12 houses have come to the North of Montana Avenue market in the past 4 weeks and so far, only 1 of them has sold.
If you are reading this in our Santa Monica Dirt magazine, it is possible that all, or none, of them are now sold.
If you are reading this online at SantaMonicaDirt.com, there is a pretty good chance only 1 or 2 have sold.
This could be typical summer season slowness or could be a result of wishful thinking of Sellers’ asking prices or maybe, just maybe, a tapping of the brakes by Buyers. But why tap the brakes now? The conjecture on this runs the gamut from rising interest rates (even though rates are still very low), to this year’s loss of all but $10,000 in state and local tax deductions, China trade wars, chaos in the White House or just a garden variety market-cycle that was long over-due.
Some say what we have now is just a “change in the rhythm and flow” of the market, a blip on the screen. Others say this is the beginning of a Buyer’s market. Only time will tell but one thing is certain, nobody I have spoken with is predicting that prices will be affected much. The numbers of sales may continue to slow and the time it takes to sell a property may continue to rise but prices will likely remain (mostly) stable.
So, what’s up? Time on market, the number of homes on the market and questions about the market.
What’s Down? The number of sales.
What’s going on? A healthy mix of land-value properties, tweeners, new construction, remodels and income properties (possibly due to the November Ballot’s Prop 10 concerns) have been coming on the market.
Here is the recent 90402 activity:
710 Adelaide Place– $4,595,000. 4 bedrooms, 3 baths; approximately 2,800 sqft on an approximately 7,500 sqft lot. This property has Landmark designation meaning it cannot be torn down. It is a 1924 original “Pueblo Revival” style home with a pool and guest house. Was listed back in 2014 for $3,500,000.
335 24th Street– Optimistically priced at $5,850,000. 5 bedrooms, 4.5 baths; approximately 4,600 sqft on a 60-foot-wide lot. Skylights galore, nicely updated and has a pool. Last sold in 2012 for $3,318,000. This one will be interesting to see what it sells for.
333 18th Street– Re-Listed at $4,099,000, down from $4,495,000 in early August – 5 bedrooms, 3 baths; approximately 3,000 sqft on a 60-foot-wide lot.
808 San Vicente Blvd– Re-Listed at $7,695,000. 6 bedrooms, 7.5 baths; approximately 8,200 sqft on an approximately 9,500 sqft lot. Gorgeous brand-new construction. Originally listed in January for $8,500,000.
607 22nd Street– $3,450,000. 2 bedrooms, 1 bath; approximately 1,100 sqft on a 50-foot-wide lot. Priced as if the building has value but it’s doubtful that it does.
620 12th Street– $3,350,000. 3 bedrooms, 3.75 baths; approximately 2,600 sqft on a 50-foot-wide lot. Livable because the of the 2,600 sq ft and pool but probably a tear-down.
419 22nd Street– $3,399,000. 4 bedrooms, 2.5 baths; approximately 2,500 sqft on a 50-foot-wide lot. A time capsule from the 1960s. Originally this came on the market at $3,650,000 and was quickly reduced to be more competitive with the other lot values that just hit the market.
452 21st Place– Re-Listed at $6,595,000. 5 bedrooms, 5.5 baths; approximately 5,000 sqft on a 60-foot-wide lot. Built-in 2015. This house originally came on the market in May for $6,795,000 and not surprisingly, quickly went into escrow. (I really like this house and don’t understand why it has had 2 failed escrows). At this new improved price, I think it will sell again (and stick) soon.
1016 San Vicente Blvd– $ 7,995,000– Listed by Pence Hathorn Silver. 6 bedrooms, 7.75 baths; approximately 7,100 sqft on an approximately 9,000 sqft lot. Brand new construction architectural designed by Mario Romano. Hurry up on this one – I know of at least one party about to make an offer.
544 Euclid Street– $6,495,000. 6 bedrooms, 5.55 baths; approximately 5,400 sqft on a 50-foot-wide lot. Originally built in 2003 and extensively remodeled in 2008. Classic open floorplan that cannot be re-built under today’s new code. Last sold in 2013 by Pence Hathorn Silver for $4,795,000.
433 9th Street- $7,495,000. 5 bedrooms, 6.5 baths; approximately 6,100 sqft on a 50-foot-wide lot. New construction, 3-story traditional with pool.
Three properties have gone into escrow since my last post:
603 Alta Avenue- Listed at 6,999,000. 5 bedrooms, 4 baths; approximately 5,000 sqft on an approximately 14,000 sqft lot with pool. Not typical Westside spec house, more unique, stylish and custom.
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. Rumored to be under contract at $8.4M. The lot was purchased in 2016 for $3,275,000.
458 19th Street– Listed at $3,699,000, 3 bedrooms, 2.5 baths; almost 1,600 sqft on a 60ft Gillette’s Regent Square lot. Lot value. Pence Hathorn Silver is representing the Buyer.
Three properties have closed escrow since the school year started.
512 11th Street– Sold over asking for $4,250,000. Listed and sold by Pence Hathorn Silver with multiple offers! Listed at $4,095,000.
310 22nd Street– Sold for $6,625,000. Listed by Pence Hathorn Silver for $6,695,000.
303 9th Street– Sold for $4,900,000. Listed for $5,900,000.