Have you heard of VRBO? It stands for Vacation Rentals By Owner and is a website used for leasing properties on a short term basis. In many cases owners are raking in above market rents and avoiding strict rent control ordinances by keeping the visitor under 30 days at any one property. Popular tourist areas like Santa Monica, Venice, and Malibu are among the hottest destinations.
State legislators are putting together a bill that will limit or potentially stop, the current vacation rental market. Concerned neighbors and hoteliers are complaining that the short term rentals are degrading the community and pushing up rents for longer term renters. Their goal is to limit commercial practices in residential areas, restricting current disruptive noise and traffic from such properties. Government officials want the online companies to start reporting all revenue, the property location and guest duration, thus collecting taxes not currently paid and to enforce stricter ordinances. At the moment, most property owners are not filing with the county tax collector’s office nor paying the quarterly tax required in most cities. Another part of the possible bill will obligate vacation rental property owners to alert all neighbors and purchase a permit—limiting the number of guests and length of stay. The bill is in the early stages of being written and passed. I find the market for vacation rentals is in high demand and will continue to be, even with the government getting a piece of the pie.
Here is your real-time real estate market info:
There’s an uptick of activity in the flats north of Montana Avenue in Santa Monica. 7 properties have come on the market this week. Pence Hathorn Silver has listed a gorgeous Hampton style home built in 2004 close to Georgina Avenue – 311 12th Street and our phones have been jammed with numerous requests for appointments to see it. 1427 Georgina Avenue and 332 12th Street have gone into escrow – both with multiple offers. No new closings this week so the year-to-date closed sales is 11 – the same as last week.
New Listings this Week
311 12th Street – 5 bedrooms + 5.5 baths. $4,350,000. Listed by Pence Hathorn Silver. Stunning Ken Ungar Hampton style home. Over 4,300 square feet of interior space. 4 en-suite bedrooms (all with full baths) and 1 bedroom plus 1.5 baths down. Features hardwood floors throughout, elegant crown and floor moldings, wainscoting, vaulted ceilings, and more. Formal living and dining, white marble chef’s kitchen. Large master suite with vaulted ceiling, 2 huge balconies and luxurious master bath. Last sold in May 2004 for $3,450,000.
210 21st Place – 5 bedrooms + 6 baths. $5,998,000. Brand new Traditional in Gillette Regent Square by John Andrews AIA. Smart home with 4 security cameras, solar panels on roof, life source water purifying system, etc. Beautiful and cozy. Living room opens to large family room, gourmet kitchen with top-of-the-line appliances, master suite with outdoor terrace and Carrera master bath. Salt water pool, fire pit and fruit trees. Last sold in October 2011 for $1,625,000.
333 22nd Street – 4 bedrooms + 5 baths. $5,895,000. Over 5,500 square feet of interior space. Unique tri-level architectural. Open floor plan. Elegant formal living and dining, office, wet bar, comfortable family room, chef’s kitchen with Viking appliances. Backyard with built-in barbeque and separate eating/sitting areas. Last sold in July 2011 for $3,350,000.
428 19th Street – 5 bedrooms + 4 baths. $3,995,000. Bright and elegant home with high ceilings and ideal floor plan. Professionally landscaped yard and pool by Jay Griffith. Large master suite with private balcony, maid’s and office/ guest room downstairs. Last sold in September 2005 for $3,100,000.
307 25th Street – 3 bedrooms + 5 baths. $3,495,000. Single story Contemporary. Loft-like living and dining. Updated kitchen, large master suite, two bedrooms with renovated bathrooms. Sparkling salt water pool, hedged front yard, solar panels. Close to Brentwood Country Mart. Last sold in August 2003 for $1,937,510.
537 Euclid Street – 3 bedrooms + 1 bath. $2,850,000. Great location around two blocks from chic cafes and boutiques on Montana Avenue. Beautiful 50 x 150 lot with lush landscaping. Last sold in February 1969 for $42,500.
1312 San Vicente Boulevard – 4 bedrooms + 4 baths. $2,849,000. 1930’s Spanish home. Great layout with 3 bedrooms and 2 baths up and 1 bedroom and 1 bath down. Intricate details such as stenciled ceilings and original beams. Grassy yard, koi pond, fountain and fruit trees. Move-in, remodel or build new! Roosevelt school district close to the beach. Last sold in November 2005 for $2,214,000.
New Sales this Week
1427 Georgina Avenue – 4 bedrooms + 4 baths. $6,975,000. Collaboratively designed and created by Buzz Yudell and Tina Beebe. Unique designer house with beautiful craftsmanship. Flexible floor plan and environmental friendly. Great indoor and outdoor flow. Last sold in February 2007 for $2,750,000.
332 12th Street – 3 bedrooms + 2 baths. $2,675,000. Block from the ocean. Rare development opportunity. Approximately 1,678 square feet of interior space. Remodel or build new! Last sold in November 1972 for $45,000.
No Closed Deals this Week
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.
311 12th St. – 5 bedrooms + 5.5 baths – $4,350,000
1754 Franklin Canyon Dr. – 5 bedrooms + 5.5 baths – $3,795,000
1023 S. Bundy Dr. – 2 bedrooms + 2.5 baths – $2,195,000
1544 12th St. #104 – 1 bedrooms + 1.5 baths – $1,195,000
11959 Mayfield Ave. #2 – 2 bedrooms + 2.5 baths – $899,000
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.