Last week LA Weekly published an article, LA’s 10 Most Expensive Zip Codes For Real Estate. Their list includes the obvious luxury cities such as Beverly Hills, Brentwood and Palisades. Do you know who placed #1? It’s Santa Monica’s 90402, the North of Montana Ave area with a median sales price of $3.7 million! That is a whopping, $1.3 million higher than the Pacific Palisades, ranked at #2.
The demand to live in Santa Monica is stronger than ever, being rated the Most Expensive Zip code is exciting news for homeowners. It is, however, quite depressing for Buyers that are trying to purchase a home in the area. At the bottom of the recession a few years ago there were some land value sales on 60’ wide lots for under $1.6 million. Those lots are now almost 100% more expensive with sales of $3 million in the books, and there is really no end in sight. Every year for the past 10 years, fewer and fewer people are choosing to sell. Most Buyer activity is for either land value properties (so that the buyer can tear down and build their dream home) or brand-new construction. Older, livable homes are still selling, though at much more reasonable prices and time frames.
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Here is your real-time real estate market info:
There are 14 properties available to buy in zip 90402. Two new listings: 440 15th St (Listed by Pence Hathorn Silver) and 703 14th St hit the market in the past week. There are 8 listings in escrow. There were 2 closings: 721 16th St and 530 22nd St. The number of closed sales year-to-date is now 40.
New Listings this Week
440 15th St. – 5bd + 7ba. $5,395,000. Listed by Pence Hathorn Silver. Brand new construction East Coast Traditional. Bright and light w/an ideal floor plan. 5 en-suite bedrooms upstairs, Cook’s kitchen, sophisticated master suite w/luxurious oversized spa bath. This lot sold in 2013 for $2,490,000.
703 14th St. – 3bd + 2ba. $2,695,000. Charming 1926 home w/modern amenities. Features a rotunda foyer, gorgeous living room w/exposed wood beams, updated kitchen, FDR, enchanting English garden, etc. Last sold in December 2006 for $2,150,000.
New Sales this Week
2158 La Mesa Dr. – 6bd + 7ba. $6,995,000. 1920’s Spanish with lots of charm. Over 6,300 sq ft with large living room with soaring ceilings, formal dining room, hardwood and Spanish tile floors. Beautiful landscaping front and back. Last sold in November 2007 for $6,332,000.
New Closed Deals this Week
721 16th St. – 5bd + 5ba. $3,349,999.
530 22nd St.– 3bd + 4ba. $3,000,000.
Pence Hathorn Silver Active Properties:
502 16th St. – 5bd + 7.5ba – $8,495,000
721 23rd St. – 5bd + 5.5ba – $4,495,000
12727 Sunset Blvd. – 4bd + 4.5ba – $2,345,000
370 N. Kenter Ave – 3bd + 2.5ba – $2,195,000
416 Entrada Dr. – 3bd + 1.75ba – $1,450,000
2402 11th St. – Duplex, 2bd + 1ba – $1,258,000
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.