OK, Hill, We Hear You

Posted by Dave Fratello on Monday, February 28th, 2011 at 8:48pm.

Since our story posted Friday – wondering aloud when something might start happening again in the Hill Section – well, things have begun happening.

1) A new listing came out, 1022 2nd (3br/3ba, 2850 sq. ft.), an opulent if not-so-big family home with views, starting at $1.799m. (See "Sunday Opens (2/27).")

2) A newer (2009) Cape Cod with views at 852 8th (5br/6ba, 4700 sq. ft.) posted a deal. This one was first offered in late 2008 pre-completion, asking $4.250m. At the time, MBC readers lauded the home's "gorgeous" details and Catalina views, but the listing ran through Summer 2009 with no sale.

Returning to market in November last year, 8th was offered for $3.7m and then $3.599m, the last price before buyer and seller agreed – the escrow posted this morning.

Last asking was down $651k (-15%) from the start in Nov. 2008. The lot seems to have been acquired for $1.63m in July 2007.

3) A smallish teardown or fixer at 1022 Duncan Place (3br/2ba, 1700 sq. ft., 4000 sq. ft. lot) has found a buyer in less than 3 months – pretty impressive when you consider which months those were (Dec., Jan. & Feb.). The home launched at $1.025m and was at $950k when a deal posted. (They're still open to backups.)

Owing to the higher position on the hill, there are some ocean peeks as it stands, but the home could have better views if redeveloped. The current buyers are more inclined to rehab the existing home.

So that's a quick trifecta in the Hills. Maybe another sign of Spring?
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