Back in March, the City approved an emergency authorization to replace the failing traffic lights located along Montana Avenue at 4th, 7th, 11th and 14th Street. These traffic lights were installed 39 years ago and the city estimates that it is more cost effective to replace them than to fix as needed. They say that these intersections make up 65% of the service calls in the entire City and they feel it is important to upgrade them immediately. Seemingly the intersection on 7th street is the most problematic of the four. Recently City workers moved the public trash cans from across the east side of the street (in front of Peet’s Coffee) and placed them in right in front of my office window on 14th. They say this is not a permanent placement and that this was only because they will soon be starting construction on the new traffic signal. The project is expected to be fully completed by 2018. I use most of these intersections daily a week and have never noticed a malfunctioning signal and have not noticed any traffic backup due to the 7th and 11th street construction.
It’s strange that they are not including the intersection at 17th and Montana Avenue where I have noticed problems throughout the years. If the new signals increase safety-great, but there is a good chance the City is not prioritizing the various problems on the long list they’ve got. The cost for these traffic signals is estimated to be $1,165,000.
As for increased safety, the City Traffic Engineer has confirmed that a Rapid Rectangular Flashing Beacon will be installed on 15th and Montana Avenue, the site of a horrific car versus pedestrian accident several weeks back. Installation will begin mid-August once the 14th and Montana intersection work is completed. I would prefer they install the beacon before replacing the traffic signals, but that’s just me.
Here is your real estate news:
Montana Avenue Commercial Lease Update:
1205 Montana Avenue now available for lease, the previous tenant was the shoe store, Souliers. The space is 750 square feet and a total of $7.50 per square foot. The popular clothing boutique Weathervane has closed, the space at 1207 Montana Avenue is quite large, 1,700 square feet and asking $7 per square foot.
Four new listings have come to the market:
353 20th Street – Three story Mediterranean property includes a basement with a wine cellar and entertainment area. The home is approximately 7,385 square feet of interior space. 6 bedrooms and 9.5 bathrooms. Listed for $7,350,000. Backyard has a solar heated pool that is surrounded by tall hedges. Last sold June 16, 2017 for $3,800,000.
835 San Vicente – Huge 20,000 square foot lot, 3 bedrooms and 5 bathrooms, builder / developer opportunity. You may remember me mentioning this before it just sold last month for $5,700,000 in bankruptcy court. It is now back on the market for $6,395,000 a shrewd investor bought it and is now trying to flip it. I suppose if it does not sell, he will develop it and then sell it for $10M or more.
345 17th Street – “Casa Rosa” property located in the Gillette Regent Square has 4 bedrooms and 2.5 bathrooms, approximately 3,258 square feet. Charming Spanish home with large front and back grassy yard. Listed for $3,699,000, offers due Monday 7/17. Last sold back in December 15, 1981 for $379,500.
734 18th Street – Single story Spanish home with 3 bedrooms and 2 bathrooms. Approximately 2,199 square feet on a 8,940 square foot lot. Listed for $3,488,000. Property on the historic inventory list. Last sold in 1987 for $585,000.
509 22nd Street – Another development opportunity. A very tired, old traditional 3 bedroom, 2 bathroom home on a 7,557 square foot lot. Listed for $3,250,000. Like most properties of this nature, my guess is that it sells quickly at or over the asking the price. Last sold in 1995.
One home went under contract last week:
102 Ocean Way–1920’s Spanish Colonial home built by John W. Byers. Amazing ocean views. Approximately 5,198 sqft lot. It is listed for $12,000,000 and includes two vacant parcels – one is simply view protection and the other additional lot is for the swimming pool. Last sold May 5, 1982 for $1,200,000.
Five closed sales to report:
1024 Palisades Beach Road – 6 bedrooms and 7.5 bathrooms. Sold for $8,137,500. Listed by Pence Hathorn Silver.
211 17th Street –4 bedrooms and 3.75 bathrooms. Sold for $3,770,000.
225 21st Place – 4 bedrooms and 3.5 bathrooms. Sold for 3,753,018.
514 9th Street – 4 bedrooms and 3.5 bathrooms. Sold for $4,835,500
438 11th Street –3 bedrooms and 3 bathrooms. Sold for $3,269,000.
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 baths $6,495,000
934 25th Street – 4 bedrooms and 5.5 baths $4,495,000
426 Mesa Road – Vacant Land, $1,440,000