How to Get the Best Price for Your Condo in Santa Monica, California

In the beach city of Santa Monica, California, condos make up a large portion of the housing inventory. And with soaring rents and home prices all over the Los Angeles area, more first-time home buyers are turning to condos, which have market values at less than half of the city's home prices. This beachside city of almost 93,000 people is particularly attractive thanks to its walkability and excellent school system, not to mention the wide range of price points spread out across Santa Monica's distinct neighborhoods.

Sellers can get up to $1,600 per square foot for beachfront Ocean Boulevard condos, according to top agent Brian Maser of Maser Condo Sales, who closes more than 100 sales in a year, while sellers in the area between 26th Street and South Bundy Drive (the more affordable part of town) generally bring in a cool $580 per square foot. Wherever your home is located, the question is the same: how do get the best price for your condo?

To answer that question, we've turned to some of Santa Monica's top real estate agents, according to OpenHouse Realty, an agent referral company (and a U.S. News partner). Here are some tips that the agents had to give.

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Hire a local expert. Having an agent who knows prices, current listings and best practices for the specific neighborhood is crucial. "You've got to take the agent's advice," says Vivian Lesny, who owns her own agency in Santa Monica.

Some sellers make the mistake of photographing and listing a property as-is, without proper staging or upgrading, which can immediately bring a sale price down. But a local agent with expertise in the condo market will be able to evaluate your property according to the market and create a look based on buyers' interests.

Local agents are also able to market a condo more efficiently than sellers can do by themselves. "Our company has an entire platform for sellers to use," Maser explains. "We have a network of agents, we send mailers, we're on signs at bus shelters, social media, client lists -- all of this marketing support brings the seller's condo to the masses in a way they couldn't on their own."

Set the price just right. Just below market value is the right place to start, says Lesny. "In order to sell at the highest price range, I usually list a condo just below the fair market value to create a buzz." This buzz can lead to multiple offers and usually drives the price higher. In the Santa Monica market, it's not unusual to field multiple offers in the first few weeks, which usually raises the price to well above asking.

But sellers should never list a property lower than the price they're willing to accept. "Our job as the realtors is to play the proper poker game with the marketplace," Maser explains. Retain a cautious optimism, though you should never expect to get more than you're asking.

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Finish the upgrades. Because of Santa Monica's tough zoning regulations and building restrictions, there is not much new construction. But residents do want to keep up with the times, and most homes, condos and townhomes continue to be renovated as the years go by. Yours will need to be, too.

"Buyers want a turnkey property, so we need to make the upgrades before we show it," Lesny advises. "You've got to have hardwood flooring, you need to replace dated fixtures and repaint all of the walls." Experienced realtors will know the look and style of buyers' current tastes, so don't do your upgrades until you've consulted with your agent.

Make a deal while the offers are flowing. Santa Monica is a hot market, and offers on well-priced condos will start coming in a mere week after listing, if not sooner. While it might be tempting to wait for higher and higher offers as the days go by, don't let those days turn into weeks.

"The longer you sit on a property, the less valuable it becomes," Maser says. "People expect that properties will sell in a week or two, and if they don't, people assume something is wrong."

Sellers may not always understand when they've got the best price, but checking the data on current unit sales in your building and at comparable properties will give you a good idea. From there, don't be afraid to take the deal, even if it's only been a week. "Buyers who have been in the market for a little while have likely lost out on other multiple-offer properties, so they understand that they have to pay a premium to win the deal," Maser assures.

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Don't sweat the amenities. Sellers shouldn't spend too much time trying to gloss over homeowners association fees and the fact that your building might not offer a lot of bells and whistles. "Ideally, buyers want a private, two-car garage and maybe a pool, but they are mostly just happy they get to walk out the door and be living in one of the best locations in the world," Maser says.

Whew. Finally something you don't have to worry about.

Emily Manthei is a freelance writer based in the Los Angeles area. Follow her on Twitter.