MB Market Update for 6/15/08, Hills

Posted by Dave Fratello on Friday, June 20th, 2008 at 4:05am.

The complete MB Market Update spreadsheets for the first half of June are available for download by clicking here, or by using the link in the upper-left corner of the page at any time. This article provides highlights from the Hill Section in this period.

Hill Section

There were 24 active SFRs in the Hill Section at the close of the period, easily the highest total MBC has recorded in a year-plus of public market tracking. We've seen the total as low as 6 at the start of 2008, with the total often hovering near 12-15.

But that's not the big news here. The headline is everything about our first featured listing below.

There were 5 new listings in this period (click highlighted addresses for pics & details via Redfin):
  • 900 Pacific (pictured) is bigger than big, even for the Hills, with 6br/7ba and 10,500 sq. ft. of living space on a 12,000 sq. ft. lot.
There are few homes bigger in our town, and even fewer that would pretend they have a better location. This is one of the truly outstanding view points in the Hills.
Start price was $10.9 million – no misprint – and it's in escrow as we write, taking "backup offers."
  • At less than half the price, 808 Highview gives you most of what you could ask of a Hill Section estate: newer construction (2002), a good-sized house (5br/5ba, 4100 sq. ft.) and nice views in a quiet location. Asking $5.250m.
  • 755 11th (pictured) offers 5br/5ba and 5200 sq. ft. on an ocean-view lot with a sports court. The "Georgian" style on the exterior gets points for uniqueness. The 80s interior – wait, is that blue shag? – requires a deduction. Starts at $3.399m.
  • 1022 1st is a teardown with some ocean views now, more when you build. The lot is fairly small at 4800 sq. ft. Asking $1.9m.
  • 408 N. Dianthus, a 3br/3ba, 2175 sq. ft. spiffily remodeled home with city views and a pool. The current owners paid $1.7m in March 2006 and were offering it for $1.799m, but they withdrew it after 15 DOM, just after this report period.
Also, returning to the roster was 312 S. Dianthus, which began in late April at $3.490m, quickly rose to $3.749m and went into escrow, but dropped out – it's back at the original price, $3.490m.

A few cuts:
  • After 30 DOM, 619 9th (fairly large, quite sweet, dated) cut $225k to $3.969m;
  • The new construction at 930 John slashed almost $300k to $4.699m; and
  • 612 11th, the "flag lot" home purchased for $1.275m last year and offered, at first, for $1.599m, chopped below the acquisition price to $1.199m, prompting MBC to speculate that maybe the owner actually lost the bidding war when grabbing it last year (see "Maybe They Lost the War"). It sold quickly after that, but please don't tell us there was a bidding war again.
Two closed sales:
  • 916 9th, an admitted MBC favorite that began last year at $3.275m, took time off and returned at $2.895m, closed for $2.825m, a cool 40% profit for the sellers after 4 1/2 years (see "Call It a Modest 40%"); and
  • 811 Boundary, a newer home with a big location issue, snagged $2.025m, a boost of $236k (+13%) over the Sept. 2004 purchase price, but considerably less than the $2.599m the sellers wished for when the listing began a year ago (6/19/07). That was high by $574k/22%.
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