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Santa Monica Dirt: Will the Sizzling Start to the 4th Quarter Continue or Will the Lack of Inventory Put the Brakes on Further Spikes?

Posted by John Hathorn on November 9, 2012
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Traditionally, this time of the year is when far fewer homes come to market. Especially in an election year when many buyers and sellers have a “wait and see” attitude. This and the upcoming national holidays of Thanksgiving, Christmas and New Year’s usually make for some of the slowest months of the year. But don’t tell that to the last few 90402 home sellers and buyers: The Pence Hathorn Silver sale of 702 21st St was the highest price ever paid for a land-value sale. Ever!

It sold for $2,650,000 which works out to $296 per foot on for an 8,949 sq. ft. lot. There were eleven (11) offers! A home that was listed on 18th Street two weeks ago went into escrow at $200,000 over asking and there is a land-value home listed on the market on Alta near Ocean Ave. listed for just under $2.3 million or $260/ft. Some colleagues have commented that they think the Alta sale could go as high as $314/ft. – a significant increase over the pre-recession and often quoted days of $250/ft.

Here is your real estate news:

New Listings this week

425 26th St. –   5bd + 5.5ba.  $2,681,841.  Re-List. One of the rare REO listings in the 90402. Big Spanish Contemporary apx. 4,900 sq. ft. on apx. 10,800 sq. ft. lot. This is a Santa Monica address but actually in LA.

336 7th St. –   2bd + 2ba.  $1,459,999.  Listed by Pence Hathorn Silver!  Very quiet, recently remodeled Mid-Century.   Large front and back yard with extra bonus room next to garage.  Best condo alternative in Santa Monica! Last sold in May 2011 for $1,278,000.

Please call 310.924.4014 for an appointment to see this listing

Sales this week

365 23rd St. –   4bd + 4.5ba.  $3,150,999Restored and updated Spanish with lots of old world charm. Bonus detached guest room + den is a plus.  Last sold in March 2002 for $1,500,000.

No Closed Deals this week

Pence Hathorn Silver Active Properties:

523 S. Burlingame Ave. – 5bd + 7ba – $5,795,000

13868 W. Sunset Blvd. – 4bd + 3.75ba – $2,895,000

336 7th St. – 2bd + 2ba – $1,459,000

17201 Palisades Circle – 3bd + 3ba – $729,000

10975 Exposition – 3bd + 2ba – $699,000

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.

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