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|