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SANTA MONICA PROPERTY SNAPSHOT – FEBRUARY 2010

02-06-10

Jodi Summers

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Office: (310) 260-8269

REASONS FOR OPTIMISM

By Jodi Summers

CONDOS

This month we start with condos because the news is good!

Oh, what a difference two years make. After languishing for much of 2008 + 2009, the Santa Monica condo market is showing signs of recovery. Since prices dropped so low, people pulled their properties from the market, waiting for signs of strength. Clarus Market Metrics reports that contrasting January 2008 vs. Jan 2010 volume of for sale properties is down 29%. Meantime, thanks to government incentives, condos are selling in Santa Monica. The number of sold properties is up 12%.

As far as price dips go, you’ll notice that the condo market comparison is not quite as severe as the single family market. Weigh Jan-08 vs. Jan-10 - the median price of for sale properties is down 13%, BUT the median price of sold properties is up 8%. So, if you think abstractly, it’s a drop of 5%. And we saw increases of 400% in the past decade, right?

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Another bright spot in the Santa Monica condo market is that the average months supply of inventory is down -12.3%.

SINGLE FAMILY

The nicest thing we can say about the Santa Monica single family real estate market this month is that, n contrasting January 2008 vs. January 2010 is that the average months supply of inventory is down -35.6%.

Now keep in mind, like the unemployment figures in this grueling recession, that doesn’t necessarily mean sales are up, it just means that sellers have stopped trying

From Jan-08 vs. Jan-10, the number of for sale properties is down 19%...and here’s an interesting caveat, the number of sold properties is up 27%... and here’s why…

Clarus Market Metrics points out that if you compare Jan-08 vs. Jan-10, the median price of for sale properties is down 14%, and the median price of sold properties is down 47%.

So, now is the time to sell only if you need to.

Away from the beach, in the more afford end of the real estate market things are looking brighter. The California Association of Realtors (CAR) recently released their December 2009 report for existing home sales and prices in California. Statewide, sales of existing single-family homes rose by +1.7% (compared with December 2008) to 558,320 units (seasonally adjusted, annualized rate) while the median price increased by +8.4%. The was the second consecutive year-over-year price increase (in November prices rose by +4.7% for the first time since August 2007) and was the largest year-over price increase in three years. On a month-over basis, December marked the tenth month in a row to see an increase in median price (+0.8%). In Los Angeles County, unit sales during December rose by +4.3% over the year. The median price increased by +4.9% to $353,560.

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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 or call 310.392.1211. We look forward to working with you in your next real estate transaction.

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http://www.cirbdata.com/

https://www.terradatum.com/

http://www.globest.com/news/1590_1590/washington/183353-1.html

http://www.SoCalGreenRealEstateBlog.com

http://www.laedc.org/eedge/index.html#1

http://www.iamnotastalker.com/wp-content/uploads/2008/01/img_18842.jpg

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Santa Monica Real Estate - Housing Market Report for December 2009

01-12-10

Jane Peters Los Angeles Living, Los Angeles Homes

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Office: (310) 473-6919

Mobile: (310) 351-9208

Santa Monica, Calfornia has not suffered as much as the rest of the California market. It is one of the more affluent neighborhoods in Los Angeles County.

The statistics below are taken directly from the MLS and are for single family homes. They also don't take into consideration condos, income property and private sales.

There were 18 sales in the month of December with a median price of $1,190,752. The highest priced home sold for $3,950 in "The Canyon" and the least expensive for $560,000 just east of "Ocean Park".

Sales price received versus the listing price was 93%.

Average days on the market has increased over the past few months to 76.

Below is a breakdown of last month's activity in Santa Monica Real Estate.

Stats

Graph

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Leaky Pipes? Schuelke Plumbing Can Help

01-08-10

Jim and David Schuelke

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Office: (818) 623-8739

Secondary: (310) 855-7336

Leaky pipes in your home must be addressed immediately. You may even be unaware of the severe damage a leak can cause to a home. But the technicians at Schuelke Plumbing actually perform a free inspection when they come to your home for any other plumbing-related repair. What types of leaks do they look for? There are slab leaks, underground leaks in your yard, water leaks, and gas leaks. Schuelke plumbing has incredible cutting-edge technology that helps plumbers detect and pinpoint exactly where the leaky pipe is.

What are the signs that indicate that your home may have a leak? If you experience any of the following, you need to call Schuelke plumbers right away:

Water bills that seem unusually high.
Water meter readings changing when not using water.
Sewer backup problems that become chronic.
Running toilets and dripping faucets.
Running water sounds when nothing is in use.
Spongy, soft, or discolored walls.
Musty odors from floors, walls near drains, or sewers.
Cracked, or unusually damp foundation or slab.
Warm areas on concrete floors, mildew, or excessive moisture under carpets.
Wet or moist areas in the yard with unusually healthy plant or grass growth.

