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 () – so we can applaud you.   
 

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Join the conversation! 13 Comments

  1. 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.”

  2. 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.

  3. Love you SM info.

    Jamie Watson, Ocean Park Branch ,Santa Monica Public Library

  4. 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.

  5. 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

  6. 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.

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

  8. 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

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

  10. 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.”

  11. 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!

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

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

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Jodi Summers Sotheby’s International Realty 310.260.8269 jodis@jodisummers.com www.SoCalInvestmentRealEstate.com www.SantaMonicaLandmarks.com www.SoCalIndustrialRealEstateBlog.com www.SoCalOfficeRealEstateBlog.com www.SoCalGreenRealEstateBlog.com www.SantaMonicaPropertyBlog.com Jodi Summers Bio With $100,000,000 in listed inventory, Jodi Summers understands the coastal commercial real estate market. A top producer with Sotheby’s International Realty, Jodi knows finance, rules, regulations, procedures and methods. She is accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California. Jodi is born in Brooklyn, raised in and around Manhattan – the family business was marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans. An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California to achieve her goal of living by the beach with a palm tree and a hibiscus bush in her yard. She thrived as an entrepreneur in the entertainment, media and marketing industries. One of her books, “Marking and Marketing Music,” is in second edition. “My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.” Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties. Her team joined Sotheby’s International Realty for the company’s powerful brand and stellar reputation. “We offer the broad market knowledge needed to assist clients in formulating a sound acquisition strategy,” Jodi amplifies. “Together, we evaluate various markets, property types and neighborhoods to devise a customized approach that meets each client's specific objectives.” Jodi is a member of the Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Ocean Park Association, the Friends of Sunset Park community group, the Real Estate Investors Club of L.A., and the Culver City Rock & Mineral Club. Members of her team are fluent in Spanish and Italian. “Our reputation assures your satisfaction.”

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