Hill Section Sales at the Top

By Dave Fratello | March 22nd, 2018

In just the past week, we've seen two of the bigger sales in the Hill Section rung up.

624 9th Street Manhattan Beach CAThursday it was 624 9th (6br/7ba, 6350 sqft.), a warm, traditional Cape Cod that is both surprisingly near to downtown and boasts surprisingly good views to the south and west.

If the start was a bit high at $8.999M, no matter. The closed sale clocks in at $8.050M, a healthy number for sure.

The lot is 65' wide, which feels positively huge for the area. And unlike some parts of the Hill Section, the lot is pretty flat. The hill drops down a bit behind the home, but the lot itself doesn't slope substantially.

There's a free-flowing first floor, ample, long and bright kitchen and dining spaces on the south-facing side, and a yard big enough for a deck, pool and sports court.

This home is essentially 100% what people are imagining when they think of moving up to the Hill Section.

Did it take 8+ months to sell? Yes, but you have to attribute that in large part to the scarcity of buyers looking in the price range.

712 John Street Manhattan Beach CAThis was the priciest sale in the Hill Section since 712 John (7br/8ba, 6775 sqft.), a corner lot modern that is just 2 blocks away, but worlds away in terms of its differences.

712 John sold in November last year for $9.400M - again, a healthy number, by almost any measure, with a caveat or two.

The first listing began in January 2016 at $13.500M, amid rumors that the property had actually been in escrow at a higher price before.

It took 2 more listings and almost 2 years, plus $4M in cuts, to make the sale. Compared to that, the 10% in cuts at 624 9th was peanuts.

It's hard to price properties at the top of the market sometimes, because there are few trades to go by and the homes in the top tier are, almost by definition, blessed with good combinations of location, home size, vintage and views. So, is it worth x, or y, or y-minus-$4M?

621 8th Street Manhattan Beach CALook over to 621 8th (4br/5ba, 4870 sqft.), the most recent big-dollar property in the Hill Section to go into escrow (late last week).

It was on the market for a while last year at $7.495M down to $7.300M, and began in February this year at $7.195M.

Much like 712 John, the sellers were once looking for a lot more ($1M+ on top), but sensibly tested the market quietly first to determine a price range before going public.

Every home for sale in the Hill Section today is priced at $4M or higher, with a cluster in the 6-to-7 range.

Below, for your research, enjoyment and edification, is a list of all homes sold for $4M+ over the past 2 years in the Hill Section. (Email subscribers will need to view this post in the browser to see the listings.)


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