SHORT RUNWAYS ARE A DANGER FOR JETS IN SAO PAULO – WHY SHOULD THEY BE ALLOWED IN A SMALL AIRPORT LIKE SANTA MONICA?

August 31, 2007 on 1:21 pm | In Fascinating Information, Legal, Of Local Importance, Problem Solving, The City of Santa Monica says, Uncategorized | 4 Comments

SHORT RUNWAYS ARE A DANGER FOR JETS IN SAO PAULO – WHY SHOULD THEY BE ALLOWED IN A SMALL AIRPORT LIKE SANTA MONICA?
Santa Monica was founded in 1875 and incorporated in 1886. By 1900, more than 5,000 people were settled here. Crowds gathered in the 1920s, when the Donald Douglas military manufacturing company built four World-Cruisers that left Clover Field - now the site of the Santa Monica Airport - for the first successful flight around the world.
Airplanes are a mixed blessing in Sunset Park. In the ‘40s, Douglas Aircraft brought 40,000 factory workers to labor at the Clover Field facility. Property development boomed. The airport was designed for small planes and most residents that jet planes should be banned, as they are more hazardous, and create noise and environmental pollution.
The City has long been engaged talks with the FAA concerning safety as well as mitigation of noise and pollution at the airport.
City Manager P. Lamont Ewell gave a brief summary of the discussions that have occurred over the last seven years and concluded that “unless there’s a change” in the FAA’s proposal, “staff will be prepared to recommend that [the FAA plan] be rejected.”
The FAA is proposing construction of two 155-foot Runway Safety Areas (RSA), comprised of a 130-foot Engineered Materials Arresting System (EMAS) bed and a 25-foot lead-in to the bed at each end of the runway. The extended runways, according to a staff report, would run too close to local homes.
Zina Josephs, president of the Friends of Sunset summarizes the Runway issue:
The Airport has been there for a long time, and I used to see one of the navy bi-planes at the Museum of Flying that completed the first circumnavigation of the globe.

But the airport keeps expanding, and the type of planes using it keeps changing.
The original airport was from Centinela to 25th. During WWII, it was expanded from Bundy to 23rd, to accommodate the war effort. I think 13,000 planes were manufactured at Douglas during the war.

The problem now is that the number of jets keeps increasing, and the latest FAA proposal moves the ends of the runway even closer to houses, many of which were built for Douglas employees many years ago, so they have a history too.
The city can’t afford to buy up 6 square blocks of houses, so the FAA needs to allow the city to put in RSA’s and limit the size and speed of the planes using the airport. The FAA can’t keep ignoring its own safety standards. That’s my thought.

Thanks, Zina

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August 31, 2007 on 11:31 am | In Fascinating Information, Of Local Importance, Uncategorized | No Comments

It Rained today - Santa Monica Sunset - August 25, 2007

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August 31, 2007 on 10:47 am | In Uncategorized | No Comments

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MORTGAGE MARKET BLAMED FOR LAGGING HOME SALES

August 27, 2007 on 6:08 pm | In Fascinating Information, Lights Camera Transaction, Market Trends, Of Local Importance, Uncategorized | 7 Comments

