Santa Monica Property Blog

BUY SOON – THE SOCAL REAL ESTATE MARKET IS STABLIZING

By Jodi Summers

Good news Southern California – our real estate market seems to be leveling off. DataQuick information services reports that May prices in Southern California rose for the first time in nearly two years – they were up approximately $2,000 a property from April, bringing the median Southland home price to $249,000.

“We appear to be in the early stages of the market gradually tilting back toward a normal balance of sales across the home-price spectrum,” noted DataQuick President John Walsh.

This theory is confirmed by Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast, who noted that prices are “about right” in historical terms and the soft market is attracting would-be buyers, but not yet enough of them to completely turn the market upward.

“A lot of people are on the sidelines who are saying it may be beneficial to wait another month or so,” Nickelsburg observes. “The big implosion in housing is running out of steam,” Nickelsburg said.

Obviously with a median home price of $249,000, the six-county Southern California region shows a wide variety in sales and price changes from May 2008 to now.

From April to May Orange County’s median was up $30,000, or 7.9%, in one month’s time to reach $410,000. San Diego County’s median price rose $5,000 from April, to a $295,000 average - or $15,000 above the recent low point in January. Los Angeles and Riverside were unchanged at $300,000 and $180,000, respectively. San Bernardino County, ground zero of the housing meltdown in Southern California is still lagging, with average prices dropping an additional $1,500 loss to sink to $137,000, - down 45.3% from May 2008, the worst showing in the region.

The month-to-month rise in prices – the first since July 2007 – does not necessarily reflect an improvement in value. DataQuick noted that the change was a result of fewer low-cost foreclosure homes selling and an increasing number higher-priced, move-up homes closing escrow.

Sales below the $500,000 mark represented 83% of all sales, down from 84.8% in April.

Total sales regionwide stood at 20,775, up slightly from April’s 20,514 and 22.8% higher than year-ago levels. Foreclosures, which have dominated the Southern California market for months, slipped percentage-wise in May to represent 50.2% of all resales, down from a peak of 56.7% in February.

Analysts report that foreclosure activity is down because lenders have foreclosed on fewer properties in recent months – either because they are unable to cope with the volume of distressed homes or because they were working with owners to modify the mortgages. Government-sponsored moratoriums and extended notification schedules also played a part.

Leslie Appleton-Young, chief economist of the California Association of Realtors, notes that the current buyers’ market has, “led to multiple and overbid offers by investors and first-time buyers, eager for deals.

“It looks like to me the low-and moderate-end of the distressed market is starting to show signs of bottoming,” Appleton-Young observes. “There’s just no inventory.”

Her latest count showed only a 2.5-month supply statewide of single-family resale homes priced below $300,000. By contrast, there was a 17.2-month supply of homes above the million-dollar mark.

“We have a bifurcated market,” Appleton-Young reveals, “distressed on the one hand and a higher-end, coastal, jumbo-financed market on the other hand.”

In recent weeks, interest rates have risen above the 5% level from their lows of about 4.5% on 30-year, fixed-rate loans.

If mortgage rates continue to rise, it could prolong this lull in the housing market. UCLA’s Nickelsburg concludes, “You can expect the housing market to take longer to recover, because home prices will have to fall to compensate for the additional cost.”

http://www3.signonsandiego.com/stories/2009/jun/18/1b18housing213947-regional-home-prices-end-2-year-/

http://uniontrib.com/more/socalprices

http://www.csc.noaa.gov/crs/lca/images/sccwrp_map.jpg

ENJOY SANTA MONICA’S GREEN OFFICE BUYING GUIDE

ENJOY SANTA MONICA’S GREEN OFFICE BUYING GUIDE  

Find it @ http://www01.smgov.net/epd/SP/greenoffice/main/index.html

Have to love Santa Monica – the city is out there, oftentimes so far ahead of the curve that they make their own rules. In an effort to stay a nationally recognized leader in “green” purchasing and sustainable city programs, the City of Santa Monica  invites you to explore our virtual tour of a “green” workplace.  See for yourself the exciting opportunities that are available to create a healthier, more sustainable work environment.

http://www01.smgov.net/epd/SP/greenoffice/main/index.html

This site will assist anyone interested in purchasing products designed to use water and energy efficiently, preserve trees and natural resources, be less toxic and less polluting, and not threaten air quality.  This site is the most current and comprehensive resource you’ll need to make smart, sustainable procurement decisions.

