Santa Monica Property Blog

MULTIFAMILY REAL ESTATE LOANS TO EXCITE YOU

By Jodi Summers

Investors know, multifamily properties have been one of the most desirable real estate 

purchases throughout the downtown. GRMs are down, and properties now have an 

impressive amount of upside potential because of recent rent concessions. Problem

has been that the loan market being what it’s been has not made getting a loan easy.

Thankfully, that’s all starting to change.

A variety of multifamily small loan packages are coming to market. Globest.com 

suggests Chicago-based Aries Capital, through subsidiary Aries Multifamily; Alliant 

Capital in Anaheim, CA; and New York City-based Centerline Capital, through its 

agency lending group. All of these companies have opened small lending programs

during the past year. It is reported that the debt typically is up to $5 million, and is 

sometimes obtained through the agencies' small lending products. 

 Prudential Mortgage Capital Co. has a unique program that addresses debt for 

unstabilized properties. Known as the Agency Gateway program, it caters to 

apartment owners looking to refinance or buy assets that currently don't 

qualify for Fannie Mae or Freddie Mac financing. Apartment properties that 

would qualify include well-located, completed or renovated properties that have 

not yet reached stabilized occupancy levels. 

"The improving economy and upward growth in employment are positives for

Multifamily properties," observes Ted Hopkins, a PMCC principal and portfolio 

manager of Agency Gateway. "We feel it's time to get in there and help multifamily 

properties get stabilized." 

Ranging in size from $5 million to $25 million, the Agency Gateway loans run for 

terms of six to 24 months, until the property is stabilized. 

The deals are considered on a case-by-case basis and Hopkins not that the 

pricing is "very competitive. That is one factor that we rely on, plus the fact that

 we know multifamily product very well. Each loan is tailored to the individual property." 

**

http://www.globest.com/news/1659_1659/insider/184943-1.html

http://www.mortgageorb.com/e107_plugins/content/content_lt.php?content.5818

http://www.centerline.com/products/index.html

http://bizbuysell.net/marrerow/logo_sm.gif

http://dltb.com/images/sources_clip_image056.png

http://www.vector-logos.com/tmb.php?id=5038

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 – MAY 2010

By Jodi Summers

As the new homebuyer’s tax credit era draws to an end, it may go down in history as a concept that revived the residential housing market. Lawrence Yun, chief economist for the group, said the federal tax credit that was to expire at the end of this month had been a “resounding success.”

To keep the momentum rolling, California is now offering a statewide credit, for as much as $10,000 for first-time buyers and those purchasing newly built homes, still a weak point in the market. But for the most part, the downward spiral of 2008-2009 has ended, and now, in the L.A. area, home sales and prices are in a slow rise up from the bottom. Around Southern California, DataQuick news reports that, “The market is still tilted toward low-cost distress sales, but not by as much as previously.”

In Santa Monica, comparing prices over the past two years, the median sold price is up 12%, with the current average selling price $ 910,000.

“I’m fairly sanguine, frankly,” said Michael D. Larson, a housing and interest-rate analyst with Weiss Research. “While the credit expires April 30, more forces are at work here. Home prices are now reasonable in many parts of the country, and financing costs remain low.”

“It’s a reflection of just how grim things got, that we’ve now had almost two years of sales gains and we’re still 18% below the sales average. The market won’t rebalance until mortgage lending patterns normalize, and that’s just not happening yet. Some of the best deals out there right now are happening when the buyer comes in with cash,” said John Walsh, MDA DataQuick president.

Locally, for the past two years, the number of for sale properties is up 10% and the number of sold properties has not changed.

Last month sales of homes priced at $500,000 or more made up 19.4% of all Southland transactions, compared with 18.5% in February and 14.9% in March 2009. Over the past five years, $500,000-plus deals averaged 35% of monthly sales, while over the past 10 years they averaged 26% of all transactions…and that would be why the average months supply of inventory in Santa Monica is down -2.7% to just over four months – 3.7 months is parity in the marketplace.

Absentee buyers – mostly investors and some second-home purchasers – bought 21.3% of the homes sold in March. Buyers who appeared to have paid all cash – meaning there was no indication that a corresponding purchase loan was recorded – accounted for 27.1% of March sales. In February it was a revised 30.0% – an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.

