Jodi Summers = Santa Monica Real Estate

THE RESALE VALUE ON REMODELING PROJECTS

selected by Jodi Summers

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http://www.car.org/aboutus/onecoolthing/remodeling/?=image

http://www.santamonicapropertyblog.com/?p=4874

SANTA MONICA REAL ESTATE SNAPSHOT ~ JUNE 2013 ~ IT’S GOING TO BE A FUN SUMMER

by Jodi Summers

Wow! Finally the chaos is calming down as many of those needing to buy real estate got their fix. With interest rates starting their rise off of historic lows, the past several months have been a home-buying frenzy in the Santa Monica and Venice neighborhoods. Lots of demand and minimal supply.

If you compare residential property numbers from May 2012 with May 2013 in Santa Monica and Venice, the number of for sale properties is down -31% and the number of sold properties is up 29%, according to Clarus Market Metrics.

Silicon Beach is not alone in the home price surge, though we always seem to do things bigger and better here… DataQuick reports that SoCal home prices surged in April as sales reached boom-era levels. Dwellings in the six-county area sold at the fastest clip for an April in seven years, as regular buyers and investors snapped up a total of 21,415 properties. That was a 4.1% increase from March and a 9.5% spike from April 2012.

Here @ home, in Santa Monica and Venice, comparing May-2012 vs. May-2013 the number of sold properties by month is up 29%.

The median price paid for a home in the six-county SoCal region last month was $357,000. That was a 3.3% increase from the previous month, a 23.1% jump from April 2012.  April’s median price was the highest since June 2008 when the median price was $360,000. Factors contributing to the rise in median prices across the region include increased demand at a time when inventories are unusually low and the decline in sales of low cost homes relative to increased activity in the higher price ranges.

“Sales of deeply discounted properties in affordable neighborhoods are way down,” concludes DataQuick President John Walsh. “Activity in middle and high-end communities is on its way up.”

In Los Angeles County sales rose by 9.7% and the median price increased by 27.4% to $395,000.

In Santa Monica and Venice the median sold price is up 15% from May 2012 to $1,206,250

Move-up markets are posting large sales gains from a year earlier. In April, the number of homes sold that were priced between $300,000 and $800,000 jumped by 35.4% year-over-year. Sales of homes priced over $500,000 increased by 52.7% year-over-year, and sales of homes priced over $800,000 were up by 51.4% over the year. All these price ranges cater to move-up buyers more than new homeowners.

The housing market in Southern California is well on its way to recovery > prices are rising, and home affordability levels remain relatively low < especially with mortgage interest rates still hovering around 4.0%. It’s an ideal time for buying or selling.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.latimes.com/business/money/la-fi-mo-home-sales-april-20130514,0,7411371.story?track=rss

http://www.dqnews.com/

http://www.santamonicapropertyblog.com/?p=5023

http://laedc.org/business-assistance/additional-resources/e-edge-newsletter/#2

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https://www.terradatum.com/cmm/CLAW

http://www.inman.com/wire/new-home-sales-increase-in-april/

PLEASE STAY SAFE WHEN YOU’RE BICYCLING AROUND TOWN

edited by Jodi Summers

Santa Monica is very pro bicycle, but bicycle safety hasn’t caught up with the popularity of bicycles. Between 2002 and 2009, according to the City of Santa Monica, the number of vehicle pedestrian accidents dropped 21%, while vehicle bike accidents rose 51%. The increase in bicycle accidents from 2007 to 2009 alone was 78%.

Now that summer is here, let us share with you bicycle safety tips from the Santa Monica Police…

Bicycle Safety On the Road

· Stay on the right side of the road, ride with traffic and use the bike lane where available. (Bicycles are not permitted on sidewalks as they can endanger pedestrians.)

• · Obey all traffic laws and signals
• · Use hand signals for turning and for all stops
• · Watch for road hazards and cars in driveways
• · Use extra caution in poor or wet weather
• · Wear safe, comfortable clothes
• · Do not allow children to ride a bicycle at night
• · Always lock your bicycle using a U-lock, securing both wheels and the frame to a stationary object.

