Santa Monica Property Blog

LOS ANGELES REAL ESTATE SNAPSHOT – SEPTEMBER 2010

By Jodi Summers

So, do you want the good news or the band news when it comes to the local residential housing market? Start with the bad, the end to the $8,000 federal tax credit incentive for buying home has ended, and hopefully, anyone who wanted in on the tax discounts got a chance to take advantage of them. That’s why when the credit expired; home sales in Southern California (houses, townhomes and condominiums) fell by 21.4% compared with the previous year. The good news? The median sales price for a home in Los Angeles County increased by +5.6%.

“The fallout from the first-time home-buyers credit continues, but in a perverse way, this is a good thing,” Dan Greenhaus, chief economic strategist for Miller Tabak + Co., notes. “Investors are getting their first ‘organic’ look at the housing market in nearly one year.”

People are buying in the good areas. SoCal zip codes in the top one-third of the housing market (obviously Santa Monica falls into that group); accounted for 30.8% of existing single-family house sales last month, up from 30.4% in June and 27.7% a year ago. Over the last decade those higher-end areas have contributed a monthly average of 33.3% of regional sales. Their contribution to overall sales hit a low of 21.0% in January 2009.

High-end sales would be stronger if adjustable-rate mortgages (ARMs) and “jumbo” loans were easier to obtain. Adjustable rate mortgages have become much more difficult to obtain the credit crunch hit three years ago, and since fixed rate mortgages have come down so impressively.

Last month ARMs represented 6.1% of all purchase loans, down from 6.7% in June but up from 3.4% in July 2009. Over the past decade, a monthly average of nearly 40% of all home purchase loans have been ARMs.

Overall, a total of 18,946 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 20.6% from 23,871 in June, and down 21.4% from 24,104 for July 2009, according to MDA DataQuick of San Diego.

“It appears some of the sales that normally would have occurred in July were instead tugged into June or even May as buyers tried to take advantage of the expiring tax credits. Some of last month’s underlying technical numbers were largely flat, indicating that the market is treading water,” said John Walsh, MDA DataQuick president.

People are all in a panic because the 21.4% sales drop for residential real estate reeks of foreboding. Yes, this was the steepest year-over-year decline for Southland sales since March 2008, when sales fell 41.4%, but, let’s put it in perspective, the market lost momentum after the federal tax credit incentive expired and we are being pelted with ominous news about an unsteady economic recovery, if you were buying a home and haven’t yet, what’s the hurry? Join the legions of prospective buyers and wait-and-see, while prices continue their upward cycle.

“We do expect some sideways buying and selling to kick in, especially among homeowners who have owned for more than seven years and didn’t take out equity during the frenzy,” concludes Walsh.” You may have to ‘discount’ your self-perceived home value, but if the person you’re buying from has to do the same thing, it doesn’t matter. And you may get a spectacularly low mortgage rate.”

We’re working our way into an election, things will get better, it’s on the political agenda, and that’s why those are the sidelines have decided to wait and see.

We’re here to help you with industrial properties. Please contact Jodi Summers - jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.laedc.org/eedge/index.html#3

http://www.dqnews.com/Articles/2010/News/California/Southern-CA/RRSCA100817.aspx

http://latimesblogs.latimes.com/money_co/2010/08/sales-.html

http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef0133f350c369970b-pi

http://allrmc.com/images/los_angeles.jpg

http://www.unmarriedamerica.org/members/news/2004/March-Images/taxes.jpg

http://camhf.com/mobile-home-loan-blog/wp-content/uploads/2009/07/879a2e7ee07086f615c2a4651dd6010f-298×300.jpg

http://www.carandhomeinsurance.co.za/articleimages/HomeLoanDeals_HomeLoans_HomeLoanCriteria.jpg

http://2.bp.blogspot.com/_1p20WdeXKKs/SxdENF40fNI/AAAAAAAAGdo/BAJA1Xw7ang/s200/TaxCredit.jpg

http://www.apartmenttherapy.com/uimages/la/atla-082308-lat03.jpg

http://www.flickr.com/photos/jodisummers/4817707380/in/set-72157624556255322/

http://www.socalmultiunitrealestateblog.com/?p=715

GLOBAL DEMOGRAPHICS ARE SHAPING REAL ESTATE TRENDS

GLOBAL DEMOGRAPHICS ARE SHAPING REAL ESTATE TRENDS

Edited by Jodi Summers

Global Demographics: Shaping Real Estate’s Future offers recent research from the Urban Land Institute about the effect of global demographic change on real estate.

