19 Nov 2010
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Economy, Real Estate Finance, Santa Monica, California
Santa Monica Real Estate Market

The Santa Monica real estate market has been very active this year because of the record low rates. As of today there have been 218 single family homes that have sold with a median price of $1.5M comparing to last years total sales of 190 homes with a median price of $1.625. We have seen a drop in price of about 7% from last year but an increase in volume. There are currently 94 homes on the market and about 37 homes in escrow or under contract which tells us of a very active market. The median asking price range is at $1.6M.

I am seeing that the condo market this year will surpass the figure of 373 condos that sold last year. As of to date, there are already 323 condos sold with another 64 condos under contract. The median price this year is at $660,000 and has not changed much from last years $665,000.

What I am experiencing in this market is that the only properties that move are the ones that the public and brokerage community perceive to be of a great value. It has to be positioned well that they think that if they do not make a move on it today, that it will not be there tomorrow.

 

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10 Oct 2010
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Buying Real Estate, Economy, First-Time Home Buyers, Interest Rates, Mortgage Rates, Real Estate Finance
Record Low Mortgage Rates Continue To Fall in West Los Angeles

Mortgage rates headed down again, after lingering at a record low for two weeks. The benchmark 30-year fixed-rate mortgage fell 5 basis points this week, to 4.45%, according to the Bankrate.com national survey of large lenders. In the 25-year history of Bankrate’s weekly survey, the 30-year fixed has never been lower. According to statistics compiled by the National Bureau of Economic Research, the last time mortgage rates were below 4.5% was in April 1953.

Source: Record-Low Rates Slide Further

 

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27 May 2010
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.

 

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Buying Real Estate, Economy, First-Time Home Buyers, Santa Monica, California, Selling Real Estate
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21 Sep 2009
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.

 

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Buying Real Estate, Economy, First-Time Home Buyers, Real Estate Finance, Santa Monica, California, West Los Angeles
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