Jodi Summers = Santa Monica Real Estate

SANTA MONICA REAL ESTATE SNAPSHOT ~ APRIL 2013 ~ WE NEED MORE!

by Jodi Summers

The good news rose like a phoenix from the bleakness of winter. In February, the median sale price on existing California homes ascended 24.2% to $333,880 < marking a full year price gains. The California Association of Realtors added that sales of homes priced above $500,000 increased by nearly 31% over the year (our neck of the woods) compared with sales of homes priced below $300,000 which declined by 27% over the same period…basically homes priced below $300,000 are disappearing. Lack of inventory is creating fierce competition for available homes > elevating the median sale price.

Have you had the chance to experience the frenzied bidding wars taking place on properties north of Montana Ave.? Well-priced homes for sale in the areas of much-coveted Franklin and McKinley elementary schools and near the beach can go for $500,000 above asking price. Some of our sellers with strategically located and priced properties are getting close to two dozen offers. Big cash offers are often the winners.

Didja know, in Santa Monica, our median sold price for residential properties can vary greatly depending up if more houses or condos are sold in any given month. According to Clarus Market Metrics – In February, the median sold price was way up @ $1,040,000…more houses. In March 2013, the median sold price may be down -3% year-over-year, but down 23% for the month to $795,000 < more condos sold than houses last month.

A slow mile does not lose a marathon. If we look at a three-year picture for Santa Monica sold properties, Median Sold Price by quarter is up 20% from Q1 2011. Sellers take note – prices are beginning to approach previous highs. The median price of for sale properties is up 34% from 3 years ago. We’re about to hit the busy buying season for beach lovers and families with kids…just think of how great our sales numbers will look in June!

Looking at the region, the median price paid for all new and resale houses and condos sold in the six-county Southland was $320,000 last month, down 0.3% from $321,000 in January and up 20.9% from $264,750 in February 2012. We hit a high of $330,000 in August 2008.

“March and April will offer a better view of how broader market trends are shaping up this year. One of the real wild cards will be how many more homes go up for sale,” offers DataQuick president John Walsh. “More people who’ve long been thinking of selling will be tempted to list their homes at today’s higher prices. Fewer people will be underwater and therefore could at least break even on a sale. Some investors who’ve held for a while will consider cashing in. A meaningful rise in the supply of homes on the market should at least tame price appreciation.”

Demand for homes is strong, but the lack of inventory is having a negative impact on sales. The inventory of unsold single-family detached homes in California declined last month to a 3.6 month supply < compared with 5.4 months a year ago. Los Angeles County had a 3.3-month supply of single-family homes in February, down from 5.7 months during the same period of 2012. Homes are also selling fast, with the median time on the market for single-family home in California was 34.2 days in February < versus 57.4 days a year ago.

Sellers, where are you? Demand is exceeding supply in Santa Monica with less than 1.5 months of inventory on the market in Santa Monica < an inventory drop of -63% from March 2012.

A bigger perspective. Here is a year-over-year summary of sales and price activity in Southern California by county:

• Los Angeles County: unit sales declined by 5.2% over the year to February, but the median price shot up by 23.8% to $337,630.
• Orange County: sales edged up by 1.0% last month, while the median price soared by 25.1% to $607,230.
• Riverside County: sales of existing homes contracted by 12.0%, but the median price increased by 22.5% to $245,830.
• San Bernardino County: sales declined by 12.7%, while the median price rose by 18.0% to $156,360.
• San Diego County: unit sales ticked up by 0.5% and the median price increased by 12.3% to $407,220.
• Ventura County: existing home sales were up by 2.4% and the median price rose by 17.7% to $461,960.

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

https://www.terradatum.com/cmm/CLAW;jsessionid=072C8FA3CE76056976C72596933C34D7

http://www.santamonicapropertyblog.com/?p=4858

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

http://www.dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130313.aspx

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.

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Sotheby’s International Realty, Inc. is Owned and Operated by NRT Incorporated.

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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

THE LIGHT RAIL IS COMING TO SANTA MONICA > AND DECONSTRUCTION MEANS RECYCLING

By Jodi Summers

With the light rail coming down Olympic Blvd. and then switching over to Colorado, you know there ‘s a whole lot of new construction going on in downtown Santa Monica. All this new construction means a whole lot of old buildings have to come down before the new buildings can be built and with all our deconstruction that means a while lot of waste.