“Over the next 20 years, demographic megatrends — and their variations by continent — present the real estate industry with tremendous opportunity to not only grow, but to better serve the people real estate is designed for,” said David Jacobstein, senior advisor to co-sponsor Deloitte LLP ’s Real Estate practice. “Mature economies — especially growing ones — offer attractive investment opportunities, but emerging markets require vast quantities of infrastructure, as well as residential, retail, office, and hotel properties to support their burgeoning populations.”

Findings from the report include:

Aging

The aging of the world’s population is arguably the single most dramatic demographic trend today, with three key trends emerging:

v In 2006, almost 500 million people worldwide were 65 and older.

v By 2030, individuals 65 and older are projected to increase to 1 billion — equaling one out of every eight people on earth.

v The most rapid increases in the 65-and-older population are occurring in developing countries, which will see a jump of 140 percent by 2030.

Real estate implications

v Retirement housing is the primary real estate beneficiary of global aging, with the U.S. senior housing industry set to benefit from the opportunity to produce new products.

v Rapid consolidation of senior housing operators will result in more professional and cost-effective management.

v Investor interest will continue to grow because economic cycles have little effect on dementia and nursing care facilities.

v There is increased demand for affordable senior housing and senior housing options in ethnic communities.

Urbanization

As of 2007, 3.3 billion people — half of the world’s population — live in urban areas. With that number expected to increase to 60 percent by 2030, five key trends are emerging:

v One billion people live in slums, with 90 percent of this population occurring in developing countries.

v At least 133 million city dwellers in the developing world lack durable housing.

v Twenty percent of urban dwellers in emerging nations are overcrowded, with more than three people per bedroom.

v Only two-thirds of the world’s urban population has access to tap water, with only 46 percent having access in their homes.

v More than 25 percent of the world’s urban population lacks adequate sanitation.

Real estate implications of these urbanization trends include:

v Investing in infrastructure — whether new or established — is essential to the viability of long-term commercial real estate projects. Privatization of infrastructure through public/private partnerships with investment funds are becoming increasingly important, with notable examples occurring in the United States, Spain and France.

v Better land use controls should be implemented to prevent high-density, informal communities from developing and reduce outward urban sprawl because both trends present difficulties to residents in terms of infrastructure, safety and lifestyle.

v There is increased demand for housing and retail as a result of a growing workforce.

v In stagnant or shrinking populations, new construction must be viewed as replacement properties — even if that entails older building demolition to maintain vacancy rates — as has occurred in continental Europe.

v Emerging markets can leap from traditional, organic models to contemporary multi-use projects and residential communities if ground level infrastructure is established.

v The lack of mortgage availability in the emerging market is the greatest limitation on new development.

http://www.reuters.com/article/pressRelease/idUS187513+12-Jun-2008+BW2008061

http://www.topnews.in/health/regions/united-kingdom?page=26

http://totallycebu.com/aging-lecture

http://www.flickr.com/photos/lwr/165513789/

SANTA MONICA REAL ESTATE SNAPSHOT – JULY 2010

by Jodi Summers

Locally, our real estate news is positive. UCLA Anderson senior economist Jerry Nickelsburg, described California as, “…A divided state, as coastal California recovers while inland California, devastated by the collapse of the real estate market, continues to languish.”

We are lucky to be on the coast, as our market in Santa Monica is beginning to rise again. Comparing Santa Monica single family residence sales from Jun-08 vs. Jun-10 the number of sold properties by month is up 23%.

