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Fantasy vs. Reality – Reality Bites!

Posted by John Hathorn on July 6, 2012
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Santa Monica Dirt by John Hathorn July 5th, 2012

The highest home sale recorded in Santa Monica last year was one that closed on San Vicente Boulevard for $12,500,000.  Dr. Kenneth Hoffer was the Seller and a trust said to be controlled by producer Brian Grazer was the Buyer.  Pence Hathorn Silver was not involved in this but it is a note worthy tale and interesting for the fact that the home had been listed in 2007 for $22,500,000.   After five months and the home not selling, the Seller reduced the price to $16,500,000 and also offered it for lease at $35,000 per month.  When that strategy failed to produce results eight months later, the lease price was reduced to $28,000 per month.  And finally, while not published in the MLS or anywhere else in late 2011, a deal was struck between a Buyer (Grazer) and Seller and the deal closed shortly thereafter.  So, from a fantasy asking price of $22,500,000 to a sale price nearly 50% lower four years later. Could there have been a better selling strategy?  I think so.

So far, this year the highest sale in 90402 has been the Ocean Avenue condo that closed at $10,500,000.   A couple of sales in the 9’s – like our La Mesa sale have helped make 2012 a far better year for owners and brokers.

Here is your real estate news:

Active/ Available New Listings

402 20th St. –   4bd + 4ba.  $4,390,000.    Built and listed in 2008, and sold in May 2009  for $4,000,000 after languishing in the market for almost six months.  This property will probably sell faster this time with increased demand and the present low supply (see right photo).

111 Winnett Pl. –   5bd + 4.5ba.  $3,925,000.    4,500+ sq. ft. on an apx. 12,000 sq. ft. lot just north of San Vicente Blvd. Needs updating.  It is rare that properties come on the market on this street and this was last offered for sale 14 years ago.

Please call 310.924.4014 for an appointment to see this home.

New Sales (Now In Escrow/ Sale Pending)

515 24th St. –   6bd + 6.5ba.  $4,999,000.    Sold in less than a week!   This home’s construction was completed a little over a year ago, was sold for $4.5 million.  6 bedrooms, 6.5baths, full basement and pool.

524 15th St. –   3bd + 4.5ba.  $3,550,000.    Gus Duffy elegantly desgined Mediterranean home with fine craftsmanship and attention to detail.  Great house but only 2 bedrooms upstairs caused it 8 weeks on the market.

422 22nd St. –   5bd + 4.5ba.  $2,975,000.    Greek-inspired villa with tropical and contemporary style combined. Unique in many ways with great scale and a very nice back yard.

Sold/ Closed

526 Palisades Ave. –   5bd + 3.75ba.  $4,332,000.  This place was a mob scene when the listing was launched.  Major rehab needed, probably backs up to condos or an apartment building across the alley.  Stately home on an apx. 17,250 sq. ft. lot.

444 21st St. –   3bd + 2ba.  $2,125,000.   I like to call these homes the “Navy Blue Blazer” of architecture. It never goes out of style in Santa Monica.

 

Pence Hathorn Silver Active Properties:

101 17th St. – 6bd + 8.5ba – $6,750,000

145 Ocean Avenue Ext. – 5bd + 5.5ba – $5,549,000

635 20th St. – 4bd + 5.5ba – $4,395,000

825 Berkeley St. – 4bd + 5.5ba – $3,995,000

239 21st Pl. – 6bd + 5.5ba – $3,795,000

343 14th St. – 4bd + 4.5ba – $3,650,000

1550 Old Oak Rd. – 3bd + 2.5ba – $3,650,000

401 18th St. – 4bd + 4.5ba – $3,325,000

307 21st St. – 5bd + 4.75ba – $3,095,000

551 Lincoln Blvd. – 5bd + 4.5ba – $2,998,000

745 19th St. – 3bd + 2ba – $1,995,000

2060 Benedict Canyon Dr – 3bd + 2.5ba – $1,199,000

3640 Tilden Ave. – 4bd + 2.5ba – $925,000

1337 Wellesley Ave. #401 – 2bd + 2.5ba – $799,000

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 me at (310) 458-4024 with any questions.

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