A year-to-date market recap shows sales from $1.5 million to $9 million+ with an energy unlike any in years.
At this time our MLS shows 27 active listings, 18 properties in escrow, 28 sold and 24 have gone off the market for a total of 97 properties in various stages of play.
The MLS shows 28 homes reported sold in the 90402 zip code so far this year, and with about 15 percent of the market selling without ever being published in the MLS, one can figure another four sales to make this one of the best starts in several years. It was not that long ago that only 10 homes sold in a month, but the recent market shows an average of 7 homes per week! And it is not just lower-priced homes that characterized the final quarter of 2011: Over a third of the transactions topped $3 million.
Our hope is that with 32 closed sales, we may be experiencing a new period of price stability, supply/demand equality and increased volume.
Here is a look at a few noteworthy closings:
The Pence Hathorn Silver’s sale of a $9 million, new construction on the corner of Georgina and 22nd St surprised naysayers that thought the three-level home was too large (10,000 sq. ft.) for the 13,047 ft. lot. The truth is that the yard and open space at this home was greater than many homes on the typical 7,500 – 9,000 ft. lots nearby. The home has a chef's kitchen, very tall ceilings, a huge finished basement, and an East Coast traditional style and stunning quality. It is environmentally friendly with many high tech, green features.
The Canyon has been red hot with six recent sales (and five others reported in escrow). One was a five-bedroom home on Sycamore that traded for $2 million. It is a Modern-style home that was originally built in 2002 and has a third story dining deck.
A Pence Hathorn Silver listing closed for over $9 million. The property had not been on the market since 2000 when it sold for $3.6 million.
The North of Wilshire neighborhood has seen a surge of five sales already this year and one on beach, north of the pier with four bedrooms a pool and spectacular ocean views sold for $4.5 million.
Lastly, a new construction two-story Mediterranean home on one of the college streets with five bedrooms closed at $3,185,000. There are two quiet listings available in the view section right now, one is $10 million and the other is $4 million.
At the low end of the spectrum, north of Wilshire there was a short sale for $650,000 on a smaller lot. This little California bungalow had two bedrooms and one bath. The home had last sold in 2004 for $895,000.
A small apartment building with four units sold in multiple offers on 21st street for $1,525,000.
Only 10 days were needed from listing to close for a house North of Montana that sold for $2,405,000. The Hacienda home has three bedrooms with a charming courtyard and pool. The home also sold last at the height of the market, in 2005 for more than $2.3 million.
My favorite sale of the year was that of an older home on Georgina for about $3.1M. The two-story colonial house has a double lot with a flat, grassy back yard. The property went from listed to sold in less than two weeks. This was one of the very best opportunities I’ve seen in a long time.
Active/Available New Listings
A slow week for new listings but four homes went into escrow this week, and one has closed.
145 Ocean Avenue Ext.- 5bd + 5.5ba. $5,549,000. New Listing. One-of-a-kind five-level home with unparalleled ocean, mountain and canyon views (see photo below). Cannot be replicated with today’s building size restrictions. Apx. 5,200+ of luxury and sophistication with modern amenities and superb craftsmanship.
538 10th St. - 5bd + 4.5ba. $3,250,000. Re-List. This house was listed a few years ago and did not sell. I think this time it will. It is a really unique loft-style Architectural, apx. 4,200+ sq. ft. on a 50X150 lot.
New Sales (Now In Escrow/Sale Pending)
444 21st St.- 3bd + 2ba. $2,195,000. Classic 1920’s Spanish, small house but a large, 60 x 149-foot Gillette’s Regent Square lot. Arguably the nicest street in the tract – well known for the distinctive palm trees that line the entire street from Montana to San Vicente.
526 Palisades Ave.- 5bd + 3.75ba. $4,200,000. Close to the pocket park in the highly desirable West of 7th Palisades Tract. Look for a total transformation in the coming months.
509 17th St.- 5bd + 3ba. $2,500,000. Grand Spanish north of Montana. Just two owners since 1927. Lots of original charm and details.
525 16th St.- 2bd + 1.5ba. $1,895,000. Picturesque Country English in coveted north of Montana neighborhood. Great Value!
363 21st Pl. - 4bd + 3.75ba. Was listed for $2,550,000 and sold for $2,475,000.