Jodi Summers = Santa Monica Real Estate

FIND YOUR SCHOOL

May 14, 2012 on 12:39 am | In Fascinating Information, Fun, Of Local Importance, Uncategorized, websites, WOW | No Comments

edited by Jodi Summers

Here’s a really cool widget that lets you identify schools and districts in Los Angeles. Play with it, and you’ll discover…
School zones by address
Neighborhood boundaries for a particular school
How to assess and compare public school assignments in a city or school district
Please note that the data presented is for general information purposes only. To verify, please contact the school district directly.
Enjoy….

Education.com SchoolFinder
Santa Monica schools
California schools

SANTA MONICA REAL ESTATE SNAPSHOT ~ MAY 2012 ~ SELLERS NEEDED

May 2, 2012 on 9:35 am | In Market Snapshot, Market Trends, Sellers, Statistics, Uncategorized | 3 Comments

by Jodi Summers

Bloomberg.com, the company behind the financial empire built by New York City mayor Michael Bloomberg, notes that the U.S. homeownership rate fell to the lowest level in 15 years in the first quarter of 2012 > 65.4%. That is the lowest level since 1Q 1997, and down from a record 69.2% in June 2004.

Apparently, borrowers throughout much of the nation lost homes to foreclosure and tighter inventory, while stringent lending rules kept buyers off the market. Oblivious to the rest of the nation, Santa Monica remains enveloped in our happy little housing universe. We are seeing no such pain. Foreclosures around town have all but disappeared, and according to Clarus Market Metrics, if you compare April 2010 and April 2012, the number of sold properties is up 11%.

Santa Monica Sold Properties by Month

While we did see a dip and a price dive of some 30+% since the August 2007 high, the coastal Los Angeles market has proven to be resilient…and now, residential real estate in other parts of the country are enjoying growth. Across the nation, average sale prices, median sale prices, as well as average price per square foot, are substantially higher than they were at the beginning of 2011. Looking at the U.S. as a whole, the average price level is up by 24% and the median price point is more than 28% at this point in 2012!

Looking at those statistics on a local level, in Santa Monica, comparing Apr-11 vs. Apr-12, the median price of for sale properties is up 11% > from $899,000 to $995,000 and the median price of sold properties is up 8% from $810,000 to $875,000.

Santa Monica Median For Sale vs. Median Sold

Sellers take note > Santa Monica has flipped to a seller’s market. Buyers are purchasing virtually anything they can get their hands on. Last month, the number of under contract properties was up 57% from two years ago. Well-priced properties are going into multiple offers. Additionally, the Santa Monica Mirror reports that investors and developers have come back into the market, and older homes and those in need of repairs in strong locations with good sized lots are in strong demand.

Santa Monica Under Contract Properties by Month

Looking at the past two years, the average months supply of inventory is down 62.7%. We were sitting at a 6.3 month supply in April 2011, vs. a mere 2.4 months supply of properties last month. If you’ve been on the fence thinking about selling, now is a great time. Prices are up, inventory is well down, and buyers are like kids with their noses pressed to the bakery window…just waiting for the opportunity to devour what is hot and available to them.

Santa Monica Months Supply of Inventory

Sellers > listen, Listen, and LISTEN! With all of this demand, no one is taking action… or perhaps needing to take action. If you look at Apr-10 vs. Apr-12, the number of new properties on the market is down 29%.

Prospective sellers, let us leave you with one last statistic. When comparing Apr-11 to Apr-12 > the number of for sale properties is down 25% and the number of sold properties is up 11%.

