2016 is coming to a close and naturally real estate activity has quieted down. The north of Montana Ave. market has remained one of the hotter areas as compared to Brentwood and the Pacific Palisades.
The 2016 median sales price for 90402 of $3,743,000 versus the 2015 median of $3,495,000 shows a gain of 7.10%. The average list price was up 3.55% and the average sold price increased by 1.92%. Not a significant increase but an increase nonetheless.
It took a little longer to get a home sold in 2016 than it did in 2015. Days-on-market is up by 23.26% from 43 to 53 days. Some point to the more stringent lending requirements (financing delays) for this increase.
Land value is now over $400 per sq. ft. in the flats of 90402 with my sale on Euclid coming in at a record breaking $453 per foot.
The highest MLS sale in the area that has closed this year is the home at 2121 La Mesa Dr. for $16,100,000. The lowest MLS sale recorded for a property in the grid was a smoking hot deal on 16th that closed at $2,350,000. A new contemporary home is under construction there now.
The recent MLS news is that the trend of larger lots sales continues this week with the sale of 537 Alta Avenue. 6 bedrooms and 7 baths – was fully priced at $8,995,000. The lot is approximately 16,800 sq. ft. lot. Last sold in September 2007 for $7,900,000.
One closed sale since last week – 319 11th Street – is a 2 bedroom, 2 bath Traditional style home around 1,300 square feet that closed at $2,647,125. Look for a new home to show up here within the next 18 months.
Call me for a couple of upcoming attractions that are not yet listed in the MLS, priced from $1.9 million to $8 million. And….here are a few that we have listed in the MLS:
1024 Palisades Beach Road – 5 bedrooms and 8 baths $9,250,000
323 Adelaide Drive – 4 bedrooms and 6 baths $6,895,000
920 Alta Avenue – 6 bedrooms and 6.5 baths $6,595,000
215 21st Place – 5 bedrooms and 4.5 baths Price Upon Request
1012 2nd Street Unit# 2 – 3 bedrooms and 3.5 baths $3,488,000
1023 S. Bundy Drive – 2 bedrooms and 2.5 baths $2,049,000