You now have the tools. Please go out and make the world a better place.

CALIFORNIA MAKES IT EASY TO BUY, SELL, BUILD AND EXCHANGE GREENER REAL ESTATE

CALIFORNIA MAKES IT EASY TO BUY, SELL, BUILD AND EXCHANGE GREENER REAL ESTATE

by Jodi Summers

Yeah! for the politicos up in Sacramento that are incredibly supportive of California evolving mandatory green building codes, Bravo for the complete support the measures received from the state’s Building Industry Association (CBIA). After decades of debating over codes and other regulatory initiatives affecting the industry, the CBIA has changed its tactics to cooperation and ­consensus—and has won safeguards for its builder members and housing affordability. “It kind of freaked them out that we were willing to work with them,” notes CBIA spokesman Mike Castillo, referring to the seamless adoption of the new code authored by the state’s Department of Housing and Community Development.

Rising standards will make new housing around our state to be 50 percent more energy efficient than current national standards (a 20 percent bump up from the state’s existing code) and progressively address critical issues of water conservation and indoor air quality during the next three years. “It will be a smooth, easy transition with interim steps and programs that help builders comply,” says Castillo. “Builders can ease into new technology and products [such as photovoltaics] while their costs come down over time.”

(See what we’re doing @ SANTA MONICA’S GOAL IS TO BECOME ONE OF THE FIRST NET ZERO CITIES http://www.santamonicapropertyblog.com/?p=134

for more information). Local officials will now have to adopt the state’s code as a minimum standard, with the ability to boost certain segments at their discretion.

Info courtesy of http://www.builderonline.com/green-building/left-coast-formula.aspx?cid=BLDR090107002

CALIFORNIA’S GREENEST CITIES

CALIFORNIA’S GREENEST CITIES

BUY NEW GREEN HOUSES -THE ECONOMIC RECOVERY WILL DRIVE GREEN BUILDING

BUY NEW GREEN HOUSES -THE ECONOMIC RECOVERY WILL DRIVE GREEN BUILDING

By Jodi Summers

Here’s a good statistic for you - the US market for “green” building materials generated sales of almost $57 billion in 2008.  Enthusiastic pundits are predicting this market is projected to expand 7.2% annually to over $80 billion in 2013, outpacing the growth of building construction expenditures over that period. A solid conclusion, since green building is in the forefront of our economic recovery. The fact that the government is leading our green revolution is confirmed in Green Building Materials, a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.

Sure,  green building materials are expected to account for an increasing share of materials used, but the growth of this market will be driven primarily by the recovery of the residential market through 2013 as it rises from its depressed 2008 level. 

Among the products that are favored in our new, green recovery are interior products – like lighting, wall and floor coverings, and windows – as opposed to energy efficient renewables that are leading the change.

This trend is confirmed by a National Association of Home Builders survey of multi-family builders and developers made similar conclusions. While 74% of respondents said that their buyers and renters are willing to pay more for green amenities, the median additional amount that they’re willing to pay is just 2%. Some other stats of note: 89% of respondents (again, multi-family builders and developers, nationwide) said they are currently installing energy-efficient appliances and lighting in their projects, 79% are installing low-E windows, 64% are incorporating recycled materials, and 50% are installing greater insulation than required by local code (that figure jumps to 70% among respondents based on the West Coast).

The Freedonia Group report concluded that the largest source of green building materials demand in the next few years will come from green floor coverings. Green carpets and flooring include Green Label Plus-certified carpets and products made from rapidly renewable resources (e.g., bamboo and cork flooring). 

