MB Market Update for 2/15/10, Hills

By Dave Fratello February 18th, 2010.

The MB Market Update spreadsheets for the first half of February are online and can be viewed with this link here, or at any time by using the pull-down menu at the top of the front page.

The first half of February saw 21 new listings of SFRs west of Sepulveda, and another week has begun with a smattering more.

Yes, that did feel a bit like a "Super Flood." But it also put February 2010 right on pace with February 2009, which saw 42 new listings – including comebacker listings that had taken the holidays off. This year, few comebackers as of yet.

Inventory of SFRs stood at 80 as of mid-month. Looking by sub-region west of Sepulveda :
Hill Section: 16
Sand Section: 35
Tree Section: 29
The rush of new offerings was countered by some decent sales activity – 9 sales (new escrows) in the first part of the month.

We also took 6 listings off the spreadsheets due to cancellations in this period or within the past few weeks; cuts that hadn't yet been recorded.

Let's begin a brief run through the areas west of Sepulveda with a recap of Hill Section activity. Upcoming posts will cover the Sand and Trees.

Hill Section

There were 3 new listings this period, bringing inventory to 16, meaning single-digit inventory in the Hills is probably going to stay in the rear-view mirror for quite a while. These listings have already drawn mention prior to this update:
  • 706 Anderson (3br/2ba, 1900 sq. ft.) (pictured) shows its late-60s vintage but has some charms. 
The exterior needs help (this pic was the last one in the listing), but inside, with décor they've made the mid-century/60s thing work. It's the lowest-priced offering in the Hills at $1.249m.
  • 1018 2nd (3br/3ba, 1900 sq. ft.) offers much the same living space as Anderson, but in a more spacious-feeling, much-more-updated house. There are ocean views, too, from the top-of-the-hill location, balanced against a busier street on 2nd. The owners paid $1.952m in May 2007, back during the Great Spring Rally of 2007, and now seek $1.589m (-$363k/-19% over 3 years).
  • 505 N. Dianthus (5br/4ba, 4650 sq. ft.) is newer (2002) and plenty big, with city views. Its start at $2.999m seems surprising given the fate of the recently closed 407 Larsson, a slightly bigger, somewhat newer (2005) Craftsman that sat more than a year (408 DOM) before selling recently for $2.190m.
Beyond those new listings, the only major note in the Hills was that the REO at 1026 Duncan shed a little from its start price, cutting $55k to $2.395m.

No one was buying in the hills this period, and the only pending sale we're still waiting to see close is at 222 N. Poinsettia.

More soon on the Sand & Tree Sections, which were busier.

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