Yet Another Big-Dollar Sept. Sale

Posted by Dave Fratello on Friday, September 14th, 2007 at 9:03pm.

You might get the feeling that the market is skewing here in the first half of September. Big-dollar sales are happening, and not much else.

Today's entry is 1012 Pacific, on the market just over 2 weeks, priced at $3.8m, and already in escrow. And get this, it's almost certainly a lot sale.

(The listing language touts the lot and location, and as a sidenote mentions that the ho-hum "ranch style home" needs updating. This is a way of saying, "We know that nobody pays $4m for a ranch house around here.")

The lot is huge (for MB) at 12,000 sq. ft., mostly because it's deep. Did you know they had street-to-alley lots in the Hills? Did you know they had alleys? Here and there...

Let's use this as an occasion to update our list of September escrows (from MLS-listed SFRs, using last list prices):
  • Hill: 512 John ($3.99m), 1012 Pacific ($3.8m)
  • Sand: 217 Sea View ($1.520m), 505 3rd ($1.949m), 216 2nd (under construction, 1 DOM, $4.699m), 1212 The Strand ($10.9m)
  • Trees: 717 31st ($3.379m)
That's what we see, 7 sales, with an average price (useless figure alert!) of $4.32m, and a median of, well, 1012 Pacific's $3.8m. (Three sales above, three below.)

If the volume of higher-priced home sales remains high compared to the number of sales below $2m, we could see a crazy-high median in the closing month (probably most in October) for these sales, despite an apparent slowdown at the "lower" end.
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