Designed by eminent architect Robert D. Farquhar, the Henry Wyse/Charles Morris House dates from Santa Monica over 100 years ago and remains a brilliant example of Colonial Revival and artisanal aesthetics. After four years of restoration and re-imaging, the transformed property now stands as a new luxury development that combines classical architecture with the highest standard of luxury amenities and details.
The project, led by wealth expert Mark Tabit, involved a team of architects and craftsmen who divided the 1910-built home into two private residences, each with over 3,000 square feet of living space, quality kitchens, private patios, and unobstructed ocean views. Add to that an exclusive modern complex of 3,000- to 4,000-square-foot condos, community gardens and ample outdoor space, and it’s hard to find anything comparable in Santa Monica, according to luxury specialist Bjorn Farrugia of Beverly Hills-based real estate agency Hilton & Hyland. .
“These are large-scale ocean-facing properties with rooftop terraces and architectural heritage that make them unique. There’s nothing quite like it in Santa Monica right now,” Farrugia says.
Priced at more than $7.75 million, the two main residences are coming to market at the perfect time, according to Farrugia, who shares the exclusive listing with real estate celebrity Rick Hilton. As the top producing agent puts it, the Santa Monica market, especially in the $6 million and under category, has been operating at breakneck speed, with a lack of inventory and a surge of interest fueling the red-hot market.
“We had almost double the number of deals in Q1 2021 (compared to the previous year). The price per square foot has gone up considerably and you have Rick Caruso’s new Palisades Village shopping area, just north of Santa Monica, which is helping to attract a new audience,” explains Farrugia.
The top producing agent believes that Palisades Village has added a whole new vibe to the area. “People love it – popular areas like Alphabet Streets, north of Montana and near the Caruso development are a nice place to be. You can walk right out of your house and don’t need a car. great for the community,” he adds.
During the pandemic, Santa Monica’s steady price creep has even boosted the trophy property market. Earlier this year, Vice Media co-founder Shane Smith made history when he sold his 3.35-acre property bordering Santa Monica and Pacific Palisades for a whopping $48.67 million, according to The Los Angeles Times. In nearby Brentwood, prices have risen to $44 million.
“Prices are skyrocketing, especially for trophy properties and new construction. A lot of people are buying now, and these are buyers who are smart and know exactly what quality should look and feel like. Fortunately, we have great products to sell,” he says.
As the summer buying season heats up, Farrugia does not expect the Farquhar units to linger in the market. “Nothing like this has been built on Ocean Avenue in a long time, and I don’t think you’ll see anything like this anytime soon. These are destined to move quickly.”
Hilton & Hyland is one of the founders of Bids For Global Properties, a consumer marketplace and membership network of elite brokers selling the world’s most luxurious homes.