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SPENDING DIRT: Big Spending By the 1%

Posted by John Hathorn on January 13, 2023
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Do you know someone that wants to live in Santa Monica North of Montana Ave? 

We just listed a great, newly remodeled, Spanish located on 20th, which is an excellent street – central to the Brentwood Country Mart and the Montana Ave shops and cafes! 

The house is 3,365 square feet plus there is a 455 sqft guest house in addition to the 2-car garage. The floor plan makes good sense, with solid updates and a lot of character. There are 4 bedrooms in the main house plus a den (built out as a bar) that can be easily converted to a 5th bedroom on the first level. Beautiful curb appeal on a 60ft wide lot. Well priced at $5,888,000- let me know if you’d like to see it and I‘ll make it happen!

YOU ARE PROBABLY NOT SURPRISED…

The 1% are just fine! And spending….mucho! Rolls-Royce sold a record number of cars in 2022. Demand for its $500,000 vehicles remained strong, despite recession fears. Rolls-Royce delivered 6,021 cars last year, up 8% over 2021 and the first time the company crossed the 6,000 mark. (CNBC)

At around $11,750/flying hour, private jet charters were up 10% compared to 2021. (Forbes)

BMW’s latest concept car proposes the ability to alternate the exterior color with up to 32 color options! The car’s outer skin is a film made of electronic paper built by a startup called E Ink, which also makes display tech for e-readers and mobile phones. The coating segments contain millions of tiny microcapsules with different color pigments that change shades when electricity is applied. Seems a bit out-there as a daily driver but imagine that tech in a house where rooms could change color at the flip of a switch…..

There are about 10.7 million swimming pools in the US: 10.4 million of them are residential, and 309,000 are public. About 8% of US homes have a pool. Pools can boost the value of a home by up to 7%. California and Florida have the most pools. The cost to maintain a pool is anywhere between about $3,000 and $6,000 per year. Over 50% of Americans cannot swim. (LAHomes.com).

Fun Fact – Often when I show and emphasize that the home has a pool, about 50% of the 90402 Buyers claim to “not care about” and claim to prefer a lawn. Conversely, when I show homes, especially new homes, that have no pool, prospects ask, “why didn’t they build a pool”. 

These days, basic pools with a cover and spa are costing around $150,000 to construct.

Wells Fargo in the News Again…

Troubled bank Wells Fargo is all but exiting the housing market. Instead of expanding, (previous goal was a 40%-50% market share), the bank is reducing its mortgage portfolio by restricting loans to only bank clients and minority borrowers. The mortgage business was once one of the company’s biggest profit centers but now things have gotten tougher amid public scrutiny, regulatory pressure and higher interest rates. 

Psst….

There are a couple of $$$ coming to market soon on ½ acre + lots north of Montana Ave.
Call me if you want more details

In more 90402 Real Estate News

15 active listings in 90402 flats.

The only one of these that is an actual new listing, since the beginning of the year, is ours at 409 20th Street that I wrote about above.

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

8 sold
2515 Marguerita Ave – Sold for $4,300,000. Originally listed for $4,395,000.

212 20th Street – Sold for $5,410,000. Originally listed for 5,995,000.

724 Euclid Street – Sold for $2,810,000. Originally listed for $3,300,000.

210 21st Place – Sold for $6,887,620. Originally listed for $7,195,000.

615 11th Street– Sold for $3,411,500. Originally listed for $3,249,000.

315 21st Street– Sold for $4,230,000. Originally listed for $3,800,000.

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

1241 Georgina Avenue – Sold for $4,750,000. Originally listed for $4,995,000.

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