Bicycle Safety Before Your Ride

• · To identify your bicycle, engrave your driver’s license number on the frame
• · Register your bicycle with the City and keep the serial/model number on file
• · Check your handlebars, bicycle seats and brakes
• · Check your tire pressure
• · Check your first aid pouch for fresh supplies
• · Check your reflectors and light.
• · Inspect your helmet and be sure to wear it. If you are under 18, a helmet is required by law. Be sure it meets the guidelines of the American National Standards Institute (ANSI) or the Snell Memorial Foundation. Labels with this information will be inside helmets that have passed their testing standards.
• · Maintain the safety of your bicycle by giving it regular tune-ups

In 2009, Santa Monica reported 128 accidents involving vehicles and bicycles. Hit & run vehicle vs. bicycle accidents occur 19% of the time, more than double the average for the prior two years. Rates of injury also rose from 75% to 83%. Fatalities associated with bike hover between 0 and 1% between 2002 and 2009.

Please stay safe as you bicycle around town.

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http://santamonicapd.org/Content.aspx?id=2545

http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef015437058def970c-640wi

http://www.santamonicapropertyblog.com/?p=4741

http://en.wikipedia.org/wiki/Santa_Monica,_California

http://travel.nytimes.com/2008/02/22/travel/escapes/22american.html

http://santamonicapd.org/Content.aspx?id=2547

http://www.smgov.net/Departments/OSE/Categories/Sustainability/Sustainable_City_Progress_Report/Transportation/Pedestrian_-_Bike_Safety.aspx

http://streetsblog.net/wp-content/uploads/2010/07/26/Santa_Monica_Event_Parking.jpg

SMDP: REALTORS TARGET SMALL HOMES FOR REDEVELOPMENT

Here’s an article from the Santa Monica Daily Press about a recent real estate trend worth knowing about…

Santa Monicans are being targeted by real estate agents representing developers looking to turn small homes in desirable neighborhoods into mini-mansions that can be sold for double the original asking price.

The agents tend to single out older homes, often taking up a relatively small portion of the parcel on which they sit, offering a cash purchase and a promise by the buyer to take care of normal closing costs, provided the homeowner does not broadcast their intent to sell.

Residents report notes left on their doors, direct mail bearing a picture of their own home and even direct phone calls soliciting sales.

That practice is called by many names, including off-market listing, pocket listing or quiet listing, and while it is completely legal, it often is a bad deal for sellers in hot markets like Santa Monica, said Don Faught, president of the California Association of Realtors.

It has its uses, particularly when the seller is a celebrity or other high-profile individual who wants to keep the sale of their home on the down-low, but average homeowners tend to get more for their properties when they advertise them widely, Faught said.

Home prices across Southern California hit a 56-month high in March, rising 23.4 percent from March 2012, according to DataQuick, a real estate news site. Despite rising prices, the unsold inventory index — the number of months it would take to sell the current supply of homes on the market at the current sales pace — is 2.7 months for Los Angeles County.

Six to seven months is considered “normal,” said Lotus Lou, media relations manager for the California Association of Realtors.

In Santa Monica alone, the assessed value of residential real estate jumped by $1.121 billion in 2011, according to a report released in September by the Los Angeles County Assessor’s Office.

Even multi-million dollar homes are flying off the shelves, with the sale rate of homes priced at $1 million or more at its highest level since 2007, according to DataQuick.

That’s partially a result of the recovering economy, rising home prices and record number of cash purchases as well-capitalized buyers negotiate a market in which it’s difficult to get a mortgage, according to the site.

Thomas Magiar, a realtor with the WSA Partnership-Coldwell Banker on Montana Avenue, represents several such buyers — developers promising cash for homes in the north of Montana neighborhood.

Magiar dropped off letters at homes in the area that were “under-improved for the extreme value” of their location, usually one-story houses on a property that could accommodate a larger structure.

He believes that quiet listings offer some benefit to the seller like avoiding the circus of promoting their homes to outside buyers. It’s not right for all sellers, but for the small homes north of Montana Avenue, they could get a better deal than they would if they put money into their homes to fix any existing problems and then went out on the open market, he said.

“There it’s very clear because there are a lot of people who want to move to the neighborhood, have money and want to build,” he said.

