FAA SAFETY PROPOSAL FOR SANTA MONICA AIRPORT

September 25, 2007 on 9:44 am | In Fascinating Information, Legal, Of Local Importance, Problem, Problem Solving, The City of Santa Monica says, Uncategorized | 5 Comments

 It is amazing, that once the government gets an idea into its head - in this case allowing jets to land in an airport designed for non-commercial airplanes - that it takes a lot of brain-rattling to make them see the light…

 FAA SAFETY PROPOSAL FOR SANTA MONICA AIRPORT

 

  

September 24, 2007 

 To:      City Council 

From:  Friends of Sunset Park 

Re:     September 25, 2007 agenda item 2-D (Closed Session) 

  

  

Regarding the FAA “safety” proposal for Santa Monica Airport, below is a reminder to you of the efforts by  residents to convey their views to you at the time of the August 28th “Rally for Runway Safety!” and Council meeting, plus some of the results of those efforts. 

  

************************************************************************************************************************ 

 Since August 28th, Congressman Henry Waxman has spoken on the floor of the House of Representatives on this issue. FOSP Airport Committee Chair Cathy Larson has sent you a copy of his remarks. 

  

************************************************************************************************************************ 

The following videos have been posted on YouTube:   

  

1. http://www.youtube.com/watch?v=ubQ–EnRI_0 – KNBC coverage of the August 28th rally and Council meeting. 

  

2. http://www.youtube.com/watch?v=e4WXLPNYmBw — Coverage of the August 28th rally and Council meeting on the ABC Eyewitness News, FOX 11 news, and CBS Channel 2 News. 

  

3. http://www.youtube.com/watch?v=hhBmhR2wPDs — Excerpts from the “Rally for Runway Safety!” — August 28, 2007, in front of City Hall. 

  

4. http://www.youtube.com/watch?v=CL_UKSMdW-0 – “Santa Monica Airport: A Tragedy Waiting to Happen” (Diane Moss) 

  

5. http://www.youtube.com/watch?v=aoCvO7ONlnI – KCAL Prime 9 newscast, 1998 – Santa Monica Airport jet plane pollution  

  

6. http://www.youtube.com/watch?v=LjrK_OzkRRQ — Landing at Santa Monica Airport in a prop plane  

  

7. http://www.youtube.com/watch?v=XprzI03R1sk – April 1996 home video from east end of runway — Santa Monica Airport — fumes from idling jets and blast from take-off 

  

8. http://www.youtube.com/watch?v=j3VWum1bjeY — April 21, 2007 — Santa Monica Airport — Air Pollution Protest — Cathy Larson speaks to runway safety issues. 

  

************************************************************************************************************************ 

 FOSP Boardmember and Airport Committee member Brian Bland appeared on KCRW’s “Which Way L.A.” with Warren Olney on August 27, 2007 to discuss this issue. 

  

************************************************************************************************************************ 

  

The following articles appeared in local newspapers: 

  

1. www.smdp.com — Santa Monica Daily Press — Aug. 25-26 (”Living in the Shadow of the Airport”) 

  

2. www.smdp.com — Santa Monica Daily Press – Aug. 30 (”Surprisingly Civil Protest”) 

  

3. www.SantaMonicaDispatch.com — The Dispatch — Aug. 24 (”To the City Council” - letter from Jane Dempsey), Aug. 24 (”Airport Neighbors vs. FAA”), Aug. 25 (”Call to Arms”), Aug. 29 (”City Council Punts”) 

  

4. www.SMMirror.com – Santa Monica Mirror — Aug. 23 (”FAA Proposal Angers Community”) 

  

5. www.SMMirror.com — Santa Monica Mirror – Aug. 30 (”FAA  Safety Proposal Does Not Fly with Residents”)  

  

6. www.SurfSantaMonica.com — The LookOut News — (”Airport Neighbors Oppose FAA Proposal”) 

  