As of 2011, the Cal Green Building Codes requires all structures built in California recycle 50% of the waste generated by construction. Santa Monica, green haven that we be, requires 65% of waste from construction and demolition sites to be diverted from landfills. That will move to 70% in the near future.

For the records, waste includes anything you discard from the site; wood scraps, cardboard, flashing, paint and finishing products, tools, drywall, concrete, asphalt, plastic bags, remnants of insulation, etc.

Key to repurposing old materials is the concept of “embodied energy,” or maintaining the resources needed to make the product in the first place, offers Brenden McEneaney, a green building program advisor with the Office of Sustainability and the Environment. “If you make a brick, clay had to get dug out of the ground and brought to a manufacturing facility kiln,” he elaborates. “A lot of carbon was expended to make that product in the first place, and a lot would be expended to make a new product.”

Reuse is a vital new business model, employing nearly 170,000 workers at an annual payroll of $2.7 billion and generates $14.1 billion in revenue, according to the Environmental Protection Agency.

Reusing existing materials saves on transportation impacts and other resources like water and chemicals needed to –let’s say – turn a brick into something like gravel or road base.

Failure to achieve the CalGreen recycling goals could result in delays in receiving Final Inspection Approval and a penalty equal to 2% of your project’s value. All penalties must be paid before Final Building Inspector Approval, so there’s no way around it.

In Santa Monica, one can find recycling solutions at locations like Bourget Brothers and the Reuse People’s program > who claim to be able to get between 80 and 90% of the construction and demolition waste diverted.

The Reuse People reach their recycling numbers by working with contractors to carefully take apart buildings to reclaim as much of the original materials as possible. They then transport them to local warehouses where they sell the products below market costs.

Locally, Bourget Brothers Building Materials has gotten into the business of selling recycled materials > be they doors, cabinets, or even old railroad ties. John Bourget has taken to scavenging the building site for desirable recyclables, like old bricks or railroad times.

Didja know A reclaimed brick can be resold for almost the same price as a new one, somewhere between 80 cents and $1.25 in Bourget’s estimation, and it prevents a brand new structural brick from being used unnecessarily.

What with the light rail under construction on the West Side, there is surplus material around everywhere. As city like Santa Monica as a prime market for recycling because builders, homeowners and other businesses have embraced the idea of adaptive reuse.

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http://www.smdp.com/Articles-local-news-c-2012-02-02-73412.113116-Reuse-of-building-materials-gets-play-in-Santa-Monica.html

http://www.slocounty.ca.gov/Assets/PW/DevServ/general/Cal+Green+Recycling+Requirements+for+Construction+Sites.pdf

https://www.google.com/search?q=santa+monica+construction&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a

http://la.curbed.com/uploads/2009.02.expotrain.jpg

http://www.smdp.com/datedimages/2011/09/12/b38A4BYsX3554B27.lg.jpg

http://farm3.static.flickr.com/2685/4333789304_7a03e703e7.jpg

http://www.admacsalvage.com/images/doors.jpg

http://homeinthestraw.files.wordpress.com/2011/06/large_17coverkierdan.jpg

http://www.santamonicaalliance.com/storage/be%20excited%20be%20prepared%20logo.bmp?__SQUARESPACE_CACHEVERSION=1317175580121

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 GETS LABOR BEFORE MASS TRANSIT

by Jodi Summers

Have you been part of the morning line of traffic waiting to get off the 10W freeway at Cloverfield? The jobs came to the beach before the mass transit. Think of how much easier the commute will be when the Bergamot Station stop on the Expo Line opens in 2015…just get a new place down the line…

Nationally, more than three-quarters of all jobs in the 100 largest metropolitan areas are in neighborhoods with transit service. Not that Santa Monica is one of the largest, we’re just a small metropolis…but between the Big Blue Bus, L.A. Metro Bus and the light rail line, you will be able to get pretty much anywhere in our 8.5 square mile city by mass transit…In Santa Monica, we are building lots of new apartments, townhomes and condos so you to live in along route.

A study by the Brookings Institute found that western metro areas like Los Angeles and Seattle exhibit the highest mass transit coverage rates. When combining bus and rail service, they exhibit near ubiquitous transit coverage rates and enable their jobs to access over half of their local labor pools. Los Angeles is better than average. Are we really up there with New York and Chicago? If so, just imagine trying to take the bus to work in Kansas….

