Hope your summer is off to a great start!
The North Santa Monica real estate market certainly is!
There are fewer homes for sale which causes prices to remain high and in some cases, even higher sale prices than recent comps would indicate.
In our micro market of Santa Monica, the available homes for sale (inventory) remains tight. This is especially true North of Montana Avenue. Any home that is properly priced for sale and exposed to the broad market will generate multiple offers and likely sell for more than the list price. Sometimes even when a home is not broadly exposed, such as the one I wrote about a few weeks ago on Adelaide Drive. It never was formally on the market and yet it sold over list price with multiple offers. If you want to geek out with me on the 90402 market data, click this link.
I can get you these reports each week if you like. They look like this, only with much more info.
BTW: The upper end sections of Brentwood and Pacific Palisades are not performing as well as North of Montana in Santa Monica!
Did You Know?
- Dubai leads the world in $10M+ home sales with 105 trading in the first quarter of 2024, about double the #2 city, New York. A 16,600 sq. ft. Foster & Partners designed Dubai penthouse recently sold for almost $38 million, a new record! $10m+ sales were down over 11% YOY in the first quarter. (Mansion)
- Are homes and buildings big polluters? Nope, not even close when compared to super-yachts: The annual CO2 emissions of the top 300 superyachts is almost 285,000 tons, an amount more than the entire nation of Tonga. Worldwide, the average person produces about 4 tons of carbon dioxide each year. In the US, each person produces about 16 tons of carbon dioxide each year. Together, home heating and cooling is responsible for roughly 441 million tons of carbon dioxide annually.
- In 2019 less than 10 million U.S. families had more than $1 million in wealth. In 2022 it was 16 million. We increased the number of millionaire households by 60% in just 3 years, mainly self-made wealth. Only 21% of US millionaires have received any inheritance. There are 600,000 millennial millionaire households, and while the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age, the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.
In Other 90402 Real Estate News
There Are Just 15 Active Listings Currently, the Most Recent Are
- 618 10th Street - Listed for $3,698,000. Land value opportunity on a 50ft wide lot.
- 709 10th Street - Listed for $5,295,000. Pretty Craftsman home, totally livable but ready for a bit of updating. It is about 3,300 sq. ft. on a 50 ft. wide lot. Last sold in 2012 for $2,600,000.
- 213 16th Street - Listed for $5,195,000. This is a 1920’s Spanish charmer. About 3,100 sq. ft. on a 7,500 sq. ft. lot. Last sold in 2021 for $3,500,000.
- 2020 Georgina Avenue - Listed for $11,995,000. This a killer compound. The house main house is about 6,000 sq. ft. and is situated on a massive 18,000 sq. ft. gated & private corner lot. There is also a two-story ADU with fitness center, sauna and guesthouse with kitchenette plus a beautiful pool & spa, and a car collector’s garage!
- 343 14th Street - Listed for $6,500,000. Built in 2001, so this house has that wide open floorplan that cannot be replicated today. It is 4,100 sq. ft. - all above ground and was updated in 2021. Last sold in 2012 for $3,472,500.
- 628 10th Street - Listed for $9,990,000. Brand new construction, 6,800 sq. ft. (3-levels) on a 7,500 sq. ft. lot. All the expected bells and whistles plus pool & spa, cabana, ADU with full kitchen!
Three Listings Under Contract
- 627 26th Street - Listed by Pence Hathorn Silver for $3,300,000. Being sold as a “livable lot value”, it is currently tenant occupied, which is great for a Buyer who wants to have some rental income while obtaining permits.
- 627 Euclid Street - Listed for $5,099,995. This house sold in a multiple offer frenzy, way over asking - pretty impressive considering it is only about 2,000 square feet including the converted garage.
- 346 21st Street - Listed for 8,750,000.
There Have Been a Whopping 22 Closings Since My Last Update - Four of Which Sold Before Ever Hitting the MLS!
- 722 Adelaide Place - Sold for $4,720,000 by my partner Loraine Silver in multiple offers (this is the off-market sale I referenced above).
- 415 17th Street - Also sold by my partner Loraine Silver for $7,050,000.
- 406 Alta Avenue - Sold by yours truly for $4,123,635.
- 435 Marguerita Avenue - Sold at the asking price for $10,995,000.
- 424 12th Street - Sold off-market for $4,020,000.
- 451 20th Street - Sold off-market for $4,200,000.
- 211 17th Street - Sold for $7,211,000. Listed for $6,850,000.
- 1628 Alta Avenue - Sold for $7,740,265. Listed for $7,295,000.
- 417 10th Street - Sold for $7,400,000. Listed for $7,495,000.
- 716 21st Street - Sold for $7,375,000. Listed for $7,650,000.
- 721 15th Street - Sold for $5,700,000. Listed for $4,895,000.
- 402 15th Street - Sold for $4,800,000. Listed for $4,095,000.
- 309 20th Street - Sold for $4,245,000. Listed for $4,250,000.
- 411 26th Street - Sold for $5,335,000. Listed for $5,695,000.
- 441 Marguerita Avenue - Sold for $5,500,000. Listed for $5,695,000.
- 515 21st Street - Sold for $4,950,000. Listed for $5,545,000.
- 222 14th Street - Sold for $4,100,000. Listed for $4,999,888.
- 722 21st Street - Sold for $4,416,500. Listed for $4,795,000.
- 858 Woodacres - Sold for $6,135,000. Listed for $7,450,000.
- 220 Adelaide Drive - Sold for $15,000,000. Listed for $15,500,000.
- 835 San Vicente - Sold for $17,500,000. Listed for $19,995,000.
- 512 Georgina Avenue - Sold for $19,150,000. Listed for $21,500,000.
2024 RealTrends Verified
We're honored to be listed among the top performers on the 2024 RealTrends Verified list. Thank you to our incredible team, staff, colleagues, and clients for making this achievement possible—here’s to many more milestones together!
