By Jodi Summers
While trolling through pages and pages of information and statistics, we came across this really cool graph of the top 1% of money earners vs. the average American > check it out….
Thanks to the Big Picture – http://www.ritholtz.com/blog/2012/03/1-vs-average-american///#more-77424
by Jodi Summers
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%.
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.
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 – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
The market is flooded with home inspectors due to the ease of getting into the profession. While this may seem beneficial to someone looking at hiring an inspector for their home purchase or sale, it can often be problematic. Sure, you’ll have a large number of inspectors to choose from and chances are you’ll be able to find a great deal – however, there’s more to hiring a home inspector than just the cost. As mentioned, getting into home inspecting is often fairly easy as licences are not all that difficult to obtain – in fact, many home inspectors operate without a licence. As such, along with the large number of inspectors to choose from come a large number of inspectors who aren’t quite as qualified as they should be. Fortunately, we’ve provided you with some great tips below on how to find a great home inspector.
- Licensing and Professional Association Membership
As mentioned, obtaining certification to be a home inspector can be a fairly simple process and doesn’t ensure that you’ll be hiring a quality inspector. However, to be more confident in your choice, check to see if the inspector is a member of any professional associations. For instance, in Canada there is the Canadian Association of Home and Property Inspectors and in the United States there is the National Institute of Building Inspectors. While this still doesn’t guarantee a great home inspector, many of the requirements for becoming a member are rigorous and membership can attest to their expertise.
- 2. Get Referrals
Your real estate agent will be one of the best people to give you a referral to a good home inspector. Granted their large involvement in the housing market they’ll likely know many inspectors and be familiar with the level of work they provide. Be sure to ask numerous questions and get the names of a few inspectors they know personally. Ask if the inspector is someone they’d hire to inspect their personal home. In addition to your real estate agent, consider asking family and friends if they can provide you with the name of a great inspector. If they’ve recently bought or sold a home, chances are they would have had a home inspector.
One of the best ways to ensure the inspector you’re hiring will provide quality work is to ask them a lot of questions. Ask them how long they’ve been in the business, how many homes they’ve personally inspected, how long they typically take to inspect a home, and what type of reports they will provide. These types of questions will give you an idea of the level of expertise and experience they possess. In addition, find out if they have errors and omissions insurance as this is often a good indicator of their level of professionalism in the field.
Hiring a good home inspector doesn’t have to be difficult. By doing a quick background check on potential inspectors, getting advice from your real estate agent, friends, and family, and interviewing potential inspectors yourself, you’ll be well on your way to finding the perfect home inspector.
The world loves the Santa Monica Pier. It’s top 10 in popularity for Instagram locations. The view of the Pier from the balcony is one of the many selling points for the new multimillion dollar Waverly and Seychelle condos at the Village @ Santa Monica. We enjoy the Santa Monica Pier in many ways for many reasons. Next time you walk down the Pier, put on your goggles and duster, and travel back in time to a different millennium…the Santa Monica Pier is laden with local lore and savory history….start at the top and work your way to the end….
According to the Los Angeles Times, the first passenger train reached Santa Monica in January 1889. Entertainment entrepreneurs saw an opportunity. Abbot Kinney, a gentleman from a well-to-do New Brunswick, New Jersey family, became interested in land development along the Los Angeles coast. In 1891 Kinney and his partner Francis Ryan bought controlling interest in the Ocean Park Casino and the surrounding tract of land.
They built a beach resort called Ocean Park. Ocean Park Pier in the center of their resort at Pier Avenue opened in 1898.
1. THE SANTA MONICA PIER – Noticing the success of the Ocean Park Pier, the City of Santa Monica got the vision of doing a municipal pier. After 16 months of construction, on September 9, 1909, the Santa Monica Municipal Pier opened to the public. (The City wrote it into the budget by making its primary use to carry sewer pipes beyond the breakers.) The 1,600-foot-long wooden pier unfurled before you opened with festivities and gala hoopla that included band concerts, swimming races and the novelty of walking above the waters of the Pacific Ocean. Clean and austere, the pier had no amenities.
