It's a big season for Santa Monica as the number of luxury homes sold in the area has increased by 107 percent from summer 2014--the biggest increase in closed sales of high-end single-family homes, out of all the top 33 housing markets. From May to July 2015, 31 houses costing $3 million and up have been sold in the South Californian city.
According to a report by Curbed L.A., 2015 is shaping to become another big year for Santa Monica (affectionately called "SaMo" by its residents) after the North of Montana section became the most expensive housing market in the Los Angeles county in 2014, with a median price of $3.1 million. That's even higher than more popular markets like Bel Air, which placed third, with $2.4 million, and Beverly Hills, which placed tenth, with a measly $2 million. Bel Air, however, maintains the title for the most expensive neighborhood, with a mean over $3-million property closed sales price of $8,563,649. Beverly Hills also posted a higher luxury homes closed sales count than 38 homes sold, up from the previous year's 22 units.
The data from Sotheby's International Realty attributes the increase to Santa Monica's "relaxing beach culture" and the planned expansion of the Expo line.
In an interview with the Los Angeles Times, Sandra Miller, a real estate broker associated with Santa Monica's Volker & Engels, said that when compared with housing markets in other global metropolitan cities like New York and London, houses in Los Angeles, especially in Santa Monica, are "a bargain."
Cindy Ambuehl, an agent with the Partners Trust in Brentwood also said in a statement quoted by the Los Angeles Times that, "It's pretty mind-blowing, to be honest, the luxury market has been completely on fire."
Santa Monica is a poster child of the current surge in high-end home sales in South California due to international home buyers being attracted to the area's weather, glamour and diversity.