Remember That Santa Monica House Listed For $5.095 Million? It's Gone. Sold.
Remember that new listing we wrote about last week that broke the $5 million barrier in Santa Monica?
Yes, the one that generated comments about how ridiculously overpriced the market is right now? Well, it's gone. Sold. To the second buyer who walked in the door. For $5.1 million -- that is, just above the asking price.
"It's pretty wild out there" says the listing agent, Michele Hall of Coldwell Banker. (I know what you are thinking: you are thinking, 'What's the commission on $5.1 million?' Let it go.)
"Anything that has a real flair to it, anything that's been remodeled tastefully, anything move-in-able, will get a premium," Hall says.
This fits into the tale-of-two-markets trend we see all over LA. As Westside Bubble reports, the quick sale of 333 20th Street (pictured), is part of a ferocious buying spree in progress north of Montana in Santa Monica. Houses are moving fast -- one commenter says the flips are so fresh one house still smelled like paint at the Open House. So where is the other market? Again according to Westside Bubble, just a few blocks south of Montana, it appears condo prices are slipping in the 90403 zip code.
Comments? Thoughts? Insights?
Photo Credit: Westside Bubble
WOW! Are you kidding me?! As they say a fool and his money... You made reference to the commission if I was the seller on this deal not only would I have paid the agent full commission I would have opened an account with a local madam for a 6 month's supply of happy endings. That's outrageous. Well fortunately there's a difference between sold and closed. We'll see what happens.
It also leads me to ask where did he find the buyer at such an outrageous price. Does the buyer have a good grasp of the english language, did he recently move to this country, and hopefully he doesn't have a position in educating children on any level, medicine or anything close to being relevant or important. Tell me he's Arnold's shoeshine boy or something. Sheesh Unbelievable.
Posted by: Mr Income Stream | June 06, 2007 at 01:53 PM
It's not just Santa Monica.. it's all over CA for homes in prime locations that buyers view as having top market value. That means north of Montana in Santa Monica and within blocks of the water with good views in coastal communities or on big chunks of land with views in the hills of LA and Bel Air. The buyers often are plunking down all cash... no loans. Some homes are in great condition while others are being readied for the bulldozer.
It's about location, location, location... which is why other parts of Santa Monica are seeing a slow market.. same is true in the South Bay and Orange County.. some local markets are hot and some are not!
Posted by: Kaye Thomas | June 06, 2007 at 05:12 PM
I lived in santa monica north of montana for a few years.
It's pricey in this area and we're taking about a different strata of buyer. This accounts for a small % of the market overall.
The overall fundamentals show that inventory is way up; demand is down; less buyers and in general, the inflated prices are taking a hit. High prices due to overly available mortage products to many unqualified buyers along with speculation drove up the prices. Increasing foreclosures will impact this as well. Combine it all and you have the right recipe for reducing prices. Home owners may hold longer but prices on average are coming down. Factor taxes, sellers' commissions, inflation and the hit is hard.
This is true to also the santa monica area but it'll play out in different parts of SM. For the real rich in SM wherever, be it north of montana or not - the funadementals don't matter as much.
The condo market may take a hit for sure.
Posted by: TravelCouple | June 06, 2007 at 09:32 PM