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.
Bravo! Four Santa Monica-Malibu Unified School District elementary campuses have received the prestigious “Distinguished School” designation from the California Department of Education.
Franklin Elementary School, Point Dume Marina Science School, Roosevelt Elementary School, and Webster Elementary School were named as four of the 424 public elementary schools to receive the honor for 2014, announced State Superintendent of Public Instruction Tom Torlakson.
“The more I see of other elementary schools, both public and private, the more I realize how lucky we are to be at Franklin School,” writes one parent on Greatschools.org. “The teachers are outstanding. With the high level of parent involvement both in the class and financially this public school is still able to offer many programs that you usually see only in private schools these days.”
Here is how the winners performed on the state Academic Performance Index (API) – a single number assigned to each school by the California Department of Education to measure overall school performance and improvement over time on statewide testing. The API ranges from 200 and 1000, with 800 as the state goal for all schools.
With the 2014 announcement, Franklin and Webster are both two-time winners.
2400 Montana Ave.
Santa Monica, CA 90403
“This is Franklin Elementary School’s second California Distinguished School designation, our first award was in 2008,” praises Franklin Principal Tara Brown. “Everyone is absolutely ecstatic. I don’t think the designation changes the school, but gives validation to our amazing staff, students, parents and community for all of the hard work and effort that is made on a daily basis toward all students achieving academic excellence while narrowing the achievement gap.”
3602 Winter Canyon
Malibu, CA 90265
Webster Principal Dr. Susan Samarge-Powell observes that the award honors the school. “The students, staff and parent community all contribute to the successes found at Webster,” she shares. ”It is a wonderful environment in which to learn.”
Roosevelt Principal Natalie Burton and Point Dume Principal Rebecca Johnson credit the collaboration between staff, parents and students for their success.
801 Montana Ave.
Santa Monica, CA 90403
“I am so proud that our students have flourished with such enthusiasm through our signature practices in math and English language arts,” applauds Principal Burton. “This exciting recognition is an honor for our entire Roosevelt community.”
One parent submitted this synopsis on www.GreatSchools.org, “Roosevelt is an amazing school with incredible, dedicated and responsive teachers who teach to the child, not the test, and an administration and staff whose dedication to the school is similarly amazing. The sense of community is remarkable and it’s been a magical elementary experience. We feel very fortunate to have the opportunity for our kids to attend Roosevelt!”
a.k.a. Point Dume Elementary
6955 Fernhill Dr.
Malibu, CA 90265
“I want to thank the students, staff, and parents,” said Johnson. “It is due to their continued dedication and extraordinary effort that this acknowledgment of PDMSS was made possible.”
“I applaud these strong, thriving schools that are making such impressive strides in preparing their students for continued success,” Torlakson said in a written statement. “This award is well-deserved by these school communities for their enduring dedication to high standards, hard work, and unwavering support.”
For the record, Santa Monica-Malibu Unified School District is a school district headquartered in Santa Monica, California, United States. The district serves the cities of Santa Monica and Malibu. It has ten elementary schools, two middle schools, three high schools, an adult high school, and an alternative school.
* Juan Cabrillo Elementary School (Malibu)
* Edison Language Academy (Santa Monica)
* Grant Elementary School (Santa Monica)
* McKinley Elementary School (Santa Monica)
* John Muir Elementary School (Santa Monica)
* Point Dume Marine Science Elementary School (Malibu)
* Will Rogers Elementary School (Santa Monica)
* Roosevelt Elementary School (Santa Monica)
* Webster Elementary School (Malibu)Middle and high schools
ü SMASH Alternative School (Santa Monica)
Middle and High Schools
ü John Adams Middle School (Santa Monica)
ü Lincoln Middle School (Santa Monica)
ü Malibu High School (Malibu)
ü Olympic High School (Santa Monica)
ü Santa Monica High School (Santa Monica)
A good site for more information is:
edited by Jodi Summers
Cash sales made up 41.2% of total home sales in January 2014, down from 43.5% the previous year, but up from 38.4% from the previous month. This CoreLogic chart ntoes that Florida had the largest share of all cash buyers with 59.8%, followed by Alabama (58.5%), New York (51.9%), Missouri (50.1%) and Mississippi (49.5%).
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