Santa Monica is a busy, sprawling city located near the beach. If you’re planning to move to the area with your family, the city’s school system is one of the best in the country. There are twelve public schools, more than nine private schools, and two schools of post secondary education (Santa Monica College and The Art Institute of California) that serve the area. There are several commercial districts in Santa Monica, as well, which make for great shopping and a number of local offerings you won’t find anywhere else.
Santa Monica is west of Los Angeles, south of the Pacific Palisades, north of Venice, east of the Pacific Ocean, and boasts more than three miles of beaches that feature welcoming white sand. The area is also an international attraction due to sites such as the Third Street Promenade, Main Street and the Santa Monica Pier. You can enjoy award-winning foods at the restaurants along the beach, and there are also several yacht clubs that offer all the amenities you need for a relaxing day out. Santa Monica is also an ideal location to experience culture and the arts, since the city is home to the Santa Monica Film Festival.
As far as Santa Monica real estate goes, you’ll likely find homes that are just as extravagant and beautiful as the houses in Bel Air Estates or Holmby Hills. The elegance of these homes, which are located near lots of family-friend activities, offers the ideal combination of city and suburban life. It’s easy to find a home in a quiet neighborhood at a reasonable price in comparison to the surrounding neighborhoods in Los Angeles. Many of the homes you’ll see in Santa Monica neighborhoods are under $1 million, but you also have the luxury of buying homes with a beach for a backyard.
The median home value in Santa Monica is $1,311,300. Santa Monica home values have gone up 14.7% over the past year and Zillow predicts they will rise 3.3% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Santa Monica 1.2 homes are foreclosed (per 10,000). This is lower than the Los Angeles-Long Beach-Anaheim CA Metro value of 1.7 and also lower than the national value of 3.2.