It’s a little early to talk about December Holiday parties, but keep the first Friday in December open for our annual Night on Montana Holiday Party at our office at 14th and Montana. December 5, 2014 is the date, it is an invitation only affair with Santa, snacks, drinks and plenty of festivities! A more formal invite will go to you sometime in November.
The real estate market has been hot and cold. Summer, along with September was slow with very few homes coming on the market; some of them are still available today! October has shown signs of bullish buyer behavior with record breaking prices on the both ends of the spectrum – brand new construction and tear-downs. Tear downs are the most sought out segment of the market. Developers and end-users are competing with each other for the mostly 50X150 and 60X150 lots. There are a few lots west of 7th in the Palisades Tract that are likely to sell for over $400/per square foot.
The California and National Associations of Realtors predicted “modest” price appreciation for 2014. Can 30% year-over-year price gains really be considered “modest”? I don’t think so. Nor does anyone expect that these escalating prices can sustain themselves, but time will tell.
Regardless of what you think the market is going to do, one thing is certain – this is a very good time for home sellers. If you or anyone you know has any thoughts of selling, please call me.
Here is your real-time real estate market info:
There are 4 new listings that hit the market this week, bringing the total to 14 active listings north of Montana. There was 1 sale this week bringing the number of homes with sales pending to 9 up from 8. Total closed sales for the year is 50 – unchanged from last week.
New Listings this Week
535 12th St. – 4 bedrooms + 5 baths. $4,100,000. Listed by Pence Hathorn Silver. A $500K remodel and luxury appointments, top-of-the-line finishes, a lovely living room with arched windows and beamed ceilings make this the Pence Hathorn Silver home of the week. Open kitchen with stainless steel appliances, double dishwashers. Luxurious master with vaulted ceilings and balcony. Private backyard with grassy lawn, hot tub, patio w/speakers, etc. Last sold in June 2007 for $3,860,000 and likely to sell for well above list price.
1436 San Vicente Blvd. – 5 bedrooms + 7 baths. $3,695,000. Re-listed after failing to sell over the summer is this Tuscan Villa on tree-line San Vicente close to Ocean Avenue and the beach. Reconstructed and expanded in 2008. Gated with one bedroom guest house, salt water pool, spa, sauna, Crestron system, and many more features. Last sold in June 2004 for $1,925,000.
528 11th St. – 5 bedrooms + 4 baths. $3,290,000. Updated traditional approximately 3,500 square feet. New updates include mahogany floors, new appliances, bathrooms and showers. Roosevelt school district. Last sold in June 1992.
448 Euclid St. – 3 bedrooms + 3 baths. $2,739,000. Beautiful and charming Country English. Hardwood floors throughout, living room with fireplace and coved ceilings, landscaped gardens. Last sold in May 1995 for $650,000.
New Sales this Week
523 11th St. – 4 bedrooms + 3.5 baths. $3,150,000. Getting rid of the tenant did the trick for this home as it was listed several months ago, was difficult to access and failed to sell. Features wood floors, tall cathedral ceilings, and sparkling pool. Bright and light. Family room with French doors open to grassy yard and pool. Master with luxurious bath. Last sold in March 2004 for $2,375,000.
No New Closed Deals this Week
Pence Hathorn Silver Active Properties:
502 16th St. – 5 bedrooms + 7.5 baths – $8,495,000
440 15th St. – 5 bedrooms + 6.5 baths – $4,999,000
303 9th St. – 5 bedrooms + 6.5 baths – $4,999,000
721 23rd St. – 5 bedrooms + 5.5 baths – $4,495,000
535 12th St. – 4 bedrooms + 4.5 baths – $4,100,000
100 Esparta Way – 4 bedrooms + 2.75 baths – $2,999,000
12727 Sunset Blvd. – 4 bedrooms + 4.5 baths – $2,345,000
1544 12th St. #104 – 1 bedrooms + 1.5 baths – $1,195,000
3166 S. Sepulveda Blvd. #33– 1 bedroom + 1 bath – $339,000
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.