Halfway through 2015 the north of Montana Avenue real estate bull market continues. Multiple offers and over-asking offers on certain properties are so common-place that some Buyers are choosing to not even attempt to get their “traditional” (contingent upon financing or appraisal) offers accepted.
For example, there is a home on the market on 18th street that launched this past week. 18th is, along with 21st street, one of the most popular streets in the 90402 zip code. There are 10 purchase offers being countered today. Most of the initial offers are all cash, 10 day deals. The home is small by 90402 standards but its southwest corner lot location on 18th and its 5-star condition have made it a “must-have” for many eager Buyers.
The average sold price per square footage derived from the MLS has gone up from $1,039 in 2014 to $1,302 in 2015 (as of June 24th). Dollar per square foot is not the best measure of value because lot sizes vary. For homes older than 10 years, 90% of the value is value of the land. Usually, land-value sales tend to be smaller homes with interior spaces of under 2,000 square feet. And when 2,000 square feet is divided into a typical sales price, the resulting price per square foot can be as high as $1,600 or more. Suffice it to say that there has been a significant increase year-over-year for land value and new construction homes while homes over 10 years old must be priced much more carefully than ever.
Time on the market is way down in most cases. The days-on-market (DOM) has been cut by about 41% from 66 days in June of 2014 to only 39 days in June of 2015.
Last year at this time there had been 26 closed sales in the 90402 flats (no Santa Monica Canyon in the flats).
We are up 19% since then with an increase in closed sales to 31.
Here is this week’s real estate activity:
New Listings this Week
333 Adelaide Drive – 4 bedrooms + 7 baths. $10,500,000. Italian villa with antique charm. 7,000 sq ft. with no flat land but nice ocean view. Features Spanish stone tiles, glass tinted windows, wood beams and other old world charm and finishes. Last sold in March 2004.
251 21st Place – 4 bedrooms + 5 baths. $6,250,000. Beautiful country house on a large corner lot (south west corner of Georgina and 21st Pl) Remodeled by Marc Appleton. Pool and spa. Last sold in April 1988 for $1,550,000.
333 22nd Street – 4 bedrooms + 5 baths. $5,500,000. Re-listed, reduced price, originally built by Jeff Mandel in the 80’s but tastefully updated since then. Mediterranean style with a basement. Last sold in July 2011 for $3,350,000.
557 12th Street – 6 bedrooms + 6 baths. $4,698,000. Fully priced Spanish villa on a 50’ wide corner lot. Last sold in August 2013 for $3,910,000.
502 18th Street – 4 bedrooms + 5 baths. $3,695,000. 10 offers at press time on the single story Country English home. Very tastefully and thoughtfully remodeled with an entertainer’s courtyard, outdoor dining, “endless” pool. Detached one bedroom guest house with built-ins.. Last sold in January 2012 for $2,400,000.
New Sales this Week
369 22nd Street – 5 bedrooms + 4.5 baths. $3,995,000. Beautifully maintained and updated. Hardwood floors, high ceilings and large windows. Living room with vaulted ceilings, formal dining room, chef’s kitchen with white marble, stainless steel appliances, butler’s pantry. Spacious family room, lovely backyard with outdoor kitchen. Bonus room off of the 2-car garage. Last sold in July 2012 for $3,350,000.
455 9th Street – 4 bedrooms + 2 baths. $3,288,000. Corner of 9th and Margurita. House with a separate guest house, and a studio apt above the garage. Your own family compound if you like. Lots of deferred maintenance but rarely do you see set ups like this in 90402. Last sold in November 1966 for $44,000.
Closed Deals this Week
214 18th Street – 3 bedrooms + 3 baths – $3,550,000.
307 25th Street – 3 bedrooms + 5 baths – $2,950,000.
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.
770 Amalfi Dr. – 6 bedrooms + 6 baths – $6,000,000
238 19th St. – 4 bedrooms + 3.75 baths – $3,649,000
809 Malcom Ave. – 3 bedrooms + 3.5 baths – $3,100,000
30 23rd Ave. – 2 bedrooms + 1.5 baths – $1,695,000
918 9th St. #D – 4 bedrooms + 3 baths – $1,595,000
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.