News of the Hill Section's recovery from a late-Summer slump may have been exaggerated.
One month ago, to the day, MBC featured 4 Hill Section homes that had all gone into escrow within days of each other. (See "A Hilly Hat Trick.")
Now, 3 of those 4 are back on the market after failed escrows:
News of the Hill Section's recovery from a late-Summer slump may have been exaggerated.
One month ago, to the day, MBC featured 4 Hill Section homes that had all gone into escrow within days of each other. (See "
A Hilly Hat Trick.")
Now,
3 of those
4 are back on the market after failed escrows:
- 910 2nd (pictured, 5br/4ba, 3400 sq. ft.) is back at $2.895m;
- 913 8th (4br/3ba, 2925 sq. ft.) is back at $2.249m; and
After that story last month, just 1 Hill Section listing, 1031 Boundary (a 3br/3ba, 2950 sq. ft. home we called "funkytown, alarmingly near to Sepulveda") went into escrow – at $1.499m. (It was featured in "A Nice Little Burst" about 2 weeks ago.)
Otherwise, it's been the sound of crickets all over the Hills, MB's prestige region.
Surely this has something to do with the credit crisis and economic turmoil all around us.
In our town, buyers tend to come pre-approved, with cash in hand, so dropouts can be all the more surprising.What's happening to financing, or buyers' attitudes, or sellers' commitment to proceed to closure in this environment?In the Hills of MB, the answers to those questions are coming up, quite simply, as zeroes.
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UPDATE: The original story referenced a fourth home, 914 2nd, whose status was shifted to "withdrawn" rather than "sold" when, apparently, escrow closed, creating the impression that the escrow had failed.
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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 March 19th, 2024 at 2:45am 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.