MB Market Update for 5/15/08, Hills

By Dave Fratello | May 22nd, 2008
The new MB Market Update spreadsheets are available: download the 5/15/08 update by clicking here, or at any time by using the link at the upper-right corner of the main MBC page. Information in this update closed May 15.

We now split up the discussions of our 3 areas west of Sepulveda into separate articles. By necessity, we'll be short on text and pics this round. As always, you can click on a highlighted address for pics & details on active listings via Redfin.

Total SFR inventory west of Sepulveda was at 108 on May 15, just +1 from the end of April. It is, nonetheless, another new inventory record in MBC's year-plus of public market tracking.

In the whole of our subject region west of Sepulveda, we recorded 14 new listings in this 2-week period and 14 sales (new escrows). Nice balance. Some listings returned – some had gone on hold or had sold but fell out of escrow. One listing canceled.

Onward, then, to the details...

Hill Section

There were 21 active SFRs as of May 15.

There were 3 new listings, dreamers all, some might say:
  • 114 N. Poinsettia is a pricey, beautiful, newer home starting at $7.750m. Credit the writeup for labeling it "Andalucian" rather than, say, "Spanish." Someone has been test-driving the home for about a year – oh, that's the agent, too;
  • 619 9th is a Cape Cod-style remodel with charms like a beautiful yard & pool, good space, but surprising layout and general need for updates, starting at $4.195m; and
  • 1015 Boundary, reluctantly wearing the crown of "most delusional" among new listings, that being the clear choice of MBC readers after it began at $2.480m for 3br/3ba and 2400 sq. ft. on an alley.

One sale (new escrow): 869 3rd, last at $3.750m. This one began at $3.995m last Summer (see "Two Views from the Hills").

Sellers paid $2.437m in May 2004, so this looks like a sweet payday of $1m+ when the sale settles out.

A few price changes worth noting...

First, a more traditional move on the new home at 218 N. Dianthus – began at $6.75m, chopped $455k to $6.295m after several weeks with no takers.

Less traditional actions – 2 listings increased their prices:
  • 923 1st, on market 4 months, retracted a previous price chop from late April to $7.375m, rising back to $7.595m (see "One Up, One Down"); and
  • 312 S. Dianthus, on market only a few weeks, jumped to $3.749m from $3.490m, no doubt reacting to the recent sale at 869 3rd.

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