Few of Westside Los Angeles's ultra-high-end communities match the luxury and charm of Santa Monica's North of Montana neighborhood. Bound by Pacific Palisades and Brentwood to the north and east, Montana Avenue and the Wilshire-Montana neighborhood to the south, and the Pacific Ocean to the west, North of Montana has long maintained its status as one of the priciest individual neighborhoods in L.A. County and California.
Below, explore the celebrated Santa Monica neighborhood North of Montana and examine its current real estate market prices, trends, and forecast for 2024, especially for those searching for property for sale in Santa Monica.
Market prices and trends
Blending the tranquility of coastal life with the vibrancy of upscale urban-suburban living, it's easy to understand the prestige that comes with a North of Montana address. Whether you're browsing listings for a Santa Monica house for sale or seeking a luxury investment, this neighborhood offers prime opportunities.
The median sales price for single-family homes at the end of January was $5.663 million, a 19.2% increase year over year. Fourteen homes sold in January, representing a 7.7% YoY increase. Over the same period, the median sales price for condos increased 203.9% YoY to $3.1 million. Remarkably enough, January 2024 had the same number of condo sales, five, as January 2023.
The median sales price for single-family homes at the end of January was $5.663 million, a 19.2% increase year over year. Fourteen homes sold in January, representing a 7.7% YoY increase. Over the same period, the median sales price for condos increased 203.9% YoY to $3.1 million. Remarkably enough, January 2024 had the same number of condo sales, five, as January 2023.
As of March 1, a slight seller advantage remains, but the marketplace is far more balanced than in past months. There's been a slight uptick in inventory since the beginning of the year, and buyers are proving more methodical in approaching the buying process. Homes spend considerably more time on the market than a year ago, though the hottest properties still move relatively fast. Sellers are earning approximately 95% of the list price.
Forecast
Overall, the North of Montana market remains healthy and active. Despite general concerns about mortgage rates remaining high in the first quarter of 2024, affluent buyers can sidestep these rates to some degree. Cash buyers remain prevalent across all Westside L.A. marketplaces, including North of Montana, avoiding taking on a costly mortgage. Those who do finance can do so under the guise of buying now and refinancing later once rates begin their expected retreat from recent 20-year highs.
Buyers should not expect a dramatic price drop anytime soon. However, opportunities exist for those seeking deals—particularly tear-down homes, which range from $3 million to $3.5 million in the current market. Due diligence is vital to ensure redevelopment plans don't violate Santa Monica's demo ordinances.
You'll also want to partner with a savvy, experienced Realtor plugged into the local market. Pocket listings generate a decent amount of real estate transactions in Santa Monica, specifically high-dollar neighborhoods such as North of Montana.
Why consider North of Montana
North of Montana features a distinct urban-suburban vibe further enhanced by considerably larger homes and lots than those found in adjacent neighborhoods. The housing stock is predominantly single-family, which comprises approximately 65% of the inventory. The remainder is primarily condos—about a third of residential homes—with a smaller concentration of townhouses and duplexes.
Location
Buyers are also drawn to the area by its convenient location. The community is a stone's throw away from the upscale retail and dining experiences along the mile-long Montana Avenue, known for its chic boutiques, gourmet eateries, and artisanal cafes. Additional nearby gems include the historic Brentwood Country Mart, the prestigious Brentwood Country Club, Riviera Country Club, and the iconic Santa Monica Pier, each contributing to the area's unmatched charm and appeal.
For those looking to explore beyond the immediate vicinity, North of Montana offers easy access to some of Southern California's most renowned destinations. Within a mere 30-minute drive, residents can find themselves in the luxurious heart of Beverly Hills, the bustling terminals of LAX Airport, or amidst the legendary nightlife of the Sunset Strip, making this neighborhood not only a peaceful residential haven but also a gateway to the broader luxuries of Los Angeles.
Excellent schools
Three exemplary elementary schools—the public schools of Franklin Elementary School and Roosevelt Elementary School, and the private Carlthorp School—and an aura of bespoke exclusivity impressive even for the rarified Westside L.A. communities of Santa Monica, Brentwood, and Pacific Palisades.
Wide variety of homes
In addition, North of Montana's architectural aesthetics are more diverse than many other Westside L.A. communities. Although the trend in recent years has witnessed the construction of several opulent Mediterranean and ultramodern houses, no singular motif governs the home style here other than luxury. If you love an architectural style, from historical landmarks to modern designs to everything in between, there's an excellent chance you'll find it here. And if not, there's plenty of opportunity for redevelopment and building the home of your dreams.
Where to buy in North of Montana
Whether seeking a primary or secondary home or identifying potential investments, navigating the North of Montana marketplace in 2024 means assessing its most coveted subdivisions, each one distinct in characteristics, pricing and appeal:
Gillette Regent Square: Arguably the most well-known of North of Montana's subdivisions—initially developed by razor-blade tycoon King Gillette—this area is distinguished by its 550 individual 9,000-square-foot lots slotted between 17th and 21st Streets west to east and San Vicente Boulevard and Montana Avenue north to south. Lacking a typical alleyway, the draw here is the larger homes allowed under Santa Monica's building ordinances. Plenty of large lawns, classic architecture and redevelopment opportunities exist here, with prices ranging from $4 million to $12 million.
West of 7th Street: For an even greater taste of opulence—and development diversity—seek out property west of 7th Street, walking distance to the Pacific. Here, you'll find double lots that run as large as 22,000 square feet, investment-worthy condos, and beachfront homes part of Santa Monica's Gold Coast. Prices correlate with the lifestyle you're seeking—condos run from $1.5 million to $4 million, with homes/redevelopment ranging from $4 million to over $20 million.
North of San Vincente: Finally, if you want to escape North of Montana's classic grid layout, simply cross north of San Vicente Boulevard at any point between 26th Street and Ocean Avenue for Santa Monica's largest, most bucolic estates. Sharing characteristics more akin to homes in neighboring Pacific Palisades, this area offers an aura of exclusivity without losing touch with the convenience of Santa Monica. You will, however, pay for the privilege, as this area represents North of Montana's priciest real estate for sale in Santa Monica, especially homes along La Mesa Drive and Woodacres Road.
Ready to buy or sell North of Montana real estate?
If you're interested in discovering even more about the North of Montana real estate market, contact Megan Whalen today to start your journey in one of Los Angeles County's most sought-after markets.
