House on Martel Sells for $2,575,000

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A few months ago we reported that a new-construction house on Martel Avenue was being listed for sale for $2.7 million.

It looks like the sellers knew the market. According to the real estate site Zillow, the house sold quickly for a price of $2,575,000. As far as we can tell, that’s the most expensive house ever sold in Melrose Village.

And there’s more good news for homeowners in the neighborhood. A recent article by Trulia chief economist Jed Kelko explained that wealthy foreigners are increasingly looking to buy real estate in the United States, but only in a handful of desirable areas. The 90046 zip code – which includes a good chunk of Melrose Village – is the 13th most sought-after area by wealthy foreigners in the entire nation.

Kelko explains:

International house hunters focus their searches not just on specific metros but on particular neighborhoods. Even in markets like Los Angeles that get lots of foreign search traffic, those searches are highly concentrated in a few parts of town. For instance, 41% of searches in Bel Air (ZIP code 90077) are international, compared with 13% of searches in the Los Angeles metro area and 4.3% of searches nationally. Of the top 20 ZIP codes ranked by their share of foreign searches, nine are on the west side of Los Angeles, four are in Manhattan, four are in Miami plus one in neighboring Fort Lauderdale, and two are in the Lakeland-Winter Haven metro in Central Florida.

By all accounts, our local real estate market is hot once again.

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One Response to House on Martel Sells for $2,575,000

  1. hollyd23 says:

    This is good and bad news depending on how you envision our neighborhood. Do you love the charm of all the old character houses or do you prefer maximum square footage 2 story modern speculation houses. The Beverly Grove area has been facing this dilemma for over 10 years. Just this week the homeowners with the help of Councilmember Paul Koretz were able to get an RFA passed by the planning department and council office to stop the mansionizaion that has been going on in their area. There are two competing home owners associations battling this cause the first is composed of those who want more controlled development http://www.beverlygrove.org and the newer HOA which is composed of more development oriented folks http://www.beverlygrovehoa.org
    Because of these changes affecting developers in Beverly Grove, could the developers now be headed toward our neighborhood for easier pickens? We will see….

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