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 International Realty, 310.245.6161
Santa Monica (City of), north of Wilshire Blvd., is perceived as a safe haven, clean air, beach proximity, highly-regarded public schools (Franklin and Roosevelt Elementary schools and Lincoln Middle School). It fills the busy family's requirements for prestige, recreation, safety (local city services Police, Fire) , convenience, economy (the public schools are paid for by property taxes).
Current active, pending and sale activity, since July 1, 2008.
Currently, there are 23 active listings in the area north of Montana, city of Santa Monica, zip code 90402. Currently, homes range in price from $1,799,000, to over $7,950,000 (special 1928 ocean view Villa). The median asking price for a home is about $3,295,000 (House Sq. Ft. about 3,000). Average lot size is about 9,600 Sq. Ft. Average asking price per SF is about $1,018.
Since July 1, 3 properties have accepted offers, subject to contingency removal (LOOKING FOR BACKUP), 5 are PENDING (most contingencies removed), and 14 have SOLD. The median SOLD price was $3,300,000. Average Sq. Ft. of homes was about 3,476. The average *days on market* was 62.
I sold one of the pending properties. This was a multiple offer scenario. The success of my buyer's bid can be partially attributed to the reputation of her loan agent. His experience and reputation lent credibility to the buyer, by the mere affirmation of her ability to perform.
CONDOMINIUMS AND TOWNHOUSES, Zip Code 90403:
Since July 1, there have been 13 sales ranging in price from $579,000 (2+2, approx. 954 SF) to $1,300,000 (2+1.75, approx. 1,232 SF). There are currently 14 condominiums in escrow. The median sales price was $810,000 (approx. 1,332 SF).
Currently there are 54 condominiums (and townhouses)available. These range in price from $415,000 (for a tenant-occupied,1 bedroom), to an ocean view condominium on Ocean Ave., listed for $3,695,000 (2+2.5, appriox. 3,239 SF).
There are 5 accepted offers (LOOKING FOR BACKUP) and 9 PENDING sales.
90402 and 90403 are the most sought after Zip Codes in Santa Monica, in fact, they could be the most sought after in Los Angeles County, in this price range. This is due, in part, to fine ratings of Franklin and Roosevelt Elementary Schools. 90403 has a large condo population. It is the area north of Wilshire and west of Centinela. Terrific boon to re-sale values, it is close to the 3rd Street Promenade, restaurants, and 90403 shares the Franklin and Roosevelt Elementary schools.
The other residential zip codes, 90404 Sunset Park and Ocean Park 90405, have skyrocketed in value. These are the areas south of Pico Blvd. and North of the SM Airport. The average home is now listed for $1.3Mil.
I believe that Santa Monica can't be beat for life-style and convenience.
To Santa Monica sellers: I will create a comprehensive and confidential market analysis and marketing proposal, based on your needs and the current sales statistics. Within 24 hours of viewing your home, I will have a RELIABLE market analysis in your hands.
GENERAL SANTA MONICA INFORMATION
Practically perfect, from weather to recreational resources, shopping to air-quality this incorporated city boasts its own school district, excellent hospitals and health-care resources, and full-response Police and Fire Departments.
The city also has its own courthouse, trash and recycling Centers, excellent hospitals and school district (The Santa Monica - Malibu Unified School District).
Santa Monica, a beach-side city has a high percentage of apartment buildings which means housing is plentiful (if not cheap).
On Wednesday and Saturday AM's, Santa Monica's Third Street Promenade, a large open-air mall, hosts a farmer's market of fresh organic produce, cheese, flowers and fresh fish. It also hosts a popular indoor shopping mall, several movie theatre complexes and a fun, entertaining and educational Pier complex, all within about 5 miles of LAX. Many consider this L.A. County's pearl.
The 30-mile bike/roller-blade path on the beach, is family and health- enthusiast popular. It continues north and south from Pacific Palisades to Palos Verdes Peninsula. It even meanders under the fun-zone kid-friendly Santa Monica Pier.
Local mountain hiking, swimming and beach-combing is a year-round attraction. Hotels, restaurants and shopping are second to none on California's LA Western Coast.
The down-side is a high population of homeless (here because of the generous attitude of the population and our superb climate).
Homes range from $1.4Mil ( tear-down.) to $17Mil with Riviera Country Club (golf course views). Average home price $3Mil (3,600 SF) 90402.
Best wishes, K.C. Soll, Associate Broker, Sotheby's Intl. Realty.310.245.6161
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