In Southern California, it’s difficult to not be enchanted by the ever-present allure of the stars of the silver screen. Nearly everywhere you look there are influences from Hollywood’s brightest stars and innovators, especially in the region’s stunning selection of luxury homes.
One such home to recently hit the market is that of legendary Hollywood Art Director Cedric Gibbons. Famous for his art direction on the classic film Gone With the Wind and for designing the Oscar statuette, Gibbons also designed this beautiful Santa Monica home with his first wife, actress Dolores del Rio, when it was constructed in 1933.
Listed for $3.695 million, the home features four bedrooms, each with access to a private balcony, and four bathrooms. The home has been updated, blending its old Hollywood charm with modern amenities and style elements, including a modern kitchen, box beam ceilings and an attached space with separate entry that can function as a gym or office.
Originally designed in the spirit of Art Deco, the home has taken on a laid-back beachy feel. High ceilings, ample windows and French doors bring the brightness of the outside in, while a neutral palette keeps the home looking fresh and inviting.
Situated about a mile and a half from the beach, the home is also in a prime location for fine dining, shopping and adventures at Rustic Canyon Park.
Home Values Climb in Santa Monica
In addition to Gibbons’ former home the Santa Monica real estate market has a number of exquisite properties that are helping the area to grow in value. Altos Research, a California-based real estate analytics company, reports the median single-family home value in Santa Monica has been on the rise, even as home demand has downgraded over the last few weeks.
Altos reports a current median single-family home value of $3,598,150. The median home value has been on the rise since July 2014, and shows no sign of stopping. Demand has been working in favor of home sellers, which has likely helped home prices to continue to inflate.
The Market Action Index is Altos’ unique measure of buyer and seller favor. This value uses a neutral zone of 30 on a scale that indicates seller favor with high values and buyer favor with low values. With a current MAI of 44.04, the luxury real estate market in Santa Monica is firmly in seller hands. This value has downgraded over the last few weeks, coming down from 48. This indicates that seller favor is softening, but there is still a strong buyer base that is after a limited amount of homes available in this community.
As of February 20, there are about 37 properties on the market in Santa Monica, which is somewhat limited given the strong desire many are feeling to live here.
If you are looking for a Santa Monica home of your own, don’t hesitate to call our team. We’d love to show you some beautiful properties in this community.