Two Views from the Hills

Posted by Dave Fratello on Tuesday, July 31st, 2007 at 10:13pm.

Two Hill Section listings near $4m reflect very different views of price appreciation since 2004.

Both homes are marked up, of course, one by 25% and one by 64% over the prices paid by the current owners in 2004.
  • 637 6th St. is almost new (2004), a corner lot Italianate mansion, 5br + 6ba (including partials) and 4387 sq. ft., on a 4970 sq. ft. lot with big views. The current owners paid $3.125m in Nov. 2004. List price: $3,899,500 (+25%).
  • 869 3rd St. is a very clean, modern 4br/4ba home with 4136 sq. ft., on a 5720 sq. ft. lot with good yard/outdoor space and views. Built in 2000. The current owners paid $2,437,500 in May 2004. List price: $3,995,000 (+64%).
The homes will be compared by buyers first and foremost because they're so close in price.

6th St. is obviously newer, a bit larger and more voluptuous, and it appears to have the better views. 3rd St. is no slouch, with the yard being a big plus.

In 2004, 6th St. was valued at 28% above 3rd St. Today, 3rd St. asks more than 6th.

The turnaround appears to result from the sellers' different takes today on appreciation since 2004.

The wilder, more bullish view is held by the sellers of 3rd St. And that home is, according to the listing, currently owned by two licensed California realtors.
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