Santa Monica Property Blog

SANTA MONICA PROPERTY SNAPSHOT – FEBRUARY 2010

REASONS FOR OPTIMISM

By Jodi Summers

CONDOS

This month we start with condos because the news is good!

Oh, what a difference two years make. After languishing for much of 2008 + 2009, the Santa Monica condo market is showing signs of recovery. Since prices dropped so low, people pulled their properties from the market, waiting for signs of strength. Clarus Market Metrics reports that contrasting January 2008 vs. Jan 2010 volume of for sale properties is down 29%. Meantime, thanks to government incentives, condos are selling in Santa Monica. The number of sold properties is up 12%.

As far as price dips go, you’ll notice that the condo market comparison is not quite as severe as the single family market. Weigh Jan-08 vs. Jan-10 - the median price of for sale properties is down 13%, BUT the median price of sold properties is up 8%. So, if you think abstractly, it’s a drop of 5%. And we saw increases of 400% in the past decade, right?

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Another bright spot in the Santa Monica condo market is that the average months supply of inventory is down -12.3%.

SINGLE FAMILY

The nicest thing we can say about the Santa Monica single family real estate market this month is that, n contrasting January 2008 vs. January 2010 is that the average months supply of inventory is down -35.6%.

Now keep in mind, like the unemployment figures in this grueling recession, that doesn’t necessarily mean sales are up, it just means that sellers have stopped trying

From Jan-08 vs. Jan-10, the number of for sale properties is down 19%…and here’s an interesting caveat, the number of sold properties is up 27%… and here’s why…

Clarus Market Metrics points out that if you compare Jan-08 vs. Jan-10, the median price of for sale properties is down 14%, and the median price of sold properties is down 47%.

So, now is the time to sell only if you need to.

Away from the beach, in the more afford end of the real estate market things are looking brighter. The California Association of Realtors (CAR) recently released their December 2009 report for existing home sales and prices in California. Statewide, sales of existing single-family homes rose by +1.7% (compared with December 2008) to 558,320 units (seasonally adjusted, annualized rate) while the median price increased by +8.4%. The was the second consecutive year-over-year price increase (in November prices rose by +4.7% for the first time since August 2007) and was the largest year-over price increase in three years. On a month-over basis, December marked the tenth month in a row to see an increase in median price (+0.8%). In Los Angeles County, unit sales during December rose by +4.3% over the year. The median price increased by +4.9% to $353,560.

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com or call 310.392.1211. We look forward to working with you in your next real estate transaction.

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http://www.cirbdata.com/

https://www.terradatum.com/

http://www.globest.com/news/1590_1590/washington/183353-1.html

http://www.SoCalGreenRealEstateBlog.com

http://www.laedc.org/eedge/index.html#1

http://www.iamnotastalker.com/wp-content/uploads/2008/01/img_18842.jpg

10 AFFORDABLE REMODELING PROJECTS

IDEAS TO SPRUCE UP A PROPERTY AND ALLOW FOR A QUICK SALE

Edited by Jodi Summers

Judicious home remodeling is still worth the investment, according to Remodeling magazine’s annual “Cost vs. Value Report.” They suggest these 10 big-impacts, low-cost remodeling projects -

1. Tidy up kitchen cabinets.

Advice: Add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff.

2. Add or replace tile.

Advice: By retiling very inexpensively, you make a room look way cleaner that it was. Go to a discount tile store, buy $1 to $2 tiles and replace a dated backsplash or upgrade bathrooms.

3. Add a breakfast bar.

Advice: When a wall separates a kitchen from a family room, cut out an opening to create a breakfast bar.

4. Install granite tile instead of a slab.

Home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money.

5. Freshen up a bathroom without retiling.

Put in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300. Put in a glass shower door. A French door adds a lot of panache and elegance for $250, and people will notice the door.

6. Freshen up the basement.

If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint.

7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall.

8. Spruce up cabinet fronts.

Update tired kitchen cabinets. Reconditioning is the least expensive move for under $1,000. Take out the nicks and scratches, recondition it with oil, and put new hardware on.

