Hard Money Loans in Santa Monica: Real Estate for the Quintessential California Beach Community
Home to the famous boardwalk pier, stunning shorefront, and iconic ferris wheel, Santa Monica is a timeless beach destination that attracts more than just tourists. Full-time residents who want real estate as beautiful as their surroundings find it in this coastal paradise.
Santa Monica is already an internationally-renowned tourist destination with a blue chip real estate market and top-tier home prices, but demand continues to skyrocket. Demand rose a stunning 13.7% in 2015 from June to September, achieving a median sales price of $1,173,250. For real estate professionals looking to break into ambitious upscale developments, a hard money loan from Socotra Capital, California’s leading equity-based lender, can give you the footing you need.
Understanding the Economic Landscape
The real estate market in Santa Monica, like much of the greater Los Angeles area, is built on renters rather than homeowners. This trend increased following the economic downturn, and experts say they expect it to continue as the region attracts more young, single professionals. Santa Monica has consistently been a haven for professionals working in the entertainment and tech industry, and with booming technology and financial industries in neighboring regions, there is a growing market for development that provides upscale housing at reasonable prices. Now is the time to invest as median sales prices rise.
The demand for upscale development in Santa Monica is unrelenting–the natural beauty of the Pacific shore, proximity to the entertainment industry, and long-celebrated West Coast vibes of this beach community are factors that transcend economic flux. This place is timeless.
Thanks to the booming tech sector in surrounding areas, Santa Monica is becoming an increasingly international community, attracting financial, technology, and engineering professionals from around the globe. Its central location allows for residents to commute anywhere from Downtown LA to the technology hub centered around Venice and Marina del Rey. Unlike the tourist market, these professionals require residential and commercial development and secure, long-term growth in the region. The million-square-foot Ocean Avenue South development by the beach is the first major mixed-use development Santa Monica has seen in years, and is both a reflection of past growth and an indication of continuing market incline.
Socotra Capital Provides Hard Money Loans for the Santa Monica Market
For the investor that needs a little capital to break ground on an upscale development, Socotra Capital offers liquidity and opportunity. Don’t let the initial investment capital stop you from taking advantage of this gorgeous and economically prosperous locale. Socotra Capital is invested in the potential of the Santa Monica real estate market and is willing to invest in you.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!