SB 1120 is rushing toward the Assembly floor, possibly Tuesday, September 1st. It crushes single-family neighborhoods and directly attacks current homeownership by over-riding single-family zoning everywhere.
SB 1120 is an attack on single family homeownership at all income levels. It allows apartment building developers, and financial speculators to build up to 4 rental properties where one home now stands – yards and garages are not required. This seems to be an all out assault on single-family home neighborhoods and possible one family home per parcel ownership across California.
Unless you think SB1120 is a good idea, you might want to drop everything and contact your Santa Monica Assemblyman Richard Bloom, and then call or email your city council members to also urge them to OPPOSE SB 1120.
On August 24th 2020, The California Alliance of Local Electeds (CALE) issued a Declaration of a California Crisis of Governance after legislators let SB 1120 slide by while the public is DISTRACTED by COVID-19.
PLEASE CONTACT YOUR CITY COUNCIL MEMBER NOW. THEN CALL YOUR ASSEMBLY MEMBER AT THEIR DISTRICT OFFICE. URGE THEM TO OPPOSE SB 1120.
Did you know that American investors like Carl Ichan have made billions by betting against the future of malls, even before COVID 19, the debt on malls was a red flag. (NY TIMES).
I think that some of the abandoned malls should be converted to homeless shelters, with classrooms for vocation training, health care clinics, substance abuse recovery clinics, child day care, specialty retail and of course some sort of social welfare counseling all housed on-site. This will take millions of dollars, and many years, but we are already paying for it, one way or another, in some form or fashion.
Interest Rate Watch:
Interest rates remain at record breaking lows. Banks are so overloaded with applications that it can take 6 months to get a refinance completed these days.
According to MarketWatch, a news service, there is no real let-up in sight for the overload of refi applications. If/when a vaccine or treatment for COVID-19 is discovered, interest rates will likely rise and this should mark a slowdown in refi applications.
Real-Time MLS Info:
In Santa Monica real estate news, if you know anyone looking for a really authentic 1920’s Spanish style 4 bedroom, we might have one available soon for under $4.3M.
Right now there are 28 homes in the 90402 pocket for sale.
15 are under contract and 39 have sold and closed since 1/1/2020.
That is about 83% of the number of sales during the same period last year.
The prices have not changed much but the sales volume, understandably, has diminished. I think this might be because owners who want to sell might think that the buyers are staying away, but clearly this is not the case. A good house listed for sale at a price in keeping with the comps will sell on average in just 20 days.