Even if you have lived in Santa Monica for most, or all, of your life you may be surprised to