South Santa Monica’s SeaView condos consist of four separate complexes, all positioned on Third Street, in Santa Monica’s “Ocean Park” 90405 zip code. The noncommercial real estate multi-family complexes comprise a total of 75 condo units and are some of the most preferable real estate in Santa Monica. All built in 1991. Expected market prices vary between from the low $900k to well over $1m. Designed by famed local architect Bill Brantley, the facilities and condos have a popular modern feel, with clean lines, gracious amenities and outstanding location.
SeaView collection condos, all located on 3rd Street, are upper-end models of Santa Monica real estate that are exceptionally sought after by home buyers for the following reasons:
1. Location. Zillow rates each of the buildings 90% or more on its walkability scale. Meaning a car is not needed for most local activities in and around the Main Street geographic area. A walk of about three hundred yards will get most SeaView residents to the beach, shops, cafés, gift stores, Big Blue bus stops, and two of the top 10 Zagat-rated dining establishments in South Santa Monica. A twenty-five-minute leisurely stroll along the beach path will get you to the pier and the Santa Monica Third Street promenade. Santa Monica has multiple transportation options, including I-10 and I-405 Freeways, Santa Monica Airport, Light Rail (coming in 2016) and an award-winning Big Blue Bus system. Thankfully, the SeaView collection facilities are near enough to effortlessly gain access to all these choices, but not close enough to be worried about by sounds or emissions. Santa Monica has been declared one of the top ten beach cities worldwide by Conde Naste Travel Magazine and the desire to visit and live here is a substantial draw.
2. Design. A lot of, but not all condos have Ocean Views. The majority are two bedrooms, two baths, some with two and a half baths and some townhouses. Single-level condos, with elevators and staircases and protected structures and garages, motivate both younger families and older adults to choose these establishments. The top penthouse condos offer magnificent views and panoramas of the Pacific Ocean, Santa Monica Mountains and City views. Sunsets, either into the Ocean behind the mountains are a year-round occurrence.
3. Appreciation. Longer-term, around ten to twenty years, the properties have offered substantial appreciation. Beginning condo sales were in the $300k to $400k range in 1992-1994. By 2002, conversions were in the range of $500 to $700k. Thus over around ten years, early buyers roughly doubled their home financial investment and over twenty years, those same original consumers just about tripled their investments in their condos.
4. Renting. Some owners have chosen to lease their properties, both short-term in the range of 3-6 months and longer term 1-3 years. Priced appropriately (currently $4,500-$6000+ per month), SeaView condos rent out quickly at a premium rent payment when compared to nearby properties.