7. www.SurfSantaMonica.com — The LookOut News — (”More than 100 Rally for Airport Safety”) 

  

8. www.SurfSantaMonica.com — The LookOut News — (”Council Grounds FAA Plan for Santa Monica Airport”) 

************************************************************************************************************************ 

Support for the August 28th FOSP Board position on runway safety at Santa Monica Airport was received from: 

  

1. NOMA 

2. OPA 

3. PNA 

4. Wilmont 

4. SMCLC 

  

************************************************************************************************************************ 

August 31, 2007 

  

Dear Friends of Sunset Park, 

  

Congratulations and a big “thank you” to all who participated in the “Rally for Runway Safety!” on Tuesday, August 28th, at City Hall!!! 

  

Over 200 people attended the rally (we know this because we handed out 200 small “No More Runway Roulette!” and “Runway Safety Now!” signs to participants in front of City Hall) and, when we went upstairs to the City Council meeting, rally participants completely filled the Council Chambers. 

  

An overflow crowd of 70 watched the meeting via TV from the first floor lobby. 78 people signed up to speak during Public Comment, and 34 of them stuck it out long enough to take their 2-minute turn, after the FAA presentation, the Airport staff presentation, and questions from City Council members to the FAA representatives. The residents’ speeches were excellent, and the video was powerful! 

  

Even the FAA’s Associate Administrator for Airports, Kirk Shaffer, said at the end of the evening that he was impressed with the quality of the residents’ well-informed comments. (We have our FOSP Airport Committee Chair, Cathy Larson, to thank for educating us over the years on these Airport issues!) 

  

The City Council voted unanimously to reject the FAA’s July 31st safety proposal and directed Airport staff to bring back to them recommendations that would actually provide safety for residents as well as airplane  crews and passengers. This might happen at the September 25th Council meeting, we’re not sure. 

  

The rally was covered by news crews from Channel 2, 4, 7, 9, and 11. Newspaper coverage has appeared in the Santa Monica Daily Press, the Santa Monica Dispatch, the Santa Monica Mirror, and The LookOut News. 

  

All of us owe a debt of gratitude to the FOSP Airport Committee and other volunteers who: 

  

* attended planning meetings, 

* coordinated efforts with the Concerned Residents Against Airport Pollution,  

* prepared and distributed press releases, 

* updated the FOSP website, 

* made the 2-minute video “Santa Monica Airport: A Tragedy Waiting to Happen” (Diane Moss), 

* designed flyers, signs, and stickers, 

* distributed flyers, 

* prepared mailings, 

* phoned FOSP members encouraging them to attend the event, 

* prepared and coordinated speeches, 

* and the dozens of residents who sent emails to the City Council, to Congressman Henry Waxman, 

  and to local newspapers.  

  

Thank you also to the other neighborhood organizations which supported the FOSP position: the North of Montana Association, Ocean Park Association Executive Board, Pico Neighborhood Association, Wilshire/Montana Neighborhood Coalition Board, and the Santa Monica Coalition for a Livable City. 

  

This was truly a group effort, and I’m very proud of all of you for working so hard to advocate on this issue, which is truly a matter of life and death.   

  

Zina Josephs 

************************************************************************************************************************ 

 

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CITY SAYS - NEW FENCE, WALL, AND HEDGE REGULATIONS

September 24, 2007 on 7:11 pm | In Fascinating Information, Legal, Of Local Importance, The City of Santa Monica says, Uncategorized | 3 Comments

Our esteemed city council member Bobby Shriver got involved with local government three years ago because the City ordered him to cut down his hedges over the Thanksgiving holiday. Then, tenants in an apartment building on Raymond Ave. complained that the owner of the adjacent property was growing her bamboo too high, and the tenants were developing allergies because of the bamboo. 

 

Oh what a colorful place we live. And…in an attempt to make everyone happy, the City of Santa Monica has passed a new fence and hedge ordinance. 

