Market Conditions for Sunset Park in Santa Monica, California

Market Conditions for Sunset Park in Santa Monica, California

The Sunset Park neighborhood of Santa Monica, which has approximately 2700 single family homes, has been a very active market in the past few months. There are only 23 homes currently available with an average amount of more than 100 days listed on the market.

As of the third week of May, there are currently 15 properties that are in escrow and under contract. And since March of this year there have been 19 homes that have sold and closed escrow.

This is a positive market indicator of a neighborhood that shows a high demand with a very limited inventory.

In this market, buyers are being much more meticulous with their searches.  They are definitely looking for value since longer term goals are much more of the focus. I am seeing properties selling with multiple offers and selling above their asking prices. It is evident that buyers only make offers if they perceive that the value is there and the property might not be available tomorrow.

 

House-Hunting Tips

Eight House-Hunting Tips for a Positive Experience

1. Location Counts

You’ve probably heard the old real estate joke about “location, location, location,” but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it’s in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years.

2. Make A List

Do you (and your spouse, if you’re married) really know what you need and want in your home? You’ll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don’t want and would prefer not to have. Your goal is to find the right home for your family without falling in love with one that doesn’t suit your needs. Tip: Start compiling your wish list by thinking about what you like and dislike about your current home.

3. Do Your Homework

Not long ago, consumers had very little access to information about recent home sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process. Today, all this information and more is available on the Web. Go surfing. Get educated. Become empowered.

4. Get Pre-Approved For A Mortgage

Your top-dollar home price is a function of your household income, your creditworthiness, interest rates, the type of loan you select and how much ready cash you have for the down payment and closing costs, among other factors. Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage broker to give you a full assessment and a letter stating how much you’re qualified to borrow. The true amount may be much more or much less than you think.

5. Use A Checklist

Touring multiple homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it track the features of each home.

6. Wear Comfortable Clothing and Sturdy Shoes

House-hunting can be tiring, especially if you’re relocating to a distant community and want to see a dozen homes in one day. There’s no sense in torturing your feet unnecessarily.

7. Be Prepared To Make An Offer

House-hunting can also be frustrating, especially if you know in your heart you’re not really emotionally or financially ready to buy a home. If you’re not ready, don’t put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you’ll know what decisions you’ll face when you make an offer.

8. Relax

Granted, buying a home is a major life-altering event. But it’s not worth making yourself insanely crazy or super-duper stressed. Save time at the end of your house-hunting expedition to unwind, calm your thoughts and emotions and keep the whole experience in perspective.

 

Santa Monica Neighborhoods & Market Conditions

There are many different neighborhoods within the city of Santa Monica itself.  Each community has its own character and the market conditions also vary from neighborhood to neighborhood.  I’ll give you a thumbnail sketch of the different areas and the current markets, with a focus on condominiums and townhouses.In our current market we have about 141 total condos available for sale throughout Santa Monica.

The Sunset Park area of Santa Monica which covers the areas south of Pico Boulevard, North of Dewey, East of Lincoln Boulevard and West of Centinela consist of approximately 2709 single family homes. As of today, there are about 28 homes available in the price range of $895,000-$2.2 million and since the beginning of the year there have been 29 homes sold in the range of $610,000 to $2.2 million.  These neighborhood consist also of approx 739 condos and there are only 9 units available as of today on the market. They range in prices from a 1 bedroom at $395,000 to a 3 bedroom townhouse at $859,000. There have been 12 units sold since January 2009 with prices ranging from $445,000 – $825,000.

In the North of Wilshire Boulevard neighborhood, you might be able to get a 1 bedroom condo starting at $450,000 and a 2 bedroom with a start price of $650,000.

Ocean Avenue condos that are currently available range in prices from $700,000 – $6 million.

Condos in the Mid City area, which covers the area south of Wilshire to Colorado Ave on the south, and Centinlea Ave on the east, and Lincoln to the west,  total approximately 1500 condos.  A 1 bedroom can be had in the range of $400,000 and a 2 bedrooom starting at $450,000 to $1.3 million.

The Ocean Park area is anything west of Lincoln and South of Pico. This area covers the neighborhood all the way to the ocean. A small 2 bedroom that is on the market is available at $475,000 and can go all the way up to $2.8 million.

The numbers of available units and approximate prices will give you some idea of the current market for condominiums and townhouses in Santa Monica.  I hope this will help you in your pursuit of the perfect property.