Santa Monica Supply & Demand by Month

Santa Monica has the buyers…what we need now are willing sellers. We’re here to help you with your property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

https://www.terradatum.com/agentmetricsonline/report_thumbnail_view.td

http://www.bloomberg.com/news/2012-04-30/homeownership-rate-in-u-s-falls-to-lowest-since-1997.html

http://www.santamonicapropertyblog.com/?p=4351

http://www.builderonline.com/builder-pulse/homeownership-rate-plummets-as-housing-crisis-plays-out.aspx?cid=BP:050112:JUMP

https://www.terradatum.com/agentmetricsonline/report_thumbnail_view.td

http://www.smmirror.com/articles/News/Real-Estate-Definite-Signs-Of-An-Improving-Market/34550

http://www.bloomberg.com/video/91526922/

http://www.flickr.com/photos/jodisummers/3952730760/in/photostream/

RESEARCH CONFIRMS > THE GREENEST BUILDING IS THE ONE ALREADY BUILT

April 21, 2012 on 12:02 am | In Fascinating Information, Green, Historic Properties, Recycling, Uncategorized | 2 Comments

edited by Jodi Summers

Recent research concludes that, when comparing buildings of equivalent size and function, building reuse almost always offers environmental savings over demolition and new…or as we’ve come to term it, the greenest building is the one already built

A recent report produced by the Preservation Green Lab of the National Trust for Historic Preservation and called “The Greenest Building: Quantifying the Environmental Value of Building Reuse,” offers statistical validation. The report, offers policy-makers, building owners, developers, architects and engineers compelling evidence of the merits of reusing existing buildings as opposed to tearing them down and building new.

Highlights include:

• Reuse Matters. The study finds that the majority of building types in different climates will take between 20-30 years to compensate for the initial carbon impacts from construction. Energy Efficient new construction can take between 10 to 80 years to overcome the climate change impacts created by its construction.

• Scale Matters. Collectively, building reuse and retrofits substantially reduce climate change impacts. Retrofitting, rather than demolishing and replacing, just 1% of the city of Portland’s office buildings and single family homes over the next ten years would help to meet 15% of their county’s total CO2 reduction targets over the next decade.

• Design Matters. The environmental benefits of reuse are maximized by minimizing the input of new construction materials. Renovation projects that require many new materials can reduce or even negate the benefits of reuse.

Historic rehabilitation has a thirty-two year track record of creating 2 million jobs and generating $90 billion in private investment. Studies show residential rehabilitation creates 50% more jobs than new construction. Rah! Rah! Adaptive reuse.

http://www.preservationnation.org/issues/sustainability/green-lab/valuing-building-reuse.html?utm_source=Listrak&utm_medium=Email&utm_term=http%3a%2f%2fwww.preservationnation.org%2fissues%2fsustainability%2fgreen-lab%2fvaluing-building-reuse.html&utm_campaign=Green%20Building%20Update%20-%20February%203%2c%202012

http://www.preservationnation.org/issues/sustainability/green-lab/lca/The_Greenest_Building_Exec_Summary.pdf

http://www.flickr.com/photos/jodisummers/5712503676/

http://www.socketsite.com/archives/LEED%20Platinum.jpg

http://s3images.coroflot.com/user_files/individual_files/featured/featured_119244_4jGUy4PqqvihJiskoWqy1ZuJZ.jpg

HOW IMMINENT DOMAIN AT THE BELMAR TRIANGLE EVOLVED INTO THE NEW VILLAGE AT SANTA MONICA MIXED-USE REAL ESTATE DEVELOPMENT

April 10, 2012 on 5:17 pm | In Fascinating Information, For Your Purchasing Pleasure, fUNNY...mONEY, Historic Properties, Legal, Of Local Importance, Santa Monica Landmarks, Uncategorized | 3 Comments

By Jodi Summers

There is great irony in the Village at Santa Monica > the$350-million, 318-unit apartment / condo / retail development going up the 1700 block of Ocean Avenue. The low-rise Village at Santa Monica project will offer 158 luxury condominiums adjacent to 160 affordable apartments crowning 20,000 square feet of commercial space. The irony is that the 160 affordable housing units replace an African-American neighborhood that the City took by imminent domain back in the ‘50s.

Once upon a time the Belmar Triangle was an African-American neighborhood nestled between Pico Boulevard, Main and Fourth Streets. It was destroyed in the 1950s by the City of Santa Monica, which took to aggressive imminent domain action to condemn the area, burning now-landmarked shotgun houses to make room for the Santa Monica Civic Auditorium.

The Belmar Triangle was home to a vibrant community which was categorized as blighted by the City. The area became a target of “urban renewal” as the City used eminent domain to condemn black-owned properties.

