Santa Monica Condos: What to Watch Out For:
When searching for an apartment to purchase in Santa Monica, the three items to look into are:
1) The monthly HOA and what this includes. The higher the HOA, the more services or amenities it will include. HOAs in Santa Monica range from around $400 per month on the lower end, up to about $3000 per month for high-end full-service buildings.
2) A healthy amount of reserves in the HOA’s bank account is a good sign. If the HOA does not have much in reserves, the quality of the building will decrease as more deferred maintenance becomes necessary.
3) Reviewing the past years board minutes is helpful to see if any large capital improvements are impending. This means the HOA will be requesting each homeowner to chip in, also known as a special assessment.
Notable full-service condo buildings in Santa Monica include:
Ocean Towers – 201 Ocean Avenue, Santa Monica CA
Ocean Towers is a full-service complex which comprises twin co-op condo towers. Built in 1971, the high-rise towers are set up on the bluff and unmistakable from down on Santa Monica beach. Luxury amenities include valet parking, resort-style pool, doorman, 24/7 security and concierge. The monthly HOA ranges from under $2000 to over $3000 for full-service amenities. The twin towers are set right in Palisades Park where the Third Street Promenade, hip shops along Ocean Avenue, the Pier and more are all within close walking distance.
Park Plaza – 515 Ocean Avenue, Santa Monica CA
Built in 1976, this is another of Santa Monica’s full-service condo buildings. Amenities include 24-hour doorman, concierge, valet parking, pool, spa, gym, sauna, meeting room, and on-site manager.
Oceanaire – 535 Ocean Avenue, Santa Monica CA
The Oceanaire is a prestigious 24-hour full-service condo building was designed by renowned architect A. Quincy Jones. Amenities include a 24-hour doorman, concierge, security cameras, a Zen garden, gym, and conference room.
701 Ocean Ave
This full-service building not only overlooks Palisades Park but also has a rooftop pool to enjoy the beautiful sunset at the end of the day. Its other amenities include a 24-hour doorman, concierge, gym, banquet room, and onsite manager. This premier location has easy walkability to all of the best of Santa Monica.
1012 2nd – 1012 2nd St, Santa Monica CA
This modern condo building constructed in 2016 commonly has units which are two-stories with private patios. Although what it is lacking in amenities, it makes up in style and centralized location.
The Waverly – 1705 Ocean Ave, Santa Monica CA
The Waverly is a well-known condo building among locals which was built in 2014 and is close to literally everything. It is at Tongva Park where the I-10 ends. The beach is a block away, as is the mall, trendy shops and restaurants, the Pier, Expo line, and more. Amenities include state of the art gym, 24-hour concierge, security, activities room and meeting room.