And what’s even more interesting, is that the price seems to be rising more quickly than sellers are realizing. Contrasting Median For Sale vs. Median Sold from Jun-08 vs. Jun-10, you’ll note that the median price of for sale properties is up 1% BUT the median price of sold properties is up 5%.

Our single family residence statistics confirm the midyear UCLA Anderson Forecast which notes that the Los Angeles regional economy will likely recover faster than the rest of the state, even though the economic recovery in California is going to climb slower than the rest of the country this year. Like the slow rise is sale prices, we are seeing a slow decline in unemployment. In California, state unemployment dropped from 12.5% in April to 12.4% in May.

Forecast director Edward Leamer, in a report titled “A Homeless Recovery,” offers these optimistic signs to show our economy is coming back, “If the next year is going to bring exceptional growth, consumers will need to express their optimism in the way that really counts - buying homes and cars…”

Measuring Jun-08 vs. Jun-10, the number of homes in Santa Monica under contract properties by month is up 22%.

We’re here to help you with residential properties. Please contact Jodi Summers – jodi@jodisummers.com or 310.392.1211 for details.

**

http://www.globest.com/news/1684_1684/losangeles/300380-1.html?ET=globest:e22415:277110a:&st=email

http://www.costar.com/News/Article.aspx?id=B4DDC752B7245C006B76C18CE64493DB&ref=100&iid=188&cid=383F14EEE265B182474DA2442BACBBBF

http://www.edd.ca.gov/About_EDD/pdf/urate201006.pdf

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

SANTA MONICA REAL ESTATE SNAPSHOT – JUNE 2010

by Jodi Summers

Congratulations to us! Experts across the board say our home values may have hit bottom. As you know, the U.S. housing rebound has depended upon where you live. This map shows the year-over-year change in home prices for the 20 metro areas covered by the Index…and Los Angeles made the top 5!

San Francisco, one of the nation’s priciest markets, posted the largest gain — 16.2% over the past year. San Diego (10.8% ), Cleveland (6.7% ), Minneapolis (6.5% ), L.A. (6% ), and D.C. (5.6% ) also posted significant gains.

The Case-Shiller Home Price Index Housing prices concludes that prices have held up better in wealthier and more productive regions with a well-educated (122 colleges + universities in L.A. County), multicultural population; offering professional (medical) and creative work (entertainment), and high-tech industry (aerospace), and higher levels of amenity . Housing prices have fallen further in blue-collar locations with lower wages and skills, lower levels of amenity and openness. Expect to see great values in Appalachia going forward.

Zillow agrees, nothing that the Los Angeles, San Diego, San Francisco, Santa Barbara and Ventura metro areas have seen month-over-month appreciation for at least the past 10 months - each appears to have hit a low point in April or May of 2009.

"It's a very positive sign that several large markets have hit what appears to be a tentative bottom
in  home values," observed Zillow's chief economist, Stan Humphries. "While this is no guarantee
that home values there will not fall again, it is more likely than not that they will remain above their
lowest point last year." 

In Santa Monica, comparing May-08 vs. May-10, the median price of for sale properties is down
8%, and the median price of sold properties is down 22%. With the mean price dropping from
$2,352,500 to $1,835,000, it a buyer’s market.  If you evaluate May-08 vs. May-10, you'll notice,
the number of under contract properties is up 17%. 

And, although the sales volume remains unchanged, the average amount of days on the market
for a single family home in Santa Monica from May-08 vs. May-10 is down 34% 

Indeed our market has hit bottom, and now is a great time to buy. If you need help, contact us.
 Jodi@jodisummers.com. We look forward to working with you.

**

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

http://www.theatlantic.com/national/archive/2010/05/housing-prices-and-the-great-reset/57287/

http://www.creativeclass.com/creative_class/_wordpress/wp-content/uploads/2010/05/YearOverYear.jpg

http://www.inman.com/news/2010/05/10/real-estate-bottom-reached-in-some-california-markets

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

http://www.dqnews.com/Articles/2010/News/California/HighEndSales/MDCA100204.aspx

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?

