Westside Real Estate Derby has Santa Monica Making a Run

KentuckyDerbyRaceThis headline is inspired by the upcoming Kentucky Derby as the year in luxury real estate is rounding the first quarter turn.  As a new report shows the favorite Beverly Hills in the lead with an long shot making big gains.

Santa Monica saw a drastic upswing in luxury home sales in the first quarter of 2016 compared to the same period last year, a market report released  last month.

While Beverly Hills remains the local leader in the sale of homes for more than $3 million, Santa Monica has joined Pacific Palisades, which saw a reduction in total sales, in a two-way tie for second place, according to Sotheby’s International Realty’s Greater Los Angeles Market Report, released April 13.

The report, which analyzed Q1 2016 against Q1 2015, found that 27 homes were sold in Beverly Hills, a 23 percent increase over the 22 homes sold last year. Santa Monica sold 24 luxury homes, an 85 percent increase over the 13 sold last year. Pacific Palisades, which also sold 24 homes, experienced a 20 percent reduction over the same period last year when it led the region with 30 luxury home sales.

The Santa Monica luxury housing market is booming as more and more buyers are attracted to beachfront locations near the iconic Santa Monica Pier, Third Street Promenade and Santa Monica Place. It has now joined Beverly Hills and the Pacific Palisades as a top destination for luxury buyers.

Santa Monica Offers Luxurious Life of Liesure

Pier at NightSanta Monica has long been the image of the Southern California lifestyle, with its picturesque beachfront, bustling pier and iconic Ferris wheel. Local life revolves around the outdoors, evidenced by its boardwalk teeming with visitors, joggers and bikers enjoying the fresh, sea air and ocean vistas. The city offers a blend of laid-back beachy vibe and upscale cosmopolitan chic, with a thriving downtown that offers some of L.A.’s best dining, shopping and healthful amenities. As L.A.’s Westside continues to grow in popularity, Santa Monica has become one of the city’s most sought-after neighborhoods, enticing a diverse population of young families, students, surfers, yogis, entertainment execs and entrepreneurs.

Santa Monica is renowned for its healthy and notoriously active lifestyle, home to not one, but four farmers’ markets overflowing with colorful produce every week, including the ever popular Wednesday morning market on Arizona Avenue.  Numerous fitness offerings include the well-known Equinox and SoulCycle as well as top-rated yoga studios.  Residents jog the beach bluffs, climb the infamous Santa Monica stairs and bike along the beach paths, enjoying the city’s Breeze Bike Share program, a 500-bike system presented by Hulu.

Additionally, Santa Monica will soon offer better accessibility to Downtown Los Angeles when the EXPO Light Rail connection opens on May 20. It will mark the first time in 53 years Santa Monica residents have been able to hop a train for easy access to Downtown and the rest of the city.

With its perfect blend of relaxed seaside style and walkable urban appeal, Santa Monica remains among L.A.’s most in-demand real estate markets while inventory, specifically for new construction product, remains at an all-time low. There are still deals to make, please contact me with any questions.