Fascinating facts and boring charts on owners and renters, according to the 2012 American Community Survey:
The typical owner-occupied household is headed by an individual between 45 to 54 years of age. The median household income in 2012 was $65,514. The average household size was 2.7 occupants with the most common household type being married.
The typical renter-occupied household is headed by an individual between 25 to 34 years. The median household income in 2012 was $31,888. The average household size was 2.53 occupants with the most common household type being single.
Nearly 17 million or 22.7% percent of all owners are between 45 to 54 years. The largest share of renters falls within the age bracket between 25 to 34 years. Just over 11 million of 26.4% of all renters are between 25 to 34 years.
The median income for rent-occupied households was $31,888. The median income for owner-occupied households was more than twice that amount at $65,514.
A large share of renter-occupied units is single-income households. Nearly ten million or 26.1% percent of all renter-occupied units are single-income households. Only 13.3% of owner-occupied units are single-income households. The largest share of owner-occupied units is married households at 60.1%.
According to the Bureau of Labor Statistics 2012 Consumer Expenditure Survey, average income for married couples with children was $98,104. The average income for all married couples was $90,393 in 2012.
The residents of Santa Monica tend to think they live in their own little self-contained city, with its own government, business economy, water supply and elitest real estate process.
Those on the outside of the “Republic of Santa Monica” see this city by the sea – with a daytime population of 250,000 and a nighttime population of 90,000 residents as a suburb of Los Angeles. The website Movoto.com has, rather curiously, named Santa Monica one of the 10 smartest suburbs in America. Check out the top 10 list and we’ll dialogue further…
1. Santa Monica, CA
2. Evanston, IL
4. Cambridge, MA
5. Towson, MD
6. Cupertino, CA
7. Scottsdale, AZ
8. Newton, MA
9. Seal Beach, CA
10. Alameda, CA
Movoto defined a suburb as any large population center near one of the nation’s 50 largest cities, and factored in whether or not the place was called a suburb on Wikipedia, in the list of inner-ring suburbs, or in any official capacity. Wikipedia defines a suburb as,”A residential area or a mixed use area, either existing as part of a city or urban area or as a separate residential community within commuting distance of a city.”
The methodology involved collecting data for 109 different suburbs using business listings, www.Greatschools.org, and the U.S. Census American Community Survey. Then, they were ranked from 1 to 109 in the following criteria:
Colleges and universities per capita
Public libraries per capita
Museums per capita
Percentage of students with bachelor’s degrees or higher
High school graduation rate
GreatSchools.org rating (based on test scores for the area)
We averaged these rankings into one overall Big Deal Score, where the lowest score was the best and brightest suburb, none other than Santa Monica.
1. Santa Monica, CA
Sure, we’ve got our beach and our pier, and real estate prices that average around $2,000,000 for a single family home, but did you realize that Santa Monica has the sixth most museums per capita out of all 109 places? It also ranked 10th overall for the percentage of its population who have bachelor’s degrees or higher (64.5 percent) and 11th for the number of nearby colleges and universities per capita. Bravo to us…
Here’s the big list:
To find out about all the other smart suburbs, go here…
Courtesy of the City of Santa Monica department of Planning and Community Development Planning and Zoning Division
Last summer, Ocean Park was home to the million dollar bungalow. This summer, not so much. The market is quieter than last year – only 19 properties sold in our neighborhood in the second quarter. Prices are a little more palatable for buyers…and not so exciting for sellers.
“The drop in affordability has hampered activity, helping to explain how sales could be lower now even though today’s inventory is higher than a year ago,” observes Andrew LePage, a DataQuick analyst. “The recent dip in mortgage rates will help fuel demand, adding pressure to home prices. But the sort of price spikes we saw this time last year – annual gains of 20 percent or more – are less likely today given affordability constraints, higher inventory and the drop-off in investor purchases.”
Clarus Market Metrics notes that comparing June 2013 with June2014 the median price of for sale in Ocean Park, Santa Monica 90405 is up 31% and the median price of sold properties is down -15%
Of the 19 properties that sold in the 2Q 2014, only one was a single family home. 754 Navy, which sold in May, is a complete rehab project.
17 Condos sold in Ocean Park in 2Q 2104. The most spectacular was a 3,000+ sq.ft. beachfront townhouse in Sea Colony which boasted spectacular views from every room. The 3-bedroom, 5-bath unit sold in June for $4,025,000. Six local condos sold between $1,000,000 and $2,000,000. 6 sold for between $500,000 and $999,999. The 4 units that sold for under $500,000 were all along 4th St. All totaled, in Q2, the average selling price jumped up to $877.74 and the median condo sale price to $785,900.
Estimated sale prices look juicy…but keep in mind, many ocean view condos sold this quarter. To estimate your current value, multiply the square footage of your condo x $877.74 = a relative estimate of worth. View, location, orientation, condition and a host of other variables will affect the price.
For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
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