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Market Update – Santa Monica Dirt

Posted by John Hathorn on October 18, 2013
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North of Montana Santa Monica 639 10th StAs of Friday October 18, 2013 at 4PM, there are 29 homes listed for sale in the North of Montana Avenue area.  15 are under contract /in escrow and 83 have closed escrow since January 1st.  The least expensive home on the market is 416 Entrada Drive for $1,595,000 and the most expensive is one that has been listed for over 9 months on San Vicente Blvd. It is over 22,000 sq. ft., overlooks the Riviera Country Club, on a little over one acre for $29,995,000.

This time of year is when we typically see list prices plateauing but the home just listed at 220 12th street came on the market (last week) at a whopper of a price and quickly sold – which almost always means a full price sale or higher. This $6 million sale for a spec home, on a 7,500 foot lot is definitely a new high for the area.

And, almost everyone is predicting that home sales prices will increase the next year. This year we have seen prices rise mostly due to the low inventory, but a definite shift began a few months ago with more homes coming on the market and more expected soon. This is because many home owners, thanks to the economic recovery, now have equity once again in their homes. They are no longer underwater, making the current market look like a good time to sell.

The LA Times ran a story this week that corroborate what has been happening all over the state.

In our micro-market, all the action seems to be on the tear downs and on the brand new spec homes while the mid-range homes are lingering on the market. Some owners of these mid-range properties will opt to lower their prices and some will probably go off the market until next year.

New Listings this Week

624 22nd St. –   5bd + 5.5ba.  $3,595,000.  Originally listed at $3,725,000 in June.  Now relisted at a lower price. 4,374 sq. ft. on a 7,500 sq. foot lot.  Gourmet kitchen w/granite countertops, large pantry.  Last sold in April 1996 for $1,220,000.

639 10th St. –   2bd + 1ba.  $2,269,000.  Heavy fixer. Remodel, add on or build a new home here.  Last sold in May 2010.

New Sales this Week

220 12th St. –   6bd + 9ba.  $5,995,000.  Much sought after Hampton inspired new construction, 3-level home. Smart home with very impressive finishes. 7,500 sq. ft. lot. Last sold in November of 2011 for $1,700,000.

705 7th St. –   3bd + 2ba.  $1,699,000. Develop and build your dream home!  7,524 sq. ft. lot.  Close to Montana Avenue.  Last sold in July 1992.

No Closed Deals this Week

544 Euclid St. –   5bd + 5.5ba.  $4,795,000.  Co-listed and sold by Pence Hathorn Silver.

434 10th St. –   5bd + 3ba.  $3,861,000.

418 Euclid St. –   4bd + 3ba.  $2,815,000. Closed $220,000 above list price.

700 San Vicente Blvd. –   4bd + 3ba.  $2,300,000

Pence Hathorn Silver Active Properties:

6415 Meadows Court – 6bd + 7ba – $5,995,000

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

318 N. Maple Dr. #104 – 2bd + 2.5ba – $859,000

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.

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