February 19, 2025

613 16th Street

In Escrow - Call John Hathorn for more details

I have not written since before the fire. Although my home was not in danger, this fire really shook me up. Most of my friends, clients, colleagues and the majority of Westsiders probably did not pay much attention to it during the first few hours on that fateful Tuesday. I myself watched from a safe perch in Santa Monica as the devastating monster grew and grew and destroyed so much, for so many, that it is still difficult to comprehend. My heart goes out to all that have suffered.

In the immediate aftermath of the fire, my team and I were doing our best to help people find housing. We’ve leased several homes, sold a few as well, and I am proud to say what we were not doing was calling Santa Monica homeowners and asking them if they wanted to sell. I thought it was obnoxious, grotesque actually, that several competitors were doing just that, under the guise of helping fire evacuees. In the myriad emails, cold calls and social media posts, realtors used phrases such as, “I am here to help” and “We are all in this together” and “We hope you are safe during this tragic time—let me know if you want to sell or lease your home”. Did you get calls and emails from any realtors offering to sell or lease your home? Did you not think they were disingenuous?

The Real Estate Market

On Day 2 of the fire, as the winds died down and shifted away from Santa Monica, I wasn’t surprised to see properties that had been sitting on the market suddenly sell. What did surprise me was how quickly and dramatically sales and sale prices rose, especially for the newly constructed homes. One new spec home that had been on the market for a few weeks at a price few thought was realistic, and that wasn’t generating much interest, closed this week for several million dollars more than its listing price. This is not an isolated sale. There are at least a dozen post-fire sales that transacted with multiple offers, exceeding appraised values.

Now as the dust and ash has settled and news of these sales has spread, I’ve been fielding calls from homeowners asking whether I think Santa Monica prices will continue to rise, or plateau, or drop back to pre-fire, 2024 levels. It’s tough to predict, but my belief is that the price increases will hold. Santa Monica remains an ideal place to live, especially if you want close proximity to your fire rebuild construction project. More on the market later.

Rebuilding Decisions

As for rebuilding projects—most of our clients say that they are 100% committed to rebuilding. Some are uncertain as to what to do. A very few have told me they have no intention of moving back. Of course, anything said by a fire evacuee should not be taken as gospel. Evacuees are likely to change their minds as their thinking evolves and things play out. Raw emotion, the logistical challenges of rebuilding, financial considerations, the process of establishing new lives and roots in different neighborhoods, as well as “decision fatigue” can cause confusion as to what is best. These folks have much to think about.

Here’s the latest from the MLS for the North of Montana Ave area. Coming very soon we have a few good ones coming soon to the market. Call me for details.

There are 14 other active listings in the 90402 flats. The most recent:

508 Marguerita Avenue - Listed for $11,995,000. Extensively renovated in 2023- Over 5,200 sqft on an 11,500 sqft lot with pool, 3-car garage and detached gym. Last sold in 2018 for $7,573,100.

323 22nd Street - Listed for $15,995,000. Built in 2020- over 7,000 sqft house on a 7,574 foot lot. This is a huge price considering the lot size.

251 21st Street - Listed for $10,450,000. Very modern, extensively renovated 5,200 sqft home on an 8,942 sqft lot. Last sold in 2019 for $4,700,000. Already has an offer on it.

428 10th Street - Listed for $8,995,000. This is a pre-completion new construction that is expected to be ready in October. It is a Spanish Traditional with both an attached junior ADU and a detached ADU. The lot value property was purchased in 2023 for $3,180,000

457 20th Street - Fully priced at $17,000,000. Built in 2023, it is indeed beautiful and being sold fully furnished. The price is staggering considering it is an 8,952 sqft lot.The lot value property was purchased in 2019 for $3,590,000.

There are 12 listings under contract:

613 16th Street - Listed for $6,295,000 will close for way over list price. We have been listing properties at roughly their pre-fire values and the market forces are doing what they do. This is a beautiful, traditional style, 5bd 4.5ba house, move-in ready and it is beautifully furnished. Just over 4,100 sqft with an excellent floor plan. We received 8-offers and were listed for less than a week before going under contract.

219 23rd Street - Listed for $8,495,000. This one has been on and off the market since 2022- as high as $8.450M and as low as $7.750M. Built in 2015, this is a Traditional style home with over 6,300 sqft of living space.

740 24th Street - Listed for $3,995,000. This is a “liveable-lot-value”. Sold in 1 week. House is just under 2,100 sqft on an 8,700 sqft lot.

604 15th Street - Listed for $5,995,000.

618 10th Street - Listed for $7,150,000.

459 21st Street - Listed for $12,795,000.

704 15th Street - Listed for $9,495,000.

620 11th Street - Listed for $3,799,000.

258 20th Street - Listed for $4,349,000. Sold for close to $5M

739 20th Street - Listed for $5,395,000.

416 21st Place - Listed for $10,495,000.

634 15th Street - Listed for $4,250,000.

11 have closed since the start January 1, 2025:

311 10th Street - Sold by Pence Hathorn Silver for $6,875,000.

463 17th Street - Sold for $10,000,000. This house came on the market on Jan. 18th for $7,850,000 and was sold and closed in just TWO weeks!

633 12th Street - Sold for $6,765,000. This property was listed in November for $6,500,000 and hadn’t sold. It was re-listed after the fires and quickly sold for above the asking price

424 10th Street - Sold for $4,200,000. Originally listed for $4,500,000.

628 10th Street - Sold for $11,200,000. I always liked this one. It came on the market last May for $9,990,000 and I felt it was very saleable. Numerous reductions brought it down to $8,795,000 but in the post-fire frenzy, way up to $11.2M.

607 26th Street - Listed for $5,899,000. Sold for $5,150,000. Originally came on the market in July 2024 for $6,495,000. If you want to sell more than a million dollars under your list price, and take more than half a year to do so, call the agent that handled that one ;)

628 25th Street - Listed for $12,498,000. Sold for $2M over list!

339 16th Street - Sold for $10,280,000 without being listed in the MLS.

506 Palisades Avenue - Sold for $12,400,000, at the asking price.

628 25th Street - Sold for $14,550,000. Originally listed for $12,498,000.

607 26th Street - Sold for $5,150,000. Originally came on the market in July 2024 for $6,495,000.