...continued from 2003: Not Enough Property for Sale in Santa Monica
To describe the real-estate market in 2003, it could be said that inventory
Most local homeowners who were interested in selling property and taking
Now for the details.
According to the Multiple Listing Service, Santa Monica in 2003 saw the
sale of 379 single-family homes, down from 463 sold in 2002. We’re
now in our median
“The decline in sales is due more to a lack of inventory than anything
Of 2003 single-family residence sales 183 were priced under $1 million,
The high-end property is described as a “sophisticated villa on
a double lot” on
According to the California Association of Realtors, Golden State home sellers earned a record median gain of $150,000 in 2003.
“Sellers in 2003 realized an 8 percent annualized rate of return, far exceeding the returns on many other investment options,” stated Leslie Appleton-Young, the association’s vice president and chief economist.
In the condo market, the MLS boasted that Santa Monica sold a total of
710 condos in 2003, down from 784 in 2002. Sixty-seven transactions were
In the $300,000 to $600,000 range, Santa Monica saw 439 units change hands, as compared with 473 in 2002, 376 in 2000, and 299 in 1998. This year, there were 167 units selling between $600,000 and $1 million — compared to 130 in 2002 and 72 in 2000. Thirty-seven units sold for more than $1 million. In prior years, a grand total of 95 Santa Monica condos have sold for more than $1 million.
2003’s most expensive condo was a five-bedroom penthouse suite along Ocean Avenue. This $8.1-million unit boasts “Luxury living at its finest. Sensational 360 degree views (elegance abounds).” The least-expensive condo was between Santa Monica College and the freeway. The two-bedroom, one-bathroom condo sold for $130,000 and came with its own set of issues. As the ad explained, “Buyer must inherit tenants with all of tenant’s rights governed under Santa Monica Rent Control.”
The income property market in Santa Monica saw $73 million in business
The average building size in 2003 was 11 units, and the average unit
“(Gross rent multipliers) are not going up, but the value of buildings
and the cost
There’s not a lot of land left in Santa Monica. In 2003 only eight
pieces of land
“With many buyers wanting to live in Santa Monica, there are very
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