SANTA MONICA REAL ESTATE SNAPSHOT ~ March 2014 > FOCUS ON OCEAN PARK

February 25, 2014 on 9:45 am | In Buyers, Fascinating Information, For Your Purchasing Pleasure, Market Snapshot, Market Trends, Multiunits, Of Local Importance, Sellers, Statistics, Uncategorized | 5 Comments

by Jodi Summers

Here’s an interesting factoid to drop into your conversation. A total 344 residences in Santa Monica sold for more than $1,000,000 in 2013, according to the MLS. 230 of those properties are houses, 114 are condos. 37 of those properties are in Ocean Park.

In California, 39,145 homes sold for $1 million or more in 2013, up 45% from the year before and the best showing since 2007, as per to DataQuick information services.

In 2013, prices in Los Angeles rose 22%. Prices in Santa Monica and Ocean Park saw negative growth.

The MLS determined that in Ocean Park, a total of 99 properties sold – 28 single family properties, 61 condos, 10 multifamily.


As you would expect, the priciest single family home to sell was in the beach tract – the finely finished, steps-to-the beach property sold in June for $4,600,000. The lowest price was in the Borderline neighborhood.  713 Navy – a 760-ft, 2bed+1bath on a 2,123 sf lot, desperately in need of a remodel – priced @ $749k, closed in February for $795,000.

The Median sale price for homes in Ocean Park in 2013 was – $1,512,500.

In Condoland, OP13 saw 61 condos sold. The high was 2912 3RD ST #4, a luxuriously upgraded 3+3 penthouse that, “elevates beach-close living to dramatic new heights.” The bright and open design occupies the entire top floor and showcases lofty ceilings and an abundance of recessed lighting. It sold in May @ $969/sf

The big value 3101 5TH ST #14, a spacious 1+1 that sold early in the year for $260,000. This single story features large living room, patio and subterranean parking.

The median price for an Ocean Park Condo in 2013 was $690,000.

Ten income properties at a median sale price $1,613,500. The standout sale was

3014 4TH ST, which was on the market for the first time in approximately 65 years. This pink, Spanish style 8,100/sf trophy property building features. 21 units on a 15,499 lot sold for $4,350,000 in December.

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.

**

http://articles.latimes.com/2014/jan/30/business/la-fi-million-dollar-homes-20140131

http://www.dqnews.com/Articles/2014/News/California/Southern-CA/RRSCA140114.aspx

http://www.santamonicapropertyblog.com/?p=5425

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

http://www.themls.com/mymlsportal

http://www.santamonicapropertyblog.com/wp-content/uploads/2013/05/710-NAVY-ST.jpg

http://4.bp.blogspot.com/-SK9AhiKJkic/TiYWFneCk6I/AAAAAAAAD-U/zPNOIQV_4rY/s1600/Scan.jpeg

 

SILICON BEACH REAL ESTATE SNAPSHOT ~ JANUARY 2014 ~ VENICE IS WAY HOTTER THAN SANTA MONICA

January 1, 2014 on 10:41 pm | In Fascinating Information, For Your Purchasing Pleasure, Market Snapshot, Market Trends, Of Local Importance, Sellers, Statistics, Uncategorized | 1 Comment

by Jodi Summers

Two+ years ago, Google ditched their digs in downtown Santa Monica and expanded into Venice. They took over the landmark binocular building on Main St., leasing 100,000 square feet in three buildings for hundreds of employees.

Other technology monsters and puppies followed, and our neighborhood took on the name Silicon Beach. From Microsoft’s new office at Playa Vista to the scores of start-up accelerator programs and incubator programs that followed, techies seem pleased to be away from aggressive Silicon Valley and settled on our peaceful Westside.

As the tech community swell in number, housing prices are climbing. The Los Angeles Times report that 25-year-old Snapchat co-founder Bobby Murphy recently bought a new two-bedroom house in Venice for $2.1 million, more than 25% higher than Venice median December home price of $1,600,000.

