrows).

Yes, that's different than the norm, but, of course, fewer new listings are coming out now. The sales pace remains decent.

There was also one comebacker: 590 36th is back at a lower price after several weeks in escrow, now flopped. (Stats for the month to date are on the tracking page.)

With 4 cancellations, we're now looking at a total of 82 active SFRs west of Sepulveda as Thanksgiving approaches. Inventory by sub-region west of Hwy. 1:
Hills: 15
Sand: 33
Trees: 34
Look at that Hill Section number a moment. With just 15 active listings, the sub-region is finally approaching "normal," after months with inventory in the 30s this year. (Click here for the Hill Section actives page.)

Part of that is due to recent sales (new escrows). There has literally been a run on 5,000 sq. ft. houses recently (click any highlighted address for pics & details via Redfin, yes, while they're in escrow!):
  • 877 8th (6br/6ba, 5000 sq. ft.) a short-term hold of a newer Cape Cod (2007 build) purchased new for $3.650m in Sept. 2007. This one hit the market this year at $3.599m and was last at $3.299m;
  • 903 10th (6br/7ba, 5125 sq. ft.), new construction as of 2007, began at $3.195m this year and was last at $2.850m; and
  • 407 Larsson (6br/6ba, 4850 sq. ft.), a resale that's going to cost the owners some money, was purchased for $2.980m in Nov. 2005.  This home had a deal within a couple of days of switching agents and making a big price cut to $2.269m early last week. (See "More Trouble on Larsson.")

It was also during the first half of November that 2 big sales in the Hills closed. We've already discussed those in regular posts at MBC, but the homes are so great they're each worth another mention:
  • 218 Anderson (pictured) a huge (8br/9ba, 8500 sq. ft.) home on an ocean-view double lot, which cut from $9.988m to $6.525m (-$3.463m/-35%) (see "Ground Down to $6.5m"); and
  • 400 N. Poinsettia (5br/6ba, 4550 sq. ft.), a great Cape Cod at the crest of Poinsettia that fared much better than the slightly larger homes referenced above as new sales are ever going to do, closing at $3.855m (see "Three Sales, Several Trends"). That was, however, down a bit from $4.1m in Aug. 2006.
Full details on pending and sold homes are on the Hill Section solds page.

There are a couple other good headlines from other sub-regions, which we'll cover in an upcoming post.
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