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Santa Monica Dirt: Hundred Year Old Home Blues

Posted by John Hathorn on August 14, 2015
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1222PrincetonStreet12

A reality check for one ambitious Seller and a price increase from another marks this week’s Santa Monica Dirt.  305 Alta Ave is an old home, 102 years old, in fact! Built on a 21,000+ sq ft lot that Santa Monica recently deemed historically significant. It was first listed in May of this year for $8,950,000 and just re-launched at $7,750,000. With a historic designation, what, and how, you can build a new home becomes far more complex than without. $8,950,000 seemed to be a bit too ambitious and it will be interesting to see what whacking over $2million off the list price does. The lot and location are superlative and there is nothing like this available anywhere nearby so….time will tell.

Also reappearing on the market is 468 22nd Street after a couple of failed escrows at a higher list price than when they started the sale process back in June. The original $3,450,000 list price was designed to generate multiple bids, and overbids. The Brokers (Not PHS) did indeed generate multiple offers, however for various reasons the property is once again back on the market.

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Here are this week’s MLS Changes:

305 Alta Avenue –  4 bedrooms + 4 baths.  $8,950,000 $7,750,000.   Reduced/ Relisted. Oversized lot approximately 21,444 square feet in the West of 7th Palisades Tract. Historical landmark designation by the city of Santa Monica w/a permitted guest house, artist studio. Last sold in October 1971 for $90,000.

468 22nd Street –  5 bedrooms + 5 baths.  $3,450,000 $3,550,000. Relisted/ Back on market. Updated Spanish with a pool and spa. 3 bedrooms up and 2 down. Priced to sell over-asking. Last sold in September 1997 for $1,300,000.

New Sales this Week

 528 21st Street – 4 bedrooms + 3 baths. $3,400,000 .     There were multiple offers for this – The Whiting home that was being offered as a tear down lot. 60×149 size and a 5D3 on the city historical survey (call me for details). Along with the properties located on west side of 18th Street, this is one of the most sought after locations in 90402.

 

Closed Deals this Week

 

455 9th Street – 4 bedrooms + 2 baths. $3,365,000. 3 units on an R1 lot. List price was $3,288,000! A 2.34% increase over list price.

 

440 25th Street – 3 bedrooms + 2 baths. $3,225,000. Was listed for $3.2 million and sold for $3,225,000 to a very motivated builder – before anyone else could get a chance to make an offer.

 

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Pence Hathorn Silver Active Properties:

Call me for a couple of upcoming attractions, priced from $1.9 million to $6 million – they are not in the MLS.

 

24142 Malibu Rd. – 3 bedrooms + 3 baths $8,000,000

640 17th St. – 5 bedrooms + 5.5 baths $5,250,000

802 San Vicente Blvd. – 3 bedrooms + 2 baths $3,300,000

2401 California Ave. – 3 bedrooms + 2 baths $1,999,000

30 23rd Ave. – 2 bedrooms + 1.5 baths $1,695,000

11864 Bray St. – 2 bedrooms + 1 baths $799,000

1222 Princeton St. #12 – 2 bedrooms + 1.5 baths $599,000

 

Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue 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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