**

http://www.dqnews.com/Articles/2010/News/California/Southern-CA/RRSCA100413.aspx

http://www.ktla.com/news/landing/ktla-socal-home-sales,0,849872.story

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

http://www.latimes.com/business/la-fi-home-sales-20100428,0,7766448.story

http://latimesblogs.latimes.com/money_co/2010/04/us-sales-of-previously-owned-homes-rise-68-in-march.html

https://www.terradatum.com/agentmetricsonline/agentmetrics_online.td?__m_sid=121

GLOBAL EDGE TOP 10 BUSINESS DESTINATIONS

GLOBAL EDGE TOP 10 BUSINESS DESTINATIONS

edited by Jodi Summers

Global Property Guide has put together a list of the most attractive

property investment destinations across the world. Their research team

has ranked 77 of the world’s largest cities according to the average

gross rental yields.

The top 10 destinations are dominated by Asian cities, with Jakarta,

Kuala Lumpur and Manila all making the list.

http://www.globaledge.co.uk/news/top-10-best-investment-destinations-35909

SANTA MONICA REAL ESTATE SNAPSHOT – APRIL 2010

By Jodi Summers

The stimulus package must be working. Southern California home sales are up for the 20th month in a row as buyers continued to snap up bargain properties. Locally in Santa Monica, comparing March 2008 to March 2010, the median price of for sale properties is down 10% and the median price of sold properties is down 31%.

The sales distribution is still slanted toward lower-cost distressed homes, although not as steeply as most of last year.

“It’s possible the stars won’t line up this way again for many years. With prices and mortgage interest rates this low, the cost of ownership is about as low as we’ve seen it in decades,” observed John Walsh, MDA DataQuick president.

Savvy buyers have been taking advantage of the current conditions. Locally the number ofis up 143% from two years ago…

While the number of sold properties is up 38%, according to Clarus Market Metrics.

The median price paid for a Southland home was $275,000 last month, up 1.3% from $271,500 in January, and up 10.0% from $250,000 for February 2009. In Santa Monica, the sale price of a single family residence averaged $795,000 a drop of -8.36% from a year ago, when the average home price was $867,500. DQ News reports that prices bottomed out in April 2009.

“The market is less lopsided, but before a real rebalancing occurs adjustable-rate and jumbo mortgages need to come back. Not to where they were in 2007, but back to where they were a few years before that,” Walsh said.

While 44.8% of all Southland purchase mortgages since 2000 have been adjustable-rate (ARMs), it was 4.0% last month, down from 4.3% in January and up from 2.1% in February last year. Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.7% a year ago, which was the all-time high. That promised next wave of distressed properties has yet to appear, thanks, in part to the government’s efforts to divert foreclosures.

Government-insured FHA loans, a popular choice among first-time buyers, accounted for 38.5% of all home purchase loans in February. Investors bought 18.9% of the homes sold in February. All-cash buyers accounted for 29.3% of February sales.

**

https://www.terradatum.com/agentmetricsonline/agentmetrics_online.td?__m_sid=121

http://pro.themls.com

http://www.socalmultiunitrealestateblog.com/wp-content/newuploads/2010/01/image004.jpg

http://latimesblogs.latimes.com/money_co/2010/04/mortgage-rates-federal-reserve-mbs-purchases.html

http://www.dqnews.com/Articles/2010/News/California/Southern-CA/RRSCA100316.aspx

http://www.latimes.com/classified/realestate/sns-realestate-home-affordability,0,3554499.story

http://www.dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx

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.

**

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

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

WHAT DOES THE GOVERNOR’S WIFE THINK? SACRAMENTO IS DIVIDED ON HOW TO MOVE FORWARD ON NEW GREEN ENERGY INITIATIVES

WHAT DOES THE GOVERNOR’S WIFE THINK? SACRAMENTO IS DIVIDED ON HOW TO MOVE FORWARD ON NEW GREEN ENERGY INITIATIVES

By Jodi Summers

The Governor and the Sacramento Democrats are divided in how to move forward and meet the state’s newly targeted energy goals. The Democratics wants the green power and the green jobs to come from within the state. The Governator just wants it done. As state 1st Lady Maria Shriver is a Democrat by birth married to a Republican, and a savvy politica in her own right – balance may lie with her opinion on the issue…would California’s First Lady offer her opinion please.

