Location, location, location is a familiar theme in real estate. It could be that it is time to add “Climate” to an inventory of key factors having a part in Santa Monica real estate market values.
With climate change in California forecasting a future of warmer temperatures, limited rainfall, increased wildfires and even rainlessness, coastal Southern California may observe increased non commercial real estate resale values due to climate change. Here’s why:
The best weather? Not too hot, not too cold, low moisture content. Rarely the need for air conditioning or heating, with the added bonus of practically no bugs or mosquitoes. Lots of places in the US have some of these characteristics, very few have them all similar to the coastal strip when comparing approximately Santa Barbara and San Diego, within about one half mile of the shore. The greatest ocean on Earth, the Pacific, has a moderating and calming effect on extremes of temperature on specific locations close by the Ocean.
Zip code 90405 encompassing most of the desirable Santa Monica Ocean Park neighborhood has it even better, snuggled within the city of Santa Monica, little enough to be local, with resources and attractions that are truly world class. A combination of real estate from one-bedroom Santa Monica condos to multi-million dollar Sea Colony 3 Condos for sale provides a home or rental for several income levels.
Santa Monica. Many metropolitan areas along the Santa Barbara and San Diego coastal strip have good amenities with schools, healthcare and community assets above the state averages. There are again, very few that deliver some of the best colleges, entertainment, healthcare facilities and community amenities. Also essential, most of the City and some of zip code 90405 are comfortably above anticipated sea level rises in coming decades, due to climate change.
Visitors and tourism. If and when climate change materializes, the coastal environment and amenities will become even more desirable to both community residents and tourists alike. How will that affect real estate you ask? Real estate values will be strengthened not only by present factors like location but also by the environment, that will likely become even more attractive than many other parts of the globe and the USA. That climate element will not only maintain Santa Monica residential real estate in 90405 and adjacent zip codes, but maintain long and short-term rent of residential real estate, incorporating home, townhomes, and condos. One local illustration is the growth in Santa Monica vacation rentals on sites like Realtor.com, HomeAway and vrbo.com (Vacation Rental By Owner). In 2008, there were roughly 150 properties available on these sites, today in late 2014, there are more than 250 available.
Making intelligent residential real estate choices in Santa Monica. Local qualifications, know-how and expertise will become even more significant in a future with climate change. Look to a real estate specialist who can provide that “local edge” in helping you uncover the smart choice for your real estate needs. Buyers, sellers, lessees and lessors of Santa Monica’s residential real estate will all benefit from local, exceptionally experienced real estate understanding.
About the author: Peter Sale is a local real estate professional specializing in the 90405 Zip Code, which includes Sea Colony and the SeaView Collection of Santa Monica condos. Peter is unique in the 90405 real estate community in that he has owned, bought, sold, lived in, rented, leased-out and leased-in multiple Ocean Park condos and homes. Peter is an expert on 90405 properties. Put Peter Sale Real Estate’s 30+ years of 90405 experience on your side when buying, selling or leasing in the 90405 zip code.
Peter Sale Real Estate – Tel/Txt 310-291-3426, [email protected]
CalBRE License: 01424220
171 Pier Ave #262
Santa Monica, California 90405