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Lack of Inventory Makes the Multiple Listing Service Irrelevant

Posted by John Hathorn on June 1, 2012
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Santa Monica Dirt by John Hathorn May 31st , 2012

Several times each week I receive emails from colleagues like this one, received just a few minutes ago today:

Hello Partners!

I’m working with a number of buyers and have some specific needs.  Please let me know if you have anything that might work so we can put a deal together!

1)  Santa Monica – 3+ Beds 2+ Baths – SFR, Condo or Townhome.  Move in Ready – something where not a whole lot of work will be required.  Open on style – Either contemporary, craftsman, Santa Barbara.  Price range $800,000 – $1.5 million.

2) Culver City or Beverlywood – handicapped buyer needs first floor master bedroom – something that can be converted for easy wheelchair access if not already accessible.  3+ Beds, 2+ Baths.  Price range up to $750,000.

3)  Beverly Hills, Beverly Hills adjacent, Bel Air, Lower Coldwater , Little Holmby, Century City – near Roxbury Park.   Spanish.  Something that is nearly done – can do a little bit of work – just doesn’t want a huge project.  Would like room for a pool. Price range up to $1.4 million.

4)  Santa Monica, Brentwood, Pacific Palisades, Beverly Hills – Investment/ Duplex or Triplex.  Something cute with character.  They like “funky” places – don’t want cookie cutter.  Price range is flexible as this will be a second home for them (one of the units) and the other units will help pay the way.

Here is from another email. This agent has 23 different “Buyers.”  Due to space limitations, I shortened this one to only show 7 of the 23:

Client 1:  IMMEDIATE!  Santa Monica, Westwood, Venice – Darlene and I have a client looking for a property walking distance to shops/coffee, etc.  and preferably close to the ocean.  Fixer up to $1 million and done, done up to $2 million (preferably below $1.6 million) – wants 10-20% below market.  Apx. 1,300+ square feet, apx. 6,500+ lot -ready to go now! Would like to be at 650 square foot or under.  3 or more beds and yard important – CASH!  He has access to MLS so has to be pocket listing.

Client 2:  Santa Monica, Palisades, up to $2 million  w/ pool, up to $1.7 million  w/o pool – has to be great location – love college streets in Santa Monica.

Client 3: Brentwood (in Kenter school district), up to $2.5 million, 3+bed, pool or room for is a must, flexible on style but has to have a lot of room for the kids to play, happy and even prefer to do work.  Would also do a tear down or reasonable lot and build.

Client 4: Santa Monica ONLY (between 7th/Ocean)- must have 3 bedrooms up, guest bed/bath downstairs, double lot, doesn’t want a tear down but will add on, renovate.  Can even be a 2 bedroom if and they will add additional but want apx. 4,000 square feet in the end. Can have existing pool or they can put one in.

Client 5: Brentwood, Palisades, up to $2 million, 2+bed/2.5+bath, mid-century is plus, cosmetic not structural fixer, some views but doesn’t have to be ocean, pool is plus, likes locations like Las Pulgas, Lachman and Westridge.

Client 9:  IMMEDIATE! Santa Monica or Brentwood, up to $2.8 million  (prefers $2.5 million), 4bed/3bath, traditional, mid century or Spanish w/ pool, good entertaining location, loves Helenas, Carmelinas, etc. and missed out on 312 S. Carmelina and loves 204 S. Canyon View.

Client 23: PURCHASE – Family with 3 kids now currently renting in Malibu.  Need to be in great school district (Brentwood, Pali, S.Monica) – can go up to $3 million.  They want charm and not a McMansion, 4 or more bedrooms, backyard is key, pool a plus.  Want a flat pad for kids.  They are also willing to do work and move out in fall or next year.

These emails and many more fly around various real estate networking groups and companies each week and the resulting responses sometimes create sales that would not have happened without these efforts. We call these “quiet sales” or “private sales” because 99% of these are for properties that are not currently listed in the MLS. Sellers and realtors have various reasons for keeping their marketing efforts “quiet”. Call me or email me and I will explain further.

Here is your real estate news:

Active/ Available New Listings

369 22nd St.–  5bd + 4.5ba.  $3,399,000.  English style,  apx. 3,800 sq. ft. on a 50×151, apx. 7,550 sq. ft. lot. This house was built in 1934 but significantly updated and remodeled over the years (see photo on the right).  Please call (310) 924-4014 for an appointment to see this home.

New Sales (Now In Escrow/ Sale Pending)

This maybe the 1st time I have had to report no new sales in the past week. (Maybe as a result of the shortened Holiday weekend)

Sold/ Closed

515 Marguerita Ave.-  4bd + 2ba.  $3,500,000  This sale totally outperformed my expectations. I thought that it would sell for no more than $3.3 million as a development project. The listing agent tells me that it will be remodeled – not torn down. We shall see.

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

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

307 21st St. – 5bd + 4.75ba – $3,295,000

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

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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