Like many beach towns, we live in a bubble around here. We are somewhat financially insulated from the large swings in home prices that other parts of the country experience. Santa Monica lot values are at all-time highs while the national real estate market is only gradually recovering from the housing crash. Bank owned properties are now on the decline. Home values are going up, and less people are upside down on their mortgages. According to the MLS, there were very few “distressed” North of Montana properties during the crisis - only three short sales and no foreclosures (out of 43 short sales and one foreclosure total in Santa Monica) since 2007. Surrounding areas such as Brentwood had 55 short sales and two foreclosures and the Pacific Palisades had 42 short sales and four foreclosures in all.
Home prices North of Montana, during the recession fell but not by very much. Currently, the competitive market and premium prices are boosting the desirability for investors and buyers. In the event of a future recession, evidence from previous market statistics establishes this particular area as “recession-proof” as a neighborhood can be. Prices only begin to fall long after other markets are crashing, prices don’t fall very low, and they begin to climb much earlier than other markets.
Here is your up to the minute real estate market info:
There are twelve homes available to buy North of Montana Ave. A new listing on 810 San Vicente hit the MLS two days ago. There are eight homes in escrow. Closed sales remain unchanged at five homes closed so far year-to-date.
There are three homes coming on the market next week - two on San Vicente and one on 26th St - all three are heavy fixers. San Vicente in Santa Monica is experiencing a glut of inventory – there will be six for sale signs on the street next week.
New Listings this Week:
810 San Vicente Blvd. - 2bd + 3ba. $2,198,000. English Cottage with lots of charm. Heavy fixer or demolish. The lot is 8,292 sq ft. Roosevelt School District.
New Sales this Week:
1201 San Vicente Blvd. - 4bd + 4ba. $2,595,000. This sale took a little longer and was probably a little more worrisome than the owner and realtor liked since it took a few months and a price reduction to cause it to sell. Bought last September for $2,175,000, the owner probably spent at least $100,000 fixing it up.
710 22nd St. - 5bd + 5ba. $3,549,000. Re-listed at a significantly reduced price. 4,662 sq. ft. with a great indoor and outdoor feel. Very 80’s décor, but with a bit of imagination this home could be great. Last sold in April 1988 for $618,000.
No Closed Deals this Week:
Pence Hathorn Silver Active Properties:
2009 La Mesa – 6bd + 8ba - $18,900,000
502 16th St. – 5bd + 7.5ba - $8,495,000
6415 Meadows Court – 6bd + 7ba - $5,995,000
601 17th St. – 5bd + 6ba - $4,600,000
728 25th St. – 5bd + 6.5ba - $4,595,000
416 Entrada Dr. – 3bd + 1.75ba - $1,595,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Ave. community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.