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STRAIGHT UP REAL ESTATE DIRT

Posted by John Hathorn on May 17, 2018
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The North of Montana Avenue real estate market has moved a bit since my last report a few weeks ago.

Notable sales include 1 that sold for nearly 20% over list price. Notable new listings include a near new home listed for over $1,354 per sq ft and an 8,949 sq ft development site (land and plans) listed for $525 per sq ft (no house).

Here are the details:

5 New Listings:

303 9th Street– Fully priced at $5,900,000 but this Cape Cod style has never looked better. It was originally built in 2014 and wasn’t the easiest property to sell back then but I think this time around it should go pretty quick. Over 4,500 sqft with 5 bedrooms, 7 baths. Last sold in 2015 for $4,749,000.

522 21st Place– Another fairly ambitiously priced home at nearly $7M. A really good example of a well built Mediterranean style home. This style is less popular these days but this 6,300 sq ft home cannot be replicated under today’s more limiting building codes unless one were to build with a basement. 6 bedrooms, 5.5 baths. Last sold in 2014 for $5,510,312.

401 19th Street– $3,995,000 is way more than other land-value homes are selling for today, especially the ones listed on the Santa Monica Historic Inventory list as a 5D3’s (potential contributor to a historic district). Maybe someone will remodel this 4 bedrooms, 3 baths, 2,889 sqft house. It’s  a 60ft wide lot on the corner and has never been on the market before.

422 21st Street– Another ‘cannot be replicated’ 6,700 sq footer $6M. Designed by Jay Charles.7 bedrooms, 6.5 baths, approximately 6,700 sqft.

628 20th Street– This house sold last year as a tear-down for $3.5M and is now being offered with plans and a demo permit for a very aggressive $4,695,000. The approved plans are for an 8,237 sqft, 3 level house. The lot is a 60ft wide parcel, but the list price is emphasizing the value of the plans- which under the new building ordinance could not be replicated.

 

There are no new escrows to mention.

 

5 recent closings are:

511 9th Street– Sold for over $500,000 over the list price! This was listed for $2.9 and closed at $3,450,000 only 20 days later!

311 23rd Street– Sold for $4,700,000. Listed at $4,890,000.

428 25th Street– Sold for $4,900,000. Listed at $5,100,000.

222 Marguerita Avenue– Sold for $6,200,000. Listed at $6,295,000.

715 San Vicente Blvd– Sold for $3,195,000. Listed at $3,289,999.

 

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