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Santa Monica Property - Purchasing Santa Monica Property

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Santa Monica is a mid-size city on the west side of Los Angeles County in California. The city is located on the Santa Monica Bay and has a population of 87,664. The city was first explored by Europeans on August 3, 1769, which was a Catholic holiday called the feast day of Saint Monica, thus the origin of the city’s name. The city was not founded until 1875, and it was officially incorporated in 1886. In the early 20th century, Santa Monica became a popular resort destination. After a brief lull mid-century, the city went through a boom in the 1980s with a revitalization in tourism and the job market. Today, Santa Monica is known for being an upscale, progressive city with above-average housing prices.

Santa Monica is composed of 44,497 households occupying a total of 47,863 housing units. Even with the surplus, the market only holds from 400 to 500 lots of Santa Monica property for sale. The median price of residential Santa Monica property is $880,000. From 100 to 200 foreclosure properties also stay on the market with a median price of $720,000. The average price per square foot, including all sales is $630. Even though the housing market is beginning to break through after a dip that did not begin until 2008, sellers are still not getting close to their asking price. The average list price of homes is $1.4 million, over $500,000 more than the median sales price.

Santa Monica property of all types are available for sale. Among the most plentiful properties for sale are single-family homes and condominium units. Generally, the closer to the shore the home is, the higher the price. Of course, there are always exceptions. Sizes of condo units range from small studios and go up to whole-floor luxury penthouse spreads. The properties are both old and new, with some of the renovated buildings fetching higher prices than the new buildings.

The architecture of Santa Monica properties is considered to be extremely contemporary, having wholeheartedly embraced the green movement. The local government has strict environmental regulations for both new buildings and existing Santa Monica property alike.

Although the city’s economy is supported by tourism, several other major industries and employers are located in Santa Monica, including Lions Gate Films and the RAND Corporation. In addition, several major corporations have branch offices located in the city. Some of these include major technological companies such as Google, Microsoft, and Yahoo. Other businesses in Santa Monica are Volkswagen’s North American designing studio, the Comedy Central offices, and the west coast headquarters of National Public Radio.

Transportation needs for residents and Santa Monica property owners are served on the ground through several major interstates and state routes, including one of the busiest in the nation, the Santa Monica Freeway (I-10). Others include SR-1 (Lincoln Boulevard) and SR-2 (Santa Monica Boulevard). In addition, Santa Monica is the west coast end of the historic U.S. Route 66. The city’s public transportation system is the famed Big Blue Bus system, and it is also served by the Los Angeles County Metropolitan Transportation Authority. For air travel, the Los Angeles International Airport is just to the south.

Public education in Santa Monica is served by the Santa Monica-Malibu Unified School District and several notable private schools. For higher education, Santa Monica College is located in the city, as well as The Art Institute of California.

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