In recent years, tech startups have seen Santa Monica as an appealing place to start a business. After all, it’s not only a scenic and vibrant coastal city, but it is also near a major international airport and there are plenty of ambitious recent college grads who would be happy to work in the tech industry. One of the biggest impediments to job creation in Santa Monica is the fear and opposition to growth that many residents have.
Santa Monica residents have famously opposed the construction of new commercial buildings, which is partly why a little less than 50,000 square feet of commercial space has been built here per year – clearly not enough to accommodate new businesses planning to set up, or even current businesses looking to expand. This has led to major tech-based businesses and startups setting up shop in Venice and other Los Angeles cities instead of Santa Monica.
Yahoo, Snapchat and Google are just some of the most well-known companies to uproot and make this move. Basically, demand outstrips supply when it comes to commercial space in Santa Monica. If this trend continues, the City could drive away wonderful, expanding businesses which will decrease the profitability of the area and revenue to the City.
As most people who live here already know, Santa Monica is a great place to live and work. It is relatively safe, there are lots of parks, good schools, shopping, restaurants, doctors, emergency workers, cultural opportunities and soon possibly convenient transportation options. With all these advantages, it’s no wonder so many people are protective of city expansion, but can we have it both ways? How do we balance the need for local jobs for our sons and daughters along with a high quality of life? The city council is aware of the interest tech companies and other businesses have in coming to Santa Monica and it has been an ongoing conversation with the community.
What do you think? Should we protect or beach community and block new zoning measures or is it time to embrace change and let growth happen?
Here is your real-time real estate market info:
I listed the only new listing in zip 90402- 238 19th Street. It is a beautiful traditional style home with a contemporary flair. It has a great layout with 4 bedrooms upstairs, an office, den, and huge living room downstairs. There is an enormous backyard with brick patio and plenty of room for a pool. One listing is pending – 1128 San Vicente Boulevard. The year-to-date number of closed sales has gone up to 17 with 428 19th Street closing at $800,000 over asking!
New Listings this Week
238 19th Street – 4 bedrooms + 4 baths. $3,649,000. Listed by Pence Hathorn Silver. Great location in Gillette’s Regent Square. Large living or great room with fireplace opens to enormous backyard. Spacious kitchen with formal breakfast room. 4 bedrooms up, office, den with fireplace. Large master suite with walk-in closet and luxurious master bath. Private backyard with brick patio, built-in barbeque grill, room for pool. Franklin School District. Last sold in April 2007 for $2,600,000.
New Sales this Week!
1128 San Vicente Boulevard – 2 bedrooms + 1 bath. $2,199,000. Large 9,593 square feet lot. Stunning traditional set far back from the street. Remodeled with finest taste. Living and family room with high ceilings and Oak floors. An exceptional on a desirable location in Santa Monica. Last sold in June 1999.
Closed Deals this Week
428 19th Street – 5 bedrooms + 4 baths – $4,800,000. Sold way over asking!
Pence Hathorn Silver Active Properties:
Call me for a couple of upcoming attractions, priced from $1.9 million to $6 million – they are not in the MLS.
770 Amalfi Dr. – 6 bedrooms + 6 baths – $6,000,000
1754 Franklin Canyon Dr. – 5 bedrooms + 5.5 baths – $3,795,000
238 19th St. – 4 bedrooms + 3.75 baths – $3,649,000
809 Malcolm Ave. – 3 bedrooms + 3.5 baths – $2,900,000
865 S. Shenandoah – 8 unit building, 1 bedroom + 1 bath units – $2,695,000
1154 S. Barrington #210 – 1 bedrooms + 1 bath – $495,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.