Santa Monica Property Blog

SANTA MONICA REAL ESTATE SNAPSHOT – AUGUST 2010

By Jodi Summers

First the big picture, then Santa Monica. The Los Angeles Economic Development Corporation reports that home sales in Southern California (houses, townhomes and condominiums) rose in June to 23,871 units (new and resale homes), edging up by +2.6% compared to June of 2009. On a month-over basis, June sales rose by +7.2% and were the strongest since July 2009 when 24,104 homes were sold.

Analyzing two years of supply and demand in Santa Monica, Clarus Market Metrics calculates that comparing July 2008 vs. July 2010, the number of for sale properties is up 7%, while the number of sold properties is up 19%.

In June, the median price in Los Angeles County increased by +4.7% to $335,000 and sales ticked up by +2.8%.

In Santa Monica, contrasting July 2008 vs. July 2010, the median price of for sale properties is down 10% to $ 899,000 and the median price of sold properties is up 5% to $942,000.

Southern California’s housing market is still troubled, but compared with last year, there has been a great deal of improvement. Prices and sales have been trending up the last several months, but much of that may be attributable to investors and government support. Investors accounted for 19.7% of the homes sold in June.

Locally, the strengthening market means the months’ supply of inventory is down to 4.6 months from 5 months two years ago. (Experts say 3.7 months is parity.)

“It is clear that investors are back in the market,” notes Robert Leveen, a senior vice president of Lee & Associates investment services group. “There is significant activity around any REO property. Buyers assume that the lender is motivated to sell at any price. There is sufficient demand in the marketplace and although there are discounts,

certain product will trade with multiple offers, and the discount is not as steep as many buyers would want.”

More money was spent buying homes in June than in the past two years. Still, mortgage financing (or the lack thereof) remains a pressing issue, but seems to be relaxing in Santa Monica. Brad Blackwell, a national mortgage sales manager at Wells Fargo Home Mortgage notes that, to write a jumbo loan in the coastal areas of Los Angeles and Orange counties, the lender is currently asking for a 20% down payment or that percentage of equity, down from 25% last year.

According to author E. Scott Reckard in ‘The jumbo mortgage market is beginning to thaw,’ “The reason: Wells believes high-end home prices are stabilizing in those coastal counties. But the bank still requires higher down payments in the Inland Empire and other battered housing markets such as Florida, Nevada and Arizona, where prices for jumbo-size homes don’t appear to be stabilizing”

The continued slowdown in the real estate market has been attributed to the fact that jumbo loans remain much harder to get than before the recession. Currently, borrowers typically must have a credit score of at least 700, compared with boom-era minimums in the 600s.

Another sign of the easing credit market is the increasing availability of “stated income” loans – but unlike the phat times, borrowers are asking for at least a 40% down payment.

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

**

http://www.laedc.org/eedge/index.html#5

http://www.globest.com/news/1704_1704/losangeles/300864-1.html?ET=globest:e22790:277110a:&st=email

http://southorangecounty.wordpress.com/2010/02/25/the-jumbo-mortgage-market-is-beginning-to-thaw/

http://www.santamonicapropertyblog.com/?p=2127

https://www.terradatum.com/

http://www.elephantcountryweb.com/circusellies/barnum1.jpeg

http://www.brownstoner.com/brownstoner/archives/mortgage-1008-2.jpg

SANTA MONICA HAS THE 4TH GREENEST BUILDING IN THE WORLD

Edited by Jodi Summers

An engineering school has published a list of what they consider to be the 50 greenest buildings in the world – and the Alamaden Tower in San Jose wins! A SoCal property came in fourth - the Robert Redford Building, home of the Natural Resources Defense Council 1314 2nd Street in Santa Monica comes in fourth. The school – Top Online Engineering Degree, does not that “Greenest is, of course, always a highly subjective and nebulous term.”

As there is no international green building code, http://toponlineengineeringdegree.com, they ask that you not consider this a definitive compilation of the latest and greatest in environmentally-friendly architecture, but rather a brief overview of some highlights instead.