 

NEW FENCE, WALL, AND HEDGE REGULATIONS!

On September 14, 2007, modifications to the interim fence, wall and hedge regulations will go into effect. Most of the key provisions will remain the same.  HOWEVER,

Property owners must register with the City any nonconforming fences, walls, and/or hedges on their property by November 15, 2007.  (Download a Registration application).  Registration will grandparent existing nonconforming fences, walls, and hedges and allow them to remain.  Property owners who have previously registered their nonconforming fences, walls, and/or hedges will not need to register again.

The following key provisions remain the same:

For Fences & Walls:

  • Front yard height limit of 42 inches
  • Side and Rear yard height limit of 8 feet

For Hedges:

  • Front yard height limit of 42 inches
  • Side and Rear yard height limit of 12 feet
  • No height limit for hedges adjacent to an alley

The regulations also permit pergolas and ornamental attachments atop fences, walls, or hedges subject to some limitations.

It’s also easier to obtain approval for taller fences, walls, and hedges. An Administrative Modification process exists if you and an affected neighbor agree to a taller height in the side and rear yard. If you and your neighbor do not agree, or you seek taller heights than otherwise allowed, you can apply for approval through a new Discretionary Modification process.

cityplanningie.gif

 

http://www.smgov.net/planning/fence&hedgeupdate.htm

Santa Monica General Rent Adjustment Chart

September 23, 2007 on 7:45 pm | In Fascinating Information, Legal, Of Local Importance, The City of Santa Monica says, Uncategorized | No Comments


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www.zipskinny.com -> INTERESTING DEMOGRAPHICS FOR ZIP CODE 90405

September 20, 2007 on 7:18 pm | In Fascinating Information, Market Trends, Of Local Importance, Uncategorized | 4 Comments

INTERESTING DEMOGRAPHICS FOR ZIP CODE 90405

Mom turned us on to a great website for demographic statistics - http://www.zipskinny.com/ - Put in a zip code, and you get census information on how your zip code as well as a comparison with neighboring areas.

 So…we  put in 90405 - Ocean Park + Sunset Park Santa Monica, and here’s what we got:

90405

General Information:
Latitude: 34.009276
Longitude: -118.472869
Population: 26089
Density: 9848.89
(people per square land mile)
Housing Units: 15308
Land Area: 2.65 sq. mi.
Water Area: 0.93 sq. mi.

 

 

Social Indicators  
Educational Achievement:   Marital Status:
(among people 25 years or older) (among people 15 years or older)
Less than 9th grade: 3% Never married: 40.4%
9th-12th grade (nongrad): 4.4% Married: 39.2%
High school graduate: 10.6% Separated: 1.6%
Some college: 19% Widowed: 4.8%
Associate degree: 6.6% Divorced: 14%
Bachelors degree: 31.9% Stability/Newcomer Appeal:
Graduate/Professional: 24.6% Same home 5+ years:  54.8%
High school or higher: 92.6% Social and economic indicators
based on 2000 Census sample data.
Bachelors or higher: 56.5%
Green = Above U.S. Avg Red = Below U.S. Avg
 Red bkg. = Above U.S. Avg   Green bkg. = Below U.S. Avg 

 

 

Economic Indicators
Household Income   Occupation
<$10,000  9.7% (among employed persons over 16)
$10,000-$14,999  5.5% Mgt./Professional  63.2%
$15,000-$24,999  9.6% Service  8.5%
$25,000-$34,999  10.1% Sales/Office  21.5%
$35,000-$49,999  14.5% Farm/Fishing/Forestry  0%
$50,000-$74,999  17.4% Construction/Extraction/Maint.  3.7%
$75,000-$99,999  10.8% Production/Transportation  3.1%
$100,000-$149,999  11.4% Unemployment/Poverty
$150,000-$199,999  4.1% Unemployed  5.1%
$200,000+  7% Below Poverty Line  9%
Median Household Income: $50,540  

 

