April Sales and May active listing Market Report for Single Family Homes in the City of Santa Monica: zip code 90402 and Condominiums in zip code 90403 - K.C. Soll - Sotheby's Realty, 310.245.6161
Santa Monica (City of), Zip code 90402 (north of Montana Ave.), is regarded as one of the best family (luxury) neighborhoods in the country.
With its on-shore breezes and beach proximity, highly-rated public schools (Franklin and Roosevelt Elementary schools; Lincoln Middle School), it fills the busy family's requirements for recreation, safety (Police, Fire, Hospitals), convenience (it's all here!), economy (public schools paid for by property taxes), and prestige..
Current SFR active/sale April (2009) listing statistics in Zip codes 90402 and CONDOMINIUMS in 90403.
As of May 1, 2009 there are 36 Single Family Residences (SFR) for sale in the area north of Montana, city of Santa Monica, zip code 90402. The homes range in price from $1,690,000 for a 2 bedroom/1 bath home on 7th Street (approx. 1,100 SF), to a 7 bedroom/8 bath home (approx. 10,300 SF), listed for $16,500,000, on San Vicente Blvd. This Contemporary Traditional overlooks the Riviera (Country Club) Golf Course and the Santa Monica Mountains. The lot size is over an acre. The location, view and lot size embody the best Santa Monica has to offer.
In the last 30 days there have been 5 sales. They range in price from $1.7Mil for a 3 Bed/ 3 Bth home (approx. 2,200 SF) to $10.6Mil for a 7 Bed/10 Bth home (approx. 10,629 SF) on a lot of approx. 24,000 SF. This Mediterranean Estate-sized home was built in 2008. The walled and gated edifice had a motor court, grounds and a pool. The home boasts views of ocean and mountains.
Of note: There are currently 11 properties in escrow. They range in price from $1,399,000 to $7,350,000 (asking prices).
Prognosis: With price-reduced listing inventory steady at around 35 homes and interest lates at an all-year low, the balance of the Spring, and early Summer sales should be up over last year.. There has been more than one sale that went under contract within days of the listing. Buyers for these neighborhoods are advised to be thoroughly pre-approved by a well-known loan agent, thus...ready to act.
In 2008, there were 85 sales of SFRs in Zip 90402. The sales prices ranged from $1,452,000 to $6,500,000. The median price was $3,347,188. The average Sq. Ft. was 3,750; the average $ per Sq. Ft. was 897.89.
The average Days On Market (DOM) was 36. Currently, the average DOM for ACTIVE LISTINGS is 72.
CONDOMINIUMS AND TOWNHOUSES, Zip Code 90403:
Currently there are 64 condominiums (including townhouses) available. The average Days On Market (DOM) is 88. They range in price from $337,000 for a one bedroom, to an ocean view condominium listed for $3.999Mil in one of Ocean Ave.'s best (and newest) buildings. The median price is $838,500. The average Sq. Ft. is 1,486. Currently, there are 19 PENDING sales. Since April 1 there have been 6 sales ranging in price from $450,000 to $1,050,000.
The median price was $841,000. The average $ Per Sq. Ft. was $593. The average $ Per Sq. Ft. in asking prices is $703.
90403 SALES IN 2008:
There were 111 condominiums sold in 2008. The average DAYS ON MARKET (DOM) was 62. The low sale ranged was $317,000 for a 2 bedroom RENT-CONTROLLED condo with long-term tenant. Long-term tenants may not be evicted for owner-occupancy in Santa Monica. THe high sales was a penthouse condominium at 101 California Ave. with dramatic 360 views of the entire coastline and West Side of Los Angeles.
The median price was $747,000 and the average Sq. Ft. was 1,292.
Please don't hesitate to call me for weekly updates or a relocation package.
Best regards,
K.C. Soll
Sotheby's Intl. Realty
11911 San Vicente Blvd. #200
Los Angeles, Ca 90049
310.454.1525
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