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|Avg. Days On Market||84|
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More About Santa Monica
Demographics : The average income in Santa Monica is roughly over $100K per year. Predominantly, over 65% is made of Whites, followed by Hispanic's at 14.5%, and Asian's by 9%.
Weather : The high temperature is nearly 68°F year round, with a low-average temperature of 55°F.
Why buy here? Home appreciation has increased significantly since 2006. The City of Santa Monica has ranked 3rd, in the top 30 most expensive cities to live in the United States. Santa Monica is considered among the most expensive place to live. Celebrities love Santa Monica! The appreciation has increased ten fold in the last 36 months.
First Time Buyers, and or Buyers Buying from other markets into Santa Monica-The reason why you want to buy here. Since COVID19, on average, the growth rate in this community has fluctuated between 4%-6% per month. The average day for home sold has been less than 50 days since March, 2020. Converting any asset-class into cash is as quickly from 10 days, to 50 days- making it a great place to buy multi-family apartments, 2-4 units, beach homes, vacation homes, etc. Santa Monica is home to hedge fund managers, celebrities, world class athletes. Santa Monica is a short drive to Pacific Palisades, Malibu, Bel-Air, Brentwood, Beverly Hills, and other West LA Neighborhoods.
What celebrities live in Santa Monica? To name a few: Miranda Kerr, Jennifer Garner, Ben Affleck, Reese Whiterspoon, Sean Pean, Taylor Swift, Kim Kardashian, Kanye West.
What's the current market like in Santa Monica for a luxury condo or home ? Currently, if you are in the market for a luxury-low end condo or townhouse; the lowest priced condo comes in at $545K but if you're in the market for a larger single family home, be ready to dish out on average at least $2M; the most expensive home is currently listed now for $18,500,000 that’s currently on the market. If you're an influencer, youtube celebrity, or up and coming musician- Santa Monica is the place for you. There are homes that have sold for more than $18.50M, but at the time of writing $18.5M was the max.
What's the current investment market like in Santa Monica, CA? For apartments, the lowest average price per unit now is $537,000 the maximum price per unit is $1.675M, with very low cap rates, around the 3, 4, 5's. This makes Santa Monica an ideal place of stabled investment. The depreciating assets in this area are great for passive investors. Currently- passive investment of $10K for a garden apartment will eventually yield a little over $14K per year in depreciation when partnered with several investors, when levered at around 60%-70% range.
COVID19, lumber, and higher cost price per square foot. If you are in the works for appreciation- The cost to build a new home is well over $300 per square foot if it's done correctly. This year, due to COVID19 the price per square foot to build went up drastically due to lumber commodity shortage thus creating spikes in price, mix this with higher demands of housing, forcing higher prices across various industries. This resulted in higher lumber price per board, which essentially when combined with luxury-end finishes you're easily in the $600-$850 per square foot. This range isn't exact, as the cost of building varies from project to project.
Current on going projects in the Santa Monica, CA Market. Some of the more notable projects in the Santa Monica area include- 17th St and 4th St Pedestrian and Cyclist Improvement Projects both are part of the Pedestrian Action Plan which seeks to develop and create safety more beautiful connections for residents to enjoy parks, transit areas, within Santa Monica. Similar towns that have enacted PAP's include San Francisco, usually there's a statistical difference with communities in household earnings, increased property values, and significantly higher returns on investments compared to cities that don't enact PAP's within their city planning. Santa Monica is definitely a great investment. Santa Monica is beautiful- and borders Venice, Mar Vista, Brentwood, Pacific Palisades, Marina Del Rey, and to the east it borders West Los Angeles.
Santa Monica's Housing Shortage, a dilemma and an opportunity. Housing is needed in Santa Monica- so finding double wide lots with smaller, older cottages or bungalow type homes are an ideal investment for repositioning those homes into multiple units or larger beach homes. With SB9 passing in the Senate, single family homes will be easier to be zoned for 4 unit conversions. Santa Monica is an ideal place where you can build smaller homes into large developments due to the local rents being so high. Currently, the price of a one bedroom apartment is priced between $2,318 and $7,500. If you read over that quickly, this is where you want to seize this opportunity. Rent's are very high, and higher when it's a custom home near the beach, you're looking at rents that can fetch as much as $100K per month in the Southern California Beach market. Santa Monica is an ideal place for developing assets that serve the communities low income population and affordable housing.
First Time Buyers, and or Buyers Buying from other markets into Santa Monica-The reason why you want to buy here. Appreciation is key in this market. This is why you want to move here. You're investment will be worthwhile.
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