Multiple Offer Mayhem Part I: Santa Monica

Per my recent post about the Westside real estate market in general, Santa Monica is red hot and here are some prime examples. Enjoy some of the behind the scenes info and chatter:

534 10th Street- 4 bed/2.5 bath, 3,554 sq. ft. Mediterranean on a 7,500 sq. ft. lot – This beautiful Mediterranean revival earned rave reviews when it was on caravan and the rumored sales price of almost $300K over the $3.288M List price confirms that. The property received 9 offers within the first week of showings and word on the street is it went to an all cash buyer. The list price sq. ft. was $925.15 and a sales price of around $3.550M lifts that # to around $1,000 per sq. ft!

709 10th Street- 4 bed/3.5 bath, 3,326 sq. ft. Craftsman on a 7,500 sq. ft. lot – Just like 534 10th, this contemporary craftsman with a stunning second story with a beautiful great room across from a sizable master suite hit the market with a $2.495M list price. They received 9 offers and sold for $2.6M on May 18th.

339 20th Street- 4 bed, 3.5 bath, 2,760 sq. ft. Spanish on a 8,940 sq. ft. lot – At first glance this home felt like a tear down and immediately went into escrow as such well over the $2.095M list price which surprised some of us who didn’t see the market turning so quickly. However, it was listed on the City of Santa Monica historic inventory list immediately turning it into a major revitalization project. Usually this can hurt the value of a property in the eyes of a developer which might have been why it originally fell out of escrow. However, another buyer quickly stepped in and paid 200K over the ask price and it closed at $2.320M. Congrats to fellow Partner John Hathorn for orchestrating the deal at this price point.

 2418 Washington- 4 bed/2 bath, 1,716 sq. ft. Traditional on a 5,060 sq. ft. lot – The caravan and 1st open house combined for over 200 visitors thanks to a great North of Wilshire location and a floor plan that could easily work for a young family seeking Franklin Elementary school. The house definitely needs some work done in the coming years but that did not keep at least five people from offering and bidding up the house to around a rumored $1.35M sale price over the $1.298M list price.

 2401 31st Street- 3 bed/2.75 bath, 2,116 sq. ft. remodeled traditional on a 6,000 sq. ft. lot – A beautiful Sunset Park house that definitely is the jewel of the street apparently received upwards of 7 offers with a $1.299M list price and went out somewhere in the mid to high $1.3 range. The quality of the remodel appears top notch and appealed to the fussiest of buyers.

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