Monday, January 16, 2012

Best Areas With Good Public Elementary Schools And Homes Under $1,000,000

One of our readers suggested this thread. For families with young children, a good public elementary school is one of the prime factors in choosing a home. The cost of private schools can take a huge bite out of your income and reduce the amount spent on housing. Why not find a good public school to maximize this amount. The question is, where? On Redfin, they list a Great Schools Ratings ranging from 1 - 10, based on standardized test scores and school performance. Although not the only way to judge a public school, at least it's an objective measure in which to evaluate how well their curriculums are aligned to the California State Standards.
Santa Monica, Brentwood, Bel Air, Pacific Palisades and Culver City have some of the best public elementary schools, with homes under $1,000,000. Lets compare a few in the $850,000 - $925,000 range and see what you get. In addition, I'll list the public elementary schools along with their Great School Rating.

436 Entrada Drive 90402
3+1.75, 1534 sqft
YB 1948, 10668 sqft Lot
SOLD on 12/23/11 for $925,000
2 Lots
Canyon Elementary School (10)

1036 N. Kentner Avenue 90049
2+3, 2694 sqft
YB 1960, 5378 sqft Lot
SOLD on 3/31/05 for $1,630,000
SOLD on 11/2/11 for $925,000 (-42.2%)
Short Sale
Kentner Canyon Elementary (10)

1333 Stradella Road 90077
3+2, 2660 sqft
YB 1973, 13939 sqft Lot
SOLD on 11/28/11 for $880,000
Short Sale
Community Magnet  (9)
Roscomare Elementary School (10)

891 Chattanooga Avenue 90272
3+2, 1273 sqft
YB 1953, 5200 sqft Lot
SOLD on 7/22/05 for $1,350,000
SOLD on 11/29/11 for $917,000 (-32.1%)
Short Sale
Marquez Charter Elementary (10)

5263 Dobson Way 90230
4+2, 1794 sqft
YB 1950, 6286 sqft Lot
SOLD on 11/29/11 for $855,000
La Ballona Elementary (7)
Farraquat Elementary (10)

Please fill us in, if you have information about these homes or elementary schools. Also, the cost of competing private schools would be helpful.


Anonymous said...


It is great to see that one is now able to buy in to a "10" rated school district for only $900 thousand dollars

That is not to say that it is worth buying now, but nice to see the option is there.

When I look at the market now, I see nice livable houses like these in districts with spetacular primary schols selling for $900k

I also see similar houses in districts with bad primary schools selling for $500k

Let me explain the way I look at it. property taxes are around 1.2% of a property's purchase price

Motgage rates are around 4%

So Overall, if i am choosing between buying in a district with great primary schools vs buying with weak primary schools, i am saving 400k on the purchase price

that is 4% times 400k each year saved on mortgage or 16 thousand saved on mortgage and 1.2% times 400k each year saved in property taxes or 5 thousand a year

So overall my savings from buying in a crummy school district are 21 thousand a year

Now, if I did not have kids, saving 21 thousand a year might make it worth while

For someone with two kids in primary school, private school will cost 50k per year

So spending an extra 21k by buying in a great primary school district seems to make sense vs buying in an area with bad schools.

However, I am open to other people on this board who do the calculations differently.

Anonymous said...

According to the LA Times, prices for single family homes in LA county fell again in December and are now barely above the all-time low when prices plunged in the spring of '09 immediately after the financial meltdown when everyone froze. Prices rebounded a bit after the meltdown but have been sliding ever since.

Over the next couple of months we'll see if prices fall below the all-time low, or if they just stick here on the bottom. One thing is for sure: we're not seeing a bounce in the upward direction.

Anonymous said...

The median price for a single family home in LA County in December was $305K; the all-time low in spring '09 was $299K -- the December median price is +2% above the all-time low.

Anonymous said...

Latesummer, thank you for this thread.

I find the topic of good school district homes costing under a million to be very interesting

unfortunately, very few other people seem interested and this thread is dead

Anonymous said...

how about mid wilshire? Some, not many, single family homes are under $1M and the schools are great, we just got one for 1 Billion dollars (Thank you LA unified school district).

Dr JB said...

a good middle school is much more important and much harder to find than a good elementary.

Jojo Stein said...

i find this topic verrrry interesting.... and I realize this is a westside blog, but do you have any thoughts on this topic with regard to the valley?