Jodi Summers = Santa Monica Real Estate

FOR SALE IN OCEAN PARK, SANTA MONICA ~ 5-10-2013

Our Dream House

120 HART AVE.

ASKING PRICE:  $4,995,000

BR:  3 BA:  3.50

Bungalow with Big Yard

511 MARINE ST.

ASKING PRICE:  $1,970,000

BR:  2 BA:  1.00

Bring your Imagination to this Great Beach Gem

713 OZONE ST.

ASKING PRICE:  $859,000

BR:  1 BA:  1.00

2 Bungalows on 1 lot, 2 blocks to the Beach

2824 2ND ST

ASKING PRICE:  $1,995,000

BR:  2 BA:  2.50

5 Units that will Always be Rented

2524 5TH ST

ASKING PRICE:  $1,599,000

5 UNITS, LOT SIZE:  5,483, BUILDING SIZE:  2,852

GOI:  $84,333 ~ NOI: $50,420 ~ GRM:  18.96

Life on the Boulevard

512 OCEAN PARK BLVD.

ASKING PRICE:  $1,725,000

5 UNITS, LOT SIZE:  5,737, BUILDING SIZE:  3,132

GOI:  $100,209 ~ NOI: $72,698 ~ GRM:  16.70

4-Bedroom Townhouse with Lots of Light

2911 4TH ST #117

ASKING PRICE:  $1,175,000

BR:  4 BA:  2.50

Live + Love in Ocean Park

2002 4TH ST #112

ASKING PRICE:  $449,000

BR:  1 BA:  1.00

Is this the kind of property you’re looking for?

Jodi Summers

The SoCal Investment Real Estate Group

Sotheby’s International Realty

310. 392.1211

jodi@jodisummers.com

www.SantaMonicaPropertyBlog.com

p.s. a. This is not intended as a solicitation if your property is already listed with another agent.

b. We are not the listing agent on these properties, and cannot be held responsible for incorrect information.

Should you wish to unsubscribe from this emailing, please hit the reply button, and write unsubscribe in the headline of the email.

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

FOR SALE IN OCEAN PARK, SANTA MONICA ~ 3-19-2013

by Jodi Summers

Finally, we have some inventory in Ocean Park, Santa Monica. There are currently nine properties for sale in our dynamic walkable neighborhood at the beach, just north of Venice. Every day feels like a holiday in Ocean Park. Here’s what we can help you buy today, courtesy of 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.

2721 2ND ST # 112

asking price: $499,000

1 Bedroom, 1 Bathroom

IF YOU LIKE QUALITY & LOCATION, THIS RARE CORNER UNIT, OCEAN PARK, BEACH PAD IS FOR YOU. NICELY UPDATED & READY TO GO. LARGE NEW WINDOWS LOOKING OUT TO GREEN GRASS LOCATIONS. CROWN MOLDING THROUGHOUT. GATED, 2 CAR TANDEM PARKING (RARE FOR 1 BR UNIT). BEAUTIFUL FLOORS. GREAT NATURAL LIGHT & OCEAN BREEZE. OPEN FLOOR PLAN. SECURED COMPLEX.

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3007 3RD ST # A

asking price: $649,000

2 Bedrooms, 2.00 Bathrooms

AN ABSOLUTE DIAMOND IN THE ROUGH IN A SENSATIONAL LOCATION! THIS IS A WONDERFUL CRAFTSMAN COTTAGE SITTING ATOP THE HILL, IN OCEAN PARK, WITH OCEAN VIEWS AND A BEAUTIFUL FRONT GARDEN AREA WHICH WITH A LITTLE IMAGINATION COULD BE SENSATIONAL! NOT FOR THE FAINT OF HEART, THIS EXTREMELY PRECIOUS TURN-OF-THE-CENTURY 2 BEDROOM, 2 BATHROOM COTTAGE IS READY TO BE REMODELED AND RE-IMAGINED!

