DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
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P ence Hathorn Silver is celebrating its 25th Anniversary this year! I am enjoying my 37th year in real estate. It is very interesting to look back at all the changes in the city of Santa Monica and the real estate market over the last 37 years, especially the North of Montana neighborhood. It was interesting North of Montana back in the early 1980s—the smaller lots were selling for $250,000. Everyone thought that this was an astronomical number because these same lots in 1978 had been selling for $150,000–$175,000. By 1984, the lot values in Santa Monica were approaching $350,000 then started heading towards $400,000 and then $500,000! People said that there was no way a lot would be worth over $500,000 North of Montana. Of course, by 1986, lots were worth over $500,000, for owner-users and builders that wanted them to knock down for newly constructed homes. At that point people thought, "this is crazy and land will never get to $1 million." By 1989, the better lots North of Montana (9,000 sq. ft.) were selling for $1 million. During the slump in the market from 1990–1995 land value receded back to $750,000–$800,000. When the market recovered and started to climb dramatically in 1996 land value started to sky rocket again. As we approached 2000, land value was getting into the $1,700,000–$1,800,000 range for a 9,000 sq. ft. lot. People said that there was no way we would see a $2,000,000 lot North of Montana. By 2008 there were lots North of Montana selling for $2.3–$2.45 million. A F T ER T HIS NO ON E CH A L L ENGED W H AT WA S POSSIBL E I N NORT H SA N TA MON IC A . T I M E F L I E S W H E N Y O U ' R E H A V I N G F U N W R I T T E N B Y : C H A R L E S P E N C E On October 19th, 1980, 436 Adelaide was listed for $1,200,000 with 5 bedrooms and 7 baths on a 26,000 sq. ft. lot. On September 19th, 2015, 436 Adelaide is currently listed for $14,950,000 with 6 bedrooms and 5 baths on the same 26,000 sq. ft. lot. In October 1980, 223 Alta was on the market for $650,000. It is a 10,500 sq. ft. lot listed at $62/sq. ft. Today that lot is worth approximately $4.2 million at $400/sq. ft. In October 1980, 858 Woodacres Street was listing for $1.4 million and was a 33,000 sq. ft. lot. It was listed for $42.50/sq. ft. In the 2015 market, at a value of only $350 sq. ft. 858 Woodacres lot would currently be worth $11–$11.5 million. On the Westside of Los Angeles and especially North of Montana styles and design choices have a changed dramatically. The sector from which the Buyers have come has changed. The sizes of the homes have dramatically changed but there is one thing that has remained constant. The one constant has been a major upward trend in the value of land North of Montana. The other constant has been the ever increasing demand by people to live in this North of Montana and Gillette Regent Square area. With the passing of the last 37 years Montana Ave still has a quaint feeling to it. Gone are the gas stations, Sweet 16, the Fireside Market and Millers Market but it still has its own intrinsic charm that is recognized and loved by so many people. It has been our pleasure to serve this neighborhood over the last 25 years. C H A R L E S P E NC E 1 3 3 3 M O N TA N A AV E N U E , S A N TA M O N I C A , C A 9 0 4 0 3 O 3 1 0 . 4 5 8 . 4 0 2 4 | M 3 1 0 . 9 2 4 . 4 0 1 4 | P H S R E A LT Y. C O M O C T O B E R 2 0 1 5 N EIGHBORHOOD N EWS