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.
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 – or 310.392.1211, and let us move forward together.