June Condo Stats for Santa Monica Real Estate

June 09 Condo data for Santa Monica

While inventory has been decreasing over the past few months, Santa Monica condos for sale are still selling.

46 active units for sale
22 in backup
16 pending
37 SOLD

Its important to note that the sold units took just over two months to close escrow, while the expired listings were pushing four months on the market.

Also, the cheapest unit for sale in Santa Monica is a whopping $299,000! But don’t think that’ll get you in. The unit is in a building that is difficult to finance because when it was converted from apartments to condos, the ratio of owner-occupied units vs. rental units are so high that the bank doesn’t like the risk involved – so all cash is the preferred way to get in. But wait! There’s more!
The gentlemen living in the unit has rights under Santa Monica Rent Control so you can’t kick him out! And when I spoke with him a month ago, he indicated he had every intention of living there as long as possible even if you tried to pay him off.

If you were the landlord, what would you do in this situation?
How about if you were the tenant?