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2960 NEILSON WAY #105

asking price: $690,000

1 Bedroom, 1.50 Bathrooms

GORGEOUS CORNER UNIT WITH LARGE PATIO TO TAKE IN GREEN BELT VIEWS AND WONDERFUL OCEAN BREEZES AT PRESTIGIOUS SEA COLONY II. ENJOY ALL THIS LOCATION HAS TO OFFER. CLOSE TO THE OCEAN AND MAIN STREET SHOPS AND RESTAURANTS. SIDE-BY-SIDE PARKING AND 24 HOUR SECURITY.

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3118 LINCOLN

asking price: $1,295,000

# Units: 1, Lot Size: 4,652

FANTASTIC OPPORTUNITY ON HIGH TRAFFIC LINCOLN BLVD. CORNER LOT – LINCOLN AND NAVY. SMALL IMPROVEMENT ON PROPERTY. CURRENT TENANT IS CAR DEALER.  2003 PHASE ONE ON FILE. ZONED SMC4.

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208 BICKNELL AVE

asking price: $1,395,000

# Units: 2, Lot Size: 4,796

WELL MAINTAINED DUPLEX NEAR THE CORNER OF BICKNELL AND MAIN. C2 ZONING. GATED ENTRANCE, WITH AMPLE PRIVATE PARKING FOR MANY CARS… TENANT OCCUPIED, PROPERTY SHOWN WITH ACCEPTED OFFER.

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652 KENSINGTON RD

asking price: $1,395,000

3 Bedrooms, 1 Bathroom

BUNGALOW-INFLUENCED 1927 HOME IS LOCATED IN A QUIET NEIGHBORHOOD BLOCKS TO THE BEACH.  INTERIOR REQUIRES YOUR ATTENTION WITH KITCHEN & BATHS IN NEED OF REMODELING. 3 BEDS 1 BATH ON FIRST FLOOR. 2ND FLOOR IS LARGE OPEN SPACE. ZONED FOR 2-3 UNITS. DETACHED NEWER 2 CAR GARAGE.

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3009 2ND ST

asking price: $1,550,000

3 Bedrooms, 2.50 Bathrooms

THIS IS ONE OF THE LAST LOTS OF ITS KIND IN THE BEST SANTA MONICA LOCATION. TURN OF THE CENTURY HOME AND GUEST HOUSE JUST SECONDS TO MAIN STREET AND OCEAN PARK. SUN PORCH ENTRY, BRIGHT CHARM FILLED INTERIORS WITH ORIGINAL FIR FLOORS AND VINTAGE MOLDINGS. COOK’S KITCHEN WITH SERVICE PORCH, SECLUDED FRONT AND BACK YARDS. GUEST UNIT 1+1. TOTAL PRIVACY FROM MAIN HOUSE.

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37 SEA COLONY DR

asking price: $1,795,000

2 Bedrooms, 2.50 Bathrooms

TURNKEY OCEAN VIEW TOWNHOUSE AT THE EXCLUSIVE 24 HOUR GUARD GATED SEA COLONY I AND JUST STEPS FROM THE BEACH. FEATURING HARDWOOD FLOORS THROUGHOUT. ALSO OFFERED FOR LEASE AT $6,850 PER MONTH.

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2623 5TH ST

asking price: $1,999,000

4 Bedrooms, 5.00 Bathrooms

AMAZING OPPORTUNITY TO BUY THIS UNIQUE LOT W/ PLANS & PERMITS READY TO BE PULLED TO BUILD A MODERN STYLE HOME APPROXIMATELY 6000 SQ FEET, COST OF CONSTRUCTION $1.5M PLUS $230K FOR POOL.18 MONTHS CONSTRUCTION SCHEDULE. PERMIT IS READY AND MUST BE PULLED BY APRIL 14, 2013. DEMO MUST START OCT 14.

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Do let us know how we can move forward together in meeting your real estate goals 310.392.1211 or jodi@jodisummers.com.

Best….

