The average lot size in Franklin School district, single family, 90403, is 8,000 sqft (on 50X160 lots). Like 90402, the prices for land north of Wilshire have exploded this year with one property – 911 22nd St, listed on the MLS for $1,550,000 and generating offers as high as $1.8M. With a $1.8M land acquisition, we can expect the developer, using the usual formula- 50% of the back-end sale for land cost, to build a home with a minimum potential resale value of $3.6M. There have been north of Wilshire spec homes offered in the low $4M’s recently that have failed to sell. It seems the sweet spot for a well-designed, large new home north of Wilshire is probably $3.6 – $3.9M max.
Right now in the 90403 market there are only 3 homes available for sale. There are 15 north of Montana Ave, excluding SM Canyon. There have been 25 sales north of Wilshire recorded in the MLS. North of Montana there are 58.
New Listings this Week
220 12th St. – 6bd + 9ba. $5,995,000. Much sought after Hampton inspired new construction, 3-level home. Fully wired smart home with impressive finishes throughout. Large 7,512 sq ft lot. Last sold in November of 2011 for $1,700,000.
235 25th St. – 5bd + 6.5ba. $4,400,000. Fully priced custom home. The agent represents that the home is in Gillette Regent Square – but it is not. Gillette’s is 17th – 21st Pl. This will be interesting to see play out price-wise.
259 21st Pl. – 3bd + 3ba. $2,400,000. As of Thursday evening there were 7 offers presented on this new listing. Great location, tweener house. Last sold in September 1997 for $1,165,010. I expect this to sell around $2.6M
705 7th St. – 3bd + 2ba. $1,699,000. Amazing opportunity to develop and build a dream home! Large 7,524 sq ft lot. Close to Montana Avenue. Last sold in July 1992.
New Sales this Week
628 11th St. – 5bd +4.5ba. $3,200,000. This was priced initially at $3.5M. After reducing to $3.2M, it is now under contract.
455 21st Pl. – 4bd + 3ba. $2,395,000. This heavy fixer (or tear down) sold in the mid $2.4’s. This was your chance to flip a house. Apx. 1,800+ sq ft of interior space on a 7,628 sq ft lot. Condition is so bad it probably needs a cash offer as banks may not lend on it.
Closed Deals this Week
531 11th St. – 4bd + 4ba. $2,225,000.
541 11th St. – 3bd + 1ba. $2,175,000. Sold in 51 days!
Pence Hathorn Silver Active Properties:
6415 Meadows Court – 6bd + 7ba – $5,995,000
465 25th St. – 5bd + 5.5ba – $4,095,000 or $17,000/MONTH- Flexible Term Lease!
168 S. Medio – 5bd + 3.5ba – $3,850,000
217 21st St. – 4bd + 4.5ba – $3,450,000
248 14th St. – 4bd + 4ba – $2,995,000
416 Entrada Dr. – 3bd + 1.75ba – $1,595,000
1929 Washington – 2bd + 2.5ba – $1,195,000
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.