The recent update to AB 32, California’s landmark 2006 global warming initiative, says California electric utilities must get 33% of their power from renewable sources by 2020.

“With this action, we will ensure that California remains the pioneer in clean energy and clean jobs,” the Governor proudly declared.

The governor’s Executive Order S-21-09 came three days after Democratic lawmakers passed legislation Senate Bill 14 and Assembly Bill 64mandating the same goal, but in a way Schwarzenegger’s office said was too restrictive. The governor said he will veto the Democratic bills because they would limit how much wind, solar and geothermal energy utilities could import from other states.

The two sides did not disagree about the need or the practicality of setting an ambitious 33% renewable energy target. The conflict is over how California should reach the goal and the cost of making it happen.

The Democratic bills were backed by some but not all of the state’s utilities. The Los Angeles Department of Water and Power, Pacific Gas & Electric Co. and Sempra Energy supported the bills, while Southern California Edison Co. and the Sacramento Municipal Utility District asked the governor for vetoes. The bills also drew support from labor unions and consumer advocates and opposition from manufacturers and independent energy-generating companies.

A recent study by the California Public Utilities Commission observed that said 11 new transmission lines and additional infrastructure would be needed to meet the 33 percent goal. Transmission lines typically cross several communities a well as federal land, so the permitting and siting process is very involved, bureaucratic - and time consuming. SC+E noted that each line can take about 10 years to build, and the total cost to electricity customers would be $115 billion.

Critics of the governor’s mandate argue that California will end up subsidizing green jobs in other states and Canada.

Our first lady, Maria Shriver Schwarzenegger, a former newscaster, had Democratic roots that run deep. Maria is a member of Kennedy family through her mother, Eunice Kennedy Shriver, the sister of President John Kennedy and Senator Ted Kennedy. Her father, Sargent Shriver, is a former ambassador and a former Democratic candidate for the U.S. Vice-Presidency. Married to a Republican governor, the two must find political peace at the dinner table. California is interested in her opinion on how the state should achieve the bold green energy stance of Executive Order S-21-09.

http://gov.ca.gov/issue/energy-environment/

http://www.sgvtribune.com/news/ci_13345618?source=rss

http://www.latimes.com/business/la-fi-power16-2009sep16,0,3412344.story

http://www.historyguy.com/biofiles/shriver_maria.html

http://movies.yahoo.com/movie/contributor/1800320712/photo/573730

http://theenvelope.latimes.com/galleries/photo/globescl-arrivals29_iafwqnkf,0,5199746,email.photo

https://alumni.berkeley.edu/california/200709/simons.asp

http://www.environmentamerica.org/uploads/ig/hp/ighpWSCwRpKVJbuUaA7LCA/DSC_0263.jpg

SANTA MONICA PROPERTY SNAPSHOT – OCTOBER 2009

SANTA MONICA PROPERTY SNAPSHOT – OCTOBER 2009

By Jodi Summers

SINGLE FAMILY RESIDENCES

Nice news in the Santa Monica single family market. Enjoy this interesting statistic – analysis is showing a mere 1% median price drop from September 2007 to September 2009. Pretty wild. Prices were down a mere 1% (as compared to 28% in last month’s statics). Median sale price – still an impressive $1,625,000.

Sales volume mimicked the national trends, with a 131% gain over two years ago. In September, 30 single family homes sold in Santa Monica, as compared to 13 two years ago. Not to mention, inventory is up by 4%.

CONDOS

Condos did not fare as well as single family residences in Santa Monica last month.

The median sold price is down 14% from two years ago-> going from $702,500 in September 2007 to $603,000 in September 2009. This steep decline is in part due to the high volume of foreclosures on the market.

Those who do not need to sell have pulled their properties from the market. The number of condos on the market in Santa Monica has dropped 29% from 281 in 9-07 to 200 in 9-09. The number of condos sold has dropped 4%. 25 properties sold in September – or 12.5% of properties currently on the market.

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/