MB Market Update for 2/15/10, Hills

Posted by Dave Fratello on Thursday, February 18th, 2010 at 4:47am.

The MB Market Update spreadsheets for the first half of February are online and can be viewed with this link here, or at any time by using the pull-down menu at the top of the front page.

The first half of February saw 21 new listings of SFRs west of Sepulveda, and another week has begun with a smattering more.

Yes, that did feel a bit like a "Super Flood." But it also put February 2010 right on pace with February 2009, which saw 42 new listings – including comebacker listings that had taken the holidays off. This year, few comebackers as of yet.

Inventory of SFRs stood at 80 as of mid-month. Looking by sub-region west of Sepulveda :
Hill Section: 16
Sand Section: 35
Tree Section: 29
The rush of new offerings was countered by some decent sales activity – 9 sales (new escrows) in the first part of the month.

We also took 6 listings off the spreadsheets due to cancellations in this period or within the past few weeks; cuts that hadn't yet been recorded.

Let's begin a brief run through the areas west of Sepulveda with a recap of Hill Section activity. Upcoming posts will cover the Sand and Trees.

Hill Section

There were 3 new listings this period, bringing inventory to 16, meaning single-digit inventory in the Hills is probably going to stay in the rear-view mirror for quite a while. These listings have already drawn mention prior to this update:
  • 706 Anderson (3br/2ba, 1900 sq. ft.) (pictured) shows its late-60s vintage but has some charms. 
The exterior needs help (this pic was the last one in the listing), but inside, with décor they've made the mid-century/60s thing work. It's the lowest-priced offering in the Hills at $1.249m.
  • 1018 2nd (3br/3ba, 1900 sq. ft.) offers much the same living space as Anderson, but in a more spacious-feeling, much-more-updated house. There are ocean views, too, from the top-of-the-hill location, balanced against a busier street on 2nd. The owners paid $1.952m in May 2007, back during the Great Spring Rally of 2007, and now seek $1.589m (-$363k/-19% over 3 years).
  • 505 N. Dianthus (5br/4ba, 4650 sq. ft.) is newer (2002) and plenty big, with city views. Its start at $2.999m seems surprising given the fate of the recently closed 407 Larsson, a slightly bigger, somewhat newer (2005) Craftsman that sat more than a year (408 DOM) before selling recently for $2.190m.
Beyond those new listings, the only major note in the Hills was that the REO at 1026 Duncan shed a little from its start price, cutting $55k to $2.395m.

No one was buying in the hills this period, and the only pending sale we're still waiting to see close is at 222 N. Poinsettia.

More soon on the Sand & Tree Sections, which were busier.
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