Santa Monica Real Estate Information

Simon says: " Santa Monica Real Estate is considered by many who live here to be a sort of magical combination of everything that’s good. One thing you can be certain of is that it enjoys fantastic weather all year round. Being originally from New England, I like to say that we have spring-time 75% of the year, a relatively dry two to three month summer and a six week winter when it rains about a third of the time. It’s a large city where you can find almost anything you are looking for, but not so large where you wont run into people you are familiar with on a regular basis. We have a great beach, fabulous hotels and easy access to beautiful hiking spots. People are generally open-minded, kind and laid back. It is a truly cosmopolitan place, with people from all different cultures and backgrounds. There are great things for kids to do, young adults, parents, single people and an excellent municipal support system for the elderly. I’ve been a lot of places and there is no place I would rather live than Santa Monica California!"

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Santa Monica Real Estate Values

Santa Monica is considered to be the premier beach community in the Los Angeles area. Santa Monica Real Estate is highly desired. The North of Wilshire and North of Montana Avenue neighborhoods receive among the highest prices per square foot in the entire Los Angeles area. Please don’t let this intimidate you though. There is always a lot of different types of Santa Monica Real Estate for sale, houses, condominiums and mulit-family properties in many different neighborhoods, each with their own positive qualities and price levels.

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Santa Monica Neighborhoods

The wonderful thing about Santa Monica is that there are different neighborhoods for different styles of living. They are all wonderful places to live, with good people, great places to eat, exercise, shop, study and more! To learn about North of Wilshire, North of Montana, Sunset Park, Ocean Park, Main Street and Santa Monica Canyon neighborhoods with houses and condos please click the link below.

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Santa Monica Real Estate Compared to Los Angeles Real Estate

The city has a reputation for being quiet and restful, with less smog and traffic than the rest of Los Angeles. The City operates independently from the rest of Los Angeles with it’s own mayor, police and fire departments. The Santa Monica-Malibu Unified School District is considered one of the best in the city. During the summer you will enjoy around 10-20 degrees cooler temperatures in Santa Monica, compared to the other regions of L.A. County.

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Santa Monica Population Density and Rent Control Laws

Santa Monica has roughly 85,000 people. The population density and the amount of available residential real estate properties is kept low by a city council with a strong anti-development agenda. Some people like to call our fine city, “The Peoples Republic of Santa Monica.” The rent control laws are something you need to watch out for as a condominium buyer.

TORCA Conversions

TORCA stands for Tenant Ownership Rights Charter Amendment. If a condominium or townhouse property is a TORCA conversion and is tenant occupied by the original tenant, you may not be able to get rid of the tenant unless they leave of their own free-will.

Back in the mid-1980's local landlords were able to get the City to allow conversions of their apartment buildings to condominiums. Many landlords appreciated this because the strict Santa Monica Rent Control laws made it an often unprofitable experience for these property owners. Under this agreement the landlords had to offer the properties for sale first to the tenants. If the tenants declined to make the purchase they were allowed to stay in the unit indefinitely. One of the reasons why there are so many TORCA conversions with tenants still occupying the property is because the city allowed these original tenants to also keep the old antiquated Santa Monica Rent Control. This older version is similar to what they have in New York City, where the tenants pay an exceptionally low rent in comparison with what the market will allow for.

A TORCA property can be sold by an owner even if it is occupied by the original rent control tenant. However, the new owner wil be subject to the same laws that governed the ownership by the previous owner and will not be able to get the old tenant out unless they leave of their own free will. For many of these long-term tenants, their rent controlled home is the only thing in their lives that give them a feeling of security. It is often a very serious part of their identity. Because of this, many of them, even when offered tens of thousands of dollars, will not leave.

If you are considering buying a property with a TORCA tenant, you may want to make it a contingency of the sale that it is delivered vacant of the tenant.

Please note that the new Santa Monica Rent Control is very similar to what you find in the rest of the City of Los Angeles, and is not something to be terribly worried about. Additionally, a TORCA conversion that is tenant occupied, but not by the original tenant, from the conversion period, is not under the same rules and regulations. There is nothing wrong with buying a TORCA conversion if you don't have the orginal tenant. In fact, about 80% of the properties in Santa Monica under $700,000 are TORCA conversions and are virtually free of any major encumberances.

City of Santa Monica Web-site

Call Simon:(310) 749-8686
e-mail Simon: ssalloom@gmail.com