Friday, November 2, 2012

Highest 9K lot value sale in North Santa Monica and Palisades sale 300K over asking

After taking a hiaturs since the housing crash, builders are back in droves looking for potential projects especially in areas like Pacific Palisades and Santa Monica where profits of $800K-$1M can be had in a hot market. The builders are also competing with end users who are sick of trying to find the right house and willing to build.  Without much inventory the price for desirable land is skyrocketing and the end user willing to pay a little bit more tends to be winning the majority of these battles.  

702 21st Street- Word is an end user won a tenacious multiple offer battle featuring 12 bidders for this Gillette Regent lot. The fixer/tear down property was listed for $2.2M and ended up selling in a cash deal with no contingencies for $2.650M  on October 29th.  This is the highest recorded price for a 8,900 Gillete Regent lot that was priced to sell for land value.  $450K over asking! On the heels of this sale...

221 18th Street- This charming vintage Spanish boasts 2,000 sq. ft. with 2 bed/2.50 bath on a 8,925 sq. ft. lot.  Located on one of the premier streets North of Montana, it also garnered a lot of initial interest with 11 parties initially bidding on the home with a list price of $2.2M.  They ended up countering six parties and rumor has it the winning bid was all-cash around $2.4M with a 21 day close.

The Palisades is not far behind...

1342 Charmel Place- Marquez Knolls is not the easiest location to find in the Palisades but it does boast incredible ocean views and a complete escape from the city. This property provides the perfect landscape for a designer/architect to take full advantage of breathtaking views.  The 4 bed/3 bath, 2,808 sq. ft. home on a 12,455 sq. ft. lot (only about 7,500 useable) sold for $2.002M, just over $350K above the list price. 

Two homes sell $100K over asking on Dewey in Mar Vista!

Check out these two recent sales on Dewey. The Westide is on fire and don't be surprised if Mar Vista is up over 20% by the end of the year.  We have seen a significant jump in the past three months as buyers desperate for properties are doing whatever they can to get a foot in the door...especially for a home in excellent condition.

12673 Dewey St- Being located right next to the Santa Monica Airport didn't phase buyers looking for a modern architectural that was recently completed.  The 1,900 sq. ft. home (2,400 if you include the finished garage that is used for living purposes) received over 6 offers and sold for $1.425M, which is $130K over the list price of $1.295M .According to public records the house sold for $580K in February before being reconstructed in its current condition.

The house had a strong emotional appeal for someone seeking an architectural style home but with only a 5,483 sq. ft. lot the back-yard is tiny and backs up to a public walk-way. The neigbors must be estatic with this sale at $736 a sq. ft and yet another example of how quickly the market has changed.

12114 Dewey St- This custom architectural created quite a buzz. Located in the Mar Vista Elementary school district, young families were clamoring over this 3 bed/3 bath, 2,187 sq. ft. home on a 5,850 sq. ft. lot. Rumor has it they received over 12 offers at the $1.397M list price. The property ended up selling for $1.501M with a 30 day escrow period.  This home has a higher quality feel compared to 12673 Dewey and the kitchen and master bedroom areas are more spacious.