Santa Monica Property Blog

WE WIN! LOS ANGELES IS THE MOST OVERPRICED CITY IN THE UNITED STATES

March 24, 2010 on 12:13 am | In Fascinating Information, Market Trends, Statistics, Uncategorized, all | 4 Comments

By Jodi Summers

Los Angeles likes being on top…though we’d rather be famous than infamous. But today, we’re infamous, as Forbes sites L.A. as the most overpriced housing market in the U.S. Forbes then ranked these metros using four measures: average salary for workers with a bachelor’s degree or higher, with data from PayScale.com; annual unemployment statistics from the Bureau of Labor Statistics; cost of living, according to Moody’s Economy.com; and the Housing Opportunity Index from the National Association of Homebuilders and Wells Fargo, which measures the number of homes sold in a given area that would be affordable to a family earning the local median income, based on standard mortgage underwriting criteria.

Here’s the top 20 list so you can chuckle and guffaw….

No. 1: Los Angeles, Calif.

(Los Angeles-Long Beach-Glendale, Calif.)

Cost of Living: 47 of 50

Housing Opportunity: 47 of 50

Unemployment Rate: 47 of 50

Average Salary: 15 of 50

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No. 2: Chicago, Ill.

(Chicago-Naperville-Joliet, Ill.)

Cost of Living: 44 of 50

Housing Opportunity: 36 of 50

Unemployment Rate: 43 of 50

Average Salary: 23 of 50

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No. 3: Miami, Fla.

(Miami-Miami Beach-Kendall, Fla.)

Cost of Living: 26 of 50

Housing Opportunity: 46 of 50

Unemployment Rate: 39 of 50

Average Salary: 31 of 50

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No. 4: New York

(New York-White Plains-Wayne, N.Y./N.J.)

Cost of Living: 47 of 50

Housing Opportunity: 50 of 50

Unemployment Rate: 37 of 50

Average Salary: 6 of 50

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No. 5: Providence, R.I.

(Providence-New Bedford-Fall River, R.I.)

Cost of Living: 26 of 50

Housing Opportunity: 28 of 50

Unemployment Rate: 48 of 50

Average Salary: 37 of 50

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No. 6: Riverside, Calif.

(Riverside-San Bernardino-Ontario, Calif.)

Cost of Living: 23 of 50

Housing Opportunity: 34 of 50

Unemployment Rate: 49 of 50

Average Salary: 26 of 50

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No. 7: Long Island, N.Y.

(Nassau-Suffolk, N.Y.)

Cost of Living: 40 of 50

Housing Opportunity: 48 of 50

Unemployment Rate: 17 of 50

Average Salary: 24 of 50

~~

No. 8: Cleveland, Ohio

(Cleveland-Elyria-Mentor, Ohio)

Cost of Living: 32 of 50

Housing Opportunity: 5 of 50

Unemployment Rate: 44 of 50

Average Salary: 40 of 50

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No. 9 (tie): San Diego, Calif.

(San Diego-Carlsbad-San Marcos, Calif.)

Cost of Living: 35 of 50

Housing Opportunity: 41 of 50

Unemployment Rate: 27 of 50

Average Salary: 16 of 50

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No. 9 (tie): Newark, N.J.

(Newark-Union, N.J./Pa.)

Cost of Living: 40 of 50

Housing Opportunity: 44 of 50

Unemployment Rate: 23 of 50

Average Salary: 12 of 50

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No. 11: Philadelphia, Pa.

(Philadelphia, Pa.)

Cost of Living: 35 of 50

Housing Opportunity: 38 of 50

Unemployment Rate: 23 of 50

Average Salary: 21 of 50

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No. 12: Portland, Ore.

(Portland-Vancouver-Beaverton, Ore.)

Cost of Living: 19 of 50

Housing Opportunity: 39 of 50

Unemployment Rate: 28 of 50

Average Salary: 30 of 50

~~

No. 13 (tie): Memphis, Tenn.

(Memphis, Tenn./Miss./Ark.)

