Condo in newly built complex in North of Montana enclave fetches $10.5M

A condominium in Santa Monica’s popular North of Montana neighborhood has set a new mark for Los Angeles County so far this year at a price of $10.5 million.

The deal for the 31,000-square-foot 401 Ocean Ave. #5 was well ahead of some comparable units flagged by Redfin, such as a $4.9 million deal for a two bedroom, 3 bathroom condo at 101 Ocean Ave that closed on March 1. The 401 Ocean Avenue sale also compared favorably on a per-square-foot basis, as $3,249 versus $2,800 or so.

The February 2022 median price of condos in the seaside city stood at $1.6 million, according to the city’s real estate trends compiled by residential research site Movoto by Ojo, up from $1.3 million a year earlier.

401 Ocean Avenue, Unit 5 in Santa Monica (Cindy Ambuehl/Compass)

The three story condo at 401 Ocean #5 is new, with a certificate of occupancy granted earlier this year, said one of the listing agents Cindy Ambuehl of the Cindy Ambuehl Group, which is affiliated with Compass.

The #5 condominium shares a building with two others, both currently for sale. Each of the three units has a private two car garage. Elevators are equipped with a key fob security device, which take residents directly to their homes.

401 Ocean Avenue, Unit 5 in Santa Monica (Cindy Ambuehl/Compass)

Condo #5 offers a 701-square-feet balcony to take in views of the Pacific. The condo also offers a 872 square foot rooftop deck that includes a jacuzzi. The interior offers white oak floors, a kitchen with Italian cabinetry, high-end appliances from kitchen brand names such as Miele, Ambuehl said.

The new building that houses Condo #5 is placed behind a historic house built by architect Robert Farquhar in 1910. Investors Mark Tabit and Bill McGregor redeveloped the home and last year split it into two townhouse units, which are 401 Ocean Ave. units 1 and 2.

Listing agents for 401 Ocean Ave. #5 were Ambuehl and Don Heller of Don Heller Group, both affiliated with Compass. Buyers were represented by the father-and-son team of John Hathorn and Morgan Hathorn of Pence Hathorn Silver, also affiliated with Compass.

The condos at 401 Ocean Avenue are located across the street from a beach, as well as a short drive from Will Rogers State Beach, a popular Los Angeles hangout known for its bike bath and volleyball courts. 1990s TV show Baywatch was filmed at Will Rogers State beach. The condos also are a short distance from shopping areas of Montana Avenue and 3rd Street Promenade.

The Ocean Ave. condomimium’s neighbors include a group of craftsmen style homes on Georgina Avenue. The craftsmen style homes cost about $8.9 million.