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

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.

Wait another year, save another 30%

good luck

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