HOW WE COMPARE WITH NEIGHBORING ZIP CODES

Population Density
90403  16642.4
90025  15040.01
90291  12660.75
90066  11395.97
90404  9956.05
90405  9848.89
90292  8403.97
90401  6686.3
90064  6109.34
90402  5840.26

 Education

 
High School +
90402  96.6%
90292  95.5%
90403  94.9%
90405  92.6%
90064  90.8%
90401  90%
90025  89%
90291  85.1%
90404  81.3%
90066  80.6%
 
Bachelors +
90402  70.5%
90403  62.4%
90292  60.3%
90405  56.5%
90025  55.5%
90064  50.6%
90291  46.8%
90401  46.1%
90404  38.3%
90066  37.8%

 

 

Median Income
90402  $118,553
90292  $72,215
90064  $59,923
90403  $54,964
90405  $50,540
90025  $47,806
90291  $45,769
90066  $45,089
90404  $39,821
90401  $36,461

 

 

 

Unemployed
90401  8.9%
90291  5.4%
90403  5.3%
90404  5.3%
90405  5.1%
90066  4.5%
90292  3.2%
90025  3.2%
90064  3%
90402  2.2%
 
Poverty
90401  19.6%
90025  15.1%
90404  14.6%
90066  13.9%
90291  13.2%
90064  9.6%
90403  9.4%
90405  9%
90292  7.8%
90402  3.6%

 

 

 
Married
90402  59.7%
90064  47.9%
90066  45.5%
90292  40.9%
90405  39.2%
90025  37.1%
90403  36.2%
90404  33.5%
90291  32.5%
90401  25.6%
 
Here 5+ yrs
90402  65.3%
90405  54.8%
90064  54.3%
90066  52.6%
90404  51.4%
90403  49.5%
90291  44.3%
90401  39.3%
90025  38.4%
90292  36.4%

 

 

90405 DEMOGRAPHIC INFORMATION

Age
  Male   Female   Both
  % of Males   % of All   % of Females   % of All   % of All
0-9 years:  8.7% 4.3% 8.4% 4.3% 8.5%
10-19 years:  7.6% 3.7% 6.8% 3.4% 7.2%
20-29 years:  13.4% 6.6% 13.7% 7% 13.6%
30-39 years:  23.3% 11.5% 21.4% 10.9% 22.4%
40-49 years:  20% 9.8% 18.6% 9.5% 19.3%
50-59 years:  13.8% 6.8% 13.5% 6.8% 13.6%
60-69 years:  6.5% 3.2% 6.9% 3.5% 6.7%
70-79 years:  4.3% 2.1% 6.1% 3.1% 5.2%
80+ years:  2.4% 1.2% 4.7% 2.4% 3.6%
All Ages:  Male: 49.1% Female: 50.9%
Median Ages:  38.6 yrs. 39.9 yrs. 39.2 yrs.

 

 

Race
Hispanic/Latino:  13.2%
White*:  71.8%
Black*:  3.1%
Native American*:  0%
Asian*:  7.5%
Hawaiian/Pacific Islander*:  0.1%
Other*:  0.5%
Multiracial*:  3.5%
* Does not include individuals
in this racial group
who identify as Hispanic/Latino.

 

 

AIRPORT MEASURE DIES BY DEMAND

September 19, 2007 on 10:59 pm | In Fascinating Information, Of Local Importance, Problem Solving, The City of Santa Monica says, Uncategorized | 5 Comments
AB 700 Dies in State Senate
Hannah Heineman, Santa Monica Mirror Staff Writer
State Assembly Bill 700 failed to make it through the Senate Appropriations Committee and is officially dead.    

The bill, authored by Assemblymembers David Lieu and Julia Brownley, would have required the City of Santa Monica “to establish a technical advisory committee to evaluate all relevant and appropriate studies and data regarding” Santa Monica Airport.  AB 700 would have also forced the City to “prepare and submit to the Federal Aviation Administration and the Legislature a report with recommendations about potential actions that could be taken to reduce air quality impacts caused by air traffic connected with the airport,” thereby imposing a state-mandated local program.

