With the current real estate market on the rebound, the most sought after properties continue to be tear downs and brand new construction. In the North of Montana area, there are only a handful of new construction projects, including the two we have coming on the market; one on Georgina and one on 25th. The new record breaking prices for tear downs are causing many entry level buyers lots of heartache. What used to be considered a fixer-upper home was the entry level Buyer’s only option for getting into the neighborhood at a reasonable price. North of Montana is especially competitive because of the highly regarded schools.
With developers back in the market with a vengeance, they’re over bidding on tear downs and it is making it nearly impossible for the Buyers that want to purchase and fix up for themselves.
The City of Santa Monica does not make it easy for developers and years ago created the historic resources inventory list. Many homes are of questionable importance on the list for one reason or another. The City attempts to make sure that there are absolutely no historical ties to the property such as famous owners, or even popular architecture like mid-century and original Spanish.
What are your thoughts; are you sad to see the modest older homes go?
Here is your real time MLS data:
Only one sale since last week’s SM Dirt – 308 21st Pl. opened escrow on Jan. 6th, 2014. If it closes at asking price, that will be an apx. 7% return from last year when it sold.
With one sale this week, the numbers from last week remain largely the same:
12 homes are available to buy from 14 last week because two listings changed to a “Hold” status (792 San Lorenzo and 730 San Vicente), 5 are in escrow one more from last week and the total number of closed sales remains at 78.
No New Listings this Week
New Sales this Week
308 21st Pl. – 5bd + 5.5ba. $4,999,000. 2-story Traditional. Bright and open. Features verandas that open to large private grassy yard, pool, spa and patios, formal living room and dining, Cook’s kitchen, and more. Ideal floor plan 4bd each with its own baths upstairs, maid’s bed and bath downstairs. Last sold in June 2013 for $4,681,000.
No Closed Deals this Week
Pence Hathorn Silver Active Properties:
2009 La Mesa – 6bd + 8ba – $18,900,000
502 16th St. – 5bd + 7.5ba – $8,495,000
6415 Meadows Court – 6bd + 7ba – $5,995,000
728 25th St. – 5bd + 6.5ba – $4,700,000
168 S. Medio – 5bd + 3.5ba – $3,850,000
217 21st St. – 4bd + 4.5ba – $3,350,000
248 14th St. – 4bd + 4ba – $3,250,000
416 Entrada Dr. – 3bd + 1.75ba – $1,595,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Ave. community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.