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Santa Monica Dirt Buyers

Posted by John Hathorn on May 10, 2019
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With Westside real estate prices at all-time highs people keep asking me “who are the buyers for all these properties?”

Well, as usual, it is a mixed bag of buyers. Here is the dirt on 10 of our recent sales.

The most expensive properties were sold to a novelist from Spain and to an investor whose primary business is parking lots.

Several entertainment professionals bought houses from us recently; one is a film producer buying for nearly $8.5M and another is a couple working in TV that scooped up the home next door to their current abode.

Three of our sales have been to investors that want to help their children get a foothold on the Westside. A duplex, a condo and a Paul Williams Italian Villa.

We sold a mixed use building to a long-standing client that plans to move his business there at the end of the year and we sold a  vacant lot to a mystery buyer (we only knew the business manager’s name) that plans on building a home for personal use.

An attorney moving from the South Bay to be closer to his daughter bought one of our listings for around $4.5M.

We sold another $4.5M, 90402 home to a cosmetic surgeon that had been leasing in the area. This home never came on the market. We heard about from an agent, called our client and the deal came together quickly, and quietly.

Not one of these Buyers were considered “international buyers” though several were born outside the United States.

Buyers who we are currently searching for homes include a couple that wants to downsize from their 5,000 square foot home into a turn-key 2,500 square foot version; a couple of real estate developers; one looking to remodel for himself, another to build spec homes.

A couple moving from out of state that have sold their internet company would like something new, very “highstyle” and kid friendly.

A young intellectual property attorney is looking for 4,000 to 5,000 square feet for his growing family.

And we have several Buyers that would love to find single story, turn-key houses that they can lock and leave. 

Do you have a property that might fit one of these Buyers?

In other real estate news….

There are 20 homes available for sale north of Montana Avenue according to the MLS.

11 homes are in escrow. 17 homes have closed escrow this year and it is taking an average of 56 days to sell a house.

There are about 30 properties available to lease right now and they are on average approximately $6 per square foot

According to Marketwatch; Sellers who sold their homes last June – meaning June was the sale date on the deed of the house, so they likely put the home on the market in spring –  got 9.2% more than what their home was valued at, according to data released this month from real estate analytics firm ATTOM Data Solutions. Sellers got a premium in other spring and summer months too: May (7.4%); July (7.3%); April (6.4 %); March (6.1%); August (5.8%); meanwhile December, January and October sellers got less than a 4% premium.

Demand is much higher in spring and summer, in part, because school is out and winter is over so people are out and about.

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