State Senator Sheila Kuehl, whose district includes Santa Monica and who is a member of the Senate Appropriations Committee, told the Mirror that in her opinion the “bill was weak” because “it was not clear enough” as to what it would add to the “conversation with the stakeholders” the City is already engaged in. 

According to Santa Monica Airport Manager Bob Trimborn, that conversation has been taking place with a Technical Advisory Committee since last February, and includes representatives from all levels of government.  The committee is waiting to find out the results of the South Coast Air Quality Management District year-long study of the airports in Santa Monica and Van Nuys that was funded by a grant from the Environmental Protection Agency.  According to Trimborn, air quality at the Santa Monica Airport was measured by sensor suites placed near the ends of the runway, at the home of Virginia Ernst, who lives close to the end of the runway, and at some schools near the airport.

The results of the study will be made public at the City’s Airport Commission meeting in October.  Trimborn emphasized that the “City will review the study and do an initial analysis and then discuss what the next steps should be.”

Assemblymember Julia Brownley, who represents Santa Monica and lives in Sunset Park, sent the Mirror the following statement. “It was disappointing that AB 700 didn’t get out of the Appropriations Committee this year.  Still, the AQMD study will be coming out this fall, and there will be follow-up discussions among all the many levels of government on what the next steps should be based on those AQMD findings, which was generally the AB 700 direction.  I also intend to continue working closely on the runway safety improvements that are needed at the Airport with Congressman Waxman.  This issue remains one of my highest local priorities.”

Lieu’s Chief of Staff, David Ford, told the Mirror, “Ultimately, concern about spending the money killed the bill” in the Appropriations Committee on August 30.  He then mentioned there “may be a new bill” proposed by Lieu next year.  He also noted that a similar bill, AB 2501 “died in the Senate Policy Committee” last year.

In a letter to the Santa Monica City Council, Ping Ho, a member of the Friends of Sunset Park Airport Committee, stated she was “not surprised that the bill was killed, given the demands on our state funds these days.  I am encouraged by the fact that AB 700 made it much farther in the process than its predecessor AB 2501.”

 

 

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As Home Energy Costs Remain High, Residential Architects Report That Sustainable Design Motivates Homeowners

September 19, 2007 on 7:07 pm | In Fascinating Information, Green, Market Trends, Uncategorized | 7 Comments

As Home Energy Costs Remain High, Residential Architects Report That Sustainable Design Motivates Homeowners

Affordability Problems Drag Down the First-Time Buyer Market, but Home Improvement Activity Remains Strong

 

Source: residential architect online
Publication date: 2007-09-13
Energy conservation features top the list of homeowner priorities when selecting housing design features. General interest in sustainable “green” features is on the rise, while home features and products that promote accessibility around the home continue to capture homeowner interest. Home offices remain the most popular special function room.

Residential market conditions continue to deteriorate nationally. The greatest declines over the past year are reported by residential architects in the Midwest, while those in the Northeast report some improvement. The steepest market declines have come from more affordable homes targeted for first-time buyers. There has been some firming in market conditions in the custom/luxury market, while home remodeling activity remains relatively strong in spite of the broader weakness in homebuilding.

These are some of the key findings from the American Institute of Architects Home Design Trends Survey for the second quarter of 2007. This survey of residential architects looked at home features growing in popularity among homebuyers including special function rooms, emerging systems and technologies, and types of products that homeowners are looking for in their homes.

