Home > Blogs > Jodi Summers > SILICON BEACH REAL ESTATE SNAPSHOT

SANTA MONICA REAL ESTATE SNAPSHOT~ NOVEMBER 2013~ THE $1,000,000 SHACK

By Jodi Summers

Real Estate Broker/Owner with Sotheby's International Realty

October 26, 2013 07:56 AM

by Jodi Summers

We’ve all laughed at the postcard of multimillion California homes….but the scary thing is that is becoming reality. In Santa Monica, the million-dollar “shack “is a century-old bungalow by the beach in need of rehabbing. This has become the bottom of the seaside single family residential home market.

In Ocean Park, the ideal Santa Monica Beach community, pricing chaos began on October 11^th.A newly remodeled 1-bedroom +1-bathroom
bungalow less than 600 total square feet, on a well-designed lot came on the market at $825,000 and promptly went into escrow in multiple offers.

Now, three vintage bungalows are on the market at prices the neighbors consider “shocking…”

411 OCEAN PARK - What the advertising doesn't tell you is that this $895,000 2-bed + 1 bath 1920 bungalow on a hill on a boulevard.

It will be open on Tuesday 10/29/2013 - 11:00AM-2:00PM. Lot is slightly under 3,000 sf. Carport.

**

666 NAVY ST , a 2-bed + 1 bath 1914 probate in need of a remodel on a 4,000-sf lot, is now on the market $949,000.

**

2635 6TH ST, “Adorable California bungalow on huge 6,000 SF lot in Ocean Park." is selling for $1,150,000. With OP2 zoning, you can build two units.

That's open on 10/29/2013, if you're interested.

**

If you're looking for a move-in condition house bottom end of the market is 727 OZONE ST a 3+2 priced at $1,200,000 - also open Tuesday.

And prices go up from there. According to the MLS, the current high price for a home in Santa Monica is 1525 SAN VICENTE BLVD – a 22,794sf home on a 58,806sf lot for $29,995,000 – it has
13 bathrooms. Showings upon request.

The current low price for a condo is 1621 CENTINELA AVE #B a 1+1 for $370,000.

Showings upon request.

The starting prices on 1-bedroom condos in Ocean Park is $449,000 – 1/3 of the $1,225,000 starting price of the new condos down Main St. … so…value is all relative.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.