Cost of Living: 8 of 50

Housing Opportunity: 15 of 50

Unemployment Rate: 42 of 50

Average Salary: 48 of 50

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No. 13 (tie): Tampa, Fla.

(Tampa-St. Petersburg-Clearwater, Fla.)

Cost of Living: 16 of 50

Housing Opportunity: 22 of 50

Unemployment Rate: 38 of 50

Average Salary: 37 of 50

~~

No. 15: Orlando, Fla.

(Orlando-Kissimmee, Fla.)

Cost of Living: 5 of 50

Housing Opportunity: 50 of 50

Unemployment Rate: 32 of 50

Average Salary: 45 of 50

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No. 16: St. Louis, Mo.

(St. Louis, Mo./Ill.)

Cost of Living: 28 of 50

Housing Opportunity: 11 of 50

Unemployment Rate: 35 of 50

Average Salary: 36 of 50

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No. 17: Jacksonville, Fla.

(Jacksonville, Fla.)

Cost of Living: 11 of 50

Housing Opportunity: 17 of 50

Unemployment Rate: 35 of 50

Average Salary: 44 of 50

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No. 18: San Francisco, Calif.

(San Francisco-San Mateo-Redwood, Calif.)

Cost of Living: 46 of 50

Housing Opportunity: 49 of 50

Unemployment Rate: 8 of 50

Average Salary: 2 of 50

~~

No. 19 (tie): Boston, Mass.

(Boston-Quincy, Mass.)

Cost of Living: 45 of 50

Housing Opportunity: 37 of 50

Unemployment Rate: 13 of 50

Average Salary: 9 of 50

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No. 19 (tie): Warren, Mich.

(Warren-Troy-Farmington Hills, Mich.)

Cost of Living: 28 of 50

Housing Opportunity: 2 of 50

Unemployment Rate: 46 of 50

Average Salary: 28 of 50

~~

http://www.dqnews.com/Articles/2009/News/California/Southern-CA/RRSCA090415.aspx

http://www.forbes.com/2009/05/06/cities-expensive-top-lifestyle-real-estate-overpriced-cities_print.html

http://www.latimes.com/business/la-fi-homes5-2009may05,0,2234983.story

http://www.socalmultiunitrealestateblog.com/?p=361

http://www.carofthecentury.com/versai34.jpg

http://www.visitingnewengland.com/PageMill_Resources/image2252.gif

www.superstock.com/stock-photos-images/840-429

http://www.tampaspartans.com/images/logos/Univ%20of%20Tampa%20Shield%204.jpg

http://freepages.history.rootsweb.ancestry.com/%7Eclassicpostcards/Parent%20Directory/usa/florida/duval/skyline.jpg

Santa Monica Pier Twilight Dance Series Needs Your Help

March 17, 2010 on 11:30 pm | In Fun, Of Local Importance, Problem, Santa Monica Landmarks, The City of Santa Monica says, Uncategorized, WOW, all, fUNNY...mONEY, websites | 5 Comments

Edited by Jodi Summers

Budgets are being cut everywhere…and a number of the concerts may be cut from the Santa Monica Pier Twilight Dance Series, unless you help.

The board of directors of the Santa Monica Pier Restoration Corporation has given a deadline of March 24, two weeks from now, by which to raise $93,000 to complete the budget of the ten concert series.

Donations are needed. The Santa Monica City Council has lead the fund raising challenge with a grant of $35,000 to the series. Currently, it’s believed that the City has funding for seven concerts – looking to reach funding for a full 10 performances.