9. Replace light fixtures.

Replace overhead light fixtures in a foyer and in bathrooms and kitchens - this provides a lot of pop for a little money.

10. Tech-up the garage.

Replace the garage door opener with a remote touchpad entry system. The cost is about $425, but looks like a high-end system.

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http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009

http://img.alibaba.com/photo/208919614/Integrated_kitchen_cabinet_KC_030.jpg

http://freshome.com/2008/03/19/bathroom-vanities/

http://www.strawsticksandbricks.com/images/categories/multi%20pic.jpg

http://www.homesecurityinformation.com/ideas/wp-content/uploads/2009/03/garage-door-keypad-lock.jpg

FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

By Jodi Summers

Legislators in Sacramento were more interested in finding was of shrinking the new $7.4 billion deficit for the 2010-11 budget than they were in thinking about the hit that apartment building owners have taken in the multiunit marketplace this downturn.

Fortunately, the more ominous legislation affecting multiunit properties has been shelved until next year, but, as a local multiunit property owner, we know you want to know what has passed and what is on the horizon.

Passed

* Assembly Bill 1020 (Emmerson, R-Redlands): Limits fees that may be imposed by local and state government and preempts local health departments from adopting any new or additional safety standards on top of federal guidelines regarding public swimming pools. Brings state regulations in line with federal law regarding anti-entrapment devices in pools.

* Senate Bill 120 (Lowenthal, D-Long Beach): Allows a tenant or occupant who has paid utilities in place of a landlord in order to prevent him or her from being shut off to deduct that amount from rental payments.

* Senate Bill 290 (Leno, D-San Francisco): Extends a Jan. 1, 2010, sunset period for a 60-day termination notice requirement for tenants who live in a property for longer than one year.

Be Aware of

* Assembly Bill 473, from Assemblymen Bob Blumenfield, D-Van Nuys, will require owners of properties with five or more units to arrange for mandatory recycling services.

* Assembly Bill 479, introduced by Assemblyman Wayne Chesbro, D-Arcata, will require local governments in large counties to adopt mandatory recycling laws for commercial properties.

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http://www.carealestatejournal.com/newswire/index.cfm?sid=&tkn=&eid=905490&evid

http://www.consrv.ca.gov/smgb/PublishingImages/CaliforniaStateCapitol02.jpg

http://www.blogcdn.com/www.autoblog.com/media/2006/12/the-governator—64_1280.jpg

http://www.greentechforum.net/wp-content/uploads/2007/06/california_state_flag.png

http://www.limitstogrowth.org/WEB-Graphics/CaliforniaPostcardGreetings.jpg

http://forcechange.com/wordpress/wp-content/uploads/2008/03/cfl-float.jpg

More than $1Trillion Invested In Green Development

More than $1Trillion Invested In Green Development

By Jodi Summers

Did you know that Toyota, Boeing and Samsung have each invested more than $4 billion in green technology? They’re part of a growing trend. Experts say that more than $1.248 trillion has been invested in green projects since 2007. Tallies are now available from the Global Climate Prosperity Scoreboard, which tracks private investment in companies growing the green economy globally.

This newly calculated number shows $1,248,740,645,993.00 in total investment in solar, wind, geothermal, ocean/hydro, energy efficiency and storage, and agriculture  since 2007. The details indicate how investors and entrepreneurs are leading governments in promoting sustainable growth.

The scoreboard, posted by Ethical Markets Media and The Climate Prosperity Alliance

indicates which investments have been publicly announced and committed by major companies for 2010 and beyond. For example, the Egyptian company Desertec, is behind a 400 billion Euro plan to power Europe with sunlight from North Africa and the Middle East. If their project goes as planned, Desertec could supply 15 percent of Europe’s power needs by 2050.

“Private capital investment is now leading globally in promoting technological innovation and resource efficiency that will accelerate environmentally and socially sustainable industrial growth and economic development throughout the world,” noted Dr. Marc A. Weiss, Chairman and CEO of Global Urban Development and Chair of the Climate Prosperity Alliance.

The Climate Prosperity Alliance uses the Climate Solutions 2 computer model of Australia’s Climate Risk Party, concludes that if $1 trillion is invested every year for the next 10 years can assure the global transition to sustainable prosperity and job growth.

