Number of Expensive Houses Sold Has Doubled in Santa Monica This Summer from Les and Elaine


Across Los Angeles, the prices for single-family houses have been steadily trucking upward, especially in the Richie Rich parts of town. Sotheby’s International Realty’s newly-released LA market updatesingles out fancy Santa Monica houses as a big winner this summer. The real estate firm’s July 2015 update (which factors in May through July numbers) shows that sales of $3-million-plus estates in SaMo rose 107 percent from 2014 sales for the same period. In three months, 31 houses costing more than $3 million sold in Santa Monica. (The area north of Montana was the most expensive market in Los Angeles for all of 2014.)

Santa Monica saw the biggest increase in high-end single-family house sales (sales over $3 million) across the top 33 markets, way beyond other fancy neighborhoods. Shining a light on the increased demand for real estate here, the regional rep for Sotheby’s says in a press release that it’s a combo of the heightened summertime appeal of “its relaxing beach culture” and the Expo Line’s forthcoming expansioninto SaMo.


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“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”