Santa Monica’s luxury home market went crazy in Q1 2016

Los Angeles /
Apr.April 13, 2016 10:30 AM

Watch out, 90210! Santa Monica leapt to take the silver in luxury home sales in the first quarter of 2016, according to a new report by Sotheby’s.

The Santa Monica submarket jumped four spots since this time last year to tie with Pacific Palisades, where the number of luxury home sales decreased between the same periods. Beverly Hills remained at the top, with 27 home sold this year — a 23 percent increase over the 22 homes sold in the 2015 report.

Santa Monica, however, saw a much more drastic increase: a whopping 85 percent, with 24 home sold this year between January and March, over the 13 from 2015.

Sotheby’s Western Region COO Frank Symons said in a press release that Santa Monica beachfront locations are particularly attractive to buyers, including the areas near the Santa Monica Pier, Third Street Promenade and Santa Monica Place.

Coming in at third and fourth place for luxury home sales are Sunset Strip-Hollywood Hills West and Brentwood, respectively. The former had 22 sales this quarter, and Brentwood tallied 13.

In terms of home prices, Malibu Beach came out on top with an average sale price of $9.4 million, followed by Holmby Hills with $7.9 million, Sunset Strip with $7.5 million and Beverly Hills with $7.1 million.

Santa Monica is also seeing higher commercial asking rents compared to this time in 2015, The Real Deal reported last month. The average asking rent in the first quarter was $4.35 per square a month, compared with $3.89 in the same period last year.


Related Articles

arrow_forward_ios
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
CEO of Amazon Web Services Andy Jassy

A top Amazon exec buys in Santa Monica

A top Amazon exec buys in Santa Monica
WS Communities CEO Scott Walter and VP of Finance Gregory Proniloff, Madison Realty Capital’s Josh Zegen, 1433 Euclid Street in Santa Monica; and rendering of mixed-use project at 3030 Nebraska Avenue in Santa Monica (Credit: Google Maps and Madison Realty Capital)

WS Communities nabs $150M loan for six renovations and a development site

WS Communities nabs $150M loan for six renovations and a development site
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
Shops were looted in Santa Monica (Credit: Mario Tama/Getty Images)

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach
Related California CEO William Witte and the project site (Credit: Google Maps)

Related California eyes latest project in Downtown Santa Monica

Related California eyes latest project in Downtown Santa Monica
Marc Noah, Hilton & Hyland’s most recent addition (Credit: Google Maps)

Luxury broker Marc Noah joins Hilton & Hyland from Sotheby’s

Luxury broker Marc Noah joins Hilton & Hyland from Sotheby’s
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...