Prime Hill Spot Taken

Posted by Dave Fratello on Thursday, July 26th, 2012 at 2:46am.

It took 6 months, but it looks like one of the prime lots in the Hill Section will now change hands.

Current house at 636 8th
That would be 636 8th, a fairly narrow, but deep, 9950 sq. ft. lot that drops down wonderfully to the south. The views toward PV and Catalina are top-flight, quintessential Hill Section panoramas.

This one began in February at $4.850m, notably above the $4.3m-ish range of 3 comparable sales nearby. (See "Big Views, Nearly $5m for Dirt," for MBC's rundown.)

In May, they cut to $4.575m, splitting the 12% difference between the other sales and the start price. And from there, the sellers stood pat for another couple of months.

Could they get a 4.5-ish price now? You've got the warming market on the one hand, and the 6-month runtime on the other.

We wrote in May that "it's a $7m++ project for whoever undertakes it, and that requires a rare combination of acquisition capital and patience to achieve the right result." We've had people question that $7m number, but really, if you're going to do justice to this location with a high-end build, isn't that more likely than not?

If you want to appreciate what they've been offering at 636 8th (a 9950 sq. ft. lot), you might devote 2 minutes to our our short video capturing those views:




comments powered by Disqus