The highest home sale recorded in Santa Monica last year was one that closed on San Vicente Boulevard for $12.5 million. Dr. Kenneth Hoffer was the seller and a trust said to be controlled by producer Brian Grazer was the buyer. Pence Hathorn Silver was not involved in this but it is a note worthy tale and interesting for the fact that the home had been listed in 2007 for $22.5 million.
After five months and the home not selling, the seller reduced the price to $16.5 million and also offered it for lease at $35,000 per month. When that strategy failed to produce results eight months later, the lease price was reduced to $28,000 per month. And finally, while not published in the MLS or anywhere else in late 2011, a deal was struck and closed shortly thereafter.
From a fantasy asking price of $22.5 million to a sale price nearly 50 percent lower four years later. Could there have been a better selling strategy? I think so.
So far this year the highest sale in 90402 has been the Ocean Avenue condo that closed at $10.5 million. A couple of sales in the 9 million range—like our La Mesa sale have helped make 2012 a far better year for owners and brokers.
Here is your real estate news:
- 402 20th St.: 4bd + 4ba., $4.39 million, built in and listed in 2008, and sold in May 2009 for $4,000,000 after languishing in the market for almost six months. This property will probably sell faster this time with increased demand and the present low supply.
- 111 Winnett Pl.: 5bd + 4.5ba., $3.92 million , 4,500+ sq. ft. on an approximately 12,000 sq. ft. lot just north of San Vicente Blvd. Needs updating. It is rare that properties come on the market on this street and this was last offered for sale 14 years ago.
NEW SALES (PENDING/IN ESCROW)
- 515 24th St.: 6bd + 6.5ba., $4.99 million, sold in less than a week! This home’s construction was completed a little over a year ago, was sold for $4.5 million. Six bedrooms, 6.5baths, full basement and pool.
- 524 15th St.: 3bd + 4.5ba., $3.55 million, Gus Duffy elegantly desgined Mediterranean home with fine craftsmanship and attention to detail. Great house but only 2 bedrooms upstairs caused it 8 weeks on the market.
- 422 22nd St.: 5bd + 4.5ba., $2,97 million, Greek-inspired villa with tropical and contemporary style combined. Unique in many ways with great scale and a very nice back yard.
- 526 Palisades Ave.: 5bd + 3.75ba., $4.33 million, this place was a mob scene when the listing was launched. Major rehab needed, probably backs up to condos or an apartment building across the alley. Stately home on an approximately 17,250 square foot lot.
- 444 21st St.: 3bd + 2ba., $2.12 million, I like to call these homes the “Navy Blue Blazer” of architecture. It never goes out of style in Santa Monica.