1. Alamaden Tower

Location: San Jose, California, USA

Achieved platinum rating on Dec. 1, 2006

Adobe Systems is the first organization to have three platinum-rated buildings–including the Almaden Tower, pictured here–and it’s the only major corporation to have any buildings on the list. Since it started converting the buildings in 2001, Adobe has seen a 115% savings on its water and utility bills.

2. India Tower

Location: Mumbai, India

Once the construction team puts the final touches on India Tower and officially opens its doors in 2010, it will be considered amongst the tallest, greenest building in the country.

3. William J. Clinton Presidential Library

Location: Little Rock, Arkansas

Although initially built up to LEED’s silver level certification standards, the combined forces and finances of Powers of Arkansas, the Rocky Mountain Institute, and The Leonardo Academy renovated it up to platinum.

4. Robert Redford Building

Location: Santa Monica, California

Home of the Natural Resources Defense Council

CNN states that at the Robert Redford Building toilets flush themselves with rainwater — except for the urinals, which use no water at all — the floors are made of bamboo and the carpets from hemp.

5. RIT’s University Services Center

Location: Rochester, New York, USA

Sustainability highlights from the University Services Center’s operation include:

•48.6 percent energy cost reduction over industry standards for heating and cooling efficiency

•43 percent reduction in water usage over national requirements for fixture performance

•35 percent of the building’s electricity is supplied from renewable sources, including on-site solar photovoltaic panels

•33 percent recycled content of materials used in facility’s operation

6. Philip Merrill Environmental Center

Location: Annapolis, Maryland, USA

The Chesapeake Bay Foundation makes its headquarters here and includes some interesting green features such as composting toilets, bioretention, and natural lighting – among others…

7. United States Green Building Council

Location: Washington, D.C., USA

Surely, you’d expect those who administer the certifications themselves strive for the highest possible level of achievement as a way of setting an example.

8. Tahoe Center

Location: Incline Village, Nevada, USA

Tahoe Center serves as one of only five platinum-certified science laboratories in the world, playing host to the University of California Davis Environmental Research department.

9. Cundall Sydney Office Fitout

Location: St. Leonard’s, New South Wales, Australia

Engineering firm Cundall obtained the first LEED-certified platinum honor for their office fitout as the first in the Southern hemisphere.

10. East and West Towers

Location: San Jose, California, USA

Another Adobe Systems venture, Forbes states that this building sports state of the art irrigation in perfect tune with nearby weather stations.

And there are 40 more to learn about…Get the whole list @ http://toponlineengineeringdegree.com/?page_id=122

**

http://www.cnn.com/2003/TECH/science/11/17/redford.building.reut/

http://toponlineengineeringdegree.com/?page_id=122

http://www.shoreassociates.com/images/projects/adobealmaden.JPG

http://s3.amazonaws.com/konnectme-production/photos/37/medium/projectscale-3.jpg

http://www.rit.edu/showcase/index.php?id=31/

http://www.forbes.com/2007/02/08/leadership-energy-environment-lead-citizen-cx_hc_0208green_slide_3.html?thisSpeed=undefined

LOS ANGELES IS AWARDED $30 MILLION FOR RETROFITTING REAL ESTATE

By Jodi Summers

All the banter that Los Angeles mayor, Antonio Villiarigosa has been causing in Washington with his green / energy saving ideas for Los Angeles are paying off. Recently, Vice President Biden announced that Los Angeles County was awarded $30 million to “ramp-up” energy efficiency building retrofits.

Los Angeles was one of 25 communities selected to receive a slice of $452 million in Recovery Act funding under the Department of Energy’s Retrofit Ramp-Up Initiative. The initiative promotes the concept that communities, governments, private sector companies and non-profit organizations will work together on pioneering and innovative programs for concentrated and broad-based retrofit projects.

A simple example of how the Retrofit Ramp-Up Initiative would work would be to have the same construction crew upgrade all the homes on the same block at the same time. The White House notes that this way of doing business, “…Saves contractors time and money. They can pass the savings on to their customers. And it’s just a much more efficient way to operate.”