Home Offices Continue in PopularityHome offices remain the most popular special function room in homes according to residential architects participating in the survey. Over 60% reported that these rooms are gaining in popularity—up significantly from the proportion reporting increased interest in 2006—with the remaining respondents reporting that their popularity was stable. Hobby and game rooms, media rooms/home theaters, exercise/fitness rooms, and au pair/in-law suites all continue to increase in homeowner interest. Of this group, exercise rooms have seen the greatest gains over the past year. Scores to compare the popularity of home design elements are computed as the percentage of respondents indicating a special function room is increasing in popularity minus the percentage indicating that popularity is declining for that type of room (Figure 1).

AIA

Homeowners Respond to Higher Home Energy CostsImproved energy performance in homes greatly motivates the selection of special home features by homeowners. Topping the list of popular features was alternative home insulation techniques (e.g. structural insulation panels; sprayed foam insulation). Almost two-thirds of respondents indicated that this feature was growing in popularity, while fewer than 3% indicated a decline. Close behind was adding extra insulation in the attic; a simple but increasingly popular method to control home energy costs.

Adding ramps or elevators to homes is also a popular feature, with over 55% of respondents indicating increasing activity, and few noting a decline. Reflecting an aging population, interest in ramps and elevators grew fairly significantly over the past year, while the popularity of easy-to-use features (e.g. handles, faucets) held constant. “Hurricane resistant” designs for homes remained popular in 2007, in spite a relatively mild hurricane season in 2006 (Figure 2).

AIA

Homeowner interest in managing home energy costs is apparent in the systems they are installing in their homes. While wireless systems remain the most popular, energy management systems and geothermal heating/cooling systems (e.g. heat pumps) were rated as increasing in popularity by most respondents. Wireless and central audio systems no doubt are growing in popularity in conjunction with home offices and media rooms and home theaters. Automated lighting controls—also a means of managing home energy costs—continue to be a popular option for homeowners (Figure 3).

AIA

The interest in managing home energy costs also influences popular products that homeowners are selecting for their homes. Tankless hot water heaters topped the list, with almost three-quarters of respondents indicating that these were growing in popularity, up significantly from a year ago. However, other “green” products not related to home energy conservation also are growing in popularity. “Green” flooring products (e.g. bamboo, cork) was reported as increasing in popularity by almost 65% of respondents, while fewer than 3% reported their popularity to be declining. Likewise, reclaimed and salvaged products were reported as increasing in popularity, as were water saving products. Indoor air quality and mold reduction continue to capture homeowner interest, as products oriented to these concerns had composite scores of around 40 (Figure 4).

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EXPECT REAL ESTATE TO BE WEAK FOR THE NEXT COUPLE YEARS – REPORTS THE MOST RECENT UCLA ANDERSON FORECAST

September 17, 2007 on 11:15 pm | In Fascinating Information, Market Trends, Uncategorized | 7 Comments

EXPECT REAL ESTATE TO BE WEAK FOR THE NEXT COUPLE YEARS –

REPORTS THE MOST RECENT UCLA ANDERSON FORECAST

 

Earlier this year, the UCLA Anderson Forecast called for a “soft landing” from the          real estate boom…but now their opinion has changed. The most recent Anderson Forecast envisions a rough time for the housing market and a near-miss with a recession.

 

David Shulman, senior economist for the quarterly forecast, titled the report “A Near Recession Experience.” He notes that the nation’s economic performance is expected to be “almost as close as  you can get to avoid the technical definition of a recession.” That means low growth in the nation’s gross domestic product — about 1 percent in fourth-quarter 2007 and in first-quarter 2008.”

Home-price declines are expected to drop through the end of 2009 and perhaps further out. Shulman notes that Florida, California, Arizona,  Nevada and parts of the Northeast are probably most susceptible to larger price drops.

 

The report confirms that credit tightening in the mortgage market has complicated property purchases in high-priced states such as California, and confirmed that the             mortgage industry is moving toward “more full documentation, real cash down payments and more serious income standards — and that’s going to take a lot of people out of the market at the current price structure.”

 

The difficulties in the mortgage market could lead to some painful adjustments in home prices. “I don’t think lending standards were ever as lax … and that’s the cause of the problems,” Shulman observes.

