High/Low Prices of 2010, Hills

Posted by Dave Fratello on Friday, December 31st, 2010 at 1:30am.

As is our custom at year end, let's review the highest and lowest prices paid in MB in the past year.

We'll look at the 3 areas west of Sepulveda separately. Also, take a look back at our 2009 Hill Section high/low story, or our 2008 high/low story for all of MB west of Sepulveda.

Hill Section

The Hills quietly put together an amazing year, with 9 of the 12 priciest sales in west MB occurring in the sub-region, all above $4m. The 12th-most-expensive sale west of Sepulveda, 222 N. Poinsettia, was a double-lot land sale at $4.2m, and another land deal (600 John) is pending above $4m as well, though not yet sold.

Highest Price: 814 10th (5br/7ba, 9000 sq. ft.) got "honorable mention" in our end-of-year wrapup for 2009, because it was in escrow and had not officially sold yet, with a last list price of $6.995m.

Had it closed at those heights, it would have eclipsed the $6.525m top sale of 2009, but, alas, this year's sale price of $6.3m will have to do.

It's been a while since 10th was on the market (it launched in Feb. 2009), but you may recall it as a ginormous house with a huge amount of upstairs entertaining space, big back yard with pool and cabana, and a fully outfitted and decorated master closet that we recall being bigger than some (small) homes.

The lot's nearly double-size at 12,000 sq. ft., though it's got no views to speak of. The sale closed in March and was never exceeded.

Honorable Mentions: 645 9th (6br/6ba, 7750 sq. ft.) is another big new Cape Cod with a long history, this one with an extra "green" note.

The home was touted as MB's first LEED-certified green home, thanks to its materials and various features. We always had a hard time accepting that "green" designation, though, because no 7750 sq. ft. house is going to have a minor carbon footprint. To confuse matters further, we hear that the graywater lawn in the back yard has now been replaced with a pool – perfectly within the rights of the buyers, but hardly in keeping with the "green" theme.

Still, the house is splendid, no denying that, and its sold price of $6.0m was the second-highest in the Hills for 2010. Worth noting: That sale price was down nearly $2m from a June 2009 start at $7.950m. (See "A Bit Less 'Green'.")

801 Highview (6br/7ba, 6425 sq. ft.) was the third-highest-priced sale in the Hills at $5.625m. It's a big corner-lot view home that's more of what the Hill Section is known for.

There are just a few prime positions up there, and 801 Highview's got one of them. 

Lowest Prices: Which of 2 lowest-price listings wins the competition for 2010 depends on how exacting you are on the definition of a single-family residence.

234 Larsson (first pic), with a sale at $1.0m, was the cheapest Hill Section trade of the year, but it's technically a townhome; it's just been marketed repeatedly as an SFR.

As you may remind yourself in this post from July, the TH was bought as a flip for $1.075m in 2007 and offered back for $1.5m in later years, without success. It wound up as a short sale this year.

511 Dianthus (3br/2ba, 1900 sq. ft.) (second pic) is the legitimately least-expensive SFR in the Hills for the year, selling for $1.030m. It's a 60s box on a deep lot that needed refreshing.

As we noted in "Reboot, Retry, Succeed" in March, this year's listing was part of an emerging trend in 2010:

[Dianthus] was offered to any and all comers for a full year, from late March 2008 till April 2009, when it rented out.

The price at Dianthus seemed always to be a bit high and a step behind the trendline for a market that was notably declining throughout the life of the listing. In March 2008, it started at $1.429m, dwindling to $1.125m in the doldrums of April 2009, when almost nothing was moving.
This year, the home made a deal within 2 days, helping to underscore how the market was warming this past Spring.

Honorable Mention: Next-door neighbor 509 N. Dianthus (3br/3ba, 2250 sq. ft.) just closed for the 2nd, or 3rd, lowest price of the year in the Hills, $1.215m

This one was last purchased in May 2009 for $1.150m, remodeled with a contemporary flair, and put back on the market as the owners moved within the area.

Want to live in the Hill Section for less? Try Dianthus.
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