2. THE SANTAMONICA PIER SIGN – In 1940, a new bridge to the Pier was constructed. During the grade project, the road down the Pier was cut off from traffic, and business suffered. The Pier’s business community installed the iconic arched blue neon sign to re-confirm the Pier’s location and access to motor traffic. The city-designated historic landmark and registered trademark frequently appears in movies and TV shows.
3. The LOOFF HIPPODROME – Opened in June, 1916 on what was then called the Looff Pleasure Pier, the Santa Monica Looff Hippodrome is located on what is now known as the Newcomb Pier, adjacent to the Santa Monica Pier. The Hippodrome is a nationally landmarked structure that might best be described as “a California-Byzantine-Moorish-style fantasy” that sits at the shore end of Santa Monica Pier. This unique structure has been home to a succession of vintage merry-go-rounds and Wurlitzer organs. Back in the early days, the hippodrome was accompanied by the Blue Streak Racer wooden roller coaster and the Whip and Aeroscope thrill rides.
A success on the East Coast amusement scene, Looff moved to Long Beach in 1911 to focus on the West Coast amusement movement. He was aware of the Santa Monica Pier’s success, and in 1916 reached an agreement with the City of Santa Monica to purchase the northern 200 feet of beachfront property for $50,000 to build a pier alongside the Municipal Pier.
It has been reported that Looff chose Santa Monica to build his amusement pier because, “the bathing beach at Santa Monica is well-known as one of the finest on the Pacific Coast, it attracts the highest class of people, and
transportation facilities afforded are unequaled.”
Looff, the man responsible for the hippodrome, is one of this country’s most noted carousel builders. His legacy is the innovations he made to the carousel horse. The moving horses were slender and graceful and inferred motion. The manes featured “cut through” openings, which looked dramatic, but where very time consuming to carve. Around 1905, Looff designed a saddle that resembled a scoop, a design that is still found on carousel horses today.
The hippodrome currently houses the 1922 PHILADELPHIA TOBOGGAN COMPANY CAROUSEL with 44 hand-carved horses and a Wurlitzer band organ.
4. If you notice, there is a yellow beam connecting the two piers that make up the Santa Monica Pier. The Municipal Pier was built in 1909 to carry a pipeline for disposal of treated sewage out to the ocean – a practice that ended in the 1920s. It became two piers when Charles Looff built the wider “pleasure pier” along the south side for his amusement park.
5. THE BOWLING & BILLIARD BUILDING (1917), now houses Piazza Al Mare and Rusty’s Surf Ranch. The surf broke beneath this building until 1933, when the addition of the breakwater changed the currents, inadvertently creating the super-wide beaches for which Santa Monica is now famous.
6. In popular folklore, ROUTE 66 stops or starts here—depending on whether you’re heading west or east—2,448 miles from Chicago. In reality, the official terminus is at Olympic and Lincoln boulevards, but since that’s a freeway intersection, this is a safer location.
7. PLAYLAND ARCADE opened in 1950 and is the Pier’s longest-running enterprise, still owned and managed by the family that started it.
Gone but not forgotten…SINBAD’S (1955-73) was housed in a bright-red building that once defined the Pier’s profile. Built next to The Bowling & Billiards Building, it opened in 1918 as a banquet hall. It was moved next to THE LA MONICA BALLROOM in 1925, and ultimately became legend as Sinbad’s.
More than 50,000 people attended the July 23, 1924 grand opening of the La Monica Ballroom, enough to cause the first traffic jam recorded in Santa Monica History. The LaMonica boasted a 15,000-square-foot maple dance floor and drew thousands of dancers and celebrity orchestras until the Depression ended its reign. In 1948, Spade Cooley, a country swing music star, televised his weekly TV show in the ballroom, making that the first time that a musical show was televised live. The grand ballroom became a roller skating rink in 1958. Due to overuse and exposure to the elements the ballroom was showing its age when it was demolished in 1963.
6. PACIFIC PARK has been in operation at the Pier since 1996 -, the first full-scale amusement park on Santa Monica Pier since the 1930s. The park looks directly out on the Pacific Ocean, in the direction of Catalina Island. It is the only amusement park on the West Coast of the United States located on a pier. There are a total of thirteen rides in Pacific Park, including the world’s only solar powered Ferris wheel and a roller coaster that circles the majority of the park.
