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?
The SoCal Investment Real Estate Group
Sotheby’s International Realty
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.
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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.
by Jodi Summers
The recession has impacted each generation in a different way. Millennials are experiencing high unemployment rates. Boomers are delaying their retirement due to the economy. Gen X has taken the largest hit to their net worth.
A recently released Census report found that people between 35 and 44 saw a 59% decline in median household net worth between 2005 to 2010 < the largest decline in net worth of all age groups. Those 55 to 64, saw a 25% drop, though they had a larger decline in actual dollar amount, as they had saved more.
Generation X – a.k.a. the MTV generation – was born roughly from 1965-1982. They grew up with the introduction of the home computer, the beginning growth of video game era, cable television and the Internet. Their cultural perspectives and political apathy have been shaped by series of events that include the 1973 oil crisis, the 1979 energy crisis, the 1980 election of Ronald Reagan, the 1986 Chernobyl disaster, the 1986 Space space Shuttle Challenger disaster, the 1987 Black Monday, the 1989 fall of the Berlin Wall and the end of the Cold War, the elections of George H.W. Bush, William (Bill) Clinton and the savings and loan crisis that preceded the early 1990s recession. Other attributions include the AIDS epidemic, the crack cocaine epidemic, the War on Drugs, the Iran hostage crisis, Iran-Contra Affair, Operation Desert Storm, the Dot-com bubble, grunge and alternative rock, and the global influence of the hip hop culture and music genre.
Gen X is a relatively small group of 46 million people. A quite generation, they have largely stayed out of the headlines. They have also tried to do everything right financially. Most have worked at a stable job for years, built a comfortable savings, and possibly bought their first home at the market’s peak. Then when everything came crashing down, they were stuck with an underwater mortgage, young kids in the house, possibly a job loss, and unlike boomers, they never had a chance to diversify their portfolios, potentially losing a lot of what they had in stocks.
The chart below shows that although all age groups lost net household worth during the recession, Gen X felt the brunt of it:
How did they get the space? Construction has started on a 12-building complex, $120-million multifamily project at 4201 Via Marina in Marina del Rey. Called the Shores, designed by Nadel Architects, the project is scheduled to open in spring 2013.
Located on an eight-plus acre site, the 12 inter-connected, five-story buildings will offer 544 units, with one-bedroom and two-bedroom options, ranging in size and floor plan from 650 square feet to 1,245 square feet. At the heart of the complex lays a two-acre park-like courtyard with lush greenery, open space and outdoor amenities, such as fire pits, BBQs and a pool and spa….not unlike the Shores towers in Santa Monica.
“In dealing with high-density projects such as Shores, we know it is important to include design elements that will not only accommodate the large number of residents, such as private subterranean parking, but also to provide opportunities for chance social interactions,” representatives noted in a prepared release. “The range of outdoor spaces, plus the club, social room, gym, etc. will leverage the resident’s interaction…It is this attention to detail that makes Shores such a unique, near-the-water living experience.”
The County of Los Angeles, which owns and manages Marina del Rey, along with owner and developer Jerry Epstein of Del Rey Shores, LLC, “envisioned the need for renovation and redevelopment to meet the demand for new, quality, higher-density, contemporary apartment living near the ocean.”
The inception of the plan for the project dates back to January 2001. Vice president of Del Rey Shores, David O. Levine explains in a prepared statement that plans went through a “lengthy entitlement and design approval process, and then through the arduous HUD review, and finally to realization in today’s challenging construction environment.”
by Jodi Summers
Proposition 13 limits annual tax increases on both commercial and residential properties at 2% each year after a sale takes place. The landmark 1978 California tax change was passed, in part, so that older Californians are not priced out of their homes through high taxes. Proposition 13 has been called the “third rail” (meaning “untouchable subject”) of California politics, and it is not popular politically for lawmakers to attempt to change it.
Sen. Mark Leno (D-San Francisco) wants voters to alter Proposition 13 to make it easier to pass local taxes for schools. Leno is introducing a constitutional amendment that would allow local parcel taxes for schools to pass with 55% of the vote, instead of the two-thirds currently required.
Proposition 13 (officially named the People’s Initiative to Limit Property Taxation) was an amendment of the Constitution of California enacted during 1978, by means of the initiative process. It was approved by California voters on June 6, 1978. It was declared constitutional by the United States Supreme Court in the case of Nordlinger v. Hahn, 505 U.S. 1 (1992). Proposition 13 is embodied in Article 13A of the Constitution of the State of California.
The proposition states:
Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed one percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.
The proposition decreased property taxes by assessing property values at their 1975 value and restricted annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year. It also prohibited reassessment of a new base year value except for (a) change in ownership or (b) completion of new construction.
In addition to decreasing property taxes, the initiative also contained language requiring a two-thirds majority in both legislative houses for future increases of any state tax rates or amounts of revenue collected, including income tax rates. It also requires a two-thirds vote majority in local elections for local governments wishing to increase special taxes. Proposition 13 received an enormous amount of publicity, not only in California, but throughout the United States.
The two-thirds majority is what Congressmen Leno wants to change, dropping the majority 11% to 55% of the vote.
“This change in law would give voters the power to make decisions about public education at the local level, allowing schools much-needed flexibility to improve instruction, fund libraries, music, the arts or other programs, or hire more teachers to reduce student-to-teacher ratios,” Leno justifies.
With new supermajorities in both legislative houses, Democrats now also have the power to place measures such as Leno’s on the ballot without GOP backing. In 2000, voters passed a measure changing the vote threshold for local school bonds from two-thirds to 55%.
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