MB Market Update for 3/15/10, Hills

Posted by Dave Fratello on Thursday, March 18th, 2010 at 3:57am.

The new MB Market Update spreadsheets for 3/15/10 are available for your online viewing now by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."

March has more or less maintained the sales pace of our pretty warm February. We saw an amazing 17 sales (new escrows) of SFRs west of Sepulveda in the second half of February, and 11 more in the first 15 days of March. A few of those came in right at the wire.

New offerings outpaced sales, as one might expect, with 17 new listings in this period.

With new offerings, sales, flopped escrows and a couple of cancellations, total inventory rose by just 5 listings over the end of February, to 83 SFRs total by mid-March.

Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets):
Let's check in on the Hill Section first, and get to the rest in an upcoming post.

Hill Section

There were 4 new listings in the Hills, but the news was in a couple of deals that were cut.

The Hill Section may be slow by nature, but then one day you'll see $11m+ in real estate sell all at once:

645 9th (6br/7ba, 7750 sq. ft.) is a huge, certified "green" house on a quiet street with no views to speak of. All of which is to say, it's not your typical, sprawling, ocean-view Hill Section estate.

Inside, the home is glorious, spacious and smart, with a high-end, modern Cape Cod feel and great touches all around.

MBC has often applauded the effort here at conscious building with good-for-Earth materials and innovative water systems, but we've just as often winced at the notion that there's anything "green" about an 8,000-sq.-ft. house. Electrifying and heating a home like this is, unavoidably, a demanding enterprise. (Is a separate home theater with built-in popcorn stand "green," or just cool? We'll check with some enviro friends and get back to you.)

645 9th launched last June at $7.950m and had cut about $1m to $6.999m, where it stood for quite a while before a buyer knocked.

617 6th (5br/5ba, 5725 sq. ft.) is a bit more typical as Hill Section speckies go, a big Caliterranean with ocean views, home theater and so forth. It's close to Ardmore and walkable to downtown.

What's different about 6th is that it's a speckie that was never properly finished before hitting the market back in early 2008. A long-running (600+ DOM) listing for the almost-complete home finally crashed in late 2009 when the investors foreclosed. There's been some construction activity recently aimed at finishing the project.

Launched at $5.995m oh-so-long ago, 617 6th was last at $4.790m when a buyer stepped up.

Hoping some day to join the ranks of sold properties were 4 new listings:

  • 901 Pacific (5br/6ba, 7300 sq. ft.) is a custom build in a fairly conservative Spanish design. Ocean views in abundance, and all the trappings you'd expect in a higher-end Hill Section estate. Starts at $6.995m.
  • 805 Duncan Place (5br/3ba, 4100 sq. ft.), plenty of house with a substantial location issue at the corner of an alley and a busy street (Ardmore). Starts at $1.995m.
  • 710 N. Dianthus (5br/5ba, 3600 sq. ft.), a newer (2003) home that will remind you of many Tree Section speckies of the bubble years, with nice touches here and there. Starts at $2.075m.
  • 910 2nd (5br/4ba, 3400 sq. ft.), starting at $2.599m this year. It was higher ($2.895m) in late 2008, when it didn't sell. For more see our recent "Weekend Opens" post featuring the listing.
We also saw the return of bank-owned, ocean-view 1026 Duncan after a few days in escrow. Purchased new in 2005 for $2.5m, it's now at $2.199m.

Price cuts came at 1011 Pacific (to $3.950m, see "Trying to Get In on the Action" for more) and 201 Larsson (to $2.499m).

There was one more cut on the lot sale at 800 N. Poinsettia (to $1.699m) – a small chop that nonetheless drew a buyer right after we closed our March 15 spreadsheets: the first sale of the second half.
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