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Santa Monica Dirt: Holiday Wrap-Up

Posted by John Hathorn on December 22, 2022
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Summary

Happy Holidays to you and yours! Here’s to a happy, healthy, and prosperous 2023!

319 14th street
319 14th street

Happy Holidays to you and yours! Here’s to a happy, healthy, and prosperous 2023!

Many have told us that our office Night on Montana Holiday event was the best party on the Avenue this year. Keep your eye on Pence Hathorn Silver for an even better and more exclusive event next year!

As 2022 wraps up I want to thank all our Buyer, Seller, Lessee and Lessor clients that trusted us with some of their most valuable and treasured assets this year. Clients and real estate colleagues like you make our real estate business fun and exciting. Thank you!

We look forward to seeing and working with more of you in 2023 and in spite of what might be some troublesome headwinds, we are excited and happy to set a steady course toward smooth sailing ahead.

Did you know that the size of a home as reported in public records may not be accurate? People often ask me about how homes are measured for square footage and are shocked to find out that I rarely rely solely on the size reported in the public records (tax assessor).

There are many reasons why the assessed size of a property may not be the same as the true square footage. Some of the discrepancies can be attributed to intentional and unintentional underreporting on the building permit by the person applying for the permit, typographical errors in the process of inputting the info into the tax roll database, additions to the home that were performed without building permits and additions that were done with a permit, but the permit may not have been finalized properly to reflect the increased footage. 

Sometimes sizes are inflated by builders to include balconies, detached ADU’s (accessory dwelling units), garages, and covered porches, counting everything from exterior wall to the exterior wall, including basements, staircases, and other living spaces.

So how to find out what is the true size of a home? I usually suggest that the interested party hire an independent appraiser to measure and create a floorplan with room dimensions. 

Call me if you would like more info or if you want to learn more, for instance, did you know that building a super-sleek modern home can cost TRIPLE that of a more traditional home…..

DID YOU KNOW

Texas, Florida and California account for 40% of future housing demand according to a report by the National Multifamily Housing Council and National Apartment Association.

According to the National Association of Home Builders, the $4.4 trillion Single-family, built-for-rent (SFR) market is one of the fastest-growing sectors in real estate. SFR homes account for 11% of all single-family home construction, versus a 3% market share that was typical. (Investors.com)

The US personal savings rate jumped from 8.3% at the end of 2019 to 26.3% at the height of Covid-19 in March 2021. In September it had fallen back to 3.1%, well below the historical average. Total household debt increased $351bn in the 3rd quarter, the largest nominal increase since 2007. Credit card balances ballooned 15% over a year earlier, the biggest rise in two decades. (FT)

Is the car industry mirroring the mis-steps of the housing world by focusing their efforts more on larger, more expensive cars that produce bigger profits and that also consume much more energy? It appears so. If the EV revolution’s goal is to consume less energy – and clean energy – why are so many huge, power-craving vehicles being built?  PS:  If all existing US vehicles consumed 15% less fuel, we would EASILY be 100% energy independent……and that could happen overnight simply by accelerating less aggressively, slowing down on highways and not idling un-necessarily…. Fuel economy improvements have saved more than two trillion gallons of gasoline since 1975, enough to run every car and light truck in the U.S. for more than 15 years.

In more 90402 Real Estate News

There are 17 active listings. One new listing and two re-listed properties have come to market this month.

319 14th Street – Listed by Pence Hathorn Silver for $7,995,000. This beautiful new construction architectural was completed under the old zoning code affording a much more generous floorplan than the next iteration of new construction homes allows. There are plans and permits for the addition of a pool and plans to convert the garage into an ADU if the Buyer desires.

331 Palisades Ave – Re-Listed for $9,599,000 and for lease at $18,995. This house originally came on the market in April for just under $12M. This Mills Act (historically significant and hugely significant property tax savings) house cannot be torn down and is situated on a 17,000+ lot with a pool and guest house.

210 Marguerita Ave – Re-Listed at a reduced price of $17,995,000. This new construction was originally listed in September for just under $20M. Impressive construction and finish from a high quality builder.

Six in Escrow

426 Georgina Ave – Originally $10,995,000, now listed for $9,995,000.

1241 Georgina Ave – Listed for $4,995,000.

315 21st Street – Listed for $3,800,000. I would not be surprised to see this close well over asking – closer to $4M+

2515 Marguerita Ave – Listed for $4,395,000.

212 20th Street– Originally $7,595,000, reduced to $5,995,000 and quickly after the price adjustment, went under contract.

724 Euclid Street– Listed for $3,300,000.

Two have sold this month

518 Euclid Street – Sold for $3,900,000. Listed for $3,950,000.

615 11th Street – Sold for $3,411,500. Listed for $3,249,000 and sold in 1 week.

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