A Midsummer Night’s Dirt

One of the most expensive closed sales in North Santa Monica so far this year was the one at 512 Georgina Avenue which closed at the end of May for $19.15M. Originally listed at $27M. It sold after 7 months on the market to former Golden State Warrior General Manager, Bob Myers.

 

In second place is 835 San Vicente Blvd, which closed just over a month ago. This home was built new in 2021. It was originally listed for $23,950,000, and after 192 days on the market it was reduced to $19.995M. It then sold for $19.5M to Richard and Janet Hunter. 17 months later, when their needs changed, it was listed for sale at $23,500,000 – almost the same price as the original new construction list price in 2021. After nearly 4 months on the market, the owners reduced the price to $19.995M and sold it at the end of May to Former Warner Bros. CEO Cameron Strang for 17.5M. Estimating the expenses of the sale, including the GS Mansion Tax factored in, reveals a loss of around $3.7M.

 

The most expensive unsold home is 1525 San Vicente Blvd. This was built in 2012 and had been on and off the market for 15-months before ultimately selling at $24.5M. The latest owner appears to be designer, Kurt Lazarus. Lazarus listed the home on the market about 3-years ago for $90 Million, and after three price adjustments, it remains available at $59.95M. Across its listing history since being built in 2012, this home has been on the open market for over 35 months.

 

There are several newly built homes in various stages of completion coming to the North of Montana Avenue market very soon. One already listed is 628 10th Street, priced nearly at $10M. It features an approximately 5,800 square foot home with a very nice ADU of 1,100 sq. ft. on a 50’ wide lot. This nice traditional home was built by developer Stan Sowa, known for several successful spec home sales in North Santa Monica Avenue.

 

Another spec home is rumored to be coming soon for $13M. This one is about 6,700 sq. ft. inclusive of an ADU on a 60 ft. wide A+ street. There are two more new constructions on 50’ wide lots that will be priced in the $9M’s, sized at around 4,000 square feet, again with separate ADU’s. I expect these to be in the MLS within the next 30 days.

 

Obviously, these spec home projects were conceived long before the GS Mansion Tax came into being. These Developer/Sellers are now pricing that tax into their offerings in hope that the added expense (roughly $560,000 in the case of a $10M sale) will be a cost absorbed by the Buyer but paid by the Seller. Time shall tell.

 

In anticipation of these new price points for smaller-than-past spec homes, Developers are beginning to show signs of re-entering the market. This has been fueling the insatiable appetite for land-properties all over the upper end markets like north Santa Monica, north of Wilshire and especially North of Montana Avenue.

 

Did You Know

Wyoming has the steepest average monthly cost of energy ($1,591) mostly due to cold winters. The 5 most expensive states overall - Wyoming, North Dakota, Iowa, Montana, and Minnesota - have the highest heating-oil prices, ranging from $396 - $1,087 a month. Hawaii has the highest monthly cost of electricity ($204) and natural gas ($212) but also the nation’s lowest consumption of both. Louisiana has the highest electrical consumption, while Alaska among the coldest states, leads the way for natural gas consumption. Heating is generally more expensive than cooling. New Mexico energy costs average $376 a month, the lowest in the US!

 

A recent survey revealed that a staggering 54% of US adults work while on vacation, and whether they work or not, roughly 50% feel guilty while taking time off. 86% of poll respondents say they receive calls and messages from colleagues while on vacation, 63% say they feel anxious if they don’t check their work inboxes and 59% struggle to switch off from work. To make your escape more enjoyable, try the following:

 

There Are Currently Only 15 Active Listings

I have a listing “coming soon” for $4,500,000 on 50-foot-wide lot, North of Montana Avenue. It is certainly livable, but a great candidate for an overhaul. Call me for more info!

 

• 233 22nd Street – Listed for $5,450,000. Storybook Traditional, just over 3,300 square feet with pool on a 50 ft wide lot. House is livable but ready for updates. It was listed last October for $5,995,000 but didn’t find a buyer at that price.
  
  
• 810 San Vicente Blvd – Listed for $7,795,000. New construction Modern Farmhouse on an almost 8,300 ft lot. Around 5,000 square feet on two main levels (there is also a “loft gym” with rooftop deck space).
  
  
• 710 22nd Street – Listed for $5,995,000. Contemporary Mediterranean, originally built in 1988, but nicely updated. Over 4,600 square feet. Last sold in 2014 for $$3,506,500.
  
  
• 610 Euclid Street – Listed for $6,495,000. This is a 2001 build- so the old code, which allowed a much wider layout. Just under 5,000 square feet with a basement. Good space for some easy updating. Last sold in 2005 for $3,075,000.