On Tuesdays in Los Angeles, real estate brokers hold open houses for other agents to preview their listings. Generally, these are scheduled prior to any public open houses for buyers. This week, I overcame the hurdles of massive street construction and the dreaded one-way streets in a race against the clock to see as many things in Santa Monica as possible. As a recent column focused on high end properties, this time I included some lower price points for you. You’re welcome.
Without further ado, here’s what I saw this week:
What can $600,000 buy you in Santa Monica?
No, this is not a typo. Sometimes, the answer to this question is “Nada”. Sometimes, the answer is “a really crappy condo in a sketchy part of town”- yes, there are sketchy parts of Santa Monica. Today, I can answer that question with some excitement, having seen two units that can bring my entry level millennials or Gen X bachelors and bachelorettes into home ownership. My favorite first- in a secure building in a nice neighborhood, walking distance to Main Street restaurants, shops, and Farmers Market- and walking distance to the beach- the same one that I spent my high school summers camped out on. This is a cute 1 bedroom unit, move right in, great complex with pool and other amenities, and it will go quickly- call me if you’d like to see it.
The second 1 bedroom unit is not walking distance to the beach, being further east in Santa Monica. Nicely remodeled in a secure building, it even has laundry inside the unit. Great walkability score, near transportation, convenient location for whether you work downtown, or locally in the Water Gardens. Combined with ductless A/C unit in the bedroom, it made my new Green Designation educated ears perk up. There is a significant drawback, and it’s not the giant dead plant sitting in front of the elevator- it has a balcony that looks out on commercial properties over a parking lot. Not the best view, but you could put up some bamboo and potentially enjoy the fresh air. The listing agent pointed out that this would be an amazing view if you were in New York City, where you may be looking straight at a brick wall. Touche, listing agent. Bottom line, $600k to own in Santa Monica. Stop paying exorbitant rents, and let’s look at your options. (I can help you look at financing options that may surprise you.)
Need some more room?
For about $900k, we can get you a 2 bedroom, 3 bath unit in Santa Monica. Nicely done townhouse- the first floor has a patio. The two bedrooms are upstairs, and the trees that made the downstairs area a little dark bring you an unexpected tranquility and a really nice home. Great energy, great space. This is a relatively small building, and the exterior is dated. Always looking for good investments, I like to see this. At some point, the owners in this building will want to upgrade the exterior, likely adding far more value to the units than the cost of the improvements. Buy it before it looks like a hip, new building, not after!! I give this a thumbs up- good place to live, good potential investment.
How about North of Wilshire? You can get yourself into a nice 2 br/3 ba with a sundeck for about $1,250,000. Multi-level townhouse, bedrooms downstairs. Architectural design- either you will love it or hate it. Glass blocks, round windows. Eh.
Also North of Wilshire, and for the privilege of being close to Montana, you can pay $1,750,000 for a 2br/3ba townhouse. Seems priced a little high, but it was a nice unit and did also have a loft space perfect for an office or den- that extra space over 2 bedrooms can be so valuable. How many of us have not needed a 3 bedroom, but needed more than 2? It’s a great location that never fails to draw buyers. Traditional style, if you are looking to live Northside SaMO for under $2M, you should see it. Call me to make an appointment asap if you want to have a chance.
Investors– my people. This one is for your Class A portfolio. Prime real estate North of Wilshire, we’ve got a 32-unit apartment building on the market for just under $18M- 2.9% cap rate, GRM of 19.5. Yup, this is a lot of money, but it is a cash cow. With rents continuing to rise, a building in a prime neighborhood like this is worth its weight in gold. Some units to be delivered vacant, giving you a head start on setting market rents and realizing some immediate upside. An opportunity like this rarely comes on the market. If you are looking, let’s work on these numbers, and negotiate a deal that can be the cornerstone of your income producing investment portfolio.
That’s it for today, fair readers. Disclaimer: This article includes my personal opinions, semi-facts, estimates, and jokes. Not to be taken as gospel. Meant to be semi-informative entertainment. Facts are available- call for information.
ABOUT LISA PHILLIPS, ESQ / CA Bureau of Real Estate Lic# 01189413
Lisa Phillips is an active Realtor in the Los Angeles area, with more than twenty years as a practicing real estate broker and attorney. Her unparalleled knowledge of real estate, from local markets and pricing to legal issues and deal-making, has made her a trusted and valuable asset to her clients. In addition to her real estate and business savvy, Lisa is passionate about helping others, and works tirelessly to achieve the best results for her clients. For more information, please visit www.LisaPhillipsRealEstate.com
