Two Hill Returnees

Posted by Dave Fratello on Wednesday, April 28th, 2010 at 4:09am.

After layoffs of varying lengths, 2 listings have returned to the Hill Section. One's way down from the price we last spied it at, and one has bumped up.

Down since our last count is 801 11th (3br/3ba, 3050 sq. ft.), a newer (2004) custom home in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property. It's perhaps 50 yards from MBB.)

801 11th was offered from May-August 2006 at $2.495m, and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)

The home last hit the MBC radar in August 2009 in "More on 'Foreclosures' in MB, Pt. II," when we noted that it had faced a possible trustee's sale earlier that month.

11th is back now as a short sale at $1.6m, a veritable steal for a fairly large Hill Section house.

The loans are a tangled web, hard to follow, but the important point is that 11th is touted as an approved short sale at that price. Shorties are notoriously difficult to pin down, but that word "approved" is magical, if true.

906 9th is a completely different story.

It's a big (6br/6ba, 5400 sq. ft.), new home that has drawn some serious raves from MBC readers.

The original listing kicked off in February 2009 at $4.8m. That was after a pre-completion deal fell through.

As you will recall, 2009 was harsh for high-priced new construction, including Hill Section offerings. Perhaps the deal of the year for 2009 was 218 N. Dianthus (4br/4ba, 6100 sq. ft.), which sold for $3.920m in July 2009, down $2.8m from its start.

906 9th always lingered somewhat above that $4m threshold, running nearly a full year, with cuts down to $4.2m before it quit in mid-January.

After it quit, the home's been held open, but kept off the MLS, for several weeks before re-debuting late last week at $4.695m.

Yes, that's nearly $500k higher than the price on the same property earlier this year.

It's a beaut with city views and lots to recommend it. But have buyers really missed out on the chance to get it closer to $4m? Time will tell.
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