MORTGAGE MARKET BLAMED FOR LAGGING HOME SALES
23% less homes sold in July 2007 – but Santa Monica is Still Holding Strong.
Statewide, inventory rises to 10.7-month supply
Here’s some scary news, sales of single-family resale homes in California dropped 22.7 percent in July 2007 compared to July 2006, according to the California Association of Realtors. CAR also noted that liquidity problems in the mortgage market should continue to pull down sales.
If that isn’t enough, the inventory of for-sale existing homes in the state reached 10.7 months in July, compared with 7.3 months for that month last year. The association’s Unsold Inventory Index rating for July indicates that it would take about 11 months to sell the July inventory of for-sale homes, given that month’s sales pace.
A supply greater than six months is generally said to indicate a buyer’s market or a market with more supply than demand, with a supply below six months indicating a seller’s market or a market with more demand than supply.
The association reported a seasonally adjusted annual rate of 350,980 closed escrow sales of existing, single-family detached homes in the state in July, compared with a rate of 453,980 in July 2006. This rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.
The median sales price of existing single-family detached homes in the state was $586,030 in July, up 3.2 percent compared with $567,860 in July 2006, according to the report.
“With credit drying up in recent weeks, we expect further weakness in sales over the next few months,” said Leslie Appleton-Young, chief economist for the association, in a statement.
“It is too early to say how long the current credit crunch will continue, but we are hopeful that we will avoid a prolonged credit crisis that might cause sales to decline over a longer period of time.” Appleton-Young also said in her statement that the association does not believe that the decline in sales is “driven by weakening economic conditions.”
Thirty-year fixed mortgage interest rates averaged 6.7 percent during July 2007, the association reported, compared with 6.76 percent in July 2006, according to Freddie Mac. And adjustable mortgage interest rates averaged 5.71 percent in July 2007 compared with 5.79 percent in July 2006.
The median number of days it took to sell a single-family home was 51.8 days in July 2007, compared with 47.7 days for the same period last year.
In a separate report covering local statistics generated by the association and data provider DataQuick Information Systems, about 29.6 percent, or 110 out of 371 cities and communities, had an increase in median home prices from a year ago.
The DataQuick report includes statistics for all types of home sales, including new and existing, condos and single-family homes.
According to this report, the five cities and communities with the highest median home prices in California in July 2007 were: Los Altos, $1.78 million; Manhattan Beach, $1.63 million; Burlingame, $1.5 million; Newport Beach, $1.45 million; and Saratoga, $1.41 million.
The five cities and communities with the greatest median home-price increases in July 2007 compared with the same period a year ago were: Novato, at 19 percent; Culver City, at 18 percent; Ridgecrest, at 14.2 percent; Glendale, at 12.4 percent; and Manhattan Beach, at 11.7 percent.
The five cities and communities with the highest drop in prices year-over-year in July 2007 were:Emeryville, down 24.5 percent; Yucca Valley, down 22.1 percent; Merced and Carmichael, down 21.4 percent; and Oakley, down 20.8 percent.
San Joaquin, San Benito and Stanislaus counties all had year-over-year price drops ranging from 13.3 to 13.9 percent.
The five cities and communities with the lowest median home prices in July 2007 include: Taft, $141,500; Barstow, $182,250; Ridgecrest, $185,000; Yucca Valley, $193,500; and Delano, $202,000.
Copyright 2007 Inman News
~~
Santa Monica prices seem to be holding. The MLS shows that the Median Sales Price for single family homes has approximately 6% in the 12-month period from July 2006-2007, while condos are up about 1.8%.

Monthly Statistics - Single Family - July 2007 Median Sales Price
No.	Area	Jul 2006	Jul 2007	Jun 2007	2007 To Date	2006 To Date
14	Santa Monica	$1,430,000	$1,550,000	$1,890,000	$1,695,000	$1,600,000

Median Sales Price
No.	Area	Jul 2006	Jul 2007	Jun 2007	2007 To Date	2006 To Date
14	Santa Monica	$849,000	$739,000	$781,000	$799,000	$785,254

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SELLER DIES DURING A REAL ESTATE TRANSACTION – WHAT’S THE BUYER TO DO?

August 25, 2007 on 10:29 am | In Fascinating Information, Legal, Problem Solving, Uncategorized | No Comments

SELLER DIES DURING A REAL ESTATE TRANSACTION – WHAT’S THE BUYER TO DO? Each real estate transaction comes with its own unique twist that needs to be resolved in order to please all parties and successfully conclude the transaction. This situation was particularly unique. After signing off on the purchase agreement, the seller passed on. Fortunately, the deceased seller had done his legal work. The property was left in trust to his adult children. Escrow was scheduled to close in June. Both parties were represented by the same realtor. There was no legal reason that the transaction could not go forward, yet the members of the trust were hesitant to proceed. Was the transaction still binding? Could they circumvent the realtor and go directly to the buyer? It was not emotional grief, rather it was business indecision. The transaction sat idle for several months. Each time the buyers requested to move forward, the estate asked for more time. The trust has had five months to review documents. The buyer wanted to move forward on this transaction, and we needed to know the best way to move the parties forward to conclude the transaction. We checked in with the California Association of Realtors Legal Department, where attorney Sunny Younglove was gave us insight into how to go forward in such a scenario. “The buyer has rights as stated in the signed purchase agreement,” she stated succinctly. “The seller’s estate is in breach of contract.” The solution was to sue the estate for non-performance. The buyer was instructed to contact a probate attorney, and have the attorney send a letter threatening to sue if the parties do not move forward by a specified date. A suit filed against the property would force the property into probate. A judge would inevitably hold the seller’s estate responsible for their inability to move forward on the transaction and they would incur the legal fees. The dialogue with the estate has just been reopened. We will let you know how it proceeds.

