Were You Able To Check Out The Montana Ave Art Walk Last Month?
Along with many of the shops on Montana Ave, our office hosted a few local artists and we saw a fairly steady stream of people stopping in to see them.
Directly outside our office we hosted an all female rock band that performed a long list of AC/DC songs. They sounded great! The closed street was crowded with all ages and it looked like everyone was having a good time.
The event was promoted by the Montana Ave Merchants Association and I think based on the crowd size, it will be an annual event.
Pence Hathorn Silver Annual Night on Montana Holiday Party Set For December 9th This Year!
That’s right! You are invited to join us on Saturday, December 9th from 4-7pm during the Montana Avenue Winter Festival.
This year the street will be closed to traffic and we will be hosting a live music stage in front of our office (1333 Montana Ave at the corner of 14th and Montana). Your favorite Montana shops will have sidewalk shopping from 10am-6pm.
Come join us for some holiday cheer and live music after you get some shopping done!
A Bit Of Dirt On That California Migration
According to the 2022 census results released last month, migration to and from California was a net negative for California.
This may sound like good news to some readers that feel Cali is just too crowded but many more feel this is bad for our economy.
Here is a breakdown of California’s top destination and origination states (and note the in-migration number of foreigners coming in).
Total In-Migration to California
- From Other States: 475,803
- Foreign: 298,151
Top In-Migration States:
- TX - 42,279 (I read somewhere that many in this group are returning to California as a result of not liking the weather in Texas)
- WA -31,866
- NY -31,255
- FL -28,557
- AZ - 27,412
- IL - 24,559
- OR - 23,792
Total Out-Migration from California
- To Other States: 817,669
Top Destination for People Moving Out:
- TX - 102,442
- AZ - 74,157
- FL - 50,701
- WA - 49,968
- NV - 48,836
- OR - 36,249
- NY - 34, 681
Notice any similarities in the destination states?
It is no surprise that all but NY have more favorable tax laws than California.
In Other 90402 Real Estate News
Right Now There Are 25 Active Listings
Not a lot of new to the market inventory as many would be Sellers hold off listing until the new year. Waiting versus listing now is an annual debate among real estate agents and Sellers. Compelling arguments can be made to support both positions but these days, especially for vacant properties, I don’t like to wait. While it’s true that there are tremendous distractions during the holidays, people that want and need to buy a home or investment property will generally make time to do so, in spite of holiday distractions. Of course, coming on the market in the days surrounding Christmas and New Year’s day would be less than optimal but other than that, I say, go for it.
The Latest Listing Came on the Market Two Weeks Ago
- 621 Marguerita Avenue - Listed for $17,500,000. Built in 2010, just west of 7thon a 14,500 sq. ft. lot with guest house, sports court, koi pond, 3-car garage and pool. Last sold in 2017 for $10,450,000. This house has traded a few times since it was first built. Both times it exceeded my price expectations.
- Speaking of outperforming the market, the most expensive home on the market in Santa Monica is 2121 La Mesa Drive. It was listed for $29,000,000 a few months ago and just went into contract!
- The least expensive is a development deal at 469 17th Street - Listed for $3,999,000. Comes with plans for a big new modern farmhouse.
Five Homes Currently in Escrow in the 90402 Zip Code:
- 2121 La Mesa Drive - It was listed for $29,000,000 a few months ago and just went into contract!
- 259 25th Street - Listed by Pence Hathorn Silver for $5,895,000. A really unique lot value that sold with multiple offers. Escrow will be closing in the next week.
- 450 15th Street - Listed for $3,299,000.
- 449 17th Street - Listed for $6,895,000.
- 210 22nd Street - Listed for $3,995,000.
Five Sold / Closed Homes:
- 347 14th Street - I listed this house for $3,995,000 and had multiple offers and in contract, within two weeks. We closed today at full price.
- 815 San Vicente Blvd - Sold by Pence Hathorn Silver for $4,684,000. Originally listed for $4,799,000.
- 628 Euclid Street - Sold for $3,735,300. Originally listed for $3,995,000.
- 1616 San Vicente Blvd - Sold at the asking price of $7,995,000.
- 255 14th Street - Sold for $3,400,000. Originally listed for $3,390,000.
