Santa Monica ocean front condos are a highly desirable commodity, understandably since there is very little inventory.
Below is an overview of what has happened over the past 4 months in the more popular buildings:
|Building||Sold||Over 2011||Low Price||High Price||Median Price||% of 2011||Active||Pending||Market|
|101 Ocean Ave||1||=||N/A||N/A||$1,021,250||N/A||1||0|
|515 Ocean | Park Plaza||1||+1||N/A||N/A||$1,160,000||N/A||3||1|
|535 Ocean | Oceanaire||2||+1||$2,047,500||$10,500,000||$6,273,650||N/A||0||1|
|701 Ocean Ave||0||=||N/A||N/A||N/A||N/A||0||0|
|801 Ocean | Pacifican||0||=||N/A||N/A||N/A||N/A||0||0|
All information provided by MLS/CLAW is deemed accurate but is not guaranteed.
|Seller’s Market||Buyers’ Market||Stable Market|
|Less than 6 months inventory||More than 6 months inventory|
With the exception of Park Plaza, which has 3 units on the market, and only 1 sale over the past 4 months, the other buildings have buyers waiting for units to come on the market. Santa Monica ocean front condos is definitely a sellers’ market.
And if you are looking at renting a Santa Monica ocean front condo:
101 Ocean has 1 unit for lease at $25,000 per month.
535 Ocean, The Oceanaire, has two units for lease, one at $5,195, and the other at 5,495 per month.
201 Ocean Ave, Ocean Towers, is a coop, one of the few in Los Angeles, so buying into it is a challenge. However, there are 12 units currently for lease, the lowest at $3,300 for a studio, and the highest at $10,500 for a 3-bedroom, per month. Some of these units have spectacular views, many are furnished and the majority share a community laundry.
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