When I started selling on Montana Avenue 25 years ago and you told me a new spec home would cost $6 million, I would tell you you’re crazy. Once upon a time, it was crazy to imagine homes selling for $ 4 million or $5 million, but of course, that was then. Now, there is a very exciting new Partners Trust listing on the market this week- 225 22nd Street-which will be the home to watch as a barometer for other spec home builders. Only once in the recent past has a home on a 50X150 lot sold anywhere near $6 million, and one sale does not make a market.
You may recall reading about that record breaking sale in my piece from October 4, 2013. It was a house on 12thStreet in the Roosevelt School District. It is over 6,000 sq ft and the subterranean level was one of the nicest ever built North of Montana Ave.
The new home listed at 225 22nd Street is in the Franklin School District and although a tad close to San Vicente, it is predicted to out-perform the 12th Street sale. If so, it will be the highest price ever paid for a spec home on a 7,500 sq ft lot.
Our High Tea was very well attended last Sunday. If you missed it, look for an invite to the next one and please join us in August when we launch the listing of our new construction home at Euclid and Georgina.
Here is your up to the minute real estate market info:
There are 18 homes available to buy North of Montana Avenue with 3 homes hitting the market this week: 225 22ndSt, 239 14th St and 708 17th St. There are twelve homes in escrow. Closed sales went up to 26 homes year-to-date. We are still well behind the pace of 2013 but now with a slight upturn in available inventory, the number of sales might increase.
New Listings this Week
225 22nd St. – 5bd + 8ba. $5,980,000. New construction Cape Cod. Over 6,400 sq ft features 3 levels w/an elevator, lux lower level guest suite, gym, bonus room, 800 bottle wine cellar, home theater. Spacious formal living & dining rooms, well-appointed kitchen. An exceptional home.
239 14th St. – 5bd + 6ba. $4,450,000. Rebuilt in 2006 with many upgrades done in 2014. Great attention to detail. Features large chef’s kitchen, oversized Calcutta marble island, Viking appliances, 2 dishwashers, etc. Lush backyard. Last sold in June 2013 for $3.925 million.
708 17th St. – 4bd + 3ba. $2,999,000. Mediterranean modern architectural touches. Over $250k spent in 2009 in adding pool, spa and permitted detached guest house. Backyard with grassy area is perfect for kids and entertaining.
New Sales this Week
425 12th St. – 6bd + 6ba. $3,595,000. Renovated and upgraded in 2007. Features professionally designed Chef’s kitchen, huge family room, large secluded grassy yard w/bbq area, spa, beautiful master suite. Last sold in July 1999 for $1,275,010. The floor plan is unique and the garage is a 1-car and the house is priced accordingly.
434 19th St. – 3bd + 2ba. $2,800,000. Land-value / tear down on an 8,949 Gillette lot. There were 10 offers submitted on this and it will close over $3 million – hundreds of thousand over asking. It last sold in October 1987 for $745,000.
Closed Deals this Week
2012 La Mesa Dr.– 6bd + 6ba. $5,450,000.
334 25th St.– 5bd + 5ba. $4,400,000.
Pence Hathorn Silver Active Properties:
502 16th St. – 5bd + 7.5ba – $8,495,000
615 18th St. – 7bd + 8ba – $6,495,000
168 S. Medio Dr. – 5bd + 3.5ba – $3,595,000
143 Foxtail Dr. – 4bd + 3.5ba – $3,095,000
12727 Sunset Blvd. – 4bd + 4.5ba – $2,395,000
844 17th St. #102 – 2bd + 2ba – $1,795,000
416 Entrada Dr. – 3bd + 1.75ba – $1,450,000
1330 Stanford St. #F – 2bd + 2.5ba – $1,149,000
11959 Mayfield Ave. #2 – 2bd + 2.5ba – $899,000
2002 4th St. #104 – 1bd + 1ba – $399,000
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.