North Santa Monica real estate spring market blooms homes under $5M selling in 34 days or less.
Market Watch
The low-end of the market is very busy these days. I am referring to the $3M - $5M price range. I know, I know, it is totally insane to refer to “low-end” in multiple millions but that is North Santa Monica real estate for you.
The upper-end is a bit less busy with homes lasting on the market for longer in most cases.
Currently, homes North of Montana are typically sold within 34 days of being listed on the market. This figure is a marked decrease from last month.
Did You Know
Total consumer debt hit a new high in the first quarter of 2023, at just over $17 trillion. New mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the second quarter of 2014. (CNBC)
Down to 3.46%
The 10-Year Treasury is inching closer to 2018 levels.
Sales of commercial mortgage-backed securities (CMBS) have fallen off a cliff: total CMBS issuance in Q1 2023 hit the lowest level since 2010, a trend that has spilled over into the month of April. The share of commercial mortgage securities with office exposure is down 19% from an average of 32% over the past 3 years. This fall has been offset by an increase in loans with retail and industrial exposure, which have firmer fundamentals. (Yahoo Finance)
There has been a significant cut in leverage: The average loan-to-value (LTV) ratio was 51% for underlying loans post-SVB’s failure, down from the post-COVID average of 60%. (Yahoo Finance)
When Home Depot estimates revenues will drop 2-4% in the coming year, you can be certain the US economy is not in growth mode! Home Depot's Q1 2023 results were impacted by lumber price Deflation.
Total US credit card debt stood at $986 billion in the first quarter of 2023, up 20% from a year ago now with higher interest rates. (Market Watch)
Sometimes the most exquisite listings don't come to market as their sellers wish for them to be privately broadcast, most people call these “Pocket Listings” and we have a few. Please let me know what you are looking to do and I will help you get it done.
In 90402 Real Estate News
There are 26 active listings on the market.
The Newest Additions
- 723 10th Street – Listed for $7,488,000.
- 831 San Vicente Blvd – Listed for $2,995,000.
- 350 21st Street – Listed for $6,950,000.
- 404 Georgina Ave – I listed this true Adobe Spanish Courtyard Hacienda in A+ location; West of 7th on a 13,500+ square foot, corner lot. Currently offered at $6,979,000. Originally priced at $7,475,000.
- 722 21st Street – A beautiful 1930s updated Spanish Listed by my partner Charles Pence for $5,395,000.
- 502 16th Street – Authentic 1926 Spanish Estate on a rare double, corner, lot! Listed by my partner Loraine Silver for $10,300,000.
Five Pending
- 311 11th Street – Listed for $5,799,000.
- 330 7th Street – Listed for $4,995,000.
- 439 18th Street – Listed for $4,413,650. Originally listed for $4,300,000.
- 328 21st PL – Listed for $3,700,000.
- 917 24th Street – This charming single-level tradition was listed by my colleague Charles Pence for $2,995,000. This one went fast with multiple offers over asking.
Seven Sold Since My Last Update
- 728 22nd Street – Sold for $4,599,000. Originally listed for $4,295,000.
- 423 9th Street – Sold for $5,305,000. Originally listed for $3,995,000.
- 524 19th Street – Sold for $7,990,000. Originally listed for $7,798,000.
- 221 17th Street – Sold for $6,160,000. Originally listed for $6,500,000.
- 714 7th Street – Sold for $4,995,712. Originally listed for $5,695,000.
- 451 16th Street – Sold for $5,995,000. Originally listed for $5,995,000.
- 337 15th Street – Sold for $4,175,000.
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Pick-up the Spring Edition of Santa Monica DIRT, available at our office at 1333 Montana Ave in Santa Monica!