Accordingly, local planners leveled homes and businesses to build what is now the Civic Auditorium and its parking lot. Back then, the grazing took place by fire, as the homes were burned to the ground as planners watched.

Santa Monica got their high profile venue. The Civic Auditorium hosted the Academy Awards from 1961 to 1967.

The Belmar neighborhood was a few blocks from Ink Well Beach, the 200-square-foot portion of Santa Monica State Beach that was once roped off and reserved only for African-Americans. The remnants of the Inkwell neighborhood were annihilated when the 10 Freeway was built on that location.

So those 160 affordable apartments came about because of Belmar Triangle politics.

Community Corporation of Santa Monica, the city’s largest affordable housing developer, made it happen. So, in an attempt to right past wrongs, the new Village at Santa Monica will bring back a mixed-income population to the area. A low income building will be named Belmar in its honor. That makes it better…lol….

“We cannot replace the deeds and misdeeds of the past, but we can help in some small way,” offers Andy Agle, director of housing and economic development for the City.

Community Corporation of Santa Monica has been the most aggressive developer of new housing units in the City of Santa Monica. It’s state counterpart, the redevelopment Agency, an entity funded through local taxes to fight blight and repair infrastructure, ceased to exist Feb. 1 after the California Supreme Court ruled that that the legislature could dissolve the 400 agencies in California as part of the state budget. It was the agency that spent $53 million on the 11-acre parcel in the Civic Center area that made it possible to create the affordable housing project on the site.

The Village is within walking distance of a diverse range of Santa Monica attractions and amenities, including the 3rd Street Promenade, public parks and beaches, Main Street, world-class restaurants, shopping, hotels and nightlife. Next door to the Village is the city’s $55-million seven-acre Palisades Garden Walk & Town Square designed by James Corner and expected to be an international landmark when it opens in 2013.

The whole neighborhood is under renovations. City Hall, as well as the Santa Monica Civic Auditorium (in a public/private partnership agreement with the Nederlander Organization) are each scheduled for close to a $50-million restoration and revitalization. Down the block we have the light rail coming in 2015, as well as the recently refurbished Santa Monica Place mall which received a $265-million open-air renovation.

“The Village will enhance the image of Santa Monica as a place of beauty, style and spirit,” observed Mayor Richard Bloom at the groundbreaking ceremony. “The City’s commitment to affordable housing is an integral part of this development. It will help ensure that Santa Monica is an accessible and welcoming community that fosters economic diversity.” Mayor Bloom always knows the right thing to say.

http://www.globest.com/news/12_288/losangeles/multifamily/350M-Mixed-Use-Moves-Dirt-Source-Says-Timing-is-Right-318759.html?ET=globest:e29242:277110a:&st=email

http://www.smdp.com/Articles-local-news-c-2012-02-16-73490.113116-Civic-Center-Village-finally-underway.html?utm_source=Santa+Monica+Daily+Press+List&utm_campaign=6bb58ddb6a-SMDP_Daily_Template6_10_2010&utm_medium=email

http://www.santamonicapropertyblog.com/?p=4209

http://www.costar.com/News/Article/Related-Begins-$350-Million-Village-At-Santa-Monica-Housing-Development/136050?ref=100&iid=269&cid=383F14EEE265B182474DA2442BACBBBF

http://www.socalmultiunitrealestateblog.com/?p=1878

http://la.curbed.com/uploads/2012_02_smvillage.jpg

http://upload.wikimedia.org/wikipedia/en/4/4a/SantaMonica-JapaneseFishingVillage-1900.jpg

http://www.santamonicalandmarks.com/landmk52.html

http://www.experiencela.com/calendar/event/41252

http://www.smmirror.com/#mode=single&view=33037

http://digital.smpl.org/cdm4/item_viewer.php?CISOROOT=/smarchive&CISOPTR=3553&CISOBOX=1&REC=4

http://digital.smpl.org/cdm4/item_viewer.php?CISOROOT=/smarchive&CISOPTR=3552&CISOBOX=1&REC=3

http://www.santamonicapropertyblog.com/?p=375

http://la.curbed.com/uploads/fieldops_sm.jpg

http://www.annenbergbeachhouse.com/uploadedImages/Activities/InkWell.jpg

SANTA MONICA REAL ESTATE SNAPSHOT ~ APRIL 2012 ~ A CALL TO ACTION FOR SELLERS

April 1, 2012 on 3:46 pm | In For Your Purchasing Pleasure, Market Snapshot, Market Trends, Of Local Importance, Uncategorized, WOW | 2 Comments