Biden said the program, part of $80 billion in the Recovery Act for a clean energy economy, will help consumers save money on their energy bills, lower greenhouse gas emissions and create green jobs.

The models created through this program are expected to save households and businesses about a $100 million annually in utility bills, while leveraging private sector resources, to create what funding recipients estimate at about 30,000 jobs across the country during the next three years.

“Investing in retrofits is a triple win,” Vice President Biden observed, adding the program will result in retrofits for hundreds of thousands of U.S. homes and businesses over the next three years.

“This initiative will help overcome the barriers to making energy efficiency easy and accessible to all – inconvenience, lack of information, and lack of financing,” said Energy Secretary Steven Chu. “Block by block, neighborhood by neighborhood, we will make our communities more energy efficient and help families save money. At the same time, we’ll create thousands of jobs and strengthen our economy.”

In addition to the $452 million Recovery Act investment, the 25 projects will leverage an estimated $2.8 billion from other sources over the next 3 years to retrofit hundreds of thousands of homes and businesses across the country. The government noted gleefully, that the program funding was eight times oversubscribed, with more than $3.5 billion in applications received for the just over $450 million in Recovery Act funds available, (kind of like applying for UCLA). That puts it in course for additional investment in energy-saving and job-creating projects like these nationwide.

Retrofit Ramp-Up Awards

The following governments and non-profit organizations have been selected for Retrofit Ramp-Up awards. These projects are planned to begin in fall 2010. Final award amounts are subject to negotiation:

Austin, Texas - $10 million

Boulder County, Colorado - $25 million

Camden, New Jersey - $5 million

Chicago Metropolitan Agency for Planning - $25 million

Greater Cincinnati Energy Alliance, Ohio - $17 million

Greensboro, North Carolina - $5 million

Indianapolis, Indiana - $10 million

Kansas City, Missouri - $20 million

Los Angeles County, California - $30 million

Lowell, Massachusetts - $5 million

State of Maine - $30 million

State of Maryland - $20 million

State of Michigan - $30 million

State of Missouri - $5 million

Omaha, Nebraska - $10 million

State of New Hampshire - $10 million

New York State Research and Development Authority - $40 million

Philadelphia, Pennsylvania - $25 million

Phoenix, Arizona - $25 million

Portland, Oregon - $20 million

San Antonio, Texas - $10 million

Seattle, Washington - $20 million

Southeast Energy Efficiency Alliance - $20 million

Toledo-Lucas County Port Authority, Ohio - $15 million

Wisconsin Energy Conservation Corporation - $20 million

**

http://www.energy.gov/news/8870.htm

http://www.whitehouse.gov/the-press-office/vice-president-biden-kicks-five-days-earth-day-activities-with-announcement-major-n

http://content.usatoday.com/communities/greenhouse/post/2010/04/white-house-awards-452-million-to-retrofit-homes-businesses/1

http://www.inhabitat.com/wp-content/uploads/2010/02/Smart-Grid-Obama.jpg

RE: FAA CHANGE OF FLIGHT PATH AT SANTA MONICA AIRPORT

From: Zina Josephs - Friends of Sunset Park

Subject: WRITING CONGRESS RE THE FAA “TEST”

Those affected by the FAA “test” flight path may wish to use the sample letter below to write to Congressional representatives. You can edit, cut and paste, etc., to include pollution, quality of life, or the concern of your choice.

Please forward to as many people as possible, and remember to advise that the letters be sent by regular mail or by FAX for maximum impact.

****************************************************************************************************

Senator Barbara Boxer

312 N. Spring St. #1748

Los Angeles, CA 90012

FAX: 202-224-0357

Email: http://boxer.senate.gov/en/contact/policycomments.cfm

***************************

Senator Dianne Feinstein

1111 Santa Monica Blvd. #915

Los Angeles, CA 90025

FAX: 310-914-7318

Email: http://feinstein.senate.gov/public/index.cfm?FuseAction=ContactUs.Emailme

***************************

Rep. Henry Waxman

8436 W. 3rd St. #600

Los Angeles, CA 90048

FAX: 323-655-0502

Email: http://waxman.house.gov/Contact/

***************************

(Write a separate letter to each Congressional representative.)