In 1974, the City acquired ownership of the adjacent privately owned pier, and saved both structures from demolition. In the 1980s the pier was almost destroyed by winter storms. In 1983 the city formed a Pier Restoration and Development Task Force (now the Pier Restoration Corporation), with the goal of returning the pier to its former glory.
In 1989 the Pier Restoration Corporation elected to “make the pier a year-round commercial development with amusement rides, gift shops, nightclubs with live entertainment and restaurants” that would be “reminiscent of its heyday in the 1920s and 1930s”. The 2-acre Pacific Park opened in 1996 as a full-scale family amusement park.
7. THE YACHT HARBOR – is under water. Do you notice how the Santa Monica Pier sign says yacht harbor on it, yet there is not a yacht or a mooring in site? That dream began in the 1920s, when entrepreneurs like retired sailor named Olaf C. Olsen created fleets of recreational fishing boats. Olsen was a local hero, fought to keep large-scale commercial net fishing out of the bay, and during the Great Depression legend has it donated part of his own catch to needy families. All the locals knew Olsen and admired him. One pier visitor, Elzie C. Segar – the author of a popular comic strip called Thimble Theater – met Olsen, and he inspired him. He created the cartoon character Popeye after Olsen.
In 1933 a bond issue was passed allowing the city to build a breakwater and create a yacht harbor so boats could be safely moored and to also protect the pier. Construction on the breakwater was completed on July 30, 1934, just in time for the highly publicized Santa Monica Regatta. A collection of yachts, including Charlie Chaplin’s, as well as fishing boats and a cruise liner to Catalina made the yacht harbor their home base.
Unfortunately the breakwater was poorly engineered and began to sink into the sandy ocean bottom and is now almost completely submerged. When Marina del Rey, then the worlds’ largest man-made pleasure boat harbor, opened in 1965 just a few miles south of the pier, it signaled the end of boating activities at the Santa Monica Pier.
8. Paddle boarding was imported to Santa Monica from the Hawaiian Islands in the 1930s. Inside the safe protection of the harbor paddleboard racing thrived. Two clubs, the Santa Monica Paddle Board Club and the Manoa Paddleboard Club called the Pier their home. The sports thrived until the 1950s, when competitive surfing become the favorite. The recently re inaugurated annual PADDLEBOARD RACE AND OCEAN FESTIVAL commemorates the Pier’s long connection to ocean sports and lifeguarding.
9. THE FISHING DECK – The Santa Monica Pier has long been a favorite among the fishing community. People have great stories about fishing on the Santa Monica Pier – not just the folktales of the 500 pounders that got away (referring to the giant black sea bass which were once prominent in the area).
Teenagers tell tales of fishing at night along with a number of Chinese fishermen who made a regular habit of snagging crabs with large treble hooks. They kept a fire going under a large pot filled with seawater. As they caught a crab it went into the pot and it became a sort of communal crab feast.
When this pier, like many, was damaged by the 1983 storms, its future was debated, debated, and finally debated some more before the $30,000,000 renovation was begun. On April 5, 1990, one phase of the work was finished and a reconstructed Municipal Pier celebrated its rebirth. Today, the end of the pier has special sections designed for anglers and it is one of the most attractive piers in the state.
Drop a line you might catch the occasional 22-37″ halibut, but “More common than halibut are white croaker (tom cod), queenfish (herring), sardines, walleye surfperch, salema, sargo, scorpionfish (sculpin), kelp bass (calico bass), sand bass, Pacific mackerel, jack mackerel (Spanish mackerel), and bonito (on live bait or bubbles with a feather). Occasionally, barracuda, white seabass or even yellowtail will show up – most often out at the end of the pier in deeper water.”
We’ve all laughed at the postcard of multimillion California homes….but the scary thing is that is becoming reality. In Santa Monica, the million-dollar “shack “is a century-old bungalow by the beach in need of rehabbing. This has become the bottom of the seaside single family residential home market.
In Ocean Park, the ideal Santa Monica Beach community, pricing chaos began on October 11th. A newly remodeled 1-bedroom +1-bathroom
bungalow less than 600 total square feet, on a well-designed lot came on the market at $825,000 and promptly went into escrow in multiple offers.
411 OCEAN PARK – What the advertising doesn’t tell you is that this $895,000 2-bed + 1 bath 1920 bungalow on a hill on a boulevard.
