Some of my friends, neighbors and clients have been asking me who the north of Montana Avenue buyers are these days.
Of course spec builders are out in full force, looking for tear-downs and the like. There are several homes under contract right now that will be demo’d as soon as demo permits can be obtained and escrow is closed. These homes will be rebuilt and sold as new spec homes in as little as 11 months. But, developers aside, in the past few months the buyers have been lawyers, retired 50-somethings, a trust funder, an internet advertising person, and more lawyers.
Conspicuously absent are doctors. It seems that doctors have been priced out of the flats of 90402. Doctors and entertainment industry people used to be right in the mix with lawyers and financial services people, vying for a home north of Montana Ave. I cannot remember the last time I was involved in a 90402 closing in which the buyer was a physician. This is not surprising really. With 50X150 lots selling for $3 million and 60X150 lots selling for $3.4 million, new construction homes are now $6 million and above on these lots. New homes on lots larger than 10,000 square feet will be priced at $12 million+ in the coming months.
There appears to be no end in sight as my colleagues and I field calls every day from people looking for an inside edge over the competition to buy tear downs. We have Buyers that are willing to pay all the fees and charges usually associated with a sale, including the sales commission with one caveat – the price must be in keeping with the comps, meaning +/- 1 to 2% of the last closed sale of a similar property.
If you, or anyone you know, has a home they want to sell, please let me know. You might be shocked by the value attributed to the property in today’s market.
No New Listings so far this Week
New Sales this Week
247 20th Street – 4 bedrooms + 3 baths. $3,398,000 . Very funky English meets Alpine Village country style home. Went under contract briefly last week, then bombed and now is back in escrow. Last sold in April 2010 for $1,860,000 – a legal steal even by 2010 standards.
Closed Deals this Week
1140 San Vicente Boulevard – 5 bedrooms + 6 baths. $5,490,000.
502 18th Street– 4 bedrooms + 5 baths. $4,031,000. Sold over asking. There were actually 18 written offers on this little house and it sold for way more than anyone predicted it would. Shows you that people will pay for high quality and good design, regardless of the size.
633 Marguerita Avenue – 3 bedrooms + 3 baths. $2,800,000. Sold over asking. I think this will we razed. It’s on the corner of 7th and Marguerita and it sold at the exact sale price I predicted it would.
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
238 19th St. – 4 bedrooms + 3.75 baths $3,649,000
802 San Vicente Blvd. – 3 bedrooms + 2 baths $3,300,000
809 Malcom Ave. – 3 bedrooms + 3.5 baths $3,100,000
30 23rd Ave. – 2 bedrooms + 1.5 baths $1,695,000
2930 Neilson Way #505 – 2 bedrooms + 2 baths $1,250,000
11864 Bray St. – 2 bedrooms + 1 baths $799,000
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) 9244014 with any questions.