June 16, 2010

RE: FAA change of flight path at Santa Monica Airport

Dear (Insert name here: Senator Boxer, Senator Feinstein, or Congressman Waxman),

The Federal Aviation Administration (FAA) has chosen to test a new flight path for certain aircraft leaving Santa Monica Airport (SMO).

The previous flight path took aircraft over a sea level golf course and a primarily commercial street leading to the ocean before allowing pilots to turn north/right.

The “new” departure flight path, the 250 vector, takes aircraft directly over two densely populated residential neighborhoods (the Sunset Park mesa and the hilly section of Ocean Park), a busy amusement park (Santa Monica Pier), places of worship, and schools.

As a resident of the impacted neighborhood, I am very concerned about the effect on my quality of life and my peaceful enjoyment of my home, if this tested flight path were to become permanent. The change in the tested flight path has introduced as many as 20 planes overhead per hour, in addition to the already large numbers of planes criss-crossing Santa Monica due to its proximity to LAX. These frequent

low-flying flights are incredibly noisy and arguably a violation of the 1984 agreement between the FAA and the City of Santa Monica.

In addition, I have significant concerns about the safety of our community. The frequency of planes crashing just after takeoff from General Aviation airports like SMO is well documented. The danger level is far greater at SMO because homes are within less than 300 feet of either end of the runway.

The new “test” departure route raises the danger level still higher, as it takes planes over John Adams Middle School, Will Rogers Elementary School, Olympic High School, John Muir Elementary School, Santa Monica Alternative School House, and Santa Monica High School.

We need your help in this fight with the FAA. Please contact the FAA Administrator J. Randolph Babbitt and request that he respect your desire to protect the quality of life and safety of residents in the affected areas by continuing to use the flight path mutually agreed to in the 1984 Agreement with the City of Santa Monica.

Sincerely,

(Insert your name here)

(Insert your address here)

Santa Monica, CA (zip code)

**

http://www.NYTimes.com/2007/11/24/us/24airport.html?ex=1

http://www.santamonicapropertyblog.com/?p=188

http://www.friendsofsunsetpark.org/

SANTA MONICA PIER TWILIGHT DANCE SERIES ANNOUNCED

Edited by Jodi Summers

 The Twilight Dance Series was in question, but thanks to the generous support of the sponsors
 listed later in the piece, the Santa Monica Pier concert series returs for it’s 26th season!

Santa Monica Pier Twilight Dance Series Schedule Summers 2010 

July 8 - Konono No. 1 (Congolese Trance Dance-tronica)

July 15 - Down Under Festival: Australia Sings (Artists TBA)

July 22 - Jovanotti (Italian Superstar) w/ Jace Everett & Ana Tijoux

July 29 - Kailash Kher's Kailasa (Indian Pop/Rock/ Bollywood)

August 5 - Rickie Lee Jones (Duchess of Coolsville)

August 12 - Soulive (Funk Jazz Organ Trio) w/ Breakestra

August 19 - Mick Taylor (Legendary Guitarist/Former Rolling Stone) w/ Tom Nolan Band

August 26 - Beatlesfest w/ Abbey Road and Lep Zepagain

September 2 - Dr. John & the Lower 911 (New Orleans Icon) w/ Eddie Baytos &
 the Nervis Brothers

Thank you thanks to generous donations from the City of Santa Monica, Pacific Park, the
Bayside District Corporation, Bloomingdale's, the Australian Consul General, the Office
 of Zev Yaroslavsky, the Santa Monica Pier Lessee's Association and numerous contributions
 from individual donors....

All concerts begin at 7:00 p.m. and are free to the public. This year, there will be a wine and
 beer garden for the convenience of concertgoers. For more information, please visit
www.santamonicapier.org or call 310-458-8901.

