The Hill Section is getting crowded with listings – 35 at our last count – and that's a measure of the gradual, but nearly complete, dropoff in demand.
Some of our town's prestige, high-end estates are up in the Hills, and more seem to hit the market every day. (See as an example 100 S. Dianthus
, another big, newer home with big views, starting at $6.299m
Those with big-time money to spend face an embarrassment of choices. But few are acting.
Exactly 3 months
passed recently between closed sales in the Hill Section.
The last one MBC recorded was 808 Highview
on Nov. 25, 2008. (It was such a deal at $3.6m, it made news at MBC twice: see "High Up, But Below Trend
" and "Best Deals of 2008: Hill Section
On Feb. 25, a newbie at 930 John
closed escrow, ending the drought.
This home (5br/7ba, 5400 sq. ft., with city views) hit the market in April 2008 at $4.995m
, which turned out to be $1.295m
(26%) too high. Closed price: $3.7m
. The builder paid $1.7m for the lot in June 2006.
As it worked out, only 2
new Hill Section homes listed publicly sold in 2008 – 853 6th
was a deal made in late 2007 that closed in 2008 at $4.5m, and 911 Duncan
made a deal and closed within the year at $3.190m
. The escrow for 930 John opened around Christmastime 2008 (see "Finally, Finally a Newbie Sells in the Hills
There are now 9
newbies unclaimed in the Hills, a few of them fresh, several of them grand, one of them short
As to sales, when it rains, it pours – kinda. Another Hill Section sale closed on the 27th of February. But this was no newbie.505 Anderson
(4br/2ba, 1850 sq. ft.) was a major fixer – a teardown, by some reckonings. As such, it was priced low at $799k
, and it was gone within a few days.
We heard about multiple offers for 505 Anderson, so it was something of a surprise to see the price close at $825k
. That's not the kind of frenzied bidding we saw earlier this century.
There was one other deal made recently in the Hills, also on an attractively priced property, not a perfect view manse. Readers will recall 620 9th
, which MBC featured in "Low on the Hill
" in mid-February. That property, listed at $2.199m
, was in escrow after a week (still viewable while in "Backup Offer" status via Redfin).