If your home has a slab leak, the water company will slap you with an outrageously high bill month after month. If the problem remains unfixed, you will experience dampness or wetness on the floor, and water coming through the foundation or the settling of the foundation. Slab leaks occur in two places, either the incoming water line or the sanitary sewer line, both of which are embedded in the foundation of your home.

A yard leak also has terrible consequences. In addition to a high water bill, you will find your font yard completely flooded. Traditionally, plumbers would have to dig up your entire front yard in order to fix the problem. However, Schuelke Plumbing uses a method called trenchless sewer repair. This ensures that your yard and driveway will stay intact during the process of installing the new sewer lines and sewer system. Schuelke's plumbers and technicians have been doing this type of work for many years, with hundreds of satisfied clients as a result.

Schuelke plumbing also has the technology necessary to detect gas leaks. Gas leaks are the most dangerous because if left undetected, the carbon monoxide poisoning can lead to death. Appliances like your hot water heater may have a gas leak that can be easily fixed by a licensed professional at Schuelke plumbing.

Many people forget that insurance covers all types of leaks in their homes. Since Schuelke plumbing is always looking out for their customers, they come in and handle the insurance claim for the homeowner! There aren't many other plumbers in the Los Angeles County that are willing to take the time and energy to do that! In addition to handling the insurance claim, a licensed plumber will write up an invoice for the DWP so that the homeowner can get refunded for the high water bill caused by a leak.

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SANTA MONICA PROPERTY SNAPSHOT – JANUARY 2010

01-04-10

Jodi Summers

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Office: (310) 260-8269

SANTA MONICA PROPERTY SNAPSHOT – JANUARY 2010

By Jodi Summers

Those in the know seem to feel that what the government is doing is working. Aided by the recent extension of the home buyer tax credit, the outlook for housing industry for 2010 appears headed for a sustainable recovery, proclaims Lawrence Yun, NAR chief economist of the National Association of Realtors.

"Given the success of the first-time buyer tax credit to date and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices," he said. "In fact, the credit is working better than first projected - it now looks like we'll have 2.3 to 2.4 million first-time buyers this year."

Locally, in the Santa Monica single family market from December 2007-December 2009 there was an 18% drop in volume from 22 to 18 homes.

The median price of for sale properties is down 9% and the median price of sold properties is down 36%.

The condo market the median sold price is down 22%, while the number of sold properties is up 72%

In 2009 first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in 2008 concluded the most recent National Association of Realtors Profile of Home Buyers and Sellers.

Existing-home sales are expected to total 5.01 million for 2009, a gain of 2% over 2008, and this year sales are forecast to rise 13.6% to 5.69 million in 2010. "A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy," Yun concluded.

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http://saratogavoice.com/wordpress/2009/10/20/california-real-estate-forecast-for-2010/

http://nyrej.com/37067

http://www.realtor.org/research/economists_outlook/commentaries/forecast1209

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Santa Monica Smoke Free Laws

01-03-10

Dom Naidoo - Pacific Palisades Real Estate

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Office: (310) 459-8191 x878

Mobile: (424) 214-0271
Secondary: (310) 774-3313

Our Smoke-free Laws

Where?

In Santa Monica, smoking is prohibited in the following areas:

· Within 20 feet of entryways and windows of any buildings open to the public

· In any outdoor dining areas

· At any local beach, park or Farmers' Markets

· On the Santa Monica Pier (except in designated areas)

· At the Third Street Promenade and public libraries, including grounds

· At any bus stops, ATM lines or other service areas

Residential common areas, too.

On February 26, 2009, a new law went into effect adding the common areas of multi-family residential buildings. For more information on this new law and samples of required signage and notices, visit www.smconsumer.org

Plus...

Help is on the way for restaraunts with outdoor dining areas and any organizations that need to inform their customers of the laws restricting smoking in public areas. On February 10, 2009, the City Council approved a new campaign to educate residents and visitors on our smoke-free laws. Materials letting people who continue to smoke in restricted areas know that "smoking doesn't belong HERE" will be available by the end of March!

Westside Properties is a full-service real estate boutique brokerage based in Pacific Palisades serving the entire Westside of Los Angeles. We proudly represent the finest properties throughout the Westside.
We work as a team and combine our extensive real estate experience, powerful resources and connections to benefit you whether you are looking you buy or sell a home in today's exciting and lucrative real estate market.

Call us now to get started on the road to buying or selling your next home.

310.459.8191 or email info@wsprops.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

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