**

http://www.santamonicapier.org/newsletter/nl061010.htm

http://www.twilightdance.org/

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

THREE SANTA MONICA + MALIBU ELEMENTARY SCHOOLS RECEIVE ACHIEVEMENT AWARDS

By Jodi Summers

Three Santa Monica-Malibu Unified School District elementary schools have received 2010 California Distinguished School awards. McKinley Elementary School, Webster Elementary School, and Point Dume Marine Science School are the honorees.

“It is an honor to recognize the schools, and the students, parents, teachers, and administrators who helped earn this most prestigious distinction,” observed State Superintendent of Public Instruction Jack O’Connell. “The 2010 California Distinguished Schools have been selected because of their academic excellence and for narrowing achievement gaps. These schools have persevered despite state budget cutbacks that have cut deeply into the budgets of local school districts. I encourage educators throughout our state to review the signature practices that Distinguished Schools are using to improve student achievement.”

The Distinguished Awards rotate reviewing elementary schools one year and then secondary schools the following, with four schools honored in total within the SMMUSD district.

McKinley Principal, Irene Gonzalez, said in a press release, “McKinley students bring so much enthusiasm and love for learning. Teachers and staff are innovative and passionate about their profession and know that great teaching leads to successful students. This recognition is due to the collaboration of students, staff, and families.”

To receive the honor, each school must be able to describe two signature practices that increase student performance and narrow the achievement gap. As part of the honor, schools that earn the award mentor other educators and share signature practices for use in other districts. An updated searchable database of these signature practices will be available later this spring by the California Department of Education.

A school’s eligibility is based on two yearly assessment results: Academic Performance Index (API), which is calculated by the state on the basis of a Standardized Testing and Reporting program and the California High School Exit Examination, and Adequate Yearly Progress (AYP), a series of federal academic performance goals set by No Child Left Behind.

“These schools have persevered despite state budget cutbacks that have cut deeply into the budgets of local school districts,” O’Connell concluded. “I encourage educators throughout our state to review the signature practices that Distinguished Schools are using to improve student achievement.”

A total 484 exemplary California public elementary schools were selected as 2010 California Distinguished Schools – 110 schools are in Los Angeles County. The California School Recognition Program is now in its 24th year honoring exemplary schools. The list of schools may be viewed online at http://www.cde.ca.gov/ta/sr/cs/disting2010.asp.

**

http://yubanet.com/california/State-Schools-Chief-Jack-O-Connell-Announces-2010-California-Distinguished-Schools.php

http://www.cde.ca.gov/ta/sr/cs/disting2010.asp

http://smmirror.com/MainPages/DisplayArticleDetails.asp?eid=12397 http://www.designsciencehighschool.com/images/distingbanner2.gif

http://www.lausd.net/Harvard_EL/title1aaalogo2.gif

http://www.glendalenewspress.com/articles/2010/04/20/education/gnp-honor042010.txt

http://mariposa.redlandsusd.net/modules/groups/homepagefiles/cms/514258/Image/mariposa-patriotic-image%281%29.jpg

http://www.resmithconst.com/public/education/6.jpg

http://profile.ak.fbcdn.net/object3/996/36/n27112753347_2824.jpg

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

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 Pier Twilight Dance Series Needs Your Help

Edited by Jodi Summers

Budgets are being cut everywhere…and a number of the concerts may be cut from the Santa Monica Pier Twilight Dance Series, unless you help.

The board of directors of the Santa Monica Pier Restoration Corporation has given a deadline of March 24, two weeks from now, by which to raise $93,000 to complete the budget of the ten concert series.

Donations are needed. The Santa Monica City Council has lead the fund raising challenge with a grant of $35,000 to the series. Currently, it’s believed that the City has funding for seven concerts – looking to reach funding for a full 10 performances.

$57,000 more to be raised. Respond to the city’s challenge by donating today! – Click here to make a difference. https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=fPWWbmwof1OyikLcka41ycsxvNWgd6K_ogtXeQWUtBCxRXjplLwAdnmtNhC&dispatch=5885d80a13c0db1f059ee17e99acf195b5f3a4b6a78dddb43ff8dd61b662c86b

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