The Santa Monica Daily Press' story stating the Santa Monica's property values are holding steady doesn't have a lot of hard data, but the piece does state that single family homes are selling for an average of $1,691,750 and condos are going for an average of $783,000. And Paul Habibi, a lecturer at UCLA’s Anderson School of Management, tells the paper what we all already know: “Beachfront properties have always been more insulated against downward trends in the market.” But there is a slowdown in transactions: In 2004, there were 333 transactions compared to 270 transactions in 2007. Related: MLS currently lists 86 Santa Monica homes (ranging in price from $639,000 to $12.5 million) and 155 condos (ranging in price from $239,000-$6.9 million). That pricey condo at 535 Ocean Ave, which went on the market three days ago, is pictured.
· Home Market Stays Strong [SMDP]