.

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.

**

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

SANTA MONICA PROPERTY SNAPSHOT – NOVEMBER 2009

SANTA MONICA PROPERTY SNAPSHOT – NOVEMBER 2009

By Jodi Summers

Here is some good news for the housing market. In its third quarter property analysis the UCLA Anderson Forecast, certainly one of the most respected sources for housing analysis in the country, came to the conclusion that, “The worst recession in seven decades likely ended in the current quarter.”

The not so good news is that the impact of our recession will last well into the next decade. In California, the Anderson Forecast commented that, ”The state will join the nation in its economic recovery, but the incipient contraction of state and local government will damper the impact of the national resurgence for at least the near future.”

SINGLE FAMILY RESIDENCES

Locally, in Santa Monica from October 2007-October 2009, the median single family homes have dropped approximately 6%, from $1,463,000 to $1,375,000,according to Clarus Market Metrics.

In our town, supply is down by 10% while demand has stayed the same between Oct 2007 – 2009

CONDOS

Juicy news in the condo market. Santa Monica condo prices are up 12% from October 2007. 30 properties sold in both October 2007 + October 2009.

Supply is down 32% + demand remains unchanged.

UCLA Anderson Forecast Senior Economist Jerry Nickelsburg noted, “The in housing markets, where prices have adjusted to levels that make existing homes more affordable, sales are increasing and conditions are ripe for new residential construction.”

But don’t get too excited. The Anderson report concludes that, “The roots of the recession originated in consumer over-indebtedness and that consumer spending, necessary for a robust recovery, will be tempered both by the unwillingness of financial institutions to lend and for consumers unwillingness to borrow.”

At least the future is looking brighter.

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.

**

http://www.clarusresource.com/

http://www.uclaforecast.com/contents/archive/2009/media_91609_1.asp

http://www.dqnews.com/Articles/2009/News/California/Southern-CA/RRSCA091013.aspx

SANTA MONICA PROPERTY SNAPSHOT – SEPTEMBER 2009

By Jodi Summers

The rest of Los Angeles is on fire, and we are fortunate to be comfortable here at the beach, that’s why we love Santa Monica – every day is a holiday. Searching for recent Santa Monica sales statistics for you, and we notice that each sources offers a different set of numbers. Clarus Marketmetrics is the only out with August stats, so we’ll share those with you today.

SINGLE FAMILY RESIDENCES

Check the charts – From August 2008 – August 2009 prices in August were down 28% in Santa Monica - August 2008 the median price of the 25 units that sold was $ 2,250,000. In August 2009 we had 22 homes selling for a median price of $1,620,000-> a drop of 28%

Meantime, it’s still a buyer’s market, as you can see by the supply + demand chart.

The median time it’s taking for a house to sell is 80 days, and inventory is way down, mostly because only people who have to sell are selling.

“The smart speculators are renting out their properties while the market stabilizes,” states one savvy investor.

CONDOS

It’s a wait and hold philosophy in the Santa Monica condo market. The median sold price is down 17% -> going from $756,000 August 2008 to $625,000 in August 2009. To add insult to injury, the volume of sales is down 38% from 29 units in Aug ’08, to 24 units last month.

Supply is up, demand is down.

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.

Disclaimer:

Clarus REsource® is a set of market-oriented tools designed specifically for the real estate professional who wants to better understand what is happening in the market and communicate that insight to clients.

http://www.clarusresource.com/

LIVE GREEN –> IDEAS TO GREEN YOUR PROPERTIES

Edited by Jodi Summers

1. Double-Paned Windows

According to the Department of Energy, the typical U.S. family spends $1,300 a year on home energy bills. Double-paned windows are up to 40 percent more energy-efficient than standard windows, and allow you to save from 10 to 25 percent off your heating or cooling bill, on top of saving five tons of carbon dioxide emissions per household per year.

