406 Alta Avenue, Santa Monica

4 BD | 3 BA | 2816 SF | $4,195,000

Great opportunity to secure one of the best locations North of Montana! Setback from the street behind a privacy fence, with a 2-car attached garage this home is a great option for expansion, remodel, or just move right in!

Last month, there were 18 offers on a single-level home located on 17th St and Alta. This is undoubtedly a positive sign for the market and it means there are still 17 unsuccessful buyers actively searching. Do you want to sell?

The property I am referencing is 634 17th Street - a 4-bedroom, 3-bathroom home with a pool, situated on a 10,000 sq ft lot. Originally listed for $4,395,000 and it sold way above asking price for $5.1M!

DID YOU KNOW?

* Our Compass Luxury Division’s 2023 Ultra-Luxury Report is NOW LIVE! This publication showcases data on all $10M+ transactions over the last four years, inclusive of all brokerages. Check out our press coverage in Mansion Global: More Than 1,500 Homes in the U.S. Sold for $10 Million and up in 2023. Follow @compassluxurydivision on Instagram!

* One for every 80,000 people in Switzerland is a billionaire, a super-high concentration, second only to Hong Kong and Luxembourg. Mean net worth (about $685,000) is far above the US and Hong Kong (around $551,000). Switzerland is one of the most stable political environments, with a very stable currency. Tax policies are very attractive to the wealthy, with no capital gains taxes. Switzerland does have a low wealth tax ranging between 0.1-1.1%. Different regions - cantons - have varying local laws and incentives and tax structures, but competition between the cantons is limited. Healthcare is universal. 8.7% are at poverty level. (CNBC)

* Banks are facing roughly $560 billion in commercial real estate maturities by the end of 2025, representing more than half of the total property debt coming due over that period. Regional lenders in particular are more exposed to the industry, and stand to be hurt harder than their larger peers because they lack the large credit card portfolios or investment-banking businesses that can insulate them. Commercial real estate loans account for 28.7% of assets at small banks, compared with just 6.5% at bigger lenders. Offices have devalued the most - around 25% - while multi family apartment buildings have devalued around 12%. Self storage facilities have devalued by round 11%. (BLOOMBERG)

* Hedge Funds love volatility in markets.....Citadel grew 1.9% in just January....annualized that would be over 22%. When people make big bucks out of volatility, expect volatility to persist!

* Ultra-luxe retailers are buying the retail spaces from their landlords, flush with massive recent profits fueled by luxe-flation. Prada, Gucci and now LVMH are buying up buildings on Fifth Avenue for hundreds of millions. Buy vs. Rent? (WSJ)

* Nearly 300 gigawatts of new power plants are needed over the next 5 years and 500 gigawatts over the next decade to meet the need. Solar demand is expected to grow 26% per year compounded over the next 5 years as the economics of generating solar power become increasingly attractive. Contrary to (well-funded) narratives, utility-scale solar costs anywhere from $24- 96 per megawatt hour without subsidies, about 56% cheaper than nuclear and gas peaking and 42% less expensive than coal at the top end of the cost estimate range. (CNBC)

There are just 17 Active listings right now. They range in price from $23,500,000 to $4,195,000.

The newest is my listing at 406 Alta Avenue. Listed at $4,195,000, this livable 4-bedroom house has a pool and is prime for remodel, or just move right in to the highly desirable West of 7th neighborhood!

858 Woodacres Road- Listed for $8,250,000. This has been a rental property for many years and is now being offered for sale. Mid-Century, single-story, on a large, 25,730 sqft lot. Will be an interesting project for someone!

548 15th Street- Listed for $8,995,000. The lot was purchased for $3M in 2015. New construction 5 bedroom, 3-level, 6,000 sqft home. Built on a 50ft lot, the house and pool don’t leave much for yard space, but the with lack of new construction inventory, it still may do the trick for someone.

The rest of the Active Inventory are holdovers or re-lists from last year.

There are 3 listing in escrow.

634 17th Street- As discussed above is listed for 4,395,000 and in escrow for $5.1M.

728 26th Street – Listed for $2,998,000.

322 17th Street – Listed for $4,395,000.

There have been 5 sold since my last update.

446 21st Place- Sold by yours truly, before we even hit the market. Sold for $7,950,000.

439 16th Street- Sold for $5,925,000. Originally listed for $5,995,000.

450 15th Street- Sold for $3,000,000. Originally listed for $3,299,000.

320 22nd Street- Sold for $6,130,000. Originally listed for $5,995,000.

210 Georgina Avenue- Sold for $5,750,000. Originally listed for $6,750,000.