Between High & Low at 511 Pacific

By Dave Fratello | May 8th, 2013

Sometimes it's great to be able to look back at a property's history not just with a couple of data points, but a few blog posts.

Such is the case with 511 Pacific (5br/9ba, and, yes 7960 sq. ft.), newly offered in the Hill Section, but with a track record on MBC.

This is a 2008 build that shot out of the blocks (in its framing stages) in May 2007, asking $8.150M.

It was back for a little stretch of 2008 at $8.0M, and for a long stretch of 2009 in the $6M range.

The listing was on and off for 2010 in the 5's, and the new home finally sold in July 2010 for $5.250M.

Lessons: Launching a huge, totally unique megahome while a financial crisis explodes is... tough. Also, there are lots of challenges, beyond timing, when building new.

Here we are now, 6 years after the first public listing, almost 3 years after the actual sale, and 511 Pacific is coming back to market. (And the stock market just hit eye-opening new highs.)

Asking price: $6.799M.

It's a price that befits a very large, distinctive Hill Section property. What they'll get – time will tell.

We did note that this price straddles the line between the ultra-ambitious start and the eventual sale price. The precise midpoint between those numbers is $6.700M.

So, dare we say, based on asking price, this one is somewhere right between the ambitious go-go days of the market's last peak and the more sobering reality of 2010. Otherwise you can say it's a 30% markup after 3 years.

About the house... we mentioned it had been a frequent flyer on MBC. We were always fascinated by the house. In "Pacific Connection," we took note of the property finally getting an offer (actually more than one, once the first came in). Here's how we summarized the home in that post:

511 Pacific – which actually rises above Ardmore, with the entry on Pacific in back – is absolutely unique, boasting huge (and unexpected) panoramic views from PV to Malibu and a ton of space spread all about a network of hallways and staircases. You could get lost in this maze of a house.

Much of the lower floor on the west side (with views) consists of the master, master bath, separate closet/dressing room (with extra bath) and yet another room that could be called a "sitting room" for the master, or a sizable private gym. That space would be a nice, bright living room or game room in any other home, but here it's really just for the master of the house.

Suffice it to say, the builders squeezed a lot of amazing, custom home onto this peculiar, inclined lot. Features like the media/theater room downstairs and disappearing window/walls (nanawalls) that open up the big views are state of the art.

This is one that truly has to be seen. The home is almost impossible to capture by mere photograph.

Last time around, 511 Pacific ran so long, they had to host several public opens just to try to expose it. This time, here's hoping they hold public opens by choice. It's a distinctive home worth your time to see, and your bucks if you've got 'em.

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