<$1.32mm = 12%
$1.32-1.37mm = 12%
$1.37-1.42mm = 38%
$1.42mm or more = 36%
57 total votes.
Sure enough, my readers got it right with the largest group guessing $1.37-1.42mm. Good job.
SOLD: 6/13/12 - $1,403,000
Wednesday, June 13, 2012
My Readers Are So Wise
<$1.32mm = 12%
$1.32-1.37mm = 12%
$1.37-1.42mm = 38%
$1.42mm or more = 36%
57 total votes.
Sure enough, my readers got it right with the largest group guessing $1.37-1.42mm. Good job.
SOLD: 6/13/12 - $1,403,000
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It's interesting to me that this zip gets a higher per square foot price than does the 90405. Down there you can be closer to the beach, the culture of venice, more interesting shops and restaurants, etc.
ReplyDeleteI suppose it's the culture one is attracted to. The further north you get in SM, the more "mature" things become. But that said, i think that south SM, particularly south of Ocean Park, has incredible upside. my 2 cents
Crime stats, public school quality, and the many bigger/better NoMo lots are typically trotted out to explain the higher valuations of 90402/90403 relative to 90405. No doubt, Ocean and Sunset Park were much less attractive places just 20 years ago. And yes, there's still plenty to grumble about in regard to the Lincoln and Pico corridor, but check out the crime mapping stats at SMPD (http://gismap.santa-monica.org/crimeviewcommunity/) to compare both of these arteries to Wilshire Blvd. in SM. Basically, traffic loads and on/off-sale alcohol correlate with crime in SM. And may I remind everyone that we all live in the megalopolis known as LA/SoCal. Last I looked, SM is not a gated community. Bottom line, the 90405 is an up & comer due to its relative affordability (compared to NoWi) and closer proximity to the beach and high tech commercial build-outs. Which is no small consideration--technology and entertainment companies are now paying top dollar to develop and rent space in the 90405, and that will probably further increase the value of nearby residential real estate.
ReplyDeleteI agree, it is the crime and the schools.
ReplyDeleteDon't forget, the average student going to the schools North of Wilshire is very different from the average student going to school in the 90405
Perhaps the right analogy is 90403 is more like a Brentwood and 90405 is more like a Venice. Both appeal to different crowds. 90403 has traditionally appealed to established families while 90405 has appealed to a wider variety of people. High income families with young children who care about schools, parks, etc generally will prefer 90403 and pay for it. If you are a young urban single forget 90403 as 90405 is more exciting.
ReplyDeleteJed, I would definitely not judge restaurants though...that's a much tougher call than you portray. 90405 has Abbot Kinney...I certainly don't think most of the Main St restaurants are all that great. However 90403 does have Rustic Canyon, Huckleberry, Milo & Olive, Brentwood Country Mart, Santa Monica Seafood, all the Brentwood Italian restaurants, etc.
Parks in 90403? Please elaborate.
DeleteMaybe not parks but park. Douglas park is easily walkable from most houses in 90403.
DeleteI personally think that most single family home sales in the 90403 are to people that intend to use the Franklin schools.
ReplyDeleteIn the 90402, plenty of single family home buyers plan to go private but in the 90403, the schools are key to the single family home market
however if anyone reading this knows people that bought in the 90403 without planning to use Franklin schools, i humbly stand corrected
Barf. Are we really going to talk about this? Can't we at least argue about price movements or something? Anyone see the recent stats on increasing volume of So. Cal home sales and decreasing shadow inventory (and regular inventory). Different areas of SM have different pros and cons but the north has always commanded a premium and always will. The northern areas have always been more white and wealthy - maybe others won't say it but there it is. 90405 was much more working class for a long time but those days have long passed. Hell, a lot of the "incredible upside" has already taken place in much of Culver City/Mar Vista/West LA. You gotta look to other areas...
ReplyDeleteWarChest, I agree with you.
ReplyDeleteEveryone who grew up here on the West Side knows the deal about the demographics of each of the schools here.
It is too raw a subject to cover on this blog.
It is your blog, and you have made it clear that you want to stay away from any discussion of the ethnic background of different neighborhoods. I suggest you block any posters that bring these issues up
North of Wilshire in Santa Monica is "Real Housewives" zone. That area gives me chills. 90405 is where it's at.
ReplyDeleteAgree this is a fruit-less discussion, but IMHO the real factor in SM zip code desirability and pricing variance is the renters. 90402 scores high due to the fewest rentals, 90403 rentals are priciest and attract professionals, and 90405 has the lowest entry level rents (and more legacy rent control tenants). The schools, shops, restaurants, SFR prices, etc. generally follow suit. The upside for SFR prices (especially 90405) is when the legacy renters phase out, there is market support for higher rents, and low-end rental buildings are upgraded, rebuilt, or converted. No need to mention race or demographics, its simple market economics and renter perception (which drives Venice for 'hip' location and higher rents).
ReplyDeleteI agree, no need to bring race in to the discussion.
ReplyDelete90405 is clearly transitioning to a neighborhood with much much higher earning, higher wealth, higher IQ people living in it. This always results in prices going up.
Comparable situation is Jamaica Plain in Boston or Bedford Avenue neighborhood of Brooklyn. The price increases are clear
Sometimes the improvement comes very quickly, the Meatpacking district of Manhattan went from being the least expensive place on the entire Island to rent an apartment to being the absolute most expensive place to rent an apartment.
ReplyDeleteYou won't be able to believe the difference in the people in that neighborhood if you visit it