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Santa Monica Summary
The median sales price for homes in Santa Monica CA for Apr 09 to Jun 09 was $790,000. This represents an increase of 12.5%, or $87,760, compared to the prior quarter and a decrease of 15.9% compared to the prior year. Sales prices have appreciated 2.2% over the last 5 years in Santa Monica.
The average listing price for Santa Monica homes for sale on Trulia was $1,697,822 for the week ending Jul 01, which represents an increase of 1%, or $16,603, compared to the prior week and a decline of 12.3%, or $237,475, compared to the week ending Jun 10. Average price per square foot for Santa Monica CA was $622, a decrease of 46.9% compared to the same period last year. Popular neighborhoods in Santa Monica include Wilshire Montana, Ocean Park, North of Montana, Sunpark, Mid-City, and Pico.
Santa Monica TORCA Condominium Conversions
Have you looked at buying a condo in Santa Monica and wondered what it means when you see TORCA Conversion listed? TORCA = Tenant Ownership Rights Charter Amendment. So What does that mean?
In 1984 Santa Monica voters approved the Tenant Ownership Rights Charter Amendment through which an apartment building could be converted to condominiums if a sufficient number of tenants approved the conversion and agreed to purchase their units. The City of Santa Monica offered shared appreciation loans to qualifying tenants to help them purchase their converted units.
Note: If the seller of the property you are looking at was an original purchaser of a TORCA property and if they utilized the shared appreciation program, it should be reflected in the Preliminary Title report and must be addressed by the listing agent and escrow officer.
Note: Protections were built in for tenants who did not wish to purchase their units, even today there are still many units with original TORCA Tenants (the listing will say Tenant Occupied by TORCA Tenant). These original tenants are protected by very strict rules under the TROCA Charter. Once a tenant moves and the unit is bought and owner-occupied the TORCA Tenant rules cease to apply.
The City of Santa Monica has new and improved TORCA Shared Appreciation Loans for low and moderate income households, to assist them to buy condominiums in buildings which have been converted under TORCA.
To find out more go to: http://www01.smgov.net/housing/TORCA.htm
Santa Monica Reduces Speed Limits at a Dozen Intersections
By Lookout Staff
August 17, 2009 -- Motorists will have to slow down at a dozen Santa Monica locations after the City Council last week reduced the speed limit by 5 mph.
The move -- which must be approved on second reading -- came after the City studied traffic patterns at 103 locations to comply with a State law that requires municipalities to conduct a traffic survey every five to ten years.
The survey gauges roadway conditions as well as use by pedestrians and bicyclists, said Andrew Maximous, the City's transportation engineer.
Four of the 12 locations where speed limits were reduced are on 4th Street, two are on Wilshire Boulevard and another two on Main Street.
Not all streets will see traffic slow down.
The speed limits on Colorado Avenue between Ocean Avenue and Lincoln Boulevard and on 2nd Street between Wilshire Boulevard and Colorado Avenue will increase from 25 to 30 mph, which is the limit throughout the Downtown.
At the following locations, the speed limits will be reduced by 5 mph:
1. Olympic Boulevard between 11th Street and 15th Street from 45 MPH to 40 MPH
2. Ocean Park Boulevard between 23rd Street and Centinela Avenue from 40 MPH to 35 MPH
3. Wilshire Boulevard between Lincoln Boulevard and 17th Street from 35 MPH to 30 MPH
4. Wilshire Boulevard between 17th Street and Centinela Avenue from 35 MPH to 30 MPH
5. 4th Street between San Vicente Boulevard and Montana Avenue from 30 MPH to 25 MPH
6. 4th Street between Montana Avenue and Wilshire Boulevard from 30 MPH to 25 MPH
7. 4th Street between Pico Boulevard and Ocean Park Boulevard from 30 MPH to 25 MPH
8. 4th Street between Ocean Park Boulevard and south City Limit from 30 MPH to 25 MPH
9. 5th Street between Montana Avenue and Wilshire Boulevard from 30 MPH to 25 MPH
10. Main Street between Pico Boulevard and Ocean Park Boulevard from 30 MPH to 25 MPH
11. Main Street between Ocean Park Boulevard and south City Limit from 30 MPH to 25 MPH
12. Ocean Avenue between Pico Boulevard and Hollister Avenue from 30 MPH to 25 MPH
The changes are in large part a response to complaints from residents during public input gathered to update the City's Land Use and Circulation Element (LUCE), which will dictate development and traffic patterns for the next quarter century.
Santa Monica Beach Parks
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Chess Park |
Ocean Front Walk (south of SM Pier) at Seaside Terrace |
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Beach Park #1 |
Ocean Park Boulevard and Barnard Way / at the beach Picnic tables, 1 children's playground, 1,493 beach parking spaces (fee), and 2 beach restroom buildings |
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Muscle Beach |
Ocean Front Walk, south of SM Pier, on the beach |
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South Beach Park |
Barnard Way |
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Explore Santa Monica: |
Farmer's Market Support your local community. Santa Monica's four weekly farmers markets are widely considered to be among the best on the west coast and feature field-fresh produce, hundreds of kinds of vegetables, brilliant cut flowers, breads, cheeses, delicious foods, live music and more. WEDNESDAYS: Arizona Ave & 2nd St. 8:30am - 1:30pm. SATURDAYS: Arizona & 3rd St. 8:30am - 1:30pm and 2200 Virginia Ave 8:00am-1:00pm. SUNDAY: 2460 Main Street 9:30am-1:00pm. |
Visit City of Santa Monica Website