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Strange Daze

Posted by John Hathorn on August 8, 2018
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Santa Monica Dirt Summer 2018

I have heard from a few colleagues that their business is slow and that their listings are not selling. In an effort to reassure, I often remind agents that unless a home is really priced carefully (read – under market value) the chances of a sale in the summer are a little dicier than Spring and Fall. This is because we have a diminished Buyer pool in July and August. Many people are traveling and many have already purchased their new home with an eye toward being the home before their children head back to school. Also this year, we had the FIFA World Cup, a heat wave and a July 4th holiday that was in the middle of the week, which gave many the great excuse to take the entire week, and the week after, off. Toss in a heat wave, the British Open and Wimbledon into the mix this year and it’s no wonder that the number of sales were off in July.

Don’t get me wrong, plenty of sales still occur in July and August but summer is not the time to “test the market” with a list price that reaches for new heights. For example, a well-priced home sold on Yale 2 weeks ago after just 1 week on the market. There were 5 purchase offers for that house. And I just had a handful off offers on our new listing on 11th Street after going to the market last week.

Here are the specifics:

4 New Listings –

512 11th Street- I just listed this great house for $4,095,000 and it is already under contract having received multiple offers. 5 bedrooms, 3.75 baths plus a bonus space off the garage! Nearly 3,300 sqft with lots of privacy & nice updates. Really a great value!

229 19th Street– Listed at $6,295,000. 5 bedrooms, 7 baths, approximately 5,000 square feet with a pool. This house has been listed and withdrawn from the market several times since it was built in 2014. It has been listed as high as $6,495,000 and as low as $5,799,000 and was also offered for lease. We will see if it finds its Buyer this time around.

734 22nd Street- Listed for $4,450,000. 5 bedrooms, 4.5 baths, approximately 3,930 square feet. Cape Cod style home built in 2005. Last old in 2009 for $3,400,000.

364 21st Street- Listed for $8,595,000. 6 bedrooms, 7.5 baths, approximately 7,500 sqft. Sleek Modern-style home by Ken Ungar with pool. The lot was purchased in 2016 for $3,275,000.

Two New Escrows and one of them is already closed!

303 9th StreetFully priced at $5,900,000 and then reduced to $5,300,000. 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.

614 10th Street- Listed at $3,095,000. 2 bedrooms, 2 baths and just under 1,400 square feet. This house is little, but nicely updated and has a pool! 7,500 sqft lot (50×150). I expect this with move quickly!

 

Five Closings-

614 10th Street- Sold for $3,035,000. Listed at $3,095,000

610 24th Street– Sold for $3,872,000. Listed at $3,998,000.

718 10th Street– Sold for $7,295,000. Listed at $7,295,000.

221 25th Street- Sold for $3,940,000. Listed at $4,175,000.

1427 Georgina Avenue– Sold for $7,000,000. Listed at $7,250,000.


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