Forest Stewardship Council (FSC)-certified wood products will sell out. As controlled forestry moves forward, FSC-certified lumber and wood panels are expected to be the fastest growing green product area.  FSC-certified products are produced via environmentally responsible and socially beneficial forestry practices.  As supply grows, demand for FSC-certified wood panels is projected to more than triple between 2008 and 2013, growing more than three times as fast as the overall market for wood panels.

Concrete made from recycled materials (e.g., fly ash, blast furnace slag) was the second-in-demand as far as green building materials sales 2008, accounting for over 15% of the market total.  The use of recycled materials in concrete not only reduces the volume of waste sent to landfills, but often enhances the performance of the concrete.  Going forward, demand for concrete made from recycled materials is forecast to grow 8.4% per year to $14.3 billion in 2013, accounting for an increasing share of total concrete used.

Other products expected to see fast growth through 2013 include water-efficient plumbing fixtures and fittings, and energy-efficient lighting fixtures.   Demand for each of these products is forecast to grow at a double-digit pace through 2013, but account for only a small share of total green building materials market. 

Sources:

http://www.transworldnews.com/NewsStory.aspx?id=78976&cat=1

http://www.greenbuildingsnyc.com/2008/08/28/green-building-statistics-demand-is-high-design-experience-is-low/

http://www.fypower.org/partners/ilg/statistics/green_building.html

http://greendevelopmentplaybook.net/database/images/display/sb4720d928d50d3.jpg

http://www.inhabitat.com/2009/02/05/is-it-green-concrete/

SANTA MONICA PIER CONCERT SERIES ANNOUNCED

edited by Jodi Summers

We know you’ve been wanted the schedule for the 25th Annual Twilight Dance Series.

Allow us to present it to you without editorial comment…

July 2 - Playing for Change Band

Bushman (Jamaican Reggae)

July 9 - Joan Baez

with Special Guest Tift Merritt

July 16- Sergent Garcia

Ricardo Lemvo & Makina Loca

July 23 - LA MONICA REDUX BALLROOM >

Squirrel Nut Zippers

Johnny Vana & the Big Band Alumni

July 30 - Orchestra Baobao

August 6 - Dave Alvin & the Guilty Women

Paul Thorn

August 13- Idan Raichel Project

Elijah Emanuel

August 20 - Venice

Lukas Nelson & the Promise of the Real

August 27- Lila Downs

Very Be Careful

For more information about the Twilight Dance Series, visit www.santamonicapier.org

OR CALL (310) 458-8901.

http://www.santamonicapier.org/

http://www.santamonicalandmarks.com/landmk32.html

http://www.santamonicapropertyblog.com/?p=908

SHOULD LOS ANGELES SELL OFF LEGACY LIABILITIES?

By Jodi Summers

Welcome to the Breed St. Shul in Boyle Heights. From 1915 to 1951 it was the largest Jewish Orthodox synagogue in the western United States, and is listed in the National Register of Historic Places. In 2000, the City of Los Angeles quitclaimed the property to Breed Street Shul Project, Inc., a subsidiary of the Jewish Historical Society of Southern California. The Shul, like so many other National Register of Historic Places (NRHP) properties currently lies in neglect.

It is one of many NRHP properties caged behind fencing decaying around Los Angeles.

Engine House #18

Bravo to the Governor for the bold suggestion that the state sell off high maintenance  legacy assets such as the Del Mar fairgrounds, the Los Angeles Coliseum and Alcatraz.

Perhaps Los Angeles County should consider selling off NRHP properties that have become legacy liabilities.

Washington Irving Branch Library

FYI - The City of LA currently has 195 properties on the National Register of Historic Places. Los Angeles County boasts another 148 properties.  

Garfield Building

Too many of these noteworthy historic properties are sequestered behind chain link fences, decomposing from neglect. 

Santa Fe Coast Lines Hospital

Wikipedia counts 2,414 National Register properties in the state of California.  Do the math.

Angelus Funeral Home

Let us suggest that Los Angeles County sell off properties that have become, to paraphrase the governor, legacy liabilities. This would give them the opportunity truly become assets to our city and our community. In addition, to reclaiming these local treasures from the scrap heaps of history, freeing local government of the rehabilitation and maintenance responsibilities of these properties would ease the budget crunch.

