Santa Monica’s new luxury development reinvents a monument designed by Robert Farquhar
A Santa Monica landmark dating back more than 100 years, the Henry Wyse / Charles Morris House designed by eminent architect Robert D. Farquhar remains a stellar example of neo-colonial and artisanal aesthetics. After a four-year restoration and re-imagery, the transformed property now presents itself as a new luxury development that combines classic architecture with the highest standards of luxury amenities and details.
Led by heritage expert Mark Tabit, the project involved a team of architects and artisans who divided the house built in 1910 into two private residences, each offering over 3,000 square feet of living space, upscale kitchens, private patios, and stunning ocean views. . Add an exclusive 3,000 to 4,000 square foot modern complex of condominiums, community gardens and ample outdoor living space, and it’s hard to find anything comparable in Santa Monica, says luxury specialist Bjorn Farrugia from the brokerage firm Hilton & Hyland based in Beverly Hills. .
âThese are large scale ocean view properties with rooftop terraces and an architectural pedigree that make them one of a kind. There’s nothing like it in Santa Monica right now, âsays Farrugia.
Valued at over $ 7.75 million, the two primary residences are entering the market at the perfect time, according to Farrugia, who shares the exclusive list with real estate luminary Rick Hilton. As the top-producing agent puts it, the Santa Monica market, particularly in the $ 6 million and category, has been operating at breakneck speed, with a lack of inventory and renewed interest fueling the market. burning market.
âWe almost doubled the number of transactions in the first quarter of 2021 (compared to the previous year). The price per square foot has increased dramatically, and you have Rick Caruso’s new Palisades Village shopping district just north of Santa Monica which is helping to attract new customers, âsays Farrugia.
The most productive agent thinks Palisades Village has added a whole new vibe to the area. âPeople love it: Popular neighborhoods like Alphabet Streets in northern Montana and near the Caruso development are a fun place to be. You can walk out of your house and don’t need a car. It has been great for the community, âhe adds.
During the pandemic, Santa Monica’s steadily rising prices even boosted the market for trophy properties. Earlier this year, Vice Media co-founder Shane Smith made history by selling his 3.35-acre resort bordering Santa Monica and Pacific Palisades for a staggering $ 48.67 million, according to the Los Angeles Times. In nearby Brentwood, prices have peaked at $ 44 million.
âPrices are going up dramatically, especially for trophy properties and new builds. A lot of people are buying right now, and they are savvy buyers and know exactly what the quality should look like. Fortunately, we have some great products to sell, âhe says.
As the summer buying season continues to heat up, Farrugia does not expect Farquhar units to linger in the market. âNothing has been built like this on Ocean Avenue for a long time, and I don’t think you’ll see anything like it anytime soon. These are meant to evolve quickly.
Hilton & hyland is a founding member of Forbes Global Properties, a consumer market and a network of elite broker members selling the world’s most luxurious homes.