Palms Mar Vista Real Estate – A Market Study

Palms Mar Vista Real Estate – Opportunity Awaits

With the resurgence of the economy, the Palms Mar Vista real estate market has recently flourished, with many first time home buyers and new families identifying the area as an affordable alternative to the more expensive Santa Monica, Venice, Culver City, Cheviot Hills, and Marina Del Rey areas.

Overview of Palms Mar Vista Real Estate

Palms Mar Vista is one of the oldest areas in West Los Angeles, with many homes built during the 1920s and 1930s.  As its name indicates, the Palms Mar Vista area is really two areas combined into one.  The Palms area, which was developed as the Westside Village after World War II, is generally bordered by the 405 on the west, National Blvd. and the 10 freeway on the north, National Blvd. and Robertson Place on the east, and Venice Blvd. on the south.  The Mar Vista area is bordered by the 405 on the northeast, Culver City on the east, southeast, and south, Walgrove Ave. and Centinela Ave. on the west, and Santa Monica on the northwest.

The Palms Mar Vista area is served by several public schools, including Mar Vista Elementary (scoring 9/10 by GreatSchools), Walgrove Ave. Elementary (6/10), Richland Ave. Elementary (5/10), Beethoven St. Elementary (8/10), Grand View Blvd. Elementary (5/10), Charnock Rd. Elementary (5/10), Clover Ave. Elementary (10/10), Palms Elementary (6/10), Mark Twain Middle School (3/10), Palms Middle School (8/10), Magnolia Science Academy 6 (Middle School) (5/10), Magnolia Science Academy 4 (Middle and High School) (5/10), and Venice Senior High (6/10).

Desirable Sub-Regions of Palms Mar Vista

Mar Vista Elementary School District

As is normally the case, school districts play a significant role in determining which areas are most desirable in the Palms Mar Vista real estate market.  The school district served by Mar Vista Elementary, the highest ranked elementary school in the Mar Vista area, is significantly more expensive than the remainder of Palms Mar Vista.  It consists primarily of single family homes and relatively quiet streets and neighborhoods.  The median price per square foot of properties sold in the last 3 months within the Mar Vista Elementary district was $739, while the median for all homes within the Palms Mar Vista area was $641.  The district is bordered by Sawtelle Blvd. on the east, Charnock Rd. on the south, Centinela Ave. and Bundy Dr. on the west, and National Blvd. on the north.

The Woods

Another highly desirable area of the Palms Mar Vista area is known as “the Woods”.  This area is serviced by the second highest ranked elementary school in Mar Vista – Beethoven St. Elementary.  It also boasts a much more suburban feel to the area than the remainder of Palms Mar Vista, making it even more desirable, particularly to families with young children.  Its proximity to Venice, Marina Del Rey, and the beach also adds to its allure.  The median price per square foot for properties sold in the last three months in the Woods was $807.50, compared to the general Palms Mar Vista areas $641.  The Trees area is bordered by Rose Ave. on the north, Beethoven St. on the east, Venice Blvd. on the south, and Walgrove Ave. on the west.

Palms

According to the Los Angeles Times’ Mapping Los Angeles project, the Palms area is both one of the most diverse, as well as one of the most dense, areas of Los Angeles.  It is an apartment-heavy area, bringing the median sale price well below the median sale price for the Palms Mar Vista area, but boasts a quiet, residential area in the northwest corner that is serviced by Clover Ave. Elementary School (10/10).  Likely due to the number of apartment buildings, it has one of the highest percentages of never married men and women in Los Angeles County.


Market Trends of Palms Mar Vista Real Estate

Recent growth in the Palms Mar Vista real estate market tracks closely with Los Angeles County, with the exception of the very recent past.  In the last three years, the median quarterly residential sale price in the Palms Mar Vista real estate market has increased by approximately 40.4%, reaching $888,000.00 in the second quarter of 2014, while growth in Los Angeles County was approximately 43.48%, reaching $495,000.00 in the same quarter.

Palms Mar Vista Real Estate Median Sale Price*  Data Source – http://www.theMLS.com

The rate of increase in median sale price of Palms Mar Vista real estate has been relatively similar to Los Angeles County, with the exception of the most recent quarter in which Palms Mar Vista real estate went from -8.95% growth to 11.14%.

Palms Mar Vista Real Estate Percent Change Sale Price

* Data Source – http://www.theMLS.com

Potential For Growth In Palms Mar Vista Real Estate

The continuing recent increases in prices in the housing market throughout Los Angeles County will continue to make the areas surrounding Palms Mar Vista, such as Santa Monica, Culver City, Cheviot Hills, Marina Del Rey, and Venice, difficult to afford, particularly for first time home buyers.  Given that in the past three years the Palms Mar Vista real estate market has not outpaced Los Angeles County, it remains an affordable alternative to buyers who want to be on “the West Side”, and will likely result in faster paced increases in home prices.  This trend was particularly displayed in the most recent quarter.  Although market growth will likely slow during the winter months, and also next year as interest rates continue to increase, one can expect the Palms Mar Vista area to benefit from the unaffordability of surrounding areas.

If you would like to further discuss how Esquire Real Estate Brokerage, Inc. can help you in the Los Angeles real estate market, feel free to give us a call at 213-973-9439 or send us an email at info@esquirereb.com.