Speaking of Frank Gehry's house ... actually, it's just a lead-in to talk about sales over the last three years in this single-family neighborhood between Wilshire, Washington, 26th, and 22nd, the cheapest (if you call over a million cheap) north of Wilshire in Santa Monica.
It's a good location, walking distance to Douglas Park and Whole Foods. North of Washington the lots are deeper (vs. the extra Chelsea St. between 24th and 25th south of Washington) and more expensive.
Address Bd Ba LP($K) SDate SP($K)
______________ __ __ ______ ________ ______
1022 22nd 3 2 9/28/04 1,100
1023 22nd 3 2 10/14/04 1,250
1036 22nd 2 1 6/14/05 1,780
1028 23rd 2 2 7/7/05 1,295
1034 24th 3 2 1,695 10/11/06 1,525
1040 24th 3 2 8/31/05 1,595
1043 24th 2 1 5/4/05 1,424
1043 Chelsea 2 2 12/1/04 1,315
1015 25th 3 1 1,300 1/12/07 1,200
1020 25th 3 2 7/12/04 1,475
1025 25th 3 2 9/13/05 1,720
1038 25th 3 2 7/14/05 1,650
1039 25th 3 2 9/30/04 1,500
1043 25th 3 2 6/3/04 1,300
1048 25th 3 2 10/7/05 1,350
1122 26th 3 1 11/21/05 1,220
2307 Washington 4 3 1/28/04 1,550
2308 Washington 3 2 8/26/05 1,350
2312 Washington 4 3 8/26/04 1,650
2321 Washington 2 1 1,350 8/8/06 1,215
2415 Washington 2 1.5 1,347 11/21/06 1,347
2418 Washington 3 2 1/13/04 1,204
2436 Washington 4 3 9/10/04 1,890
2452 Washington 2 2 5/24/04 1,225
2512 Washington 3 2 5/7/04 1,590
2201 California 3 2 7/21/04 1,144
2308 California 2 2 1,349 4/14/06 1,349
2312 California 2 1 1,450 7/12/06 1,392
2421 California 3 3 3/10/06 1,865
2512 California 3 2 7/23/04 1,250
2520 California 3 2 4/28/04 1,250
2526 California 3 2 6/18/04 1,220
2526 California 3 2 3/7/06 1,366
2 comments:
Funny the way things work out sometimes...
My parents live in this neighborhood (bought 22 years ago) so I know it really well. I basically lived at Douglas Park while I grew up. Anyways, as I am currently at my parents house, I saw that a nice glossy real estate flier arrived in the mail today. And it just so happened that it is advertising the house on 22nd in your previous post. On the front it has the same computer generated rendering that you have on your post. I couldn't believe my eyes. Further, in large letters it says "JUST LISTED". Again, I can't believe that the realtor would say "just listed" when this crap has obviously been for sale for a long time now. Finally, I will quote the description on the back of the flier: "FANTASTIC OPPORTUNITY TO LIVE IN SANTA MONICA AND BE IN THE FRANKLIN SCHOOL DISTRICT!!! This great price includes full plans (including architectural, soil, land survey) and permits for a 4,700 square foot Cape Cod style home. Ready to be built on this large 9,450 square foot lot with 75 feet of frontage is a 5 bedroom and 4.5 bath home with exquisite master, great room, gourmet kitchen with butlers pantry and great outdoor area with patio and waterfall. AN UNUSUAL OPPORTUNITY!!!
and again they are listing for $1.799
It also happens that my folks are looking at remodeling (they don't care if values go down because they plan to live here forever...actually declining values would be great so that you can adjust the tax basis down). So I just sat in and had a talk with several architects and can say that the going rate for construction on a 2 story new house will be around $250 per square foot. So lets take a closer look at this "UNUSUAL OPPORTUNITY".
$1.8 cost of tear down/lot
4,700*250 = $1.175 for construction
assuming one year of building, we have close to $100,000 in opportunity cost on the $1.8
So at the end of the day, you would be spending over $3 million for this "UNUSUAL OPPORTUNITY"...oh yea, and add the fact that the market is extremely soft and will likely be pretty soft for at least the next few years.
Lastly, the house you featured on Idaho finally has a for sale sign out front...and it was listed on another flier we got in the mail and the price has not been cut.
Thanks for the update, Craig. Good numbers on the cost of building that house. Would it sell for $3M + developer's profit? It obviously didn't pencil at a $2M+ lot value. North of Montana prices for new houses have been towards $4M, but that's north of Montana.
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