Check out the Global Climate Prosperity Scoreboard @ http://www.ethicalmarkets.com/wp-content/uploads/Global-Climate-Prosperity-Scoreboard.pdf

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http://greeneconomypost.com/over-1-trillion-invested-in-green-since-2007-6922.htm?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheGreenEconomyPost+%28The+Green+Economy+Post%29#ixzz0ZcXw0j5h

http://greeneconomypost.com/over-1-trillion-invested-in-green-since-2007-6922.htm?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheGreenEconomyPost+%28The+Green+Economy+Post%

http://af.reuters.com/article/investingNews/idAFJOE5B10JG20091202?pageNumber=1&virtualBrandChannel=0&sp=true

http://www.ethicalmarkets.com/wp-content/uploads/Global-Climate-Prosperity-Scoreboard.pdf

http://4.bp.blogspot.com/_naalMdATcl8/SkfBq4wjMkI/AAAAAAAAAIs/3orGtK1ww14/s400/booker-28060_1_1432371c.jpg

http://ec.europa.eu/cyprus/images/drought.jpg

http://www.sodahead.com/living/this-is-what-a-trillion-dollars/question-288213/?link=ibaf

http://lbslibrary.typepad.com/.a/6a00e008d6ce2788340120a5293a61970b-800wi

http://www.theodoresworld.net/pics/0309/climateplanImage4.jpg

REGISTER YOUR CELL PHONE ON THE DO NOT CALL LIST

REGISTER YOUR CELL PHONE ON THE DO NOT CALL LIST

By Jodi Summers

Cell Phone Numbers Go Public this month….meaning cell phone numbers are being released to telemarketing companies and you will start to receive annoying sales calls on your cell phone…and YOU WILL BE CHARGED FOR THESE CALLS.

To prevent this, call the National DO NOT CALL list number from you cell phone. That number is - 888-382-1222.

Registering will block your number for five (5) years.

FYI - You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.

SANTA MONICA PROPERTY SNAPSHOT – JANUARY 2010

SANTA MONICA PROPERTY SNAPSHOT – JANUARY 2010

By Jodi Summers

Those in the know seem to feel that what the government is doing is working. Aided by the recent extension of the home buyer tax credit, the outlook for housing industry for 2010 appears headed for a sustainable recovery, proclaims Lawrence Yun, NAR chief economist of the National Association of Realtors.

“Given the success of the first-time buyer tax credit to date and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected - it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

Locally, in the Santa Monica single family market from December 2007-December 2009 there was an 18% drop in volume from 22 to 18 homes.

The median price of for sale properties is down 9% and the median price of sold properties is down 36%.

The condo market the median sold price is down 22%, while the number of sold properties is up 72%

In 2009 first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in 2008 concluded the most recent National Association of Realtors Profile of Home Buyers and Sellers.

Existing-home sales are expected to total 5.01 million for 2009, a gain of 2% over 2008, and this year sales are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun concluded.

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http://saratogavoice.com/wordpress/2009/10/20/california-real-estate-forecast-for-2010/

http://nyrej.com/37067

http://www.realtor.org/research/economists_outlook/commentaries/forecast1209

JUSTIN TIMBERLAKE’S GOLF COURSE GETS AUDUBON CERTIFICATION

THE GREENEST GOLF COURSE GETS AUDUBON CERTIFICATION

By Jodi Summers

Who has a great voice, umpteen million dollars, their own golf course and is socially conscious? Justin Timberlake, mega successful solo artist and all around good guy has opened up the nation’s first eco-friendly golf course in Memphis, Tennessee.

Originally called Woodstock Hills, the golf course is said to be the first place golf-enthusiast and former member of ‘NSYNC learned to hit a golf ball.

“…Last year we found out they were going to auction it off and turn it into a development,” Justin revealed. “So we thought it was such a landmark for the community, we’d scoop it and save it. And we did. We were able to before it was auctioned off.”

A couple of decades and $16 million later, the newly renamed Mirimichi Golf Course is the “greenest” golfing destination in the U.S….