2. Caulking and Storm Panels

Double-paned windows are expensive, and it could take decades for their savings to counterbalance their cost. To improve insulation without switching windows, seal up any leaks or gaps around doors and windows with caulking and weather stripping, then add a storm panel to your single-pane window to increase energy efficiency for far less money than double-paned windows.

3. Plant Trees

On top of soaking up carbon dioxide, trees that surround your house can provide hading in the summertime, keeping your property cooler and requiring less energy-intensive air conditioning.

4. Swap Your A/C for a Ceiling Fan

Ceiling fans are remarkably effective in cooling and use far less energy than air conditioning. If you still need a little A/C, consider running it on low, and using ceiling fans to effectively circulate the cool air.

5. Get Your Ducts in a Row

Faulty duct work can cause serious, life-threatening carbon monoxide problems in the home. Check your ducts for air leaks. Look for sections that should be joined but have separated, and then look for obvious holes. If you use tape to seal your ducts, experts suggest using mastic, butyl tape, foil tape, or other heat-approved tapes (look for tape with the Underwriters Laboratories logo). A well-sealed vapor barrier on the outside of the insulation on cooling ducts prevents moisture buildup.

6. Be Reasonable with the Thermostat

No reason to be uncomfortable in your home to save energy or reduce emissions, but try to keep it as warm as you can stand it in the summer, and turn it down to 68 or below in the winter.

7. Change Your Bulbs

Electricity is the largest source of U.S. carbon emissions, using about 38 percent. A switch to compact fluorescent lights (CFLs) or light-emitting diodes (LEDs) can reduce emissions and energy use drastically. Keep in mind, CFLs still contain mercury; LEDs are considered the best bet.

8. Turn Off and Unplug

Research conducted by the DOE shows that in the average American home, 75 percent of the electricity used to power home electronics is consumed while the products are turned off. Unplugging seldom used appliances could shave up to $10 off your monthly electricity bill.

9. Reach for the Energy Stars

There’s an ENERGY STAR version of almost every appliance these days from a computer to a refridgerator. According to the Environmental Protection Agency (EPA), by choosing their ENERGY STAR-qualified products, consumers can cut energy use by 30 percent, a savings of about $450 each year.

10. Switch to Solar or Wind Power Without Buying Your Own System

According to the DOE, at least 50 percent of customers have the option to purchase renewable electricity directly from their power supplier. Such power is sometimes referred to as “green power” or “clean power,” and costs an average of $1.25/month extra.

11. Shower Efficiently

With our new tiered water rates, it’s wise to be conscious about how much time, and water, you’re spending in the shower. A one- or two-minute reduction in shower time can save up to 700 gallons of water per month.

12. Use the Cold Water

If your shower takes awhile to heat up, catch the cold water in a bucket and use it to water your garden or lawn.

13. Go Native

Using native plants in landscaping can reduce residential water use by 20 to 50 percent.

14. Green Paints, Materials, and Accessories

According to the California Air Resources Board, indoor air quality in the state is worse than outdoor air quality, thanks to the toxins in paint, wood finishes, carpet, adhesives, and solvents. Air quality in new and recently renovated homes can be up to 10 times more polluted than outdoor air quality. To cut down on indoor toxins, opt for Green Seal certified paints and solvent-free adhesives.

15. Displace Water

Put a plastic bottle or a plastic bag weighted with pebbles and filled with water in your toilet tank. Displacing water in this manner saves five to 10 gallons of water a day. That’s up to 300 gallons a month, even more for large families.

16. Seal Your House

Visit the DOE’s Energy Efficiency and Renewable Energy site for a printable home energy audit, check your home for cracks, and have adequate installation installed.

28. Keep Your Garden Green

It might surprise you to learn that homeowners actually use 10 times more pesticides and fertilizers per acre than farmers, on average; 67 million pounds of the stuff are applied on lawns each year. Opt for native plants, safer pesticides, and compost for fertilizer instead.

www.realtor.com

www.dinnergarden.org/victoryGardens.html

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