$57,000 more to be raised. Respond to the city’s challenge by donating today! – Click here to make a difference. https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=fPWWbmwof1OyikLcka41ycsxvNWgd6K_ogtXeQWUtBCxRXjplLwAdnmtNhC&dispatch=5885d80a13c0db1f059ee17e99acf195b5f3a4b6a78dddb43ff8dd61b662c86b

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http://campaign.constantcontact.com/render?v=001u8SjZbUCyfNOSBaTTmRh9wNV84TISY85hcdwXG6k5HMs0IyBaXJC9QAFI5eesjrPf52nM0KKxJpSZH6z97VtH8OA-LpdNIzqlbvN0EDvhqywu4b0rWVdbWaCWmHMDZgPSHW-m8kAEaoNhiHQWXtJmuRL9c06ZEiu4Oy44OiGx7kPKvA6LTuhmJL2jnS2db1T-laZgYz9Pxk%3D

http://files.posterous.com/santabarbara/hlhGaRuwZ5GFAnTtI8rAsGT13aySOgOLs86qolWlKwVfvhAfGo2nioQ9GBYX/pic-1.jpg?AWSAccessKeyId=1C9REJR1EMRZ83Q7QRG2&Expires=1268894085&Signature=pRyOWeeLA6TlGCEAzerGaz4TM9k%3D

HELP SANTA MONICA GET A GRANT FOR GLOW 2010

March 9, 2010 on 12:10 am | In Fascinating Information, The City of Santa Monica says, Uncategorized, WOW, all | 9 Comments

SANTA MONICA RESIDENTIAL PROPERTY SNAPSHOT – MARCH 2010

March 1, 2010 on 6:56 pm | In Fascinating Information, Green, Market Trends, Of Local Importance, Problem Solving, Statistics, The City of Santa Monica says, Uncategorized, all | 3 Comments

By Jodi Summers

Optimistic news on the housing market from two very respected sources – the Wall Street Journal and Forbes. Yeah us! According to Forbes, three of the top ten markets where home prices are rising are in California.

Enjoy this fact for residential real estate in Santa Monica – comparing February 2008 to February 2010, the number of under contract properties is up 120%, according to Clarus Market Metrics.

Asking prices on single-family homes have increased as much as 36% from the previous year in some local cities, Forbes notes, an indicator that is “a bounce off the bottom of the bubble bursting.”

In Santa Monica, contrasting Feb. 2008, to Feb. 2010, the median price of for sale properties is down 15% and the median price of sold properties is down 10%.

Three of the top ten markets where home prices are rising are in California. They say it’s because markets in that state were inflated earlier, many were well positioned to make a comeback even before the larger economy recovered. According to the 2010 National Apartment Index Report by Marcus & Millichap, our sister city, San Diego, came in @ No. 2 (behind Washington D.C.) as a residential market to watch due to expectations for resumed employment and household growth. (Los Angeles is @ No. 13, thanks to perceived strengths in our marketplace. )

Forbes notes rising prices in the SoCal cities of Poway and Arcadia, as well as Sunnyvale up in Silicon Valley. You will be delighted to note that in Arcadia, prices increased an average of 28%. Inventory is up, and prices “overall” are on the rise, following “a natural seasonal trend for healthy markets, but it hadn’t been reflected in California since the bust.”

“That natural seasonal stuff didn’t happen in 2008 in the California markets,” observes Michael Simonsen, CEO of Altos Research. “2007 to 2008 was the big bust, so the expected seasonal uptick didn’t happen. It did in 2009.”

In Feb. 2008, we had 10.6 months of property inventory on the market. In Feb. 2010, the average months supply of inventory is down -53.1% to about 5 months. Sages say 3.7 is parity in the marketplace..

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Another infobyte to bolster your confidence in the local residential real estate market - the Wall Street Journal proclaims that shadow inventory is unlikely to hurt the marketplace. Nearly 5 million houses and condos, of which the mortgages are delinquent, will go through foreclosure over the next few years, concludes research by John Burns Real Estate Consulting Inc. The study also presumes that there is strong investor demand for these properties, “as long as employment continues to recover and interest rates remain moderate, these sales won’t have much impact on overall prices.”

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com. We look forward to working with you in your next real estate transaction.

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http://www.realtor.org/rmodaily.nsf/pages/News2010021602?OpenDocument

http://www.forbes.com/2010/02/25/housing-sales-decline-markets-equities-real-estate.html?partner=alerts

https://www.terradatum.com/

The Wall Street Journal, James R. Hagerty (02/16/2010)