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Miscellaneous End of Summer Musings 

Posted by John Hathorn on September 12, 2022
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It seemed like a long hot summer for me….and still does.

What about you? It was so hot in fact, I didn’t write much – had a bit of writer’s block. 

Okay, maybe I was just being lazy, but have no fear, I am here – for the next week anyway. The following week I am taking off with some friends to ride motorcycles in the Dolomites (northeastern Italy) and visit Oktoberfest in Munich. My Pence Hathorn Silver team will be selling up a storm while I am gone so feel free to reach out to any of them!

In spite of all the negative news reports, the Santa Monica real estate market is healthy.

We just sold a fixer on 15th Street in record time at a premium price. The home was listed for $4.5M. We generated 8 purchase offers ranging from a silly sub $4M offer to an accepted offer, over list price with great terms – 14 day escrow, zero contingencies, all cash etc. Call me for more details if you are curious.

Did you know:

* The Federal Reserve board of governors show that household equity in real estate in the U.S. grew to $27.8 trillion in the first three months of 2022, a $1.4 trillion increase from the previous quarter. Total U.S. mortgage debt grew to $12.8 trillion, a $240 billion increase. 

* Many in financial circles are pushing for a big unemployment spike to bring down inflation…..and a 0.75% rate increase seems inevitable. (WSJ)

* Scroll down for more local real estate news but if you want to see what $100,000,000 buys you in Aspen, Colorado click the link here.

Here is the north Santa Monica real time real estate info:

There are currently 16 active listings North of Montana Avenue in Santa Monica. 

The most recent listings are:

325 Georgina Avenue- A Pence Hathorn Silver listing for $9,788,000. Historic 1911 Craftsman on the corner of Georgina and 4th Street. The lot is almost 21,000 square feet and has a tennis court. This is going to be a great project for someone.

214 15th Street- Listed at an ambitious $4,895,000 and recently reduced to $4,650,000. This 1925 Spanish has a lot going for it, but at just over 2,200 square feet on a 50ft wide lot, the asking price may be a reach. The main house is just 2 bedrooms but there is a room above the detached garage and a nice pool in the backyard. I sold this house in 2005 for $2,115,000.

There are 4 properties in escrow

457 15th Street– A Pence Hathorn Silver listing for $4,495,000. This is a primo lot. Over 10,000 square feet on the corner of 15th and Marguerita Avenue. As expected, we will receive multiple offers from developers and end-users alike.

323 15th Street– Listed for $3,650,000. DOM – 30

101 Larkin Place– Listed at $3,995,000. DOM – 18

410 15th Street– Listed at $5,949,000. DOM – 53

Over the last six weeks, 11 have sold. It is interesting to note that nearly all of these recent sales were “fixers” of various degrees.

539 Palisades Avenue – Sold for $3,960,000. Originally listed at $3,199,000.

469 25th Street– Sold for $5,025,000. Originally listed at $4,850,000.

339 21st Street– Sold for $5,375,000. Originally listed for $4,950,000.

520 15th Street – Sold for $4,375,000. Originally listed for $3,850,000.

432 16th Street– This one was initially listed at $3.2M, then raised to $3.4M. It ended up selling for $3,600,000.

447 16th Street– Sold for $3,750,000. Originally listed for $3,895,000.

534 26th Street– Sold for $2,927,579. Originally listed for $2,995,000.

2502 Marguerita– Sold for $7,825,000. Originally listed for $7,999,000.

525 4th Street– Sold for $2,474,475. Originally listed for $2,790,000.

517 10th Street– Sold for $3,850,000. Originally listed for $4,200,000.

435 Georgina Avenue– Sold for $8,247,000. Originally listed for $8,995,000.

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