 

Don’t get nervous, but Shulman comments that the national scope of the real estate foreclosure problem in some ways resembles the Great Depression. Consumer spending is projected to drop, and auto sales are expected to hit the lowest level next year since 1998.

 

“Although it has taken longer than what we had previously forecast, the effect of housing weakness has finally spilled over into consumer spending on durable goods,” the report concludes. “Nevertheless, we are still sticking to our story that we will not have a classic recession.”

 

On a positive note, the report stated that the nation’s trade sector is improving and a strong global economy should increase exports.

 

The Anderson Forecast expects the Fed to cut the federal funds rate from 5.25 percent to 4.5 percent by the end of this year. “The cuts will be undertaken to support the economy, not specifically to bail out the financial markets.”

 

Economic pundits have compared the current economic mess in the financial markets in             August to the 1987 stock market crash or the 1998 Long Term Capital Management crisis.  Shulman notes that “both analogies are wrong … the economy in both 1987 and 1998 was much stronger than it is today.” And because the crisis this time around has its             origins in the domestic mortgage market, “we believe the impact on the real economy will be far greater this time than the prior two events.”

 

With next year’s presidential election looming, Shulman predicts that the mortgage crisis will provide some high theater, noting that it’s possible that the country will get “a whole             new mortgage finance system when it’s all over.”

 

Shulman’s Forecase concludes, “We forecast that it will take years for the housing market to recover to ‘normal,’ and the situation will be exacerbated in the short-run by changes in legislation affecting the mortgage industry.”

 

A separate part of the Anderson Forecast focusing on California’s economy predicts that the state is to escape a recession, though the report’s author states that the difference between a sluggish economy and a recessionary economy “is getting smaller all the time.”

           

That report observes that mortgage defaults and foreclosures “continue to occupy center stage in any discussion of local housing markets,” and that most mortgage defaults have occurred in owner-occupied homes. The report notes that the California counties with the highest foreclosure rates are those with “middle-of-the-pack home prices, but extremely high usage of adjustable-rate mortgages — exactly the combination we’d expect when working families stretch beyond their means to buy a home.”

 

 

Information courtesy of  Glenn Roberts Jr.
Inman News
www.inman.com
 

 

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A BIT OF ESTATE PLANNING MAKES INHERITING INVESTMENT PROPERTIES MUCH EASIER

September 10, 2007 on 10:45 pm | In Fascinating Information, Legal, Of Local Importance, Problem Solving, Uncategorized | 2 Comments

A BIT OF ESTATE PLANNING MAKES INHERITING INVESTMENT PROPERTIES MUCH EASIER
In light of the sudden passing of local landlord and real estate entrepreneur Adam Pasori and various family members, Carl Lambert, Esq. President of the Action Apartment Association suggested all owners of investment properties do a bit of estate planning.
Mr. Lambert suggested that landlords think about each property and designate what successor trustees need to do upon the current owner’s demise. Enlighten the estate as to who manages and maintains each property. Share information on difficult tenants.
In conclusion, Mr. Lambert observed, “You’ll find things you need to change on each property.”
Find out more information about the Action Apartment Association at  http://www.action-wam.com/.


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L.A. AREA MEDIAN INCOME INCREASES, POVERTY RATES DROP

September 8, 2007 on 3:20 pm | In Fascinating Information, Market Trends, Of Local Importance, Uncategorized | 8 Comments

L.A. AREA MEDIAN INCOME INCREASES, POVERTY RATES DROP

The Census Bureau recently released 2006 median income and poverty data. Nationally, the median household income (adjusted for inflation) increased for the second consecutive year to $48,200 from $47,693, an increase of 1.1%. California’s median household income increased as well in 2006 to $56,645 from $55,335, an increase of 2.4%. The median household income in Los Angeles County increased by 6.4% to $51,315 from 2005. Locally, San Bernardino County had the highest percent increase in median income last year from 2005 ( 8.0% to $52,941), followed by Ventura County ( 7.8% to $72,107), Orange County ( 6.5% to $70,232), and Riverside County ( 6.5% to $70,232). The median household income in San Diego County increased by 5.8% to $59,591 over the same period.