It will be open on Tuesday 10/29/2013 – 11:00AM-2:00PM. Lot is slightly under 3,000 sf. Carport.
666 NAVY ST , a 2-bed + 1 bath 1914 probate in need of a remodel on a 4,000-sf lot, is now on the market $949,000.
2635 6TH ST, “Adorable California bungalow on huge 6,000 SF lot in Ocean Park.” is selling for $1,150,000. With OP2 zoning, you can build two units.
That’s open on 10/29/2013, if you’re interested.
If you’re looking for a move-in condition house bottom end of the market is 727 OZONE ST a 3+2 priced at $1,200,000 – also open Tuesday.
And prices go up from there. According to the MLS, the current high price for a home in Santa Monica is 1525 SAN VICENTE BLVD – a 22,794sf home on a 58,806sf lot for $29,995,000 – it has
13 bathrooms. Showings upon request.
The current low price for a condo is 1621 CENTINELA AVE #B a 1+1 for $370,000.
Showings upon request.
The starting prices on 1-bedroom condos in Ocean Park is $449,000 – 1/3 of the $1,225,000 starting price of the new condos down Main St. … so…value is all relative.
For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
We are not the listing agent on these properties Information is from the mls.com
As technology has improved it has touched nearly every aspect of our lives. Mobile phones, computers and the internet have changed the way we do everything from talking to friends to meeting deadlines. The home is the next frontier – just take a look at the big screen TV all your furniture is pointing at in the living room and you’ll quickly see the importance of technology in this setting.
Technology is at its best though when it genuinely improves our lives and addresses serious issues for the better. In the future a lot more of our technology is going to be designed to help us use less power and even to end our reliance on fossil fuels. And much of that is going to be found in the homes of tomorrow…
The truly exciting technology of the future though may not be technology in the way we think of it at all: it might be biological. Algae lamps are already being tested for use in street scenarios and work by using genetically modified algae that absorbs CO2 and generates light as a bi-product of this synthesis.
There are problems with using these lamps in public – vandalism being one issue that would have to be addressed (the lamps are like giant lava lamps and might prove to be too much of a temptation for some people). However for use around the home they could be much more viable. And that way you wouldn’t just be reducing your carbon footprint – you’d be actively removing CO2 from the atmosphere as well.
Better yet this kind of algae could also be used in paint and other applications. You may not need street lamps at all in the future – because every house on the street might give off its own luminescence.
Water clinging to your windows and walls looks bad, but it also ‘steels’ heat energy from your rooms for evaporation. Coatings of nano-materials can completely seal surfaces and prevent anything from gripping to them or being absorbed. In the future you’ll be able to throw a bucket of water at your window and it will remain completely dry.
Other uses for nanotechnology may be for power cells in your windows allowing them to generate electricity from outside heat. Eventually your entire home might be one giant solar panel…and we’ll be baking in California.
While automation may seem frivolous, it does have uses other than keeping us sat on the sofa. In your smart home, you can automate your lighting and heating to react in certain ways, allowing you can precisely calculate the amount of energy that you’re going to use in a year – part of the Green Button innovations offered by your utility company. Usage analysis allows the smart home to employ more efficient protocols so that we use precisely the amount of energy we need.
Expect the efficiency of our appliances to improve so that green home to the point where we can have the rooms just as toasty and just as bright but use considerably less energy to do so. As technology improves and engineers come up with smarter and smarter solutions, washing machines may no longer be quite the energy hit that they once were. Energy saving light bulbs, electric showers and double glazing are all examples of technologies that have been adopted in the last few decades and we can only expect more of the same going forward.
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. Now there’s no other way.
In 2008, California energy regulators adopted 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.
Expect more and more homes to start adopting alternative methods of generating electricity. The use of solar panels has spread recently thanks to improved product and government incentives. Expect this technology improves too it will become cheaper and more practical. Wind turbines and geothermal piping will also start making its way into more of our homes so that even when there’s a power cut we’ll still have plenty of options to carry on using our appliances.
Our future, efficient, self-sufficient and definitely very green.
This guest post is authored by Gemma Hastings. She specializes in providing informative pieces on environment, ecology, going green, solar power and more. For more information you can visit her website http://www.solarpanelgrants.org.
Powered by Digital Shake LLC