Pundits say that the typical job is accessible to only about 27% of its metropolitan workforce by transit in 90 minutes or less. Labor access varies from the high of 64% in metropolitan Salt Lake City to a low of 6% in metropolitan Palm Bay, Florida. Studies conclude that city jobs are consistently accessible to larger shares of metropolitan labor pools than suburban jobs, reinforcing cities’ geographic advantage relative to transit routing. Hey, Santa Monica’s daily population is around 250,000 – more than double our nighttime population of 90,000. People are coming here for more than the beach. If you want to live here and join the fun, we can accommodate you in finding your new home.

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http://www.brookings.edu/research/papers/2012/07/11-transit-jobs-tomer

http://www.brookings.edu/~/media/research/files/papers/2012/7/transit%20labor%20tomer/pdf/Los_Angeles.pdf

http://www.santamonicapropertyblog.com/?p=4570

http://www.socalgreenrealestateblog.com/?p=2359

http://reconnectingamerica.org/resource-center/browse-research/2012-2/where-the-jobs-are-employer-access-to-labor-by-transit/

http://www.socalofficerealestateblog.com/?p=2238

http://www01.smgov.net/cityclerk/council/agendas/2010/20100713/s2010071308-A_files/image032.gif

THE SANTA MONICA PIER IN A NEW LIGHT

by Jodi Summers

Old meets new. The century-old Santa Monica Pier has new millennium lighting. The City of Santa Monica recently updated all bulbs that light the Pier to LED versions, which are  heralded as being more energy efficient, last longer and provide more focused beams than their counterparts.

Nearly 1,600 fixtures on the carousel, “necklace” lights that surround the structure, flood lights, street lamps and globe lights will get the upgrade, saving 216,000 kilowatt hours per year compared to the traditional bulbs. A portion of the new LED lights will be replacing incandescent and compact fluorescent bulbs that burned out some time ago, bringing new life to the pier.

“We will be making this jewel of the city brighter and more sustainable,” praised pier manager Rod Merl.

City Hall received $114,370 for the Pier Lighting Retrofit project and another $554,000 for the wider LED Street lighting project, which served to replace streetlights throughout the city with new bulbs. Savings on the Pier project work out to roughly $39,466 saved per year in energy costs, according to the Office of Sustainability and the Environment. In addition to saving electricity, the new fixtures are expected pier staff a lot of time….particularly when it comes to maintaining the necklace lights that loop around the pier deck, where the globe lights would burn out regularly.

LED lights are more expensive by the piece, but according to the U.S. Department of Energy, a high-powered white LED light can last between 35,000 and 50,000 hours. By comparison, the average incandescent light lasts between 720 and 2,000 hours, a compact fluorescent usually runs between 8,000 and 10,000 hours.

If the new LED lights were on 24 hours a day, they would last 5.7 years, calculated Carlos Rosales, an engineer with the public works department. “Since they only turn on at night, they should last 10 years,”

And they should all need to be replaced at about the same time.

Another benefit to the lights in the eyes of City Hall is how they project their beams.

Unlike incandescent bulbs which scatter light, LEDs are more focused, meaning they do not have the fuzzy “glowing” quality that many are used to.

“The old-fashioned kind of lights tends to cast a wide area,” Merl observed. “One of the things with the new lighting heads, the light pools where you want it to rather than dispersing in all directions.”

Shine on you crazy pearl necklace….

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http://www.smdp.com/pier-to-get-new-more-efficient-lighting/110795?utm_source=Santa+Monica+Daily+Press+List&utm_campaign=9cd6cf3bec-SMDP_Daily_Template6_10_2010&utm_medium=email

http://www.socalgreenrealestateblog.com/?p=2331

http://imagesme.net/igreenspot/energy-efficient-santa-monica-ferris-wheel1.jpg

http://www.santamonicapropertyblog.com/?p=4563

http://www.sfgate.com/blogs/images/sfgate/sfmoms/2008/07/02/IMG_4482498x333.JPG

http://cache.mojopages.com/images/business/10747279/santa-monica-pier-carousel1103543221.jpg

http://www.santamonicalandmarks.com/images/pic3-33b.jpg