Our burgeoning tech community is inciting a Westside housing grab that has enabled landlords to push sky-high rents even higher and helped send home prices above their pre-recession highs.

“There are 8.5 million people on the planet; 8 million of them would like to live at Venice Beach,” notes decade-long resident Brian. “I’ve been living here for years, but since Google moved in, Venice has become the place.”

Here’s a curious statistic, as fabulously hot as Venice might be, between Dec-2012 vs. Dec-2013 the median
asking price of for sale properties dropped -8%. In December the median asking price for the 43 homes had fallen to $1,678,000, from a media price of $1,822,000 for 46 properties the year before. Meantime the median price
of sold properties is up 22% to $1,600,000 – with 23 properties sold. Expect asking prices to rise again in the spring.

Silicon Beach sister city Santa Monica is quite a different story. In 2013, the median sold price for a home in Santa Monica is down -37%. In December, 2012, the median sale price was $2,398,350 – with 25 homes sold, while December 2013 saw a 19 homes closing price of $1,510,000 – a drop of $888,350. Meantime, median asking prices have risen 16% to $ 2,440,000.


Condo prices for each beach were similar, with Santa Monica logging in a 9% increase to a median sale price of $720,000 and the minimal Venice condo seeing 11% growth to $ 1,082,500.

Combine property types and locations and Santa Monica and Venice sold prices were cumulatively up 15% for all property types.

Around the rest of town 2013 saw residential real estate prices rise Los Angeles by more than 20%.

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.

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

http://www.santamonicapropertyblog.com/?p=5380

http://articles.latimes.com/2013/nov/30/business/la-fi-silicon-beach-real-estate-20131130

 

SANTA MONICA, VENICE REAL ESTATE SNAPSHOT ~ DECEMBER 2013 > BEYOND AFFORDABLE HOUSING

December 1, 2013 on 10:52 pm | In Buyers, Fascinating Information, fUNNY...mONEY, Market Snapshot, Market Trends, Of Local Importance, Sellers, Statistics, Uncategorized | 1 Comment

by Jodi Summers

The residential real estate trends of the Silicon Beach cities Santa Monica and Venice that of their great mother, Los Angeles, only exponentially more intense.

Affordable housing for sale is a precious commodity. Around SoCal, inventory-starved, lower-cost markets lag well behind 2012 levels, as prices throughout the Southland are  nearly 22% higher than last year, reports DQ news.

The median price paid for all new and resale houses and condos sold in the six-county SoCal region last month was $383,750, up 0.5% from $382,000 in September and 21.8% from $315,000 in October 2012. The $385,000 median this June, July and August was the highest in more than five years.

Los Angeles County median price rose by 22.6% to $477,130 over the year, while unit sales declined by 5.2%.

In Santa Monica and Venice the median sold price in October 2013  was $1,167,000. The 80 properties sold averaged 46 days on the market. The recent high for the two Silicon Beach Cities was Sep. 2013 at $1,307,000. The 89 properties sold averaged 51 days on the market. The most recent stats have us in the winter lull, as November prices had fallen to $1,120,000 when 79 units sold in an average of 45 days.

“Our read on the market is that after playing some rapid catch-up, home prices hit a bit of a mid-summer wall. It took a very specific set of circumstances to trigger price gains of 20% or more over the course of a year. We had a pitifully low number of homes for sale, incredibly low mortgage rates and unusually high levels of investor purchases. In recent months each of those drivers has reversed somewhat,” deduced John Walsh, DataQuick president.

Walsh revealed that the experts still do not understand how much the housing market was affected by October’s partial shutdown of the federal government and fears of a default on the national debt.

It appears that almost all of October’s 21.8% year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. And any mix shift has been in the wrong direction, with an increase in mid- to high-end sales, and  a big decline in sales of lower-cost distressed properties.

In October, the lowest-cost third of the region’s housing stock saw a 20.0% year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 20.9% for the middle third of the market and 20.2% for the top, most-expensive third.

