Jodi Summers

LOS ANGELES REAL ESTATE - SO VALUABLE + GETTING MORE AFFORDABLE - COULD IT BE INVESTOR HEAVEN?

If you own a home here in SoCal, you're lucky. The latest report by the National Association of Home Builders announces that for the first quarter of 2008, Los Angeles remains the least affordable housing market with a population above 500,000. Los Angeles beat out the other top contenders, New York City; San Francisco; Salinas; San Luis Obispo, Calif.; Napa, Calif.; Miami; Sana Ana, Calif.; Santa Barbara, Calif.; and Nassau, N.Y.

Los Angeles holds the prize for most precious real estate for the 14th consecutive quarter in first-quarter 2008, while Indianapolis remained the easiest to affordable major U.S. housing market for the 11th straight quarter...

And here's the interesting twist - Los Angeles is getting more affordable...a new report from the California Association of Realtors found that housing affordability for first-time buyers was 44% in the first quarter, compared with 26% for the same quarter last year and 33% in fourth-quarter 2007.

Values remain high, but prices are coming down. Could this be investor heaven?

Jodi Summers

Sotheby's International Realty, Santa Monica

jodi@jodisummers.com

listing websites

http://www.2542manchesterblvd.jodisummers.com/

http://www.2340manchesterblvd.jodisummers.com/

http://www.3619motorave.jodisummers.com/

http://www.3760motorave.jodisummers.com/

blogs +

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalGreenRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

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I am a better investor because I am a businessman and a better businessman because I am an investor. - Warren Buffett

Want to take a guess at what an acre of land sells for in Santa Monica California?

Would you believe the current market value is approximately $19,230,000!

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. The building will feature surgery, imaging, outpatient, clinical and medical laboratory capabilities and subterranean. The completion date scheduled for second quarter 2010.

Previously, the property held a multi-family building with 3,534 SF of rentable building area.

Absolutely astounding.

What would an acre of land cost in NYC? Newport Beach? San Francisco? Paris? Omaha? Portland?

How Much Water Can You Save?

Ways to Save Tips

There is no more fresh water on Earth today than there was a million years ago. Yet today, 6 billion people share it. Since 1950, the world population has doubled, but water use has tripled. Californians use nearly 23 trillion gallons of water a year, much of it coming from Sierra Nevada snowmelt. But climate change is producing less snowpack and is causing it to melt faster each year, jeopardizing future supplies.

The Los Angeles Department of Water and Power, a.k.a. LADWP, continues to stress the importance of using water wisely. Continued growth in population and commerce, and unpredictable climatic conditions are constant reminders that our water must be managed and used wisely. Since approximately 84 percent of the City's water is imported from hundreds of miles away, it simply does not make sense to waste it.

In view of this situation, LADWP encourages everyone to conserve water. Cooperation from our customers, including commercial and industrial businesses, has been outstanding. However, the effort must continue as water conservation is a necessary and important part of water supply planning for the future.

Here is 10-step approach to a Water Conservation Program for Businesses. These basic guidelines have been proven essential to a successful conservation effort, plus a bonus....

1. Start with a desire to eliminate waste

Prior experiences have revealed that for any program to be successful, the desire to conserve water must be present from the highest level of management on down. Upper management should understand and accept the fact that water conservation is necessary, and be fully committed to its support.

2. Appoint a Conservation Manager

It has been shown that those companies which have placed an individual in charge of their conservation program have far better results than companies which never assign such a responsibility to someone. Place someone in charge of your conservation program, making it part of their regular duties. Such a move will enhance the likelihood of positive results.

3. Determine where your water is used

Before implementing any kind of conservation program, know where your water is being used. It is also important to know how much water is being used for each of your firm's industrial processes and/or domestic needs.

4. Check your system for leaks

Learn to read your water meter. It's simple. LADWP can provide information that will guide you through this very important procedure. Leaks can be detected by having a periodic shutdown of all water-using facilities and reading the water meter at intervals of the shutdown. If any movement of the meter dials occur, water is leaking. If a leak is detected, locate and repair it as soon as possible.

5. Set a conservation goal

It is important to have goals. Be realistic. However, the conservation goals should be high enough to require substantial effort. Allow these goals to serve as progress reference points. They will illustrate the effectiveness of your water conservation program.

6. Apply common sense

Use a little common sense to eliminate waste. Request information from LADWP regarding water conservation measures. Look for common conservation opportunities in restrooms, kitchens, laundries and water-using processes. Encourage suggestions from employees to reduce your water consumption.

7. Involve your employees

Teach water awareness. Many companies have posted signs throughout their facilities which help to create an awareness of water conservation among the employees. Creating competition among employees (for instance, establishing which work shift can use the least amount of water) is another idea. Once employees start thinking about their water use, water consumption usually decreases.

8. Install low flow devices

Replace non-water saving toilets and urinals with ultra-low-flush models (LADWP offers rebates for such replacement). If you already have these types of toilets, make sure they are adjusted to use the minimum amount of water required per flush. All showering facilities should be equipped with low-flow showerheads. Showerheads equipped with on-off valves provide the opportunity to conserve more water than those without valves. Install low-flow aerators on all faucet fixtures.

9. Be aware of water efficient equipment

As you replace the equipment in your plant, be aware of how much water the new equipment will use. Equipment manufacturers have become more aware of the need for water conservation and often offer equipment that uses less water. Explore all of your options. You may find that you have a choice in your equipment purchases and water conservation should be a determining factor in the selection process.

10. Monitor your results

Each water bill includes your consumption history. It is possible for you to follow this history and get an immediate idea as to how well you are doing compared to any one of the past 14 billing periods. Use charts, graphs, and other records to keep track of your conservation progress and share it with employees.

11. Other things you can do

• Check facility for leaks and repair immediately.

• Save water by participating in any of LADWP's Commercial Rebate Programs.

Rebates are available for:

• High efficiency toilets

• High efficiency urinals

• Smart controllers

• Cooling tower pH controllers, and more.

• Encourage employees to conserve and to report water waste.

• Instruct landscape maintenance staff to reduce water use by repairing leaks, adjusting sprinkler heads to minimize overspray, adjust the sprinkler timer seasonally OR replace timer with a smart controller.

• Eliminate hosing-down of walkways and driveways.

• Retrofit restrooms with self-closing faucets.

• Install water saving faucet aerators in all restrooms. Call 1-800-544-4498 and press "0" for more information on the availability of FREE aerators for your business.

For additional commercial programs please go to the LADWP water conservation page.

For additional tips and conservation information, visit www.bewaterwise.com

http://www.ladwp.com/ladwp/cms/ladwp001257.jsp

http://www.ladwp.com/ladwp/cms/ladwp001226.jsp