Developers can buy up an old property for a couple million dollars, demolish the existing home and build a two-story luxury home where an old Craftsman once was. Those can sell for $4 to $5 million, even higher if it’s near the beach, Magiar said.

That’s not much of a selling point for Doris Sosin, one of the founders of the North of Montana Neighborhood Association, who lives on 12th Street.

Sosin received one of Magiar’s flyers, and she’s also received phone calls and mail, all of which have picked up since the economy began to improve.

At least one Sunset Park resident has also received a request for a sale which appeared to be a handwritten note that turned out to be a computer-generated form on closer inspection.

Sosin led the charge in the late 1990s against “McMansions,” homes built to the margins of their property lines. They overshadowed neighboring properties, and led to the death of many mature trees that had to be removed so that the home could be built out.

Her work resulted in new rules around single-family homes, requiring set backs and imposing controls over how much of a parcel can be covered.

The attempts to build to even those restricted maximums are unwelcome, she said, because they only succeed in making neighborhoods more expensive to move in to and replace quaint, well-loved homes with larger versions.

You don’t need six bathrooms for two people, she said.

“My goal is to make the quality of life that I’m living right now, the quality for me and my neighbors, better,” Sosin said. “That’s what I care about.”

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http://smdp.com/realtors-target-small-homes-for-redevelopment/121952?utm_source=wysija&utm_medium=email&utm_campaign=newsletter

http://www.santamonicapropertyblog.com/?p=4919

http://imagesus.homeaway.com/mda01/64f46b94-0c6a-42c6-b3dd-075c88e71d07.1.12

SANTA MONICA ~ VENICE REAL ESTATE SNAPSHOT ~ MAY 2013 ~ ALL GOOD NEWS!

by Jodi Summers

All the residential real estate news this month is about recovery. The optimism spreads across business sectors and is sprawled across all kinds of specialized news mediums. Check out the headlines and the highlights…

Median Home Prices in SoCal Continue Upward Climb – DQ Real Estate News and Information Services

The median price paid for a Southern California home hit a 56-month high in March, rising 23.4% from a year earlier as the impact of foreclosures continued to fade and sales of mid- to high-end homes shot up. Total sales were the highest in six years for a March. In Los Angeles County, the median price increased by 24.2% over the year in March to $380,000. (FYI, for Santa Monica + Venice residences the median sale price was $1,350,000.)

Home-Seller Confidence Doubles in the Second Quarter – Redfin Blog

Responses to Redfin’s Real-Time Seller Survey indicated a dramatic shift in the confidence of home sellers in the second quarter—45% of sellers believe now is a good time to sell, up from just 22% in the first quarter and 15% in the fourth quarter. Meanwhile, 44% of sellers believe now is a good time to buy. Nearly a third of sellers have no major concerns about selling, up from just 19% in the first quarter.

Survey Finds Appraisers Finding Hope in Rebounding Housing Market – National Mortgage Professional

A recently completed survey conducted by United States Appraisals found appraisers mildly encouraged by the current housing market. When asked, “What is your current level of confidence in the housing market,” 54.7% of respondents answered mildly or moderately strong, while 24.9% were neutral. The survey was completed by United States Appraisals’ nationwide panel of residential appraisers. United States Appraisals plans to conduct this survey quarterly to monitor trends and opin

“Appraisers tend to be realistic, focused on their local markets and unmoved by news stories and national numbers,” said Aaron Fowler, president of United States Appraisals. “We believe they provide a good gauge of the status of the housing market. After the last few years, a mildly strong level of confidence shows some definite improvement in appraiser attitudes.”

Fannie Economists Project 1.8M Borrowers Could Regain Equity in 2013 - Fannie Mae’s Economic and Strategic Research

The broadening housing recovery has firmed up home prices around the country, with the potential to restore many underwater mortgages to a position of positive equity, according to Fannie Mae’s Economic and Strategic Research  group.

Citing data from CoreLogic, Orawin Velz, Fannie Mae’s director of economic and strategic research, notes that 1.7 million properties moved from negative to positive equity last year. Provided the home price gains seen so far this year continue, Velz anticipates another 1.8 million properties will rise out of their underwater positions by the end of 2013.