Sales activity in the middle and upper price ranges continued to outpace sales in more affordable markets. Last month the number of homes sold from $300,000 through $800,000 – a range that includes many move-up buyers – rose 15.5% year-over-year. The number that sold for $500,000 or more jumped 28.5% from one year earlier, while $800,000-plus sales rose 32.9%.

Santa Monica and Venice saw a rise in the median price of for sale properties is up 25% to $1,600,000, while the median price of sold properties is down -3% to $1,120,000.

Investors and second-home purchasers bought 26.5% of the Southland homes sold in October, which is the lowest share since it was 25.1% in November 2011. Buyers paying cash accounted for 27.5% of home sales, down from an all-time peak of 36.9% this February. Now cash buyers make up the lowest part of the market since Sep. 2010.

In October 12.0% of Southland home purchase loans were adjustable-rate mortgages (ARMs).  Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.3% of last month’s Southland purchase lending. FHA loans accounted for 19.7% of all purchase mortgages last month.

The typical monthly mortgage payment Southland buyers committed to paying in October was $1,499, down from $1,547 the month before and up from $1,115 a year earlier. Adjusted for inflation, it’s 48.8% below the current cycle’s peak in July 2007.

The average rate for a 30-year fixed-rate mortgage was 4.19%, up from the year-ago rate of 3.38%.

As mortgage rates move up, some economists speculate home prices may have peaked for the time being. “The increase in house prices already seen is bringing hesitant and previously sidelined sellers back to the market, helping to drive a loosening in supply conditions,” said Paul Diggle at Capital Economics. “Meanwhile, the recent sales activity data have come in fairly weak, which will further add to the loosening in the balance between supply and demand.”

And what of affordable housing for purchase in the Los Angeles area? Let’s let the kittle of fish stew a while longer.

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.

**

http://blogs.wsj.com/economics/2013/11/26/a-look-at-case-shiller-by-metro-area-27/

https://www.terradatum.com/cmm/CLAW;jsessionid=DBE5D6EF3971B1CEF43522C95C715527

http://www.car.org/newsstand/newsreleases/2013releases/aug2013sales

http://www.santamonicapropertyblog.com/?p=5339

http://laedc.org/business-assistance/additional-resources/e-edge-newsletter/#3

http://www.dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA131112.aspx

http://cdn.bleacherreport.net/images_root/slides/photos/002/607/282/hi-res-159007594_crop_650x440.jpg?1357951997

http://www.bloomberg.com/image/inFMuFFEhmqA.jpg

http://www.trbimg.com/img-51088347/turbine/la-apphoto-us-home-prices.jpg-20130129/600

http://www.calculatedriskblog.com/2013/11/comment-on-house-prices-and-graphs.html

http://www.amillionlives.net/wp-content/uploads/2011/01/Calculate-a-Mortgage-Payment.jpg

http://www.trbimg.com/img-51088347/turbine/la-apphoto-us-home-prices.jpg-20130129/600

 

MORE HOUSEHOLDS IN OUR FUTURE

September 18, 2013 on 12:13 am | In Buyers, Market Trends, Statistics, Uncategorized, WOW | No Comments

by Jodi Summers

A lot of people needed to get out of the house. The economy is in forward motion, there has been a positive turn in U.S. household formation and a rising demand for all types of housing, including multifamily and single-family rentals…but a lot of people who should be forming their own households are not.

Think of a house as one or more people who live in the same home. Before the housing bust, an average of 1.1 million new households were formed each year in the U.S.

Household formation plummeted during the Great Recession, as young adults moved in with their parents and older adults moved in with their children, people took in roommates. From the first quarter of 2008 to 1Q 2011, around 450,000 households formed each year. 2011 went back to the norm of 1.1 million and new household formation swelled to 2.4 million in 2012.but there’s more to come.

