We can close the books now on one of the homes MBC has expressed some appreciation for more times than many others – 916 9th in the Hill Section.
Our first story noted that the sellers were hoping for a a "modest" 50% markup over their Nov. 2003 purchase price. As that story began:
It's not crazy to ask for ask for…
We can close the books now on one of the homes MBC has expressed some appreciation for more times than many others –
916 9th in the Hill Section.
Our first story noted that the sellers were hoping for a a "modest" 50% markup over their Nov. 2003 purchase price. As that story began:
It's not crazy to ask for ask for 50% appreciation over 4 years, right?
Not these past 4 years.
It didn't happen fast – that story (see "
A Modest +50% in the Hills") was published 8 months ago – but the sellers got most of their demand: a
41% markup, selling at
$2.825m, a cool $825k more than their purchase price (
$1,999,500).
We would note that the listing first started out at
$3.275m in 2007, so the sale price does reflect diminished ambitions
(-$450k/-14%).Still, the take-home is perfectly impressive. And we know the new owners have a great new home.
For some added perspective, we went back to our DataQuick charts and determined:
- The increase in median prices in MB (based on a 12-month moving average) over about the same period (Nov. 2003-Q1 2008) was 56% in nominal terms (dollars of the day), meaning these sellers did somewhat less well at 41% appreciation than you might have expected based only on median price data.
- The sellers paid the equivalent of $2.366m in current dollars (actually Q4 2007) when they bought the home 4 and a half years ago. Of course, that doesn't mean they had any less than $825k in their hands at the close of escrow last week, just that the value rose only about 20% in real-dollar terms in the time since they moved in.
Nerdy note: Our inflation adjustments use the deflator for residential investment, a separate data series from the consumer price indices for other kinds of goods.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of April 29th, 2024 at 11:50am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.