Jodi Summers

The SoCal Investment Real Estate Group

Sotheby’s International Realty

310.392.1211

jodi@jodisummers.com

www.SantaMonicaPropertyBlog.com

License # – 01343854

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Things do not change, we change. – Henry David Thoreau

p.s. a. This is not intended as a solicitation if your property is already listed with another agent.

b. We are not the listing agent on this property.

Should you wish to unsubscribe from this emailing, please hit the reply button, and write unsubscribe in the headline of the email.
Sotheby’s International Realty, Inc. is Owned and Operated by NRT Incorporated.

**

http://pro.themls.com/membersonly/All_Searches/prospects_frame3.cfm?theButton=run_prospect_total&search_num=67138765-6543-45bd-8256-bf73017e9e53&update_type=All_Changes

http://www.santamonicapropertyblog.com/?p=4823

SANTA MONICA REAL ESTATE SNAPHOT ~ MARCH 2013 ~ CHECK OUT THESE STATISTICS

by Jodi Summers

2013 was the best January for Southern California home sales in six years. Fabulously low interest rates have generated  a growing pool of buyers chasing a shrinking supply of homes. Buyers are highly motivated. Prices are skyrocketing. Just look at these incredible Santa Monica home price statistics when you compare January 2011 to January 2013:

• · The median price of sold price is up 66%.
• · The median price of for sale properties is up 33%.
• · The number of For Sale properties is down -46%.
• · The number of New properties is down -12%.
• · The average days on market is down -21%.
• · The average months supply of inventory is down -64%.
• · The number of Sold properties is down -24%.

“Buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly,” observes NAR Chief Economist Lawrence Yun. “We’ve transitioned into a seller’s market in much of the country.”

Throughout Los Angeles, investors and cash buyers are hovering at near record levels…and the move-up market is posting sizable gains as well. In January, sales of homes priced between $300,000 and $800,000 (a range that includes move-up buyers), increased by 49.6% over the year. Sales of homes priced over $500,000 jumped by 74% year-over-year, while sales of homes priced over $800,000 were up by 84.2% compared with January 2012.

We’re here to help you with your real estate needs. 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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https://www.terradatum.com/cmm/claw

http://www.reuters.com/article/2013/02/20/us-usa-economy-idUSBRE91J0OW20130220

http://www.santamonicapropertyblog.com/?p=4811

http://www.inman.com/news/2013/02/21/january-existing-home-sales-slightly-tight-inventory

http://www.dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130213.aspx

http://www.dqnews.com/Charts/Annual-Charts/LA-Times-Charts/ZIPLAT12.aspx

http://blogs.wsj.com/developments/2013/02/21/housing-its-becoming-a-sellers-market/?mod=WSJ_3Up_RealEstate

http://laedc.org/eedge/archive/2013/ee021913.html#1

SANTA MONICA + VENICE REAL ESTATE SNAPSHOT ~ FEBRUARY 2013 > EVERYTHING IS SELLING

by Jodi Summers

Watch real estate prices rise in 2013. All the indicators imply that this will be a wealth-building year for owners of residential real estate. ★The economy is officially in recovery. ★ Housing inventories are way down. ★ Mortgage rates are at historic lows. ★ And everyone who had been waiting for the bottom of the market is now panicking to get a deal before it’s too late.

2012 set the pace for big growth. In Los Angeles County, the median sold price is up 27% from 2011. DQ News notes that the median price paid for a home in California in December was up 21.5% from the previous year.  CoreLogic predicts that U.S. home prices would end the year up 7.9%. Ironically, at the beach, we didn’t keep pace with the rest of the country. For single family homes in Santa Monica and Venice, comparing December 2011 to December 2012, the median sold price is up 7%.

What this all translates to is that the average price for a home in California in December 2012 was $299,000. The median price for a home in L.A. County was $738,000. The median price of a home Santa Monica and Venice in December was $1,610,000. Life is precious at the beach.

Money and availability are two of the prime causes for the recent price hikes.

Let’s talk money…the Fed’s Quantitative Easing program, dubbed QE, is reducing mortgage rates to what Federal Reserve Chairman Ben Bernanke calls a “credibly low” level. The Fed has vowed to buy up mortgage-backed securities at $40 billion per month to keep interest rates low until the job market improves. That bodes well for qualified buyers.

“Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative,” observes to a Federal Open Market Committee report.

With low mortgage rates, buyers are getting a lot for their money.

Now let’s talk availability – inventories have declined drastically. The fine value in real estate has been impressing investors, who are jumping into the market and making all-cash purchases. They then turn these properties in to rental properties, with plans to sell as the market strengthens or to merely buy and hold.

The low inventory has left homebuyers submitting multiple bids and upbidding each other, pushing up prices – in some cases by more than $100,000 – and putting a damper on the idea of finding a deal on their dream property.

In Venice and Santa Monica, virtually all reasonably priced properties have gone pending in less than two weeks….not to mention the fact that the number of properties on the market has dropped 52% between 12-11 and 12-12.

The number of homes listed for sale at the end of 2012 stood at the lowest level in more than five year. Nationally, there were1.57 million homes listed for sale at the end of 2012, down 17.3% from one year ago, according to data tracked by Realtor.com.

Inventories were down in all of the nation’s 30 largest housing markets, compared for 2012. Sacramento led the pack with an amazing 68% decline in housing. Seattle fell 45%; San Francisco – 43%; Los Angeles – 40%; Orange County, CA and Atlanta declined 39%; and San Diego 38%.

Inventories typically decline in December, January and February as home-shopping activity cools. But in 2012, inventories never grew.

“Sellers have been reluctant to put their homes on the market,” offers Steve Berkowitz, chief executive of Move Inc., which operates Realtor.com. January and February, he notes, “are going to be an interesting time to watch” because they’ll provide early clues about buyer traffic and sellers’ expectations. Already, online search demand is up from one year ago.”

Now let’s talk about investors and their impact on the real estate marketplace.

Investor buying of single family homes as rental properties increased significantly several years ago. More recently, the entrance of and/or increased activity by “big-money” institutional investors resulted in a substantial increase in investor buying. You’ve seen it if you’ve been trying to buy in the north of Montana neighborhood of Santa Monica or on the chic streets of Venice. Many of the desirable properties are being bid up by investors going well over asking price.

If you’re in search of a deal, you need to be lucky and aggressive. Investors bought 42% of all homes sold at foreclosure auctions statewide last quarter, according to DataQuick. Not to mention that California’s foreclosure crisis eased considerably during the final quarter of last year, with the number of homes entering foreclosure dropping to a six-year low.

California has also been able to work through its foreclosure problem faster than other states, in part because foreclosures take place largely outside the courtroom, shares Celia Chen, a housing economist with Moody’s Economy.com. California has not been bogged down with the same level of paperwork issues and delays that states such as Florida or New York have experienced.

“Ultimately, fewer foreclosures means an even tighter market, which means a more rapid recovery,” concludes Christopher Thornberg, a principal at Beacon Economics. “I see very little to forestall the real estate market this year.”

The steep decline, accompanied by a similar drop in home repossessions, has cleared the path for a quickened pace of recovery of home prices. Good loans and reduced inventory suggest that housing should increase again in 2013.

We’re here to help you with your real estate property needs. 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://realtormag.realtor.org/daily-news/2013/01/15/bernanke-qe-keeping-mortgage-rates-low

http://www.santamonicapropertyblog.com/?p=4785

http://www.latimes.com/business/la-fi-foreclosure-report-20130124,0,5428131.story

http://blogs.wsj.com/developments/2013/01/16/housing-inventory-ends-year-down-17/

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

http://forums.redfin.com/t5/Bay-Area/Inventory-shortage-maybe-not/td-p/370082

http://www.utsandiego.com/news/2012/nov/11/tp-inventory-shortage-hinders-homebuyers/

http://www.voa.org/About-Us/Why-We-Do-What-We-Do

http://www.samuelscottfg.com/shrinking-inventories-in-california-lead-decline-in-home-sales

http://www.scpr.org/programs/madeleine-brand/2011/12/06/21649/cheap-las-vegas-homes-attract-foreign-investors/

http://www.marketwatch.com/story/how-to-buy-investment-real-estate

SANTA MONICA + VENICE REAL ESTATE SNAPSHOT ~ JANUARY 2013 ~ IT’S ALL ABOUT HOUSING

by Jodi Summers

2013 is going to be a good year. It’s going to be a good year for housing, among other things. Now all of us @ the beach realize that our market has long been back on track, thanks to low housing inventory and low interest rates. Kudos go out to the Federal Reserve’s aggressive bond-buying program, which has pushed mortgage interest rates down to unprecedented lows.

