The market is definitely starting to slow down in anticipation of the holidays. Only 1 new listing was available to look at in Pacific Palisades...1 in Mar Vista and 2 in North Santa Monica.
Deal of the week: 2312 27th Street, Santa Monica. About a 1.5 blocks south of Pico, this 1,5698 sq. ft., 3 bed/1/5 bath Spanish home on a 7,644 sq. ft. lot needs quite a bit of upgrading but has a solid floorplan and features that really enhance its value. The work shop/bomb shelter underneath the home is not counted in the sq. ft. and easily adds about 800 sq. feet of usable space. It has nice yard space leading toward a garage with a work shop attached allowing the perspective buyer to either gain more yard space or upgrade what is in place. I expect this property to get multiple offers. Today's open house was very well attended.
Talk about slashing the sales price: 23 Oakmont located in Brentwood on one of the nicest streets on the Westside debut on the market at the end of last year for 21.5 million. It is now listed at 12.95 million. The architectural estate is 11,000 square feet and sits on 2 acres of land. . .
Home to Track: 2158 La Mesa Drive, Santa Monica, CA 90402: We should learn a lot about the high end home market by tracking the sale of this beautiful 1928 Spanish style home located on coveted La Mesa Drive. In late September of 2007, the property was listed for $5,500,000 and immediately sold in multiple offers for $6,332,000!
The current owners have done a few upgrades to the home (plumbing, some roof, resurfacing floors) but nothing that would be considered significant (100-150K worth of work?). It is now listed for $5,795,000 (came on the market November 1st) and had a very well attended open house today. The property is on the Santa Monica resources inventory list but it will not affect value of the very inviting 6,430 sq. ft. home.
The eventual sale of this home will provide great insight into what the market has done over the past two years in a superior location. . .