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We reported twice today on falling prices in the LA area, so it’s only fair we also report this: Westside Bubble reports prices in Santa Monica are busting through the $5 million mark -- and this house is not close to the beach.

From Westside Bubble: ‘This really got me a week ago, asking over $5 million north of Montana, east of 7th. I remember when $3M was high-end, then $4M, now they’re trying to pass $5M. It’s at 333 20th, 5 bed/6.5 bath, asking $5,095K, featuring all the usual stuff. For an ordinary-looking house on a 60’ lot. Aren’t you supposed to get a faux chateau for that? (Actually 127 17th crossed the $5M line first, asking $5,395K, sold in March, but I think that’s a double lot with tennis court.)’

Twentieth Street is 20 blocks east of Ocean, which in turn is a good distance east of the beach.

Blogger’s note: I find these neighborhood price milestones to be meaningful -- somewhat similar to when the Dow rises over one of those ‘psychologically important barriers,’ like 13,000. Once somebody has broken the barrier, even if it’s just as an asking price, it makes it that much easier for other realtors, and other homeowners, to follow suit.

Comments? Insights?
Photo Credit: Westside Bubble