It's been a busy year for Hill Section lot sales. It seems things run in waves.
Maybe the grandest of the sales so far is one that has just closed at 817 Pacific Ave.
This is an unusually squarish midblock lot measuring 72' wide by 87' deep (6285 sqft. total) at a crest in the hill.
As the photos make…
It's been a busy year for Hill Section lot sales. It seems things run in waves.
Maybe the grandest of the sales so far is one that has just closed at 817 Pacific Ave.
This is an unusually squarish midblock lot measuring 72' wide by 87' deep (6285 sqft. total) at a crest in the hill.
As the photos make clear, from this spot, a new home can have full panoramas from Malibu all the way south to PV/Catalina. Rooftops and treetops are all that will be in view besides blue.
The cost for this quintessential Hill Section vista? $4.401M for the land.
That's a very substantial escalation (+13%) from the list price of $3.900M.
You could view that start price in context of another view lot that had just sold when Pacific came to market: 407 N. Poinsettia, at the top of 5th St. It sold for full asking price, $3.495M, in early March.
That was $606/PSF for the dirt alone, a number which, at the time, was something of an outlier – higher than recent sales, hard to see all the way up there. The views that exist at 407 Poinsettia, however, are fully blocked to the direct west by a tall neighbor, and the southwestern views are threatened, potentially, at least in part, by a neighbor to the south.
If the buyer of 817 Pacific had paid the same price for land as the buyer of 407 Poinsettia, you would have seen Pacific settle around $3.800M.
But no. Better lot. No view block. One of the few available, buildable view locations along this prestige corridor of the Hill Section.
Those features drove buyers wild and secured a little section of the hill for what's sure to be an ambitious new build.
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Further research & reading: See "512 Pacific Gets $5.5M; Now, Neighbor?" But we'll spoil the surprise for you by saying that the neighbor (500 Pacific) got $5.700M.
Please see our blog disclaimer.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 12:20am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.