Pricing Poll: 815 2nd

Posted by Dave Fratello on Thursday, April 24th, 2008 at 10:19pm.

Besides Strand homes and west-of-Highland walkstreets, there's no luxury home market in MB quite like new estates in the Hill Section.

An intriguing newer entry into this market is 815 2nd (click for details via Redfin), which first hit the market in February at $4.795m. With a recent cut to $4.495m (-$300k/-6%), it's the least-expensive new home in the Hill Section – indeed, the listing now says it's the "best-priced new construction" in the sub-market.

The question is: What really is the right price for 815 2nd? Please vote in our newest pricing poll. Give us your opinion on what the final sale price is likely to be, and support your view in the comments on this story. We'll run the poll for 3 days, closing Sunday night at 7pm. (The home is open Sunday 2-4pm, so drop by if you can.)

Here's a sampling of what MBC has said previously about 815 2nd, which offers 5br/6ba and 4550 sq. ft.:
  • a departure from the typical Hill Section estate;
  • on a street that is among the busiest in the Hills;
  • the views are better than expected – ocean views on 2 levels;
  • a cool lower level (too bright to call a "basement") with a tiered home theater;
  • lots of crisp finishes and fine details;
  • the design favors lots of cozy, private spaces over the huge megarooms you would normally find in a Hill manse;
  • a unique family layout with... unfortunately, some pretty small bedrooms; and
  • surprisingly modest (in a good way) overall.
Also, we're not huge fans of that shade of blue, but paint shouldn't be a big factor.

It's hard to develop a reliable list of comps for 815 2nd because the turnover in the Hills is fairly slow (low inventory, few sales), especially in recent months. There are just two sales of new homes in the last 6 months – 853 6th and 911 Duncan.

853 6th was a different style (Caliterranean), a bit bigger (6br/4ba, 4925 sq. ft.) and closed for $4.5m ($914/PSF). 911 Duncan was an ultra-modern home, somewhat smaller than 2nd (5br/6ba, 3700 sq. ft.) with views comparable to 2nd, and closed for $3.190m ($862/PSF). If we go only by PPSF, this puts 2nd between $3.9m-$4.2m before any adjustments (for views, location, finishes, etc.).

The 3 other active new homes in the Hill Section are all shooting higher on a PPSF basis (click addresses for details via Redfin):
  • 930 John (5br/7ba, 5400 sq. ft.) – $4.995m ($925/PSF)
  • 617 6th (5br/6ba, 5725 sq. ft.) – $5.950m ($1,039/PSF)
Again, based purely on PPSF, these actives would put 815 2nd between $4.2m-$5.5m.

So what's right for 815 2nd? How would you adjust for the views, location and finishes? Vote, and let us know in the comments.
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