LAND IS SELLING AT $19,230,000 PER ACRE IN SANTA MONICA

February 24, 2008 on 12:53 pm | In Fascinating Information, fUNNY...mONEY, Green, Lights Camera Transaction, Market Trends, Of Local Importance, Statistics, Uncategorized, WOW | 13 Comments

LAND IS SELLING AT $19,230,000 PER ACRE IN SANTA MONICA 
 

Congratulations to all who own land west of the 405 freeway…prices are still escalating. You your portfolios are still rocking!
 1223-1231 16th St aerial.jpg

 CoStar.com Commercial Real Estate Information Service reports that Randall Miller of Arnon Development Group purchased a .69-acre parcel in Santa Monica from Arnold Porath of Spruce Realty Group for $13.25 million, or about $19.23 million per acre. 
 

Miller plans to build a three-story, 50,000-square-foot medical center on the $30,000 s.f. parcel located at 1223 16th St. across from the new UCLA hospital, just south of Wilshire Blvd.
 

Previously, the property held a multi-family building with 3,534 SF of rentable building area.  No one tried to landmark the site, and apparently there are no questionable trees located there, so there were no societal obstacles to hold up the sale.
 

1223-1231 16th St.jpg

Miller is already working with the gracious planning department for the City of Santa Monica to obtain approvals and permits for the proposed building. The ground break is scheduled to commence in the second quarter of 2009. No word yet on how environmentally friendly the property will be…but we’re hoping for an LEED certified building so SM holds to their Net Zero by 2020 vision (without supplying subsidies). 


Those in the know say the building will feature surgery, imaging, outpatient, clinical and medical laboratory capabilities and subterranean parking. Medical buildings requires 1 parking space for every 350 sq.ft. of medical space. The completion date is scheduled for 2Q  2010. 

 19.23 million per acre.jpg
This off-market transaction was the downleg in a 1031 exchange for the seller. 
 
Anyone who ones an acre of land in Santa Monica, we want to honor you. Please let us know (jodis@verizon.net) - so we can applaud you.   
 

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13 Comments »

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  1. Like anyone who owns an acre of land in Santa Monica would actually post that information.

    Comment by Rasputinita — February 24, 2008 #

  2. I do.
    I’m the Church Lady’s friend.
    My name is SATAN.

    Comment by Satan Monico — February 24, 2008 #

  3. There’s an acre in midtown Manhattan whose value, as a teardown, has been estimated at $412 million to over $1 billion. Well served by transportation systems, great foot traffic, great address. Location, location, location!

    Comment by SandM — February 29, 2008 #

  4. Just got word that an acre of land in Inglewood at 7415 La Tijera (north and west of your property) Is being bought for $3,900,000 all cash.
    The property used to be a gas station and is being sold “as is.”

    Comment by jodis — February 29, 2008 #

  5. Found this link is a newsletter – amazing information!

    Comment by Verrazzino — April 26, 2008 #

  6. Here are some new Los Angeles real estate resources from PropertyShark.com:

    • Title Documents: We’re adding Los Angeles document images at a rate of about 20,000 per day. Look up a property to view ownership info.
    • Comparables: Quickly search comparable sales, based on price, date, use class, square feet, zip code and radius! If your property has declined in value you may be able to make a case for a tax reduction.
    • Maps: We now have over 70 map layers for L.A. including zoning, land use, fire threat, demographics, foreclosure trouble spots, and FEMA flood regions.
    • Foreclosures: Browse trustee sales and notices of default by zip code, district, neighborhood, loan amount, and building use and size. Improved speed!
    Best,
    The PropertyShark.com Team

    Detailed Reports: Look up any Property in Los Angeles!
    http://www.propertyshark.com

    Comment by Property Shark — May 8, 2008 #

  7. REmapper.com offers market statistics and forecasts down to the size of individual Census blocks.

    Comment by REmapper.com — June 26, 2008 #

  8. LEED for Homes

    The LEED for Homes Green Building Rating System is a third-party certification system that lets homebuilders to verify their green homes as truly green, covering important considerations like energy efficiency, water efficiency, materials and resources use, site selection and innovative design.

    A LEED home is environmentally friendly, good for your buyers’ health, and good for your bottom line. USGBC offers a host of resources to help you learn how to build the most-efficient, sustainable, healthy houses in the most cost-effective ways. Visit http://www.buildleedhomes.org.

    Comment by LEED for Homes — September 4, 2008 #

  9. Subject: David Joseph Kennelly House

    Hi,

    I read with great interest your historical inventory of early Santa Monica Landmark Properties, especially the profile of the First Roy Jones Home, when it was located at 1007 Ocean Avenue, because it makes reference to the residence of Captain David Joseph Kennelly being under construction in 1894. Do you know of any information or photographs of the Kennelly house? I am working on a biography of Captain Kennelly and his family who were all quite famous. I have a photograph of Captain Kennelly.

    Please contact me.

    Regards,

    Neil libbey

    Comment by Neil Libbey — November 9, 2008 #

  10. Introduced earlier this year as a concept, LEED 2009 will be a significant evolution of the existing rating systems for commercial buildings. It will incorporate a series of technical advancements in improving energy efficiency, reducing carbon emissions and other environmental and human health benefits. It will also incorporate regional credits–extra points that have been identified as priorities within a project’s given environmental zone–as well as a re-weighting of credits to reflect climate change and energy efficiency as priorities. The current qualification system ranges from a minimum of 26 points for certification to 69 points for Platinum status; LEED 2009, by contrast, will be a 100-point system that integrates life-cycle assessments and various sector-oriented credits into one overall system.

    Comment by GlobeSt.com — November 15, 2008 #

  11. Love you SM info.

    Jamie Watson, Ocean Park Branch ,Santa Monica Public Library

    Comment by Jamie Watson — January 21, 2009 #

  12. virtually every major initiative from Villaraigosa has been a dismal failure; from a poorly executed program to plant more trees to a subsidized drive to refashion downtown Los Angeles into a mini-Manhattan. Instead of reforming a generally miserable business climate, Villaraigosa has fixated on fostering “elegant density” through massive new residential construction. This gambit has failed miserably, with downtown property values plunging at least 35% since their peak. Many “luxury” condominiums there, as well as elsewhere in the city, remain largely unoccupied or have turned into rentals.

    Comment by Joel Kotkin — February 27, 2009 #

  13. California million-dollar home sales plunged last year to their lowest level in five years, the result of a bone-dry mortgage market for prestige-home financing, as well as a decline in the value of many homes just over the million-dollar threshold, a real estate information service reported.

    A total of 24,436 Golden State homes sold for a million dollars or more last year. That was down 42.5 percent from 42,506 in 2007. It was the lowest sales count since 20,595 were sold in 2003. In 2006 the $1 million-plus total was 50,010, in 2005 it was 54,773, and in 2004 it was 36,990, according to MDA DataQuick.

    Of last year’s sub-$1 million sales, at least 2,052 homes had previously sold for more than a million. One in sixteen homes sold for a million dollars or more last year; the year before it was one in nine.

    “Discretionary spending in the housing market has pretty much been on hold the past fifteen months. The core of last year’s distress was clearly in affordable areas that had a lot of turnover in 2005 and 2006. That distress could migrate up the price ladder if this recession proves nasty for high-income households,” said John Walsh, DataQuick president. “A lot of home sales in the upper half of the market have been on hold for months, waiting for financing.”

    Comment by John Walsh — April 6, 2009 #

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