We can close the latest chapter in the story of the glamorous Hill Section Mediterranean at 218 N. Dianthus.
When this one came to market in March this year, we dug into the MBC archives for a little reminder that the home's first time on the market went, well, about as badly as it possibly could have gone.…
We can close the latest chapter in the story of the glamorous Hill Section Mediterranean at 218 N. Dianthus.
When this one came to market in March this year, we dug into the MBC archives for a little reminder that the home's first time on the market went, well, about as badly as it possibly could have gone. (See "Time Heals, and Boosts Values.")
We're here now to celebrate a sale that was smoother, quicker and good for both parties.
The closed sale this week at $5.725M looks like something of a deal in today's go-go Hill Section, where the lid has come off and mere dirt is worth more than ever.
In that March post, we noted that, "Even if prime time for Italianate homes in the Hill Section is in the rear-view mirror, there's always a slot for a solidly built, well-crafted home with ocean views, regardless of which way the wind is blowing for home styles. And that's what makes this one easy to appreciate."
We had a lot more to say in that post about the home's charms and luxe qualities.
One occasion for noting the sale now is its value increase over the 2009 acquisition price of $3.900M.
That's a jump of 47% in the 9 years since acquisition, a period of time that saw the local real estate market go from depressed and depressing to standing tall and proud, thank you.
If you're wondering if about a 47% rise in value is standard for homes sold 9 years ago and re-sold now, frankly it looks a little low. (What were your returns in the financial markets over the same period?) But we'll try to get back to you with data some time soon on that. There aren't too many matched sets of 2009/2018 sales.
There was a discount of sorts on this listing. It came out at $6.395M.
It had cut to $5.995M when this buyer knocked, and they shaved off another $270K in the deal.
This year's sale still didn't approach the very first list price from early 2008: $6.795M. And back then, that was a lot of money.
And the 78 official DOM this time didn't approach the (gasp) 17 months on market that the property experienced before its first sale. (See more on the first sale in "Deal Down Down Low, High on the Hill.")
Below we're posting all Hill Section sales from the past year or so, so you can put this one in context within the area. (Email subscribers will need to view the post in a browser to see the sales.)
No matching listings right now.
Please see our blog disclaimer.
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 September 17th, 2024 at 12:55pm 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.
