High-end real estate is booming in Santa Monica. According to Sothesby’s International Real Estate, the sales of homes of at least $3 million was up a whopping 107 percent this summer as compared to a year ago.
From May thru July, there were 31 homes that sold for $3 million or more in Santa Monica. Driving the boom in high-end residential real estate is a variety of factors, Sothesby’s said in a press release. It noted Santa Monica’s “relaxing beach culture” and the fact a Metro light-rail line will be opening, making it more convenient for professionals to commute to their jobs in downtown Los Angeles or the Westside.
The average list price of these high-end homes was $4,761,929 and they ultimately sold for $4,575,196—96 percent of the list price. That’s always a great metric when it comes to any type of real estate transactions.