The value of a land value property has been hotly debated among most local builders, real estate agents, buyers and the very few sellers that are active in the market right now. The trouble with accurate valuations is that there are not enough sales to draw an accurate answer. 60X149 Gillette lots have sold and closed in the past 6 months for as low as $2,400,000 and as high as $2,650,000.
There are subtle nuances that can affect a Buyer’s decision on a residential building project that might not necessarily translate to a higher or lower sale price but might cause a faster sale, with more purchase offers.
Is there an alley? Is there a “curb cut” (driveway apron)? Which side of the street is the house on? What are the homes like next door? What is the “Walk Score”? Which elementary school is nearby? Are the side yard set-backs worth preserving? How is the parking and over-all density of the block? Does the street bisect San Vicente? What, if any parking restrictions are on the street?
These and other factors are at play to varying degrees, depending on the experience and sophistication of the Buyer, and combine to make some lots more coveted and pricy than others.
New Listings this Week
556 12th St. – 5bd + 4.5ba. $4,749,000. Double lot on the north-west corner of 12th and Alta. Heavy fixer, last redone sometime in the 80’s old Spanish style with guest house and pool.
739 23rd St. – 5bd + 5ba. $4,395,000. Modern Mediterranean 5,401 sq. ft on a large 8,700 sq. ft. lot. 4 bedrooms up. Last sold September 2009 for $3,200,000.
New Sales this Week
645 Adelaide Dr. 7bd + 5.75ba. $6,999,000. Listed by Pence Hathorn Silver. Our 645 Adelaide re-launched this week and we are excited to have this home available. The Style is Tuscan Villa and it is situated on one of Santa Monica’s premier streets surrounded by breathtaking ocean, mountain and canyon views. This home is owned by the “House of Rock” owner/curator and like her La Mesa home (listed for $22million!) is designed and decorated with a rock and roll feel. This home has 7 bedrooms (3 down, 4 up) and 5.75 luxurious baths. The entire lower level is lined with glass doors opening out to pool and private grounds. Of course the kitchen has everything a gourmet cook would want – stainless appliances, full sized fridge, 6-burner professional Viking range with grill-top and marble counters opening onto a sophisticated dining room with dual stone fireplaces. There is an intimate media room with custom coffered ceilings, wet bar and built in projection screen. The upper level has a huge communal balcony and sitting area and all upper bedrooms have private balconies. Enjoy sunset views from the elegant master suite with full length private balcony overlooking the canyon and ocean. http://WWW.645ADELAIDE.COM.
333 24th St. – 5bd + 2.75ba. $3,295,000. Listed by Pence Hathorn Silver. 4 bedrooms upstairs, 1 down, large pool, remodeled kitchen, formal dining, and spacious family room. Last sold in April 2007 for $2,837,000 but significantly updated since then.
Closed Deals this Week
522 25th St. – 5bd + 6ba. $2,917,000.
Pence Hathorn Silver Active Properties:
13868 W. Sunset Blvd. – 4bd + 3.75ba – $2,895,000
253 19th St. – 3bd + 2.75ba – $2,850,000
844 17th St. #101 – 2bd + 2.5ba – $1,445,000
1224 Thayer Ave. #102 – 3bd + 2.75ba – $1,295,000
2512 28th St. #105 – 4bd + 3.5ba – $1,259,000
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