By Jodi Summers

The tide has turned; it is officially a seller’s market in Santa Monica. Experts consider market parity to be 3.7 months of inventory, and according to Clarus Market Metrics, in March, we had 2.2 months of residential property on the market in Santa Monica < down 49% from two years ago.

Santa Monica – Months Supply of Residential Inventory – April 2012

As usual, residential real estate in Santa Monica defies the trends. The California Association of Realtors reports that the inventory of unsold single-family detached homes in the state was 5.3 months in February, down from 7.5 months in February 2011. Los Angeles County found itself with a 5.7 month supply of single-family homes in February (compared with 7.8 months a year ago).

If you’re in Santa Monica and have been on the sidelines waiting for the market to pick up, your time has arrived. If you look back over the past two years, the number of new properties is down 40%…

Santa Monica – New Residential Properties For Sale by Month – April 2012

…while the number of under contract properties is up 10%….

Santa Monica – Under Contract Residential Properties by Month – April 2012

Inventory is down < sales are up…more real estate is needed in the marketplace. With spring upon us, we’re heading into peak buying season. Experts say that homebuyers tend to be a little ahead of sellers – noting that asking prices peak at the start of the season > thus demand appears to rise ahead of supply. Timing-wise, inventories build back up through the summer.

Nationally, the number of homes for sale at the end of February rose 4.3%, to 2.43 million, a 6.4-month supply at the current sales pace of 4.59 million homes per year, observes the National Association of Realtors.

In Santa Monica, in March there were 281 residential properties for sale, down from 413 > Locally, inventories are down 32%. Again, a call to action for sellers.

Santa Monica – Residential For Sale Properties by Month – April 2012

Real Estate news nationwide is trending toward positive. The National Association of Realtors is predicting existing-home sales will jump 7-to-10% in 2012 to the highest level in five years > Another indicator of the arrival of a seller’s market. Nationally, home sales for February were up 8.8% from a year ago.

According to DQ News, in February, home sales in Southern California jumped to 15,573 residential homes and condos. Over the year to February, total home sales were up by 8.4%, while the median price fell by 3.7% to $264,750. The national median existing-home price for all housing types — including single-family homes, townhomes, condominiums and co-ops is $156,600 — up 0.3% from a year ago. In Santa Monica, when contrasting Mar-10 vs. Mar-12, the median sold price is up 7% from $755,000 to $810,000.

Santa Monica - Residential Median Sold Price by Month – April 2012

CAR notes that most of the sales action is taking place at the bottom end of the market. Transactions below $300,000 increased by 9.5% from a year ago, but sales of homes priced $300,000 to $800,000 slipped by 0.8%, and sales above $800,000 plunged by 12.6%….and of course, those of us living in one of the world’s Top 10 Beach Cities continue to defy the odds. With an average sale price of $810,000, the number of sold properties in Santa Monica is up 37% from 41 to 56 when comparing Mar-10 vs. Mar-12.

Santa Monica – Sold Residential Properties by Month – April 2012

We know that if you’ve dug this deep, you’re a statistics kind of person…so let us entertain you with a rundown of sales and price activity in Southern California by County:

Los Angeles County: unit sales shot up by 12.7% over the year to February, but the median price declined by 4.7% to $272,690.
Orange County: sales rose by 13.1%, while the median price slipped by 2.2% to $485,380.
Riverside County: sales of existing homes inched up by 3.8%, and the median price inched down by 1.4% to $200,730.
San Bernardino County: sales edged up by 1.7%, while the median price ticked up by 0.8% to $132,500.
San Diego County: unit sales surged by 21.1%, but the median price fell by 1.4% to $362,470.
Ventura County: existing home sales declined by 8.7%, while the median price edged up by 0.7% to $392,350.

