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Third Quarter DIRT

Posted by John Hathorn on October 20, 2017
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90402 dirt is the second most expensive in the nation! The Santa Monica zip code has the second highest land value according to this Bloomberg report. You may be surprised to learn that strict building codes actually give developers a greater return due to low supply of land and a high demand for newer homes.

So how successful was the market North of Montana during the 3rd Quarter? This summer’s heat wave was not isolated to the weather – the real estate market was also hot as can be. A couple record breaking sales, one for $40M (859 Woodacres Drive) another for $31M (1525 San Vicente Boulevard). It’s been less of an issue now that grade schools end their summer break earlier than past years but the third quarter is still generally a bit slower than spring and early summer with many people traveling during July and August. The market evaluation below demonstrates a steady increase in sales (other than the two mentioned above) with fewer days on the market compared to last year. I’ve got no crystal ball but CAR  and NAR predict strong real estate sales for the next several years.

 

Here is your 3rd Quarter Market Comparison

2017

Lowest sale price $3,000,000

Highest Sale price $41,082,000

Average Sale price $4,789,875

Average Property Square Feet 3,579

Average Price per Square Foot $1,282.26

Average Days on Market 50

Total Number of Homes Sold 22

Total Sales Volume $177,459,740

 

2016

Lowest sale price $2,732,108

Highest Sale price $6,130,000

Average Sale price $4,300,174

Average Property Square Feet 4,128

Average Price per Square Foot $1,112.93

Average Days on Market 63

Total Number of Homes Sold 15

Total Sales Volume $64,502,500

 

2015

Lowest sale price $2,536,000

Highest Sale price $6,000,000

Average Sale price $3,882,925

Average Property Square Feet 3,360

Average Price per Square Foot $1,210.26

Average Days on Market 28

Total Number of Homes Sold 20

Total Sales Volume $77,658,500

 

Six new listings came to the market:

617 Georgina Avenue – One of the most controversial designs in the entire 90402 zip code. This 5 bedrooms and 10 bath home is probably the most recognizable house in the neighborhood. It’s been on and off the market several times since it was constructed approximately 10 years ago. It sold March 3, 2016 for $7,077,000.

311 23rd Street County English home with 4 bedrooms and 3.75 baths, on a large 10,072 square foot lot. Property also has a detached 1 bedroom guest house. Private backyard with pool, spa and outdoor shower. Listed for $5,450,000. Last sold November 27, 2012 for $2,950,000.

100 Larkin PlaceViews, Views and Views of the ocean, mountains and canyon. Rare 10,864 square foot lot, North of San Vicente. Property has 4 bedrooms and 4.5 baths, lots of natural light. Listed at $4,600,000. Last sold March 30, 1983 for $400,000. Listed by Pence Hathorn Silver

330 22nd StreetProperty is a charming 4 bedroom and 2 bath Spanish with detached garage and grassy backyard. Developer opportunity. Listed for $3,295,000. Last sold February 2, 1993.

303 16th Street  Cozy 4 bedroom and 2.75 bath home. Listed for $3,275,000. Great builder opportunity this property already has plans in plan-check with the City for the building permit of a 6,800 square foot home. Property has a nice backyard with swimming pool equipped with under water music, swim jets and spa. Last sold December 9, 2015 for $1,860,000.

438 9th Street Contemporary home with 5 bedrooms and 4 bathrooms, approximately 4,263 square feet located in the Gillette Regent Square. Impossibly priced at $4,975,000. Last sold October 23, 1987 for $975,000.  

 

Two new sales last week:

727 21st Place – Two story traditional with 3 bedrooms and 3 bathrooms approximately 2,569 square feet. Listed for $3,495,000. Nice grassy backyard with fruit trees and detached garage. Last sold May 1, 2000 for $1,240,000.

321 23rd Street Under contract in less than 10 days after receiving multiple offers! Traditional 3 bedrooms and 2 bath home, excellent living space with a large living, family room and dining area that open to interior courtyard. Great grassy backyard with fruit trees. 52X145 foot lot. Last sold August 23, 1991 for $925,000. Listed by Pence Hathorn Silver.

 

One closed MLS sale to report:

444 21st Street – 6 bedrooms and 7.5 bathrooms. Sold for $7,500,000.

 

Here is your latest Montana Avenue DIRT.

  • 930 Montana Avenue will begin renovation soon! Listing says potential restaurant corner. Not sure if the long time tenants (Montana Natural, Opticali, Ogden’s Cleaners or Fox Laundry) are staying.
  • 1603 Montana Avenue is available…again? This was the location of the retail store KicksLA for years, however Bardonna (aka Groundworks) expanded and took over that space just six months ago. Looks like they are now forfeiting that extra seating area. It is available for lease again for $4,000 per month. The retail space is approximately 450 square feet.

 

Call me for a couple of upcoming attractions – including one on La Mesa, that are not yet listed in the MLS, priced from $1.9 million to $16 million.  And….here are a few that we have listed in the MLS:

238 19th Street– 5 bedrooms and 6.5 bathrooms $6,495,000

621 21st Place – 4 bedrooms and 4.5 bathrooms $4,550,000

934 25th Street5 bedrooms and 5.5 bathrooms $3,895,000

611 N Cherokee Avenue4 bedrooms and 4.5 bathrooms $3,450,000

1125 Harvard Street – Builder Opportunity, $2,280,000

426 Mesa Road – Vacant Land, $1,440,000

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