SANTA MONICA REAL ESTATE SNAPSHOT ~ March 2014 > FOCUS ON OCEAN PARK

February 25, 2014 on 9:45 am | In Buyers, Fascinating Information, For Your Purchasing Pleasure, Market Snapshot, Market Trends, Multiunits, Of Local Importance, Sellers, Statistics, Uncategorized | 6 Comments

by Jodi Summers

Here’s an interesting factoid to drop into your conversation. A total 344 residences in Santa Monica sold for more than $1,000,000 in 2013, according to the MLS. 230 of those properties are houses, 114 are condos. 37 of those properties are in Ocean Park.

In California, 39,145 homes sold for $1 million or more in 2013, up 45% from the year before and the best showing since 2007, as per to DataQuick information services.

In 2013, prices in Los Angeles rose 22%. Prices in Santa Monica and Ocean Park saw negative growth.

The MLS determined that in Ocean Park, a total of 99 properties sold – 28 single family properties, 61 condos, 10 multifamily.


As you would expect, the priciest single family home to sell was in the beach tract – the finely finished, steps-to-the beach property sold in June for $4,600,000. The lowest price was in the Borderline neighborhood.  713 Navy – a 760-ft, 2bed+1bath on a 2,123 sf lot, desperately in need of a remodel – priced @ $749k, closed in February for $795,000.

The Median sale price for homes in Ocean Park in 2013 was – $1,512,500.

In Condoland, OP13 saw 61 condos sold. The high was 2912 3RD ST #4, a luxuriously upgraded 3+3 penthouse that, “elevates beach-close living to dramatic new heights.” The bright and open design occupies the entire top floor and showcases lofty ceilings and an abundance of recessed lighting. It sold in May @ $969/sf

The big value 3101 5TH ST #14, a spacious 1+1 that sold early in the year for $260,000. This single story features large living room, patio and subterranean parking.

The median price for an Ocean Park Condo in 2013 was $690,000.

Ten income properties at a median sale price $1,613,500. The standout sale was

3014 4TH ST, which was on the market for the first time in approximately 65 years. This pink, Spanish style 8,100/sf trophy property building features. 21 units on a 15,499 lot sold for $4,350,000 in December.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

**

http://articles.latimes.com/2014/jan/30/business/la-fi-million-dollar-homes-20140131

http://www.dqnews.com/Articles/2014/News/California/Southern-CA/RRSCA140114.aspx

http://www.santamonicapropertyblog.com/?p=5425

https://www.terradatum.com/cmm/CLAW

http://www.themls.com/mymlsportal

http://www.santamonicapropertyblog.com/wp-content/uploads/2013/05/710-NAVY-ST.jpg

http://4.bp.blogspot.com/-SK9AhiKJkic/TiYWFneCk6I/AAAAAAAAD-U/zPNOIQV_4rY/s1600/Scan.jpeg

 

6 Comments »

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  1. Hi Jodi,
    I could not purchase any of the properties you sent me in the email below but I am
    an interested investor and would like to know if you could send me more available
    properties in the future? I am particularly interested in restaurant and bar space in West Hollywood,
    Beverly Hills, Culver City, Santa Monica, Venice, Westwood, Marina Del Rey, and west Los Angeles.

    Thank you,
    Dennis

    Comment by Dennis — March 2, 2014 #

  2. The U.S. Census Bureau of the Department of Commerce announced today that construction spending during January 2014 was estimated at a seasonally adjusted annual rate of $943.1 billion, 0.1 percent above the revised December estimate of $941.9 billion. The January figure is 9.3 percent above the January 2013 estimate of $863.1 billion.

    Comment by Calculated Risk — March 4, 2014 #

  3. A $687.4 million package to help address California’s devastatingly dry conditions and to increase local water supplies to communities throughout the state is on its way to Governor Jerry Brown’s desk for approval.

    On Wednesday, the Assembly Budget Subcommittee on Resources and Transportation, Chaired by Assemblymember Richard Bloom (Dem-Santa Monica), approved the emergency drought relief plan.

    The Budget Subcommittee adopted the plan on a 3-2 vote.

    Bloom’s Chief of Staff Sean MacNeil said the legislature, SB 103 and SB 104, passed in both houses.

    In the State Senate, SB 103 passed 34-2 while SB 104 passed 33-0.

    In the State Assembly, SB 103 passed 66-1 while SB 104 passed 68-1.

    The legislature will now head to Governor Jerry Brown’s desk. He is expected to sign the measures into law.

    California is experiencing one of the worst droughts since the state began keeping records more than 150 years ago.

    Since July 1, Los Angeles has received just 1.2 inches of rain, 10 percent of normal.

    During the period, San Francisco, traditionally a much wetter area of the state, received only 5.85 inches of rain, 35 percent of normal. And Sacramento went 42 consecutive days in December and January without rain. The Sierra snowpack was a frightening 12 percent of normal in late January, though recent snowfall in early February lifted that total to 23 percent of normal.

    It’s been said that some rural communities may run out of water supplies in the next 60 to 120 days.

    Comment by Brenton Garen / Editor-in-Chief — March 8, 2014 #

  4. Californians are telling pollsters they are not feeling either secure or confident. Two surveys taken late last year by the Hoover Golden State Poll found twice as many Californians reported being worse-off financially (33 percent) than better off (17 percent) over the last year; two out of three Californians predicted their state tax rates will increase this year, while 1 percent predicted a decrease; and only one in seven Californians are “very confident” they can afford both higher taxes and other pocketbook expenses. And the fact that over a million Californians have voted with their feet — by moving to Texas, Nevada, Florida and other states not hostile to economic growth — is well documented.

    Comment by SMDP — March 20, 2014 #

  5. Council reviewed a survey that asked residents what they thought about the direction of City Hall and development in Santa Monica.

    Notable findings included majority support for the height limits Downtown that would cap by-right building at 84 feet.

    Also notable was the fact that older residents and white residents tended to oppose development and the direction that City Hall is headed, while younger residents and minorities tended to see both more favorably.

    Comment by SMDP — March 21, 2014 #

  6. It’s not exactly shocking that the top one percent are much whiter than America as a whole, but it is worth noting. The overwhelming maleness of the top 1 percent is also interesting in a world where some people are proclaiming that the economy is working great for women. But the same survey also shows that 70 percent of the “next 90 percent” are male. This appears to be an artifact of Survey of Consumer Finances methodology, which appears to code mixed-gender married couples as male.

    Comment by Vox — May 1, 2014 #

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