Some Sales Stack Up

Posted by Dave Fratello on Thursday, October 30th, 2008 at 4:34am.

You will rarely see periods as bereft of sales as the first half of October, when MBC noted just 2 SFRs west of Sepulveda heading into escrow. (See "MB Market Update for 10/15/08.") There were various reasons, many found on the front page of your dog trainer.

The second half of the month has seen several more buyers step up.

We count 10 sales (new escrows) after Oct. 15, and there are a couple more days left for more deals to post. Also, one more listing that previously canceled (341 10th) popped up in escrow, a deal we will mark in our spreadsheets as occurring in the second half of October, too, raising the sales to 11 for the second half, 13 for October so far.

As we follow these through to potential closed sales, we'll be watching to see if today's buyers are demanding substantial, additional price cuts to make deals in this unsteady environment.

Worth noting: among the lucky 11 so far in the second half, 4 have experienced failed escrows previously.

(Click on highlighted addresses – only some can be viewed at this stage – for more pics & details via Redfin.)



Busy Trees

It is remarkable to see 3 sales occur in a cluster on the busy streets of Valley and Pacific:
  • 2905 Valley (pictured), a spiffy but dated 3br/2ba, 1500 sq. ft. home that tried earlier this year at $1.239m. It took 60 days off, came back at $1.099m and made a deal within 3 weeks.
  • 2622 Pacific, a 3br/3ba, 2300 sq. ft. remodel last at $1.299m that's now trying to close a deal for a second time since its return to the market in mid-September (one escrow failed, new buyers this time).
  • 2305 Pacific, an unusually laid out remodel with 4br/4ba and 2885 sq. ft., last at $1.449m.
  • 560 35th, a Craftsman with 6br/6ba and 4100 sq. ft. that drew Mrs. MBC's attention in mid-July when it started at $2.425m (she is not objective – she likes Crafstman). When it cut recently to $2.125m, this one was the least pricey of the $2m+ listings in the Trees, positioning that seems to correlate with fairly quick sales these days.

Sandy Selections

  • 220 19th (pictured) is one of those gorgeous west-of-Highland luxury walkstreet homes that have not been moving recently (see "A Flood West of Highland"). It began at $5.2m, lingered 111 days and cut to $4.850m before making a deal.
  • 1807 Highland very likely has a date with a bulldozer. After 100+ days, this half-lot (1350 sq. ft.) on a busy street was at $1.099m.
  • 128 6th will be scraped, too, unless some charity purchased the cute little early-1900s cottage for $3m. This one fell out of escrow recently when priced at $3.5m.
  • 341 10th has been offered in some form for most of the past year. It's a stylish remodel with a main house offering around 2300 sq. ft., plus a dated rental unit in back. It began at $3.3m, cut to $2.799m over the months, canceled, and came up recently again in escrow.

Hills Alive

It's always hot or cold in the Hill Section for some reason. Weeks go by with no sales activity, and then you get a burst:
  • 755 11th (pictured) is the "Georgian" that was featured just last weekend by MBC, offering 5br/5ba and 5200 sq. ft. on an ocean-view lot with a sports court. It had been on the market nearly 5 months, some say because it needs a complete interior renovation; last at $2.999m.
  • 913 8th is in its second escrow now (see "Down Hill"), last at $2.249m.
  • 312 S. Dianthus is also in its second escrow, last priced at $2.850m, fully $899k below its highest point (see "How Quickly Things Change" for more on its fluctuating prices over past months).
We'll follow up on these individually or, perhaps, as a group in coming weeks to see how they proceed.
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