This would give be giving the city / state short term assets in terms of sales, and long term assets in terms of taxes and community improvement.

Golden Gate Theater

**

Sources

http://online.wsj.com/article/SB124233275075820819.html

http://en.wikipedia.org/wiki/Breed_Street_Shul

http://en.wikipedia.org/wiki/National_Register_of_Historic_Places_listings_in_California

Angels Flight Railway

BE SAFE – KNOW WHAT’S HAPPENING WITH SANTA MONICA’S CRIME MAPPING SYSTEM

Edited by Jodi Summers

 Live in Santa Monica? http://www.santamonicapd.org/crimemapping let’s you know exactly what’s happening in your neighborhood. The Santa Monica Police Department’s new crime mapping system is available for public use.

Always ahead of the curve, SMPD’s system allows the public direct access to crime data for the City of Santa Monica. The data is available for crimes that have been reported within the last 90 days and is updated daily.

The system may be accessed via the Internet at http://www.santamonicapd.org/crimemapping.

Search by crime type proximity to an address, intersection or landmark, as well as for the entire City or within the boundaries of the Police Department beats.

The maps and/or reports from the system may be printed or saved in PDF format.

Due to the unique and sensitive issues surrounding sex-related crimes, the Police

Department does not include information about those crimes through the system. In

order to obtain information about sex-related crimes, please contact the Criminal

Investigations Division at (310) 458-8451.

The Police Department will continue to post daily reports of Calls for Service logs and Arrest logs on our website - http://www.santamonicapd.org.

ZIP Codes Where People are Buying Real Estate

ZIP Codes Where People are Buying Real Estate

by Jodi Summers

It was always our theory that this recession would hit bottom by first quarter and then wallow for a while. Well…it looks like things are starting to improve in parts of the country – both locally and beyond. Information compiled for BusinessWeek.com by First American CoreLogic notes that housing sales are improving significantly in key ZIP codes around the country where inventories are shrinking and prices are stabilizing. Here are the top 10 ZIP codes with improved home sales:

1.    94533, Fairfield, Calif. , Fresno,  

2.    92376, Rialto, Calif. , Riverside-San Bernardino-Ontario,  

3.    91342, Slymar, Calif. , Los Angeles-Long Beach-Santa Ana,  

4.    92126, San Diego, Calif.

5.    33914, Cape Coral, Fla. , Fort Meyers,  

6.    93065, Simi Valley, Calif. , Oxnard-Thousand Oaks-Ventura,  

7.    95123, San Jose, Calif.

8.    85379, Surprise, Ariz. , Phoenix-Mesa-Scottsdale,  

9.    93722, Fresno, Calif. , Madera,  

10. 95624, Elks Grove, Calif. , Sacramento-Arden-Arcade-Roseville,

Source: BusinessWeek.com, Prashant Gopal

10 Unhappiest American Cities

10 Unhappiest American Cities
by Jodi Summers

Oh, be glad we live in a part of the country where the weather is delightful. Hard to be depressed on a beautiful day. As a recent BusinessWeek.com report reveals, no sun, no jobs and lots of foreclosures are the recipe for unhappy citizens. Statistics show higher levels of suicide, clinical depression, divorce and violent crime.

In the name of analysis, BusinessWeek.com ranked 50 of the largest metros based on their misery and depression levels. The depression scoring is based on insurance reporting. The rest of the rankings come from the National Assembly of County & City Health Officials, FBI crime reports, the U.S. Weather Bureau and the U.S. Census.

Most of these cities had these problems before the economy headed south – and current economic woes certainly can’t be helping.

Here are the top 10 most depressed cities as per Businessweek.com No place in California is on the list:

1. Portland, Ore.

2. St. Louis

3. New Orleans

4. Detroit

5. Cleveland, Ohio

6. Jacksonville, Fla.

7. Las Vegas

8. Nashville, Tenn.

9. Cincinnati, Ohio

10. Atlanta

Source: BusinessWeek.com, Prashant Gopal (02/26/2009)