Just when we were hoping to return to some strange sense of a modified normalcy, we are back to closed restaurants, renewed scrutiny around showing property and no hope of kids going back to school this year.
What this means for real estate sales is questionable. Some creative agents have been taking the virtual open house idea to new levels, experimenting with virtual wine tastings, zoom cocktail parties, and “by appointment” open house type showings.
If you want to buy or sell right now, just know that it is very doable!
And keep in mind that only a portion of the properties available are showing up online. If your only strategy for finding a home is by looking on an app on your phone, you are missing out on some of the best properties. Call me to learn more.
DID YOU KNOW… That although our statistics in Los Angeles are troubling the number of cases on the westside remain relatively small when compared to the rest of LA County. That isn’t to say we shouldn’t be vigilant. Here are some recently reported numbers: Santa Monica, home to over ninety thousand residents, 543 reported cases, Bel Air (55), Brentwood (166), Pacific Palisades (88), and Malibu (70). See https://www.latimes.com/projects/california-coronavirus-cases-tracking-outbreak/los-angeles-county/ for up-to-date numbers.
DID YOU ALSO KNOW… that at least 50% of those who were diagnosed with COVID-19 have recovered worldwide. The Papa Giovanni, the main hospital in Bergamo, Italy which was an epicenter of COVID-19 reported on Wednesday that there were no virus patients in its ICU for the first time in 137 days — since the first patient was admitted on February 23rd. Set in Lombardy in northern Italy, this area accounted for 50% of Italy’s coronavirus deaths as the virus ravaged the area. BioNTech, which has partnered with Pfizer to develop a coronavirus vaccine, is confident it will be ready to seek regulatory approval by the end of the year. Several hundred million doses could be produced even before approval, and over 1 billion by the end of 2021. Remember WAM! WEAR A MASK. It works. 😷😷😷
As you might have guessed, I just listed a killer new lot-value property on 459 21st Street.
If you pay attention to real estate descriptions, you’ve probably heard many locations and lots described as “prime” or “ideal” or “A+” but what does that really mean (other than the real estate agent is doing their job to market the property as the most desirable offering available)?
PRIME as an adjective
of the first importance; demanding the fullest consideration: a prime requisite.
of the greatest relevance or significance: a prime example.
of the highest eminence or rank: the prime authority on Chaucer.
of the greatest commercial value: prime building lots.
So what makes 459 21st Street “Prime”?
First, this property is North of Montana in the Gillette Regent Square District, which means it is a 60-foot-wide parcel (the majority of parcels NOMA are 50 ft wide) making it among the larger parcels at 8,932 square feet. It is near Franklin Elementary (long considered the best grade school in the City), and the Brentwood Country Mart in addition to Montana Avenue’s shopping and dining. This is an important factor as people are opting to leave cars home as much as possible these days, making proximity to amenities important.
Second, it is located on 21st Street which is favored because it is lined by tall, picturesque, palm trees (not pines which are known to drip sap in the summer, drop huge, hood-denting pinecones, and provide just a little too much shade). Also, 21st Street still has charming vintage-style streetlights and enjoys less traffic as it is not considered a “through-street”. Specific to this particular lot, the neighboring houses are all nice with charming curb appeal- in fact I am sure the neighbors will be thrilled once this one is developed!
Third, there is no alley which means when this property is developed the garage can be moved up front with direct access to the house. This provides more security and convenience. Also, because the garage is at the front of the lot, you get to enjoy the full width of your backyard. Much more room for a nice lawn, dining patio, pool and added guest house/cabana space.
Finally, the demo permit process. Santa Monica is well known for being slow/difficult in the permit process. There is a Historic Inventory List which includes a number of houses which may possess architectural characteristics with some historic significance, these homes may not be granted demo permits. Even if an address is not on the “list” anything over 40 years old is automatically reviewed prior to a demo permit being issued. 1920’s Spanish-style architecture is notorious for being difficult to get development approval. This particular house should not have any trouble obtaining a demo permit as it does not have any significant architectural characteristics and (I assume, much to the neighbors’ chagrin) has not been maintained over the last couple decades.
So now that I’ve laid out what makes this property a “prime” development opportunity, what type of house should we expect to see developed here?
Well, right now Architectural style new construction tend to be outperforming Traditional/Hamptons style homes. While these architectural properties seem to be more expensive and take longer to build, we are seeing them capture a higher sale price than other styles. That said, I wouldn’t be surprised to see an owner-user swoop up this lot. Although getting a mortgage on this home might not be possible because of its condition, construction loans are readily available despite what you may have heard. We have it priced it at a realistic $3,395,000 and don’t think it will linger on the market.
Are you looking for a prime lot or have one to sell? Call me! 310-924-4014.
In other real estate news…
Right now, North of Montana there are 24 active listings and 7 properties in escrow. Since June 1st there have been 6 sold:
347 24th Street– Sold for $3,625,000. Originally listed at $4,500,000! This is what happens when owners try to sell their own homes.
1626 Georgina Avenue– Sold for $4,050,000. Originally listed at $3,999,999. These folks were shopping this around in early Spring at a much higher price and smartly took my advice to list lower. It is a heavy fixer.
318 Euclid Street– Sold for $3,800,000. Originally listed at $4,000,000.
557 12th Street– Sold for $4,770,000. Originally listed at $4,995,000.
229 19th Street– Sold for $5,558,888. Previously listed as high as $6,295,000. This one has been on and off the market for many years. Finally, the agents were able to get it reduced, sold and closed.
718 10th Street– Sold for $6,860,000. Previously listed as high as $7,750,000.
Price matters, who you work with matters. Not all real estate agents are the same. Call me to learn the difference – 310-924-4014