Help! Smooth-coat stucco in prime beach location: is it worth it?

[Erin O'Connor Smith]

Our HOA is voting on whether to smooth coat and paint our 70's spanish lace stucco 22-unit building on the beach in Santa Monica, or to simply paint over the heavy spanish lace for a few grand less per unit. Wondering if anyone can help determine value of smooth coating, which would to bring it up to the aesthetic standards of our surrounds?

Being at the beach, the stucco gets dirty and dingy and is already crumbly at many decades old. We all believe our property value would increase, but no realtors will venture a solid estimate or percentage.

Any educated guesses out there? For example, this 1 bedroom 1 bath just sold for $975k. What could the price have been with smooth stucco? Estimate is a shared cost of $6 - 8k per unit.

https://www.redfin.com/CA/Santa-Monica/2221-Ocean-Ave-90405/unit-105/home/6779797

Thanks!!

Erin

[Aaron K.]

My best guess is not much, the value of the units is almost entirely in the location, especially with the inside not being updated it won't have much impact particularly if there are interior hallways.  However because this qualifies as luxury property pricing is far less consistent and any particular buyer could assign more value to it because they like it and have money to burn.