Household income includes the incomes of all inhabitants of a residence whether they are related or not. Other measures include median family income (related inhabitants of a residence) and median non-family income (individual living alone or with non-relatives). In 2006, the median family income in Los Angeles County was $56,930 while median non-family income was $37,040.

The poverty rate for the United States remained unchanged at 13.3% from 2005. California’s poverty rate decreased by -0.2 percentage points to 13.1% over the same period. From 2005 to 2006, the poverty rate in Los Angeles County decreased by -0.9 percentage points to 15.4%. Locally, San Bernardino County had the largest percentage point decrease in poverty (-1.3 percentage points to 13.7%), followed by Ventura County (-1.0 percentage point to 8.9%). The poverty rate increased in both Riverside County ( 0.8 percentage point to 12.2%) and Orange County ( 0.9 percentage point to 9.7%). San Diego County’s poverty rate increased by 0.7 percentage point to 11.7%.

Poverty rates are calculated using definitions set by the U.S. Government. These vary by family size and composition and are adjusted for inflation annually. (Eduardo J. Martinez)
PR:http://www.census.gov/Press-Release/www/releases/archives/income_wealth/010583.html

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HOLLYWOOD LANDMARKS CHANGE HANDS – GRAUMAN’S CHINESE THEATER IS PURCHASED BY CIM GROUP

September 7, 2007 on 9:56 am | In Fascinating Information, Historic Properties, Lights Camera Transaction, Market Trends, Santa Monica Landmarks, Uncategorized | 12 Comments

HOLLYWOOD LANDMARKS CHANGE HANDS –
GRAUMAN’S CHINESE THEATER IS PURCHASED BY CIM GROUP
Graumans Chinese Theatre.jpg 
 We like landmarks. Just check out our website at www.santamonicalandmarks.com. So, we thought it was noteworthy, though not entirely relevant news when the historic Grauman’s Chinese Theatre was purchased by local real estate moguls CIM group.
Grauman’s Chinese Theatre is arguably the most famous movie theater in the world. Built in 1927, the Chinese themed theater has been the site of thousands of movie premieres and the destination of millions of tourists. Visitors spend hours identifying celebrity footprints, hand prints and hoof prints on the walkways near and on the theater’s courtyard.
The theater, one of Hollywood’s top tourist attractions, is a high profile addition to a growing portfolio of CIM Group properties in Hollywood. The CIM Group, which purchased the adjacent Hollywood & Highland Center in 2004, has long been interested in acquiring the theater property.
CIM Group acquired Grauman’s from the Damon Runyon Cancer Research Center and Barlow Respiratory Hospital. Built in 1927 by Sid Grauman, the theater has long been a showcase for Hollywood movie premieres. The 1,162-seat, 43,310-sf theater is operated under an existing long-term lease with Mann Theatres and remains one of the top venues for high-profile movie premieres. With more than 200 celebrity hand and foot prints, its Forecourt of the Stars attracts approximately 19 million visitors each year.
CIM calls its new acquisition “one of the most recognizable buildings in the world.” The building is known for its 90-foot pagoda-style entrance and a 30-foot high dragon carved from stone by Chinese artisans that Grauman enlisted to create the statuary for the theater.
CIM noted that the new acquisition is a complementary fit to the company’s adjacent Hollywood & Highland Center and the Renaissance Hollywood Hotel. The Hollywood & Highland Center comprises 387,000 sf of national and local fashion and luxury retailers, along with clubs, restaurants and the 3,400-seat Kodak Theatre.
 

Information courtesy of Bob Howard
http://www.globest.com/news/987_987/gsrwest/163833-1.html?type=pf
 

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