San Dee, Other/Just Looking in 90405

Are condos in SantaMonica's Ocean Park area just a few blocks from the beach also going way down in value now?

Asked by San Dee, 90405 Fri Mar 21, 2008

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They have gone down in value. I've been looking in that EXACT area for several months. There have been many price reductions. BUT, the properties there are selling. When something desireable becomes available at the right price, it sells within a couple days. There was a foreclosure I was thinking about putting an offer in on, but waited a bit too long before submitting.

Since the initial price drops last year and through early Feb 08, it seems the prices aren't changing much in Ocean Park area... though I was hoping they would fall faster. They aren't going up, but they aren't dropping fast anymore.
1 vote Thank Flag Link Sat Mar 29, 2008
Hello San Dee,

The stats I have for Santa Monica are for Santa Monica as a whole and not just Ocean Park. The median price in Santa Monica currently for a condo is $630,000 compared to $780,000 last year. WOW! Sales are down from 2007. As of February 2007 there were 61 sales compared to YTD February 28 it was 43. Sales are down and prices are lower. Ocean Park is a great location and will always be desirable.

Best,

Moniqiue Carrabba
1 vote Thank Flag Link Fri Mar 21, 2008
San Dee,
Good news if you own a condo in Santa Monica's Ocean Park area. Values are on the upswing. With low inventory and low interest rates demand is higher than supply right now.
Cheers,
Kim
0 votes Thank Flag Link Tue Apr 9, 2013
To whom it may concern:

The average price per SQFT for condos/townhomes in Ocean Park (West of Lincoln Blvd) has been hovering around $600.00 per SQFT for the last 6 months... The high end modern/architectural properties are selling as high as $650.00 per SQFT. The fixers are selling around $550.00 per SQFT. 1 Bedrooms are selling in the low to mid $300k range (down from the $500k range)... Yes values have dropped significantly, but the demand is very strong... Real sellers will move their listings within two weeks AND yes we are still getting multiple offers..

See http://www.BrianMaser.com for specific comps in Ocean Park. My name is Brian Maser and I am the leading condo/townhome listing agent in Ocean Park, Santa Monica. I sold over 20% of the condos/townhomes in Ocean Park during the last two years (2009 & 2010).
Web Reference: http://www.BrianMaser.com
0 votes Thank Flag Link Fri Feb 4, 2011
Any oceanfront property is always going to be at the top of real estate value. This is fact. Visit http://www.OceanAveLiving.com to see all Santa Monica oceanfront property for sale. High end leases are strong as well. Visit http://www.LuxSantaMonica.com to see luxury leases which are almost always booked for over $18,000 a month. Give us a call anytime if you have any other questions. Best, Solomon Team (310) 979-3798 , SoldbySolomon@gmail.com
0 votes Thank Flag Link Fri Apr 9, 2010
Anyone considering buying anywhere SM should read this excellent well researched article first:

The Data Does Not Lie, Mar. 31.2008
http://www.arcadiahousingblog.com/2008/03/31/the-data-does-n…

The Data Does Not Lie, Mar. 31.2008
0 votes Thank Flag Link Fri Apr 4, 2008
Wait another year, save another 30%

good luck
0 votes Thank Flag Link Fri Mar 21, 2008
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