The Santa Monica luxury housing market has experienced a very strong housing market. Not only has the number of luxury homes being sold in Santa Monica increased, but so has the price of luxury homes in the area.
Increased Home Sales
According to recent reports, the number of luxury homes sold in Santa Monica increased by 107 percent when comparing the summer of 2015 to the summer of 2014. This represents the biggest increase in closed sales of high-end single-family homes of all 33 housing markets included in the data. Altogether, 31 homes costing $3 million or more were sold in Santa Monica from May to July of 2015. As such, 2015 is on its way toward being a very big year for Santa Monica.
Increase Prices on Luxury Homes
Prices of luxury homes in Santa Monica have also been on the rise, particularly within the popular North of Montana Avenue (NOMA) section. Located to the south of San Vicente and north of Montana Avenue, the NOMA neighborhood consists primarily of larger family homes in a variety of styles and ages. Most homes within the neighborhood are situated on larger lots while, some are located conveniently near to Palisades Park and boast views of the Pacific Ocean. Homes along the Gillette’s Regent Square tract features 9,000-square-foot homes on wider lots surrounded by mature trees while, other homes in the area reach sizes of more than 13,000 square feet.
With the North of Montana Avenue on the rise, the most expensive areas of NOMA is La Mesa Drive. This location offers views of the Rivera Country Club, the Pacific Ocean, and Santa Monica Canyon. Lot sizes on La Mesa vary between 15,000 square feet to 60,000 square feet, with prices typically ranging from $5 to $30 million. Despite offering amazing views, beautiful homes and canopies of the rare Moreton Bay fig tree, La Mesa Drive is found to be one of the most least known areas in the city.
Homes within the NOMA section of Santa Monica became the most expensive in Los Angeles County in 2014, with a median price of $3.1 million. Meanwhile, Bel Air has the third highest median price at $2.4 million while Beverly Hills, running at tenth place, has a median price of $2 million. Nonetheless, despite the growth in prices, homes in Los Angeles County and even in Santa Monica are a bargain when compared to other global metropolitan cities such as London and New York.
Increasing Interest in Santa Monica
While other luxury neighborhoods and cities in Southern California are still going strong, the increased interest in Santa Monica is partially due to the city’s relaxed beach culture combined with the planned expansion of the Expo line. Santa Monica and other parts of Southern California are also experiencing a surge in international home buyers who are attracted to the area’s diversity, wealth, and glamor.
In addition to Santa Monica, Beverly Hills and Bel Air, Los Angeles County has many glamorous and exclusive neighborhoods and communities from which to select. If you’re looking for your new home in Los Angeles or the surrounding area, contact our team luxury real estate experts to learn more about what the area has to offer.
While you are still on the search, please take a look through our listing below priced from $3 Million to $7 Million.
$6,195,000 : 1861 SUNSET PLAZA Drive, Los Angeles4 beds, 5 baths
$3,899,000 : 247 N KENTER Avenue, Los Angeles3 beds, 4 baths
$3,849,000 : 15410 Hamner Drive, Los Angeles6 beds, 7 baths
$5,300,000 : 10800 WILSHIRE Boulevard #1503, Los Angeles3 beds, 4 baths
$4,150,000 : 8480 HAROLD Way, Los Angeles3 beds, 5 baths
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 6/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.