It's time for a quick check-in on the Hill Section.
First, a sale, at long last. The odd "flag lot" house at 612 11th
is in escrow after 11 months.
During the Spring Rally of 2007, this dated home (4br/2ba, 1550 sq. ft.) on a shared lot was offered at $975k
, but sold for $300k more
) after a bidding war broke out.
In Feb. 2008, with development plans apparently thwarted, the new owner offered to flip the lot to any willing buyer for just $1.599m
. (See "Flag It As Overpriced
.") By Summer, those delusions were long gone, and the seller was willing to take a loss, pricing it at $1.199m
. (See "Maybe They Lost the War
After that big cut, the price never changed, but now they've got a deal. We'll watch to see how that ends up.Worth noting:
This is just the second new escrow MBC has seen on an SFR west of Sepulveda in 2009.
Next, a high-dollar lot sale made a big cut Monday – its second. The double-wide (106') lot at 222 N. Poinsettia
chopped from $6.9m to $5.995m
Before that, they had already cut $1m.
So it's down quite nearly $2m; -$1.905m/-24%
to be exact.Is this surprising?
Not exactly. MBC called the first price "preposterous" and the second price "slightly less preposterous." (See "Chops of the Week
" from Oct. 2008.)
The future for this lot sale is ambiguous – you could buy it and develop it with a suitably huge home, or split the lot and build two. (See "Just Split 'Em
.") Too bad the charming ranch home there is quite certainly a goner.
No question, this is nice dirt, but not the best the Hill Section has to offer. At this point, we would not be shocked – though the sellers might be – to see another $1m shaved off before a deal is made.