I am sure you’ve heard about property owners making alterations to their homes without permits…but what about the construction of a major hotel on Ocean Avenue?
The Shore Hotel, a luxury Ocean Avenue hotel (you know the one, its bright blue pool and heat lamp torches look incredibly inviting at night) seems to have been built without the required permits. The owners have agreed to pay $1 million in penalties and restitution, the Los Angeles County District Attorney’s Office announced Wednesday.
Under the settlement, Sunshine Enterprises must pay $250,000 in civil penalties beyond the $15.6 million penalty that the company has already paid to the California Coastal Commission.
The combined civil penalties mark the largest penalty ever imposed for violations of California’s Coastal Act, which regulates the development of coastal areas and mandates that the commission preserve affordable access to the state’s coastline, according to the District Attorney’s Office.
“The planning and permitting process ensures our community has the opportunity to provide input into what our neighborhoods look and feel like for decades to come,” District Attorney George Gascon. “When that process is subverted, some of us are making decisions for all of us.”
Do you think $15.6 Million in fines will truly affect their bottom-line…or is it just the cost of doing business the way they always planned?
DID YOU KNOW? Home prices were up 8.4% year-over-year nationally in October, according to the monthly S&P/Case-Shiller U.S. National Home Price Index. The biggest rate of price increases was reported in Phoenix, Seattle and San Diego, all of which saw home prices climb more than 10% from October 2019. (Case-Shiller)
DID YOU KNOW? Between 2018 and 2028, the number of households are forecasted to grow by as much as 12 million with Gen X and Millennials driving most of the household formations and adding almost 25 million new households through 2028. But, while the wave of millennials has started entering the home purchase market, the largest age cohorts, those aged 28 to 30 and almost 15 million strong, are yet to turn the typical first-time home buying age of 33 years old…..BUILD LOTS OF HOMES! For more stats, check out the 2020 Home Buyers and Sellers Generational Trends Report.
DID YOU KNOW? According to Corelogic, since 2000, the U.S. has gained 46 million people and only 20 million housing units. In the two decades prior, the country gained 45 million people and 35 million housing units.
In real estate news….
Right now, there are 27 active listings in 90402.
The highest priced is 808 Woodacres which is currently listed at $18.5. It has been on the market for all of 2020 originally coming on the market for $20M. It’s a bit of a tought-sell as it may have some historic designations that limit it’s redevelopment.
The least expensive is 613 26th Street. It is currently listed at $2,750,000. It originally came on the market for $3,395,000 back in August.
There are 11 properties in escrow.
The most expensive is 622 25th Street which was listed in August for $6,599,000. It was eventually reduced several times and when it finally got to $6,099,000, it went under contract.
The least expensive is 728 26th Street, listed by Shann Silver from our PENCE HATHORN SILVER team for $2,495,000. This cute, livable “lot-value” received multiple offers and is in escrow for more than the list price.
As we close out 2020, here is a look at how our 90402 (flats only – not SM Canyon) market performed when compared to 2019.