Details: 3 bed/3.5 bath 2,738 sq ft house, 3,890 sq ft lot, 2005 construction
Description: Gorgeous! Absolutely Picture Perfect Craftsman Beach Home in the Cherished, Historical Ocean Park Beach Tract…3 doors down from the sand & surf sits this Magnificently Lovely home built in 2005! A Spectacular Great Room, flooded with Sunshine & Ocean Breezes, opens on to a large Deck and beckons the intoxicating Sea Air! An Amazing Master Suite with Sitting Room, Luxurious Bath with Spa Tub and a balcony with Ocean Views completes the top floor. There are 2 additional en-suite Bedrooms and a Fantastic Family Room which opens out to the Backyard with Built-in BBQ. Limestone and Bamboo Flooring, Viking and Sub-Zero are but just a few of the beautiful finishes and quality enhancing this very special home! Moments to the Beach, Main Street, Abbott Kinney & the 3rd Street Promenade!
Previous Purchase: 11/9/05 - $3,600,000
Listing History: 7/26/10 - $3,100,000
SOLD: 9/21/10 - $3,100,000
This was on the market for just a few days before going into escrow. This $500k loss is about a 14% loss from the late 2005 price. I would say that puts this into mid-2004 territory.
As a native or ex-native of Santa Monica, I am always astounded by the prices of homes nowadays, even with declines.
ReplyDeleteI can only assume that there are a lot of people with enormous incomes.
I remember way back the ratio of income to home price was around one to two. So you would need an income of $1,500,000 to buy a 3 million house.
Lately it seems like the number gets up to 5 so you would only need an income of $600,000 to buy this little house in SM.
Just amazes me.
Agreed, prices are crazy. But this is an amazing area, and few homes come up for sale around here. I'm a SM real estate bear, but if i had the money.......
ReplyDeleteThis seems like an odd situation because it sold so quickly at the listed price. If the seller got less than he/she could have (apparently), it doesn't give a true indication of the rollback.
ReplyDelete