NAHB Offers Reasons for Optimism About Housing’s Full Recovery – National Association of Home Builders

The nation’s growth “is finally being driven by housing again,” proclaimed David Crowe, the National Association of Home Builders chief economist. Home prices have been rising, partly the result of tightening inventory of completed new homes, which in turn is stimulating demand. Employment—a major factor in home-buying decisions—continues to strengthen, albeit incrementally. And housing’s recovery is now national in scope.

However, that recovery has not taken full flight yet. Housing still only accounts for 3% of the total economy, or about half its historical level. Single-family home starts are at 47% of the 1.3-million-unit annual level that’s considered “normal” to meet anticipated demographic and population trends.

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http://www.builderonline.com/economic-conditions/nahb-offers-reasons-for-optimism-about-housings-full-recovery.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=BP_042613&day=2013-04-26

http://www.dsnews.com/articles/fannies-economic-team-concludes-18m-borrowers-could-regain-equity-in-2013-2013-04-24

http://www.dqnews.com/

http://www.santamonicapropertyblog.com/?p=4903

http://laedc.org/business-assistance/additional-resources/e-edge-newsletter/#1

http://blog.redfin.com/blog/2013/04/seller-survey-q2-2013.html

http://nationalmortgageprofessional.com/news36811/recent-united-states-appraisals-study-finds-appraisers-hopeful-regarding-housing-market

http://media.cmgdigital.com/shared/lt/lt_cache/thumbnail/960/img/photos/2012/08/10/ae/f5/appraiser_1018_BH01_276455a.jpg

https://www.terradatum.com/cmm/CLAW;jsessionid=6ABFA655C6FA797E8E7876C639A818D8

http://www.dsnews.com/articles/fannies-economic-team-concludes-18m-borrowers-could-regain-equity-in-2013-2013-04-24

http://parr.com/images/uploads/blog/NAHB-2013-forecasts.gif

HOMES SO GREEN THEY GROW MONEY

by Jodi Summers

To our health. You gotta love that California has been pushing policies for green development all millennium. Now that we’re climbing out of the recession, expect new homes to be those space-age models of energy efficiency that we have previously only imagined. As the economy gains momentum, so is the green building revolution.

New green homes by major developers are light years ahead of where they were before the recession. Motivated by government initiatives like New Solar Homes Partnership.

KB Home has made solar systems standard on new houses in Southern California. Lennar, Pardee Homes and Pulte Homes offer solar home projects. ABC Green Home of Newport Beach is will be building a net-zero home to showcase green technology for consumers. Clarum Homes in Palo Alto is a custom builder that has gained praise for incorporating energy efficiency and passive solar features into homes with modernist flourishes.

The New Solar Homes Partnership adopts a long-term plan that called for having all new residential buildings achieve zero net energy use by 2020 and having all commercial buildings achieve zero net energy use by 2030.

Beyond solar, green new home efficiency benefits include tankless hot water heaters, adjustable thermostats, LED lighting and Energy Star appliances, as well as other economical perks. Live efficiently and your electricity bill from Southern California Edison Co. can be close to zero.

Designs like the ZeroHouse model by Los Angeles builder KB Home exemplify the housing industry’s attempt to move beyond the one-off LEED vanity project and make subdivision building a green practice. New net-zero homes are so green they produce at least as much juice as they consume.

Environmentalists began pushing for California to mandate that new homes come with renewable energy systems in the early 2000s, as the technology became more scalable and available. Our CalGreen construction codes have influenced the world…now perhaps our homes will as well.

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http://articles.latimes.com/2012/sep/22/business/la-fi-energy-homes-20120923

http://philosophistry.com/scans/2010/green-home.jpg

http://www.santamonicapropertyblog.com/?p=4639

http://blogs.pnwlocalnews.com/focusnorthwest/files/2011/03/2011_04_GreenHome_COVER.jpg

http://www.socalgreenrealestateblog.com/?p=2431

http://www.prlog.org/11291506-green-home-plans-and-designs.jpg

http://www.dallasarchitectureblog.com/2011/03/green-architect-designed-home-assembled-on-site/

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