A new earthquake fault map that includes Santa Monica, Brentwood and the Pacific Palisades was just released. According to the Los Angeles Times, this map has had a long delay due to budget cuts however, state government officials have made it a priority to complete these maps and have approved a budget to do so.
In the meantime, the state has set forth stricter building requirements and is limiting development on any known active fault line. Los Angeles has already approved numerous building projects along the now confirmed fault lines; no news yet as to how this could affect those projects. Some existing structures must be retrofitted by the property owners. The Santa Monica fault is said to only be active every thousand years while the San Andreas fault is active every couple hundred. Looking at the map, a majority of Santa Monica Boulevard is located on a fault line. That same fault also reaches to homes North of Montana ending in the Pacific Palisades.
What do these maps mean for you? Perhaps nothing, or maybe a problem if you plan on building and in my case, new mandatory seller disclosures.
In other news, the Real Estate market, though beginning to balance is still considered a Seller’s market. Local area escrow officers are experiencing very low cancellation rates of under 10% compared to 40% five years ago. This could be due to the fact escrow periods are getting shorter. In fact, my team and I have closed a few deals lately with only 7, 14 and 20 day escrows.
Montana Avenue Commercial Lease Update:
Another retail space available, this one is located next to R&D at 1327 Montana Ave, was the ivivva boutique. The space is 825 square feet, asking $7.75 per square foot, $6,394 per month (NNN). The retail space two doors down was on the market and got a new tenant within a week!
Three new listings have come to the market:
446 25th Street – Contemporary Spanish, newly completed with impeccable finishes, wine cellar and billiard room, a lovely indoor/outdoor flow. Nice grassy backyard with a pool, spa and bathroom. Approximately 4,911 square feet, 5 bedrooms and 6.5 bathrooms. It is listed for $6,498,000. Last sold April 27, 2016 for $3,333,000.
501 18th Street – Corner lot approximately 8,972 square feet, single story home with 3 bedrooms and 2 bathrooms. Great owner user or builder opportunity. Listed at 3,995,000. Last sold in 1987 for $635,000.
210 21st Street – Close to San Vicente approximately 8,934 square foot lot, listed at 3,650,000. Smaller home with 3 bedrooms and 3 bathrooms, build new or remodel. Last sold April 14, 2009 for $1,700,000.
Two homes went under contract last week:
463 18th Street– A couple of price reductions did the trick with this Mediterranean style home designed by J Charles and built in 1995. 3 levels, 5 bedrooms and 4.5 bathrooms, listed originally back in October 28, 2016 for $5,900,000 then two price adjustments, listed now for $4,988,000. It’s got a great floor plan, beautiful street and large back yard. Last sold in 1999 for $4,264,000.
723 21st Place– This property was only on the market for 4 days! A client of mine looked at it and called it a tear-down. It was listed for $3,495,000 and has 4 bedrooms and 3 bathrooms and measure approximately 2,423 square feet. Last sold in 1987 for $775,000.
One closed sales to report:
222 20th Street – 6 bedrooms and 7.5 bathrooms. Sold for $7,750,000
Call me for a couple of upcoming attractions that are not yet listed in the MLS, priced from $1.9 million to $16 million. And….here are a few that we have listed in the MLS:
238 19th Street– 5 bedrooms and 6.5 bathrooms $6,495,000
934 25th Street – 5 bedrooms and 5.5 bathrooms $4,495,000
426 Mesa Road – Vacant Land, $1,440,000