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Dirt on Millennials

Posted by John Hathorn on April 28, 2017
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With a whopping 75.4 million millennials, said to want to buy homes, one would think that their pent-up demand would sustain the market for a decade or more. Did you know that millennials are now the largest generation of all-time. You would not notice this on the Westside but the economic recovery from the last recession has only slowly been rising nationally.

For a long time, unemployment rates and rising debt had prevented the next generation from buying homes. Now with a much better economic climate we are seeing, for the first time, millennials with better financial stability. According to the National Association of Realtors the average age of a millennial home buyer is 25. The majority of this group are married couples earning between $82,000 – $100,000 (translation – there are not very many millennials buying on the Westside).  The millennials that are buying are much like any other generation in terms of what they want; would you be surprised to learn that appliances really matter and that they want newer homes? Their homes do not have to be new construction, according to a recent Business Insider poll but near new is much more desirable. Millennials want energy efficient, updated kitchens & bathrooms and open floor plans. Their ideal locations are much like Santa Monica; stable neighborhoods, walkable and centrally located but not necessarily a downtown urban vibe.

90% begin their home search online and do plenty of research before choosing which agent to work with. Not surprising, they value realtors with strong marketing and negotiation skills. In order to be ‘found’ by online home shoppers, my team and I follow the online traffic for our listings. We constantly study our analytics and online presence. Our weekly digital blogs and eblasts of the most up to date neighborhood events, real estate news and information keep us at the top of most online search engines. Pence Hathorn Silver and Partners Trust have invested over one million dollars in our own online app. My team explores any and all new technology that will help market or create an easier selling or buying process – millennials demand this and we expect that they are noticing.

Here is your real estate news:

Six new listings have come to the market! This might be the highest number of new listings to hit the market all year.

370 21st Place – Listed at $5,795,000. This is my top pick – the north west corner of Carlyle and 21st Pl. 9,000 sq ft lot – 60×149. Originally built in 1926, this Cecil Gale Spanish was restored and expanded with a full basement and all the modern features and finishes that a buyer would love. Last sold May 22, 2003 for $1,601,000.

459 22nd Street – Listed at $4,995,000. Cape Cod style home built in 1996, nice yard with a pool. The lot is 50X150’. Traditional floor plan with 4 bedrooms and 5 baths approximately 4,251 sq ft. Last sold in 1998 for $1,795,000.

528 16th Street – Listed at $4,250,000. Traditional two story home with 4 bedrooms and 2.5 baths, approximately 3,411 sq ft. 50X150 lot with a pool and spa. Last sold June 6, 2008 for $3,410,000.

211 17th Street – Listed at $3,995,000. 1931 Spanish Colonial Revival two story home with 4 bedrooms and 3.75 baths, original wood beams, painted ceiling and features. Approximately 3,025 sq ft on a 8,900 sq ft lot. Last sold in 1989.

718 Euclid Street – Listed at $3,399,000. Two story Spanish house approximately 3,129 sq ft. Practical floor plan with 4 bedrooms upstairs and 2 down, 3.5 baths. Well maintained with original finishes. Last sold in 1968 for $38,500.

438 11th Street – Listed at $3,390,000. On the smaller side but charming Spanish home with 3 bedrooms and 3 baths, original tile throughout, kitchen with new appliances. 50X150 lot with a private front courtyard with a fountain and new salt water pool with waterfall and spa-in the backyard. Last sold April 24, 2014 for $2,195,000.

 

No homes went under contract last week:

 

One closed sale to report:

457 19th Street – 5 bedroom and 5.75 baths, updated Spanish house with lots of original character, private courtyard and backyard with a pool & spa. Listed for $4,979,000 and sold over asking for $5,100,000.

 

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:

920 Alta Avenue – 6 bedrooms and 6.5 baths $6,395,000

323 Adelaide Drive – 4 bedrooms and 6 baths $6,195,000

426 Mesa Road – Vacant Land, $1,440,000

1238 12th Street #4 – 2 bedrooms and 2.5 baths $899,000

435 Arnaz Drive #101 – 2 bedrooms and 2.5 baths $890,000

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