Friday, November 28, 2008

Prime Santa Monica 90402 Zip Code Now Declining

The "90402" in Santa Monica is now showing declines, along with other prime areas in West Los Angeles. Considered to be the best area of Santa Monica, standard lots with teardown homes were running a minimum of $2,000,000, recently as last year. In the past few months, we have seen house prices drop significantly in the area.

Sold on 4/9/08 for $1,880,000
219 23rd Street, 90402
3+2.5, 1758 sqft, 7975 sqft lot

Sold on 9/11/08 for $1,750,000 (Picture)
733 20th Street, 90402
3+2, 1704 sqft, spanish style, 8940 sqft lot

Sold on 10/7/08 for $1,600,000
370 22nd Street, 90402
5+2, 2998 sqft, 7405 sqft lot

Sold on 11/21/08 for $1,900,000
460 Lincoln Boulevard, 90402
3+3, 2471 sqft, 7500 sqft lot

With the last house that sold on Lincoln being clean and in move-in condition, the value of a standard 7500 sqft lot is now around $1,500,000.

A nice 25% clip off last year, in the prime, of one of LA's prime neighborhoods.

1 comment:

latesummer2009 said...

The question is how low will these lots go?

I'll say they break under $1,000,000..