Sunday, October 4, 2009

New north of Montana sales

Here are two three newly-sold low-end north of Montana houses above $1.6M but below $2M (click photos to enlarge). These are all 60-foot lots (although two are near Montana or San Vicente) and reinforce the new low-end north of Montana is below $2M.

First is 747 23rd Street, a 3 bed / 2 bath 1,216 SF house on an 8,700 SF lot (60' x 145'), the second lot north of Montana Ave.

It was listed 7/15/09 for $1,799K, reduced to $1,749K mid-August, went Pending 8/28/09, and closed 9/29/09 for $1,645K.

"A bright & sunny traditional (2 bdrms + den/possible 3rd) with an open floorplan & hrdwd flrs throughout. Very livable for now --then perfect for expansion/redoing later. Featuring an updated kitchen with newer stainless appliances opening onto the living/dining areas & perfect for entertaining. Beautiful frontyard and backyard both lushly landscaped. Situated on a great street in the Franklin School district & an easy stroll from all the Montana Ave shops and the Brentwood Country Mart"

Second is 231 18th Street, a 3 bed / 1.75 bath 1,829 SF Cecil Gale house on an 8,940 SF (60' x 149') lot.

Listed 8/20/09 for $1,994K, it went into escrow three days later and closed 9/23/09 for $1,968K.

"Romantic 1935 Cecil A. Gale Spanish Colonial on larger lot, in Gillet Regent Sq. Decorat. wrought iron gate opens to Pvt front patio courtyd. Gracious step-down living rm has beautifully designed beamed ceiling & Span. tiled fireplace. Rich architectural detail, hardwood floors, archways, vintage tile, signature stained glass skylight & abundant closet space. Dining rm features cust. coffered ceiling. Master French drs open to Pvt backyd,outdr fire/p, pool,lush landsc.avail 2nd time in 50yrs."

So exclusive, available for only the "2nd time in 50 years". But the last time was listed 1/11/08 for $2,349K and sold 2/8/08 for $2,325K. That's a 15% drop in 1.5 years.

Added: Finally is 340 21st Place, a 3 bed / 1 bath 1,728 SF house on a 9,000 SF lot. Listed 7/22/09 for $2,095K, it was reduced to $1,995K and closed 9/29/09 for $1,810K.

"1920s Spanish on 60x150 lot in Gillette Regent Square. Private backyard with mature hedges. Existing home being sold “AS-IS”. 3bd+1ba, living room w/brick fireplace opens to large formal dining room. Family room leads to kitchen. Ready for remodel or build your dream house! Ideally located on quiet 21st Place in the Franklin School District. Close to all Montana Avenue’s boutiques, cafes and restaurants."


Anonymous said...

i heard that the 18th street home was owned by a flipper who wanted to sell instead of risking a teardown and holding the property for an extended period of time.

Anonymous said...

so what was/is the $$ need to bring the interior of these places up to comparable neighborhood status?


Anonymous said...

The basic new build in these neighborhoods is 4200 square feet of above ground space. About half of new builds have a basement level with another 2 thousand sq feet.

But I think it is fair to say that the basement is not mandatory. You can fit in with the other new builds if you don't have a basement.

If you want to fit in with the new builds, you need 4200 sq feet. If you want to fit in with the old guard, you can leave these houses as is. PLENTY of houses North of Montana look just like these.

Anonymous said...

Bottom line, if you want an 1100 sq foot starter home in Santa Monica, there are many choices.

Spend $700k for this home in the Pico neighborhood

Spend $1.5 million for this home North of Montana

I am not saying one choice is better than the other

Anonymous said...

New data point - house on 25th sells for 1.5

Things are now very clear. We are now at 1.5 million for terrible locations North of Montana in the Franklin district and 1.8 million for great locations North of Montana in the Franklin district. Looking for land to build on? Count on paying between 1.5 and 1.8.

That is the price right now

Anonymous said...

We are in an environment where if you have 1.7 to spend you have a choice - beautiful 5 bedroom place in Sunset Park or scummy one bedroom in GRS.

Anonymous said...

I am posting this at 10:54 Saturday morning - just drove past 20th and Pico on my way to the freeway to the beach -

sitting outside Campos was a pregnant girl - looked to be around 12 or 13 - she was there with her boyfriend who had MS13 tats on his neck. Others were walking back and forth between Campos and Eddies. Not a pretty sight.

The yuppies and hipsters from New York get talked in to buying in the Pico neighborhood. But those of us born and raised here know better. I still can't believe they are selling houses for 750 thousand dollars in that neighborhood. It is ok if you have no kids, but can you imagine what your children learn going to school with the proles in that neighborhood?

Anonymous said...

Right - but we are discussing North of Montana here.