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.)

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 624 9th Street BD/BA 6br/7ba SQFT 6342 sqft LOT 9429 PRICE $8,050,218 $PSF $1,269 DOM 258 DOM SOLD SOLD 03/22/18 START $ $8,999,000 START 03/22/18
Address 919 1st Street BD/BA 3br/2ba SQFT 1941 sqft LOT 8600 PRICE $4,650,000 $PSF $2,396 DOM 84 DOM SOLD SOLD 12/08/17 START $ $5,299,000 START 12/08/17
Address 222 John Street BD/BA 4br/4ba SQFT 3842 sqft LOT 4945 PRICE $4,600,000 $PSF $1,197 DOM 56 DOM SOLD SOLD 12/08/17 START $ $4,999,000 START 12/08/17
Address 712 John Street BD/BA 7br/8ba SQFT 6784 sqft LOT 9943 PRICE $9,400,000 $PSF $1,386 DOM 218 DOM SOLD SOLD 11/03/17 START $ $10,995,000 START 11/03/17
Address 931 Duncan Place BD/BA 5br/5ba SQFT 4920 sqft LOT 7835 PRICE $4,775,000 $PSF $971 DOM 33 DOM SOLD SOLD 10/31/17 START $ $4,799,000 START 10/31/17
Address 1025 Duncan Place BD/BA 4br/5ba SQFT 4160 sqft LOT 8393 PRICE $4,050,000 $PSF $974 DOM 28 DOM SOLD SOLD 10/06/17 START $ $4,300,000 START 10/06/17
Address 1020 Pacific Avenue BD/BA 4br/3ba SQFT 2114 sqft LOT 12005 PRICE $4,725,000 $PSF $2,235 DOM 137 DOM SOLD SOLD 09/19/17 START $ $5,595,000 START 09/19/17
Address 814 Pacific Avenue BD/BA 6br/6ba SQFT 10000 sqft LOT 23212 PRICE $20,000,000 $PSF $2,000 DOM 49 DOM SOLD SOLD 08/04/17 START $ $22,500,000 START 08/04/17
Address 512 Pacific Avenue BD/BA 0br/0ba SQFT 7620 sqft LOT 11407 PRICE $6,100,000 $PSF $801 DOM 8 DOM SOLD SOLD 07/13/17 START $ $5,999,000 START 07/13/17
Address 923 1st Street BD/BA 6br/7ba SQFT 7742 sqft LOT 10797 PRICE $5,950,000 $PSF $769 DOM 7 DOM SOLD SOLD 06/09/17 START $ $5,999,000 START 06/09/17
Address 619 9th Street BD/BA 5br/4ba SQFT 3343 sqft LOT 9608 PRICE $4,100,000 $PSF $1,226 DOM 0 DOM SOLD SOLD 06/01/17 START $ $4,100,000 START 06/01/17
Address 828 Highview Avenue BD/BA 3br/2ba SQFT 2079 sqft LOT 8919 PRICE $5,800,000 $PSF $2,790 DOM 0 DOM SOLD SOLD 06/01/17 START $ $5,800,000 START 06/01/17
Address 629 6th Street BD/BA 6br/8ba SQFT 5600 sqft LOT 7128 PRICE $9,400,000 $PSF $1,679 DOM 160 DOM SOLD SOLD 05/26/17 START $ $10,900,000 START 05/26/17
Address 917 Highview Avenue BD/BA 5br/5ba SQFT 6352 sqft LOT 12238 PRICE $7,250,000 $PSF $1,141 DOM 134 DOM SOLD SOLD 04/13/17 START $ $7,550,000 START 04/13/17
Address 921 9th Street BD/BA 6br/5ba SQFT 4913 sqft LOT 7500 PRICE $4,200,000 $PSF $855 DOM 116 DOM SOLD SOLD 11/17/16 START $ $4,999,999 START 11/17/16
Address 1000 Highview Avenue BD/BA 5br/6ba SQFT 5541 sqft LOT 8141 PRICE $5,750,000 $PSF $1,038 DOM 0 DOM SOLD SOLD 07/26/16 START $ $5,799,000 START 07/26/16
Address 940 1st Street BD/BA 5br/6ba SQFT 6615 sqft LOT 10007 PRICE $6,350,000 $PSF $960 DOM 69 DOM SOLD SOLD 07/20/16 START $ $6,800,000 START 07/20/16
Address 873 9th Street BD/BA 5br/5ba SQFT 5088 sqft LOT 7539 PRICE $4,200,000 $PSF $825 DOM 125 DOM SOLD SOLD 05/24/16 START $ $4,699,000 START 05/24/16
Address 225 John Street BD/BA 5br/5ba SQFT 4481 sqft LOT 5466 PRICE $6,150,000 $PSF $1,372 DOM 104 DOM SOLD SOLD 05/23/16 START $ $7,395,000 START 05/23/16
Address 872 6th Street BD/BA 6br/8ba SQFT 7130 sqft LOT 9267 PRICE $8,950,000 $PSF $1,255 DOM 22 DOM SOLD SOLD 05/11/16 START $ $9,499,000 START 05/11/16
Address 500 Pacific Avenue BD/BA 4br/2ba SQFT 1857 sqft LOT 11405 PRICE $5,700,000 $PSF $3,069 DOM 161 DOM SOLD SOLD 03/18/16 START $ $6,825,000 START 03/18/16

 

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