Pontificators believe there is still an estimated 2.4 million missing households that should be forming in the near future. For more than two years, housing permits, housing starts, resales and new single-family sales have been on the rise. Only household formation is still lagging.

Job growth is the primary driver for household formation and the steady employment growth of the past three years is another impetus for new household formation. Young adults between 18 and 34 years old are itching to get out on their own and start living their lives.

“You’re just seeing a lot more people getting reengaged,” said Sterne Agee analyst Jay McCanless. “Housing demand, whether its rental or ownership, is a positive indicator.”

Grow up. Go forth. Get on with your life. Good luck.

**

http://trends.truliablog.com/

http://www.socalmultiunitrealestateblog.com/?p=2462

http://www.inman.com/2013/06/24/experts-doubt-surge-in-mortgage-rates-will-derail-housing-recovery/#sthash.tIYOmxTO.dpuf

http://www.inman.com/2013/07/24/missing-households-represent-big-source-of-pent-up-demand/

http://www.housingwire.com/news/2013/07/15/conditions-are-ripe-household-formation

http://customerrespect.com/blog/wp-content/uploads/2012/06/class2012.jpg

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SANTA MONICA + VENICE REAL ESTATE SNAPSHOT ~ SEPTEMBER 2013 ~ THE SUN IS SHINING

September 2, 2013 on 3:38 pm | In Market Snapshot, Market Trends, Of Local Importance, Sellers, Statistics, Uncategorized, WOW | 5 Comments

by Jodi Summers

If you own real estate at the beach, life is like a holiday by the sea, today is good, tomorrow even better.  As you enjoy the ocean, the  equity just keeps on rising. Figure if California real estate is strong, coastal real estate is stronger. And, BTW, California real estate is good.  We will soon be seeing more property millionaires.

The California Association of Realtors reports that the July year-over-year statewide median price increased by 29.8%  to $433,760 (rah! Rah! RAH!).  California strong. By, comparison, the national median price for an existing single-family home in 2Q 2013 was $203,500 – up by 12.2% from a year earlier.

Here at the end of the 10 freeway, the median asking price for Santa Monica and Venice residential properties is up 25% from August 2012, while the median price of sold properties is up 28%. These statistics reaffirm what we all know; the beaches are in multiple offer situations. And here’s a number to make property owners proud and buyers concerned – the median sold price is an eye-popping $1,495,000. Life is lucky @ the beach.

Life in California is good for those who can get it. Inventory of unsold single-family homes in California held steady over the month at a 2.9-month supply, down from 3.5 months a year ago. Inventories in Los Angeles County continue to be tight but eased over the month from 2.8-months in June to 2.9 in July.  The desire to live at the beach, which has been escalating prices, is also squeezing inventory. Santa Monica and Venice have had a 27% drop in inventory in the past year. Sellers there’s money to be made.

Want it all in a nutshell? Here is a year-over-year summary of sales and price activity in Southern California by county:

Los Angeles County: unit sales were up by 1.7% over the year to July and the median price climbed by 26.1% to $421,350.

Orange County: sales rose by 5.2% last month, while the median price increased by 22.5% to $675,000.

Riverside County: sales of existing homes fell by 7.6%, but the median price jumped by 31.5% to $294,300.

San Bernardino County: sales increased by 7.0%, while the median price climbed by 23.7% to $180,270.

San Diego County: unit sales moved up by 8.5% and the median price increased by 23.3% to $483,800.

Ventura County: existing home sales increased by 11.4%, while the median price rose by 28.3% to $545,720.

Mortgage interest rates edged up in July, but this has yet to impact home sales. The average rate for a 30-year fixed-mortgage was 4.37% versus 4.07% in June, and was up from the year-ago rate of 3.55% in July 2012.

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.

**

http://www.car.org/newsstand/newsreleases/2013releases/july2013sales

http://www.nahb.org/

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

http://www.santamonicapropertyblog.com/?p=5179

http://www.localsplash.com/wp-content/uploads/2011/06/SoCal-Map.jpg

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

 

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