The SoCal picture echoes the sentiments of NAR Chief Economist Lawrence Yun acknowledged that the market “is trending up unevenly.”

We’re here to help you with your property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

http://www.inman.com/news/2012/03/22/existing-home-sales-slip-in-february

http://www.dqnews.com/

http://laedc.org/eedge/index.html#2

http://www.santamonicapropertyblog.com/?p=4269

http://www.car.org/newsstand/newsreleases/2012releases/Febsales

https://www.terradatum.com/agentmetricsonline/report_thumbnail_view.td

http://upload.wikimedia.org/wikipedia/commons/thumb/7/76/Southern_California.png/310px-Southern_California.png

http://www.inman.com/news/2012/03/26/nar-2012-home-sales-will-be-strongest-in-past-5-years

http://www.forbes.com/sites/trulia/2012/03/15/springtime-for-housing/

LUXURY CONDOS MIXED WITH LOW INCOME UNITS + RETAIL @ THE NEW VILLAGE AT SANTA MONICA DEVELOPMENT > BUY, RENT OR LEASE

March 20, 2012 on 8:37 am | In Fascinating Information, For Your Purchasing Pleasure, Market Trends, Multiunits, Of Local Importance, The City of Santa Monica says, Uncategorized | 2 Comments

by Jodi Summers

Buy, rent or lease…leave it to Santa Monica to introduce one of the broadest mixed use, mixed income real estate development projects in the country. In 2014, we will welcome the Village at Santa Monica > a 318-unit apartment / condo / retail development split into three buildings on the 1700 block of Ocean Avenue < and spitting distance from the new Expo Line light rail stop.

Here’s the unique rub on this new real estate development project, the low-rise Village at Santa Monica will offer 158 luxury condominiums adjacent to 160 affordable apartments crowning 20,000 square feet of commercial space. So choices abound > if you’re comfortable, you can buy an ocean view condo. If you’re fortunate enough to meet the city’s workforce housing criteria you can rent > the lottery for the affordable units will open in 2013. If you’re looking for retail and restaurant, you can lease.

The project will have a new walk street to better unite Main Street and Ocean Avenue and our extravagant new Palisades Garden Walk park. As is Santa Monica’s way, the whole project will be pretty > laden with gardens and plazas lined with retail and restaurants with outdoor dining. Our own Pacific Riviera…

Impressive logistics made this project happen. Community Corporation of Santa Monica, the city’s largest affordable housing developer, is responsible for the 160 affordable units. Related California is developing the 158 luxury condos. The $350-million mixed-lifestyle development will generate 1,500 construction jobs over its 24-month building cycle. Charles Pankow Builders are the general contractor.

“…We are very sensitive to the responsibility we have for this site that is a one-of-a-kind treasure…” notes Related California president and CEO Bill Witte. “Our intent was to create the ultimate Santa Monica Village…thus; we brought together a superb team that can give it the sense of place it deserves.”

Related’s team of designers is led by Santa Monica-based architects Moore Ruble Yudell. The Santa Monica firm of Koning Eizenberg Architecture is the architect for the 160 affordable apartments. Mia Lehrer + Associates created the landscape plan.

Financing the project was a group effort, featuring Resmark on the condominiums and Wells Fargo and HSBC Bank on construction cost. Santa Monica City Hall put up $19.4 million in ground lease costs and extended the life of the lease to a maximum of 149 years instead of the original 99.

“The Village is at the center of it all,” states Andy Agle, director of housing and economic development for the City. “It is a block from the Santa Monica terminus of the new Expo Line and within easy walking distance to all major destinations including the beach, Civic Auditorium, 3rd Street Promenade, Ocean Avenue hotels and restaurants, Santa Monica Pier, Palisades Park and, of course, the stunning new Palisades Garden Walk and Town Square.”

The Village is the first major residential development to be built on highly prized Ocean Avenue in two decades.

City officials and the developer hope that the three-building complex with its shops and restaurants lining the ground floor will create a lively anchor in an otherwise quiet area, and provide a population base with access to the brand new $55 million Palisades Garden Walk Park next door and the Downtown shopping district.