One way the game could change a bit here in 2009 would be if more listings started out aggressively priced.
"Aggressive," in this case, meaning priced fairly low for what they offer, and not the somewhat rarer form you'll hear about, which equates roughly to "overpriced and insistent that buyers recognize what a…
One way the game could change a bit here in 2009 would be if more listings started out aggressively priced.
"Aggressive," in this case, meaning
priced fairly low for what they offer, and not the somewhat rarer form you'll hear about, which equates roughly to "overpriced and insistent that buyers recognize what a great opportunity they're getting."
Just last week
MBC pointed to one example of an aggressively priced listing that went quickly,
405 21st, which started out with a nice location advantage and was priced near the low end of Sand Section listings at
$1.149m.
Now the Hill Section has a new entry that looks like a lot for the money, a very big (4br/4ba, 4500 sq. ft.) ocean-view home quite near downtown that starts at
$2.199m. It's
620 9th.
(Click for more pics & details via Redfin.)We haven't seen the home yet, though we note that it's open Sunday 3-5pm.
The pics suggest that you've got an 80s/90s remodel to contend with, or update, but some nice Spanish flourishes here and there.
The more we see, the more we think:
Hey, $2m or so for a big ocean-view home in the Hills? Kinda sweet.Views. Short walk to downtown and the beach. Livable as-is, but customizable. OK, then.
That price works out to
$488/PSF to start, and that's officially the lowest in the whole of the Hill Section. A sale at comparably sized
953 9th (5br/4ba, 4100 sq. ft.) in August 2008 came in at
$561/PSF.
There are just two roughly comparable listings right now
(click addresses for more pics & details via Redfin):- 1042 2nd, much newer (2003 build) and about the same size (5br/4ba, 4425 sq. ft.), now at $2.195m (began at $2.395m in July 2008); and
- 755 11th, "The Georgian," offering a bunch of land, including sports court, and 5br/5ba, 5200 sq. ft., newly reduced this week to $2.799m ($537/PSF).
The nearly identically priced home up on 2nd directly abuts a commercial building on Sepulveda, a significant liability. And there are no views. But it's nice once you're settled inside.
The Georgian keeps drawing interest, but just can't seem to get a deal done. It's got a dated/opportunity-to-update issue, like the 9th St. house, but it will find the right balance soon.
In any market conditions, homes will sell. The ones that discard all pretense and put themselves out as relative bargains are going to have the best chance, you'd imagine. Is 620 9th aggressive enough?
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 March 23rd, 2023 at 1:01pm 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.
