High/Low Prices of 2010, Hills

By Dave Fratello December 31st, 2010.

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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