The north Santa Monica zip codes of 90401, 90402 and 90403 will always be the most coveted when it comes to Santa Monica real estate, but the gap is beginning to close when you compare them to the 90405 areas of Sunset and Ocean Park. A statement like that would have been blasphemous as little as ten years ago but with older homes in the area beginning to transform into homes you used to see only built north of Wilshire, combined with fantastic walkability and a more centralized location to all of what LA has to offer, this trend will inevitably continue. We have seen a hand-ful of new construction sell for over $3.5M and poised to break the $4M mark.
More reasons to be bullish—*The Santa Monica Airport is due to shorten the runway later this year which will eliminate some of the nosier jets in the short-term and in the long-term the airport is set to fully shut down in 12 years if not sooner. *The city has already claimed 12 acres of the airport to expand the Airport Park (drawing of park expansion below). *The phenomenal restaurants on Ocean Park Blvd. are as popular as ever and the Sunset Park area of Pico Blvd. continues to improve with popular restaurants and bars.
|SM Airport Park Expansion|
New Listing: Beautiful Charmer in Sunset Park (Santa Monica)- 2417 Hill Street Open Sunday May 15th 2-5pm List Price: $1.599M
Rare opportunity to purchase a wonderfully updated home on an expansive 7,000 sq. ft. lot on one of the most coveted streets in Sunset Park. This 3+2, 1,351 sq. ft. home features a remodeled kitchen with custom cabinets and granite countertops, two remodeled bathrooms, re-finished hardwood floors, central air and heat, fireplace, dual-pane windows and an automatic driveway gate leading to a full garage. Large park-like backyard and tremendous curb appeal with fenced front lawn surrounded by roses. One block from Clover Park and close to the hip restaurants and shops on Ocean Park. Come by and check it out on Sunday! Check out the property web-site for more details and photos: 2417 Hill Street
A superb location that is one block from the famous restaurants and shops of Main Street, three blocks from the beach and close to Abbot Kinney. This FAIA Award winning Michael Folonis creation is an entertainer’s dream! Filled with tons of natural light, it melds with a sleek contemporary style to provide an open and expansive feel. Chef’s kitchen with open living and dining areas. Fireplace in living room. Generous loft leads to the secluded rooftop deck with ocean and city views. Master suite has its own outdoor sitting area and fully remodeled and expansive master bath. Brazilian cherry oak floors and cabinets throughout. Huge storage/flex space (around 300 additional square feet) and side by side parking in gated garage with room to possibly park more cars. Unique end unit with each bedroom having access to an outdoor area. This rare opportunity is not to be missed!
Check it out: Property Web-Site
The areas that have benefitted the most from Silicon Beach…-Mar Vista, Culver City, Westchester to name a few…
The tech boom has benefited Los Angeles as a whole, but the residents that should be thanking their hi-tech friends the most are in Mar Vista, South Santa Monica, Playa Vista, Culver City and Westchester. These areas used to be considered the “affordable” adjacent areas to the uber expensive locales of Venice, North Santa Monica and Manhattan Beach.
Fun facts to know-
*The average 2015 sale price in Playa Vista was up 38% vs. 2014.
*In 2011, Mar Vista had 1 home sell for over $2M…in 2015, 31 sold for over $2M with three homes selling for over $3M.
*The average sale price in Westchester was $798K in 2013…in 2015, it was $1.040M.
*The average sale price in South Santa Monica was up 14.5% in 2015…Culver City was up 19.3%!
*A home in South Santa Monica on 32nd street between Pico and Ocean Park is in escrow for around the $3.8M asking price.