As our economy corrects itself, it’s all about housing. By many accounts, the housing-market “bottom” was one of the biggest business stories of 2012, and a key to our economic turnaround. After years of falling home values, the data clearly showed that the bleeding stopped somewhere in the first part of 2012 and has been slowly rising during the latter part of the year. The most recent Case-Shiller home-price index report shows a fifth consecutive month of year-over-year increases in home prices nationwide.

For single family homes in Santa Monica and Venice the bottom was May 2012, according to Clarus Market Metrics. Prices were at a median low of $1,180,000 < rising to $1,575,000 by the end of the year.

The statewide median price of an existing, single-family detached home in November  was $349,300.  The California Association of Realtors® calculates that the median price was up 24.8% from November 2011 – the largest year-to-year percentage increase since June 2004.

“Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall,” shares C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The significant increase in price was due in part to the change in the mix of sales.”

In Santa Monica and Venice, sold homes are up 18% from December 2011.

Thank you Fannie Mae and Freddie Mac for fostering historically low interest rates. Mortgage bonds issued by Fannie Mae, Freddie Mac and Ginnie Mae still fund more than 90% of new home loans. Bank portfolios and other private lending make up the rest.

Analysis done by Iacono Research on the significance of the Federal stimulus efforts  showed that today’s incredible low interest rates allow a home buyer to purchase a house that is 50% more expensive than they would have been able to afford under the average mortgage rates over the past 20 years.

Nationally, low mortgage rates and job gains are pushed sales of existing homes to the highest level in three years. New housing construction up 21.6% in November from a year earlier.

CoreLogic  reports that U.S. home prices nationwide increased on a year-over-year basis by 6.3% in October, the biggest increase since June 2006. Investors who bought subprime mortgage bonds, saw posted returns of more than 40% since December 2011.

With no inventory on the market, and prices on the rise, now is a peak time to sell your property. Builders all but halted construction in 2007 and 2008. In 2010, mortgage delinquencies peaked; from there forward foreclosures were in decline. By 2011, rental demand rallied, and savvy investors bought in neighborhoods where homes could be easily rented out.  Strong investor demand and fewer bank foreclosures have contributed to inventory drops, while many homeowners are unwilling or unable to sell.

Looking forward, there are more than 500 new units for rent and for sale scheduled to come online in Santa Monica in the coming years, and there are many more requests before City Hall. Builders and city officials are benefitting in a big way.

The Census Bureau and Department of Housing and Urban Development reports that across the country, private housing starts in November were at a seasonally adjusted annual rate of 861,000, compared to the November 2011 rate of 708,000. Home-building completions  were up 16% from a year earlier.

Finally the housing market is seeing the start of what economists call a positive feedback loop. Rising home prices allow lenders to be more generous with home financing, which allows even more prospective home buyers to access the market, further driving up home prices. Higher home values give consumers and builders more confidence to go out and spend money or make investments, which also stimulates the real estate market and the national economy.

We’re here to help you with your commercial and investment property needs. 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.sfgate.com/realestate/article/California-home-prices-rise-25-percent-4129561.php

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http://www.uli.org/press-release/u-s-commercial-real-estate-recovery-to-advance-in-2013-with-nationwide-gains-in-leasing-rents-pricing-according-to-pwc-us-and-urban-land-institutes-emerging-trends-in-real-estate-forecast/

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

http://dnsfoliot.com/_images/_company/_manufacture/foliot-manufacture-6.jpg