Last week the City of Santa Monica considered a proposal for a seismic retrofit ordinance. The City most likely will officially pass the law by the end of the month and within 30 days it will be in full effect. Once it is in place, notices to property owners will start rolling out in different phases. These notices will require soft-story, concrete and steel-frame properties to be retrofitted. After the Northridge earthquake developers found that the steel-frame infrastructure can collapse. Earthquake protection cannot really be ignored and since most buildings were built prior to current retrofit standards, it is a safety concern. With so many structures needing retrofitting the City is considering hiring more staff to handle all of the permit applications that will follow. It will be interesting to see how property owners distribute the cost. Recently the City of Los Angeles moved forward with a new law requiring apartment owners and tenants to share the financial burden equally, for all retrofit costs. Tenants will have an increase of up to $38 per month over a 10 year time frame.
One new listing came on the market:
213 Euclid Street– 5 bedroom and 6 bath, $6,999,000. Newer custom built home boasting over 6,600+ square feet, on a large 11,000+ square foot lot. Italian style villa designed by J. Charles, nice yard with swimming pool. Last sold in September 1998 for $1,225,000.
One listing under contract:
215 21st Place– 5 bedrooms and 4.5 baths, $4,595,000. European style meets California coastal comfort! A gracious indoor-outdoor open floor plan, guest house, and ideal scale gives it a wide range of appeal to many different types of Buyers. Listed by Pence Hathorn Silver.
No closed sales to report:
Call me for a couple of upcoming attractions that are not yet listed in the MLS, priced from $1.9 million to $16 million. And….here are a few that we have listed in the MLS:
1024 Palisades Beach Road – 5 bedrooms and 8 baths $9,250,000
323 Adelaide Drive – 4 bedrooms and 6 baths $6,750,000
920 Alta Avenue – 6 bedrooms and 6.5 baths $6,595,000
1338 Longworth Drive – 5 bedrooms and 7.5 baths $6,395,000
1023 S. Bundy Drive – 2 bedrooms and 2.5 baths $2,049,000
2920 Neilson Way #303 – 2 bedrooms and 2 baths $1,248,000