MB Market Update for 3/31/10, Hills

Posted by Dave Fratello on Wednesday, April 7th, 2010 at 3:38am.

The new MB Market Update spreadsheets are up online for your viewing and use by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."

March saw less new inventory of SFRs west of Sepulveda than February, with 27 new listings this month, versus 38 in the shorter Super Bowl month. It was the second half of March, with just 10 new listings, that showed a dropoff in the pace of new inventory.

Meanwhile, there were 22 sales (new escrows) that stuck, just a tad below the 24 sales in blazing-hot February .

After a couple of cancellations, total inventory moved up by just 3 listings over the course of March to 81 SFRs total. To a lot of people, that still seems pretty tight.

Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets):
As is our custom, we'll start out with a wrapup on Hill Section activity and follow up soon with more on the Sand & Trees.


Hill Section

There were just 2 new listings in the second half of March, one of which was gone right away:

  • 943 8th (4br/5ba, 5300 sq. ft.) is the one that's still with us, a 2006-built Cape Cod east of Poinsettia. Bonus: A pool. Starts at $3.099m.
  • 511 N. Dianthus (3br/2ba, 1900 sq. ft.) is a smallish, clean 60s home mentioned last week in "Reboot, Retry, Succeed," noting that the home had been offered for more than a year from 2008-2009 before making a deal recently. 
Start price in 2008: $1.429m. Closed price a couple of days into April 2010: $1.030m. (For more, see Kaye Thomas' post on the sale – it was her listing.)
But Dianthus wasn't the only deal made in the second half of March:

  • 925 Highview (4br/4ba, 2000 sq. ft.) is a very well redone 60s home behind private gates and with those high-upon-the-hill ocean views. Began at $2.095m in mid-February and ran about 7 weeks before making a deal.
  • 1026 Duncan (5br/5ba, 3800 sq. ft.) is a newer (2005) Cape Cod with an "upside down" layout that features some ocean and PV views. Purchased new in May 2005 for $2.5m, it went back to the bank recently. 
The bank tried for $2.450m at first, but the most recent deal came at a list price of $2.199m.
  • 1009 8th (5br/5ba, 4550 sq. ft.) is a big, newer (2004) home with a big sense of space, including amply sized secondary bedrooms and a real yard. 
Sellers paid $2.280m new in Nov. 2004 and had dropped to $2.189m when a buyer knocked.
Meanwhile, just one sale in the Hills closed in the second half of March, and one more closed recently and we included it:
  • 801 1st (4br/3ba, 2800 sq. ft.) has nice Cape Cod styling and a traditional feel in a home that's just 10 years old. After a debut at $2.095m in mid-2009, the sellers finally found the market at $1.720m (-$375k/-18% from start)
That was still a nice markup over the $1.050m the sellers had paid in Dec. 2000 (+$670k/+64% over 9+ years).
  • 713 Anderson (3br/3ba, 2550) is a newer (2004) custom-built home on one of the street's trademark half-wide lots (3250 sq. ft.). The listing began last September at $1.785m and closed 10% lower at $1.6m.
More soon on other parts of MB WOS.
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