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Santa Monica 2006 + 2007 Property Sales Trends

August 21, 2007 on 6:03 pm | In Fascinating Information, Lights Camera Transaction, Market Trends, Of Local Importance, Uncategorized | 1 Comment

Santa Monica 2006 2007 Property Sales Trends

One of my clients with a variety of properties in a variety of zip codes in Santa Monica recently requested for information as to what the local market has been doing since the wild times of 2005. Following, please find information on the residential property marketing in the various zip codes in Santa Monica.

Here is Santa Monica sales price information for 2006, broken down by zip code.

SOUTHERN CALIFORNIA HOME RESALE ACTIVITY
*L.A. Times Sunday Edition Charts - Data for the year 2006*



		Single Family Homes			Condominiums			SFR Only
Community Name	ZIP Code	Sales of Singe Family Homes	Price Median SFR ($1,000)	Price % Chg from 2005	Sales Count Condos	Price Median Condos ($1,000)	Price % Chg from 2005	Median Home Price/ Sq. Ft
LOS ANGELES COUNTY

Santa Monica	90401	1	$2,500	-29.1%	21	$715	14.4%	$574
Santa Monica	90402	81	$2,366	9.4%	19	$824	-0.9%	$1,049
Santa Monica	90403	29	$1,548	-0.1%	183	$835	13.9%	$955
Santa Monica	90404	20	$899	12.7%	116	$623	6.5%	$942
Santa Monica	90405	104	$1,113	1.9%	128	$700	6.9%	$793

Here is Santa Monica sales price information
for 2007 to date, broken down by zip code.

Source: http://www.dqnews.com/ZIPLAT2006.shtm

SOUTHERN CALIFORNIA HOME RESALE ACTIVITY
*L.A. Times Sunday Edition Charts - Data for July 2007*

% Change is from the same month last year

		Single Family Homes			Condominiums			SFR Only
Community Name	ZIP Code	Sales of Singe Family Homes	Price Median SFR ($1,000)	Price % Chg from July 2006	Sales Count Condos	Price Median Condos ($1,000)	Price % Chg from July 2006	Median Home Price/ Sq. Ft
LOS ANGELES COUNTY

Santa Monica	90401	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Santa Monica	90402	7	$2,804	96.7%	3	$748	-25.2%	$1,397
Santa Monica	90403	1	$1,950	28.5%	12	$855	-11.2%	$853
Santa Monica	90404	1	$799	-33.4%	6	$535	-24.1%	$659
Santa Monica	90405	12	$1,180	-0.4%	17	$705	-5.1%	$879

Source: http://www.dqnews.com/ZIPLAT.shtm

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SANTA MONICA LETS YOU SCHEDULE BUILDING INSPECTIONS AND PULL PERMITS ONLINE

August 20, 2007 on 11:44 am | In Fascinating Information, Market Trends, Of Local Importance, The City of Santa Monica says, Uncategorized | 3 Comments

SANTA MONICA LETS YOU SCHEDULE BUILDING INSPECTIONS AND PULL PERMITS ONLINE

Anyone’s whose attempted to build or remodel in Santa Monica, is aware of just how charming the City can be to work with. In an attempt to make life easier Santa Monica’s Building & Safety Division now enables homeowners and contractors to go online to schedule building inspections and t oobtain permits for simple repair and replacement projects. Inspection appointments can be set at:

www.eInspections.smgov.net You can also schedule inspections by calling the eInspections interactive voice response (IVR) system at (310) 458-2202. After providing a valid construction permit number and address, on-line and telephone users may choose from a list of available inspection dates, view a history of past inspections and verify that a requested inspection has been scheduled.

Get permits at:

www.ePermits.smgov.net ePermits allows homeowners and contractors to obtain permits online for projects that do not normally require construction drawings or other special approvals - including minor plumbing, electrical, mechanical work, kitchen and bath remodels, and re-roofing.

ePermits users may view the results of completed inspections, research building permits issued for a property and pay outstanding permit fees on-line.

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Welcome to the Santa Monica Property Blog

August 19, 2007 on 2:26 pm | In Fascinating Information, Of Local Importance, Uncategorized | 4 Comments

Most of us that live here, love Santa Monica. It’s a luxury to love in a vacation destination – as quirky and unique as our city government may be. For those who have owned real estate here prior to the decontrol of rent control in 1999 - we have been blessed – receiving lifestyle investment in one satisfying package. Everyone now knows how beautiful it is to live here… (traffic homeless, aside).

Welcome to our blog.