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.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
310.453.1965 Cell: 310.633.4742 Fax: 310.756.1233
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”