Keeping the Faith, Getting the Deal

By Dave Fratello | December 22nd, 2014

Sometimes, let's face it, it takes a very long time for a house to sell.

Stay the course, and you may well pull it off.

Two Hill Section listings have just made their deals after 8 months each on market.

911 Duncan (5br/6ba, 3765 sq. ft.) is the latest to do so. 

This warm modern spans 3 levels and gets some ocean and PV views from the top level. Interestingly, that top level features not only the kitchen and main living spaces, but also the master, which opens into the living room by way of "disappearing" (foldaway) solid wood doors.

The owners did a fabulous job outfitting the house with modern furniture and other upgrades, so that it shows fabulously now.

The market didn't love it, though, and it took a while for the home to find just the right buyer who grooved on the style and liked the floorplan. The listing launched in late April, and did have one deal for a while – but it had to come back.

The newest buyer just came in, with the listing at 238 DOM.

And the sellers never once made a price cut from the $3.750M asking.

The unique home was built on spec and came out in 2007, with unfortunate timing as the market teetered. It eventually sold more than $600K under asking at $3.190M in Feb. 2008. In that case, the listing also ran about 8 months also before the deal was sealed. Maybe that's the average for this property.

Similarly, a big Mediterranean spec home at 906 9th (6br/7ba, 5420 sq. ft.) has just made a deal – at the 250 DOM mark.

This one did chop prices a few times. The listing began at $4.895M and wound its way down to $4.595M.

Whatever they ultimately get for this one will be more than they sought in almost all previous listings.

New in Feb. 2009, the home was first put up at $4.900M. (Does anyone remember early 2009. Yikes.)

It quickly came down to $4.500M and cascaded to $4.100M by early 2010. A 2011-2012 listing saw the asking price go all the way to $3.895M.

But this year would be different. After 5 years of mostly being rented out (it never sold), the home was fully refreshed with new paint and carpet (where needed), and generally rehabbed to seem like new again.

And with that, they figured to take advantage of the rolling market of 2014.

Confident and patient, the builder held out for a 2014-type number.

And 8 months later, it's looking good.

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