It's not often that you'll find a cheap home in the Hill Section. The words don't fit together well.
But this week brings a rare $1m listing of a livable – actually remodeled – SFR.
The new listing is 303 Larsson
(3br/2ba, 1800 sq. ft.), popping up Sunday at $1.0m
What you expect is the 1950s vintage of the original home and the skinny, small lot (3430 sq. ft.) in a row of several smaller lots. And you know the location is on Larsson, last street before Sepulveda – although this one's on the "right" side of Larsson (west).
What you don't expect – and which will create a little buzz around 303 Larsson – is a recently remodeled home with hardwood floors, a nice and modern kitchen, redone baths and plenty of square footage. All that plus a little yard that might even be larger than some Tree Section grass patches.
We'll get you more on this one after a tour, but for now let's look at the listing in context.Most recent sale of a comparable nature: 511 Dianthus
(3br/2ba, 1900 sq. ft.), a 60s box that needed refreshing, which sold for $1.030m
in April 2010.
As we noted in "Reboot, Retry, Succeed
" (March 2010), that one missed the market horribly, starting out in March 2008 at $1.429m before renting out during the market's dive in April 2009. It was only upon returning in a different environment, and with a much different price, that this one found buyers and clocked in a bit over $1m.How rare are Hill Section sales under $1m?
The total number of livable SFRs (not land purchases) sold since 2003 for less than $1m: 5
Just five. They are:
1022 Duncan Place
|1022 Duncan Place got $850k last year|
(3br/2ba, 1700 sq. ft., 4000 sq. ft. lot) is the most recent, a smallish home that needed work and which was first offered in late 2010 at $1.025m.
It sold for a lot less in April 2011: $850k
. It's now deep into that much-needed remodel. Not much you can do to improve the location, though – Duncan Place is essentially an alley. 505 Anderson
(4br/2ba, 1850 sq. ft.), a 60s fixer on a lot slightly smaller than 303 Larsson's at 3250 sq. ft. – sold for $825k
in Feb. 2009.
|400 Larsson got $985k in '06.|
(3br/2ba, 1550 sq. ft.) (pictured),
a 70s house with Tudor-ish flavor and some updates that sold for $985k
in Dec. 2006. This is the "oldest" sub-$1m sale by a lot. Note that this one's on the "wrong" side of Larsson.402 Larsson
(there's that street again), a short sale of a home we had called "flawed" and "crusty" here while it tried to find its market from 2007 ($1.1m) down to the closed sale in June 2009.
402 Larsson was the low sale of the year 2009
(3br/2ba, 1550 sq. ft.), an older cottage that backs up onto a new commercial building and is only steps to MBB. This one fetched $975k
in August 2008 and was our low sale for that year
in the Hills.
Save for these 2006-2011 sub-$1m sales, there's nothing until you go back to November 2003, when 1019 8th
(3br/2ba, 1700 sq. ft.) traded for $975k
. That, as you may note, was a long time ago.Unofficial entrant in the SFRs-at-or-under-$1m list: 234 Larsson
(3br/3ba, 2300 sq. ft.) sold for $1.0m
in Oct. 2010 as a short sale – a failed flip from too late in the last upcycle. This home is actually a TH that was serially listed among the SFRs for whatever reason. (Note: the Redfin link there goes to an erroneous "pending" listing that's stuck in MLS limbo. The home – just a few steps from 303 Larsson – did sell.)
to commenter tabithamadison
for the inspiration for our headline!