“I’m excited about every aspect of the course,” Justin confessed. “We basically created a whole new course. It’s a completely different track and doesn’t look anything like what it did. It’s exciting. There’s literally a creek around the whole course. We’ve dug 7 new lakes—the construction we’ve done lengthened the course by almost 1000 yards. We’ll have a great first tee program for kids and families. We’ll have a 9-hole executive course, but it’s really to use for the first tee program out there. We’ll have junior tournaments to get more young people into the game. I like the values the game teaches like honesty, patience, focus, and tenacity. Also, it’s close to my house. And my parents had their wedding reception there.”

The Mirimichi Golf Course is the first project in the U.S. to receive the Audubon International’s Classic Sanctuary certification.The course features irrigation systems that maximize the use of rainwater, native landscaping and solar-powered electric golf carts.

“I love my new course Mirimichi,” Justin confessed. “I love it for so many reasons. I feel like we did something great for the community. And we ended up doing something great for the world—a lot of people will pay attention to how eco-friendly this establishment is and I hope it will make some waves.”

When asked about who his idea golf foursome would be, Justin confided,” Bobby Jones because he never took a dollar for the game and always loved the purity of the game. Tiger Woods because he’s without a doubt the best golfer of all time. And has taken every dollar for the game! And my dad because he taught me how to play. He’s my favorite person to play golf with.”

http://www.justintimberlake.com/news/a_quick_9_with_jt_a_golf_qa

http://earth911.com/blog/2009/07/23/justin-timberlake-opens-first-eco-friendly-golf-course/

http://allfunmusik.files.wordpress.com/2007/06/justin_timberlake_01.jpg

http://www.wreg.com/media/photo/2009-07/48038279.jpg

http://ontheredcarpet.typepad.com/.a/6a010536c12963970b0115723cb64c970b-pi

http://media.commercialappeal.com/mca/content/img/photos/2009/07/25/22mirimichi1.jpeg

BUILDINGGREEN’S TOP 10 GREEN CONSTRUCTION PRODUCTS

BUILDINGGREEN’S TOP 10 GREEN CONSTRUCTION PRODUCTS

BuildingGreen, is offering its seventh annual list of its top 10 green building products.

Half of the products on the annual have been deemed green because they are made from natural or rapidly renewable materials or agricultural waste. Such products require significantly less energy to manufacture.

And this year’s Top 10 Green Building products are:

Resource Monitor by Agilewaves

http://www.agilewaves.com/products.html

Developed by former NASA engineers, Agilewaves’ flagship product constantly monitors electric, gas and water use and provides accurate consumption and carbon footprint information in real-time, from any web enabled device, from anywhere in the world.

Compacted Earth Brick by Integrity Block

http://www.integrityblock.com/product_line.php

A seamless green replacement for conventional concrete block (CMU), as Inegrity Block products come in a variety of common form factors and sizes. Integrity Block products also meet relevant ASTM (C-90) performance standards for load bearing CMU.

Natura Paint by Benjamin Moore

http://www.benjaminmoore.com/bmpsweb/portals/bmps.portal?_nfpb=true&_pageLabel=fh_aura_hiddenPage&NodeUUID=%2FBEA+Repository%2F574014

Natura premium interior waterborne paint is a zero VOC, virtually odorless formula that doesn’t compromise on performance. It dries fast, has excellent adhesion and provides a durable finish with an unlimited color selection. Natura features our Green Promise designation, so you can breathe easy knowing that you’ve used the very best for your environmentally sensitive projects.

Matrix Total Home System by NTI

http://www.ntimatrix.com/

For our planet and our children, NTI has spent almost 10 years developing, testing and perfecting the technology of The Matrix to deliver a premium system that incorporates a Condensing Water Heater, Condensing Furnace, Condensing Boiler and Heat Recovery Ventilator, and which is already pre-wired for air conditioning. All of these functions are contained in one powerful system that requires less energy to operate than competing products.

Safe N’ Sound Emerald Doors by Masonite

http://www.masonite.com/product_newProducts.php

Masonite’s Safe‘N Sound® is said to be a door that is truly environmentally responsible. Manufactured with DorCor™, a low density fiberboard made from wheat straw, an annually renewable agricultural wheat by-product with a formaldehyde-free synthetic resin.

Natural Fiber Fabrics by O Ecotextiles

http://www.oecotextiles.com/

You can have an immense impact on lightening your environmental footprint by the textile choices you make.

Plyboo by Smith & Fong

http://www.plyboo.com/

Plyboo bamboo flooring and plywood products offer endless possibilities for architects and interior designers, whether the focus is on green building or cutting-edge design.

H2OG by Rainwater HOG

http://rainwaterhog.com/

The rainwater from your roof is a valuable commodity: use Rainwater HOG modular tanks to catch and store your rainwater for reuse on your garden and even in your house. Irrigate with it, hose with it, even shower with it!

SunCache Solar Water Heating System by Harpiris Energy

http://www.harpiris.com/whatissuncache.html

SunCache is an inexpensive solar water heating (SWH) system for residential applications in Sunbelt locations which pre-heats cold water before it enters a conventional backup water heater.

PolyWhey Floor Finish by Vermont Natural Coatings

http://www.vermontnaturalcoatings.com/VNCFloor.html

A clear, durable, topcoat seal for new bare wood flooring or previously stained wood floors. Available in semi-gloss and satin finishes.

“Our selections of the Top 10 Green Building Products represent a wide range of product types in many different application areas,” says BuildingGreen president Alex Wilson.

The Top 10 Green Products list has become a yearly ritual in which the Vermont publisher recognizes the most exciting products drawn from the more than 200 products added to its GreenSpec Directory in the last year.

An appearance on BuildingGreen’s list is seen by many in the industry as a significant event, as the company’s endorsement signals that a product is legitimately sustainable. “New products seem to be appearing all the time, making it a challenge for our staff to keep up,” Wilson says.

This year’s list includes the very first Forest Stewardship Council-certified and formaldehyde-free bamboo flooring, doors made with wheat-straw particleboard, a transparent finish produced from a byproduct of cheese making, and a compressed-earth masonry block. Three of the remaining products save energy, including a low-cost, solar water-heating system; a combination heating, water heating, and heat-recovery ventilation system; and a system for monitoring real-time energy (and water) use in buildings.

More info -

http://www.builderonline.com/green-products/buildinggreen-names-top-10-green-products-for-08.aspx?cid=BLDR081215003

Sustainable Industries’ Top 10 Green Building Products of 2009

Sustainable Industries’ Top 10 Green Building Products of 2009

Edited by Jodi Summers

Not to be outdone by other trends, Sustainable Industries magazine has made their choices
 for the 2009 Top 10 Green Building Products. These industry-leading green building products
 winners were selected by a panel of expert judges and the Sustainable Industries editorial team.

based on their environmental performance, scalability/market impact, innovation,design aesthetic, value and compatibility with the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system.

The 2009 Top 10 Green Building Product winners are:

Acadia Combined Heating and Cooling System

Made by Hallowell International

(www.gotohallowell.com)

The Acadia is not just another heating and cooling system. It maintains 200 percent efficiency even when outdoor temperatures drop well below zero..should global climate change ever affect us that severely. Acadia users can save up to 70 percent of their home heating energy costs.

ec-H20

Made by Tennant Co.

(www.tennantco.com)

Requiring no chemicals, ec-H2O uses tap water to clean most any surface of most any substance. Each machine reduces water usage by 70 to 80 percent, and the potential of 245 million gallons of water each year if it were installed in all new floor-cleaning machines.

InSpire Wall

Made by ATAS International

(www.atas.com)

This simple technology uses the power of the sun to heat outdoor air before sending it indoors, thereby slashing energy use while boosting indoor air quality. Depending on what kind of heating fuel is being replaced, this product can reduce heating costs by up to $5 for each square foot of InSpire Wall installed.

kama EEBS Structural Systems

Made by kama Energy Efficient Building Systems Inc.

(www.kama-eebs.com)

kama EEBS Structural Systems integrate light gauge metal stud framing system with expanded polystyrene insulation in a proprietary design that eliminates thermal bridging and helps to create a tight, energy-efficient building envelope.

PlybooPure Bamboo Plywood

Made by Smith & Fong Co.

(www.plyboo.com)

Because it’s technically a grass, bamboo had not previously been eligible for FSC certification. But in January 2008, after two years of lobbying, Smith & Fong achieved this first that propelled it to recognition on this year’s Top 10 list.

RainTube

Made by GLI Systems Inc.

(www.raintube.com)

This product received more Top 10 nominations than any other product this year. RainTube is a rain gutter filter made of 100 percent post-consumer high-density polyethylene – old milk jugs, in other words. This product is also Cradle to Cradle-certified, meaning that GLI Systems Inc had to develop a Post-Use Recovery Plan that goes out with every product.

Separett Villa

Made by Separett

(www.ecovita.net/villa)

This urine-diverting composting toilet – which is 100 percent PVC fee –uses no water and keeps solids separate from liquids, reducing odor and making it possible to reuse waste and urine for composting and fertilizing. The Separett Villa can be deployed where no plumbing exists, allowing for a greater reach of the technology.

Serious Windows

Made by Serious Materials

(www.seriouswindows.com)

Serious Windows are so efficient they have the potential to allow for the elimination of a building’s heating system, allowing waste heat from building appliances to serve as the main heat source in some applications. The windows have a full-frame R value of at least five and up to 11, which can cut a building’s energy bills by up to 50 percent per month.

Solatube Daylighting Systems

Made by Solatube International

(www.solatube.com)

This patented technology catches direct sunlight and redirects it down an adjustable-length tube, bringing daylight to parts of buildings that would not otherwise have access to natural light. The Vista, Calif.-based company recently launched a product specifically designed for commercial applications, making it ideal for large-roofed warehouses and manufacturing facilities, as well as retail stores and schools – allplaces that have been shown to benefit from increased daylight, as daylight is linked to higher worker productivity, decreased absenteeism and better retail sales.

Your Old Light Fixture

Made by Eleek

(www.eleekinc.com)

Eleek is the only business to make the Top 10 Green Building Products list all four years. Though not a product, Eleek’s lighting restoration service speaks to the important concept of the re-use of existing goods. When Eleek restores a light fixture, every piece of a fixture is taken apart, repaired and restored to its original splendor. Its wiring is updated to comply with modern codes and standards and a new lamp base is installed so it works with energy-efficient lamps such as CFLs and LEDs.

Original article @ http://www.sustainableindustries.com/greenbuilding/49012336.html

SANTA MONICA PROPERTY SNAPSHOT – DECEMBER 2009

SANTA MONICA PROPERTY SNAPSHOT – DECEMBER 2009

By Jodi Summers

CONDOS

This month we’re going to start with the Santa Monica condo market, because there’s some really exciting news to share…we’re starting a growth curve. Clarus Market Metrics is showing that between November - 2007 vs. November - 2009 the number of sold condo properties is up 4%, the number of condos under contract properties is up 50%. And to tighten up our condo market even more, the number of for sale properties is down 36%.

50% more Santa Monica condos under contract

And although condo prices have dropped, you’ll realize that it’s not so much in the two-year, year-over-year analysis. The median price of for sale properties is down 2% and the median price of sold properties is down 7% - with the current median condo price being $757,000 – down from $815,000 two years ago.

for sale / sold

More good news! From November - 2007 vs. November - 2009: The average month supply of inventory is down -65.0% from 15.1 months of volume to 5.3 months of unsold property on the market. This information is huge! Condo sellers get ready to put your properties on the market!

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SINGLE FAMILY

November is not such a great reference point in the single family market in Santa Monica. Between November - 2007 vs. November – 2009…sorry to say, the median sold price is down 44%…from $2,340,000 to $1,312,000.

for sale / sold

The median price of for sale properties is down 6% …number of sold properties is down 11%…number of properties under contract down 8%. The slightly bright note is that the month’s supply of inventory is down from 4.8 months of volume to 3.7 months of inventory. In other words, if you don’t have to sell, don’t.

Looking for some specific details? Would you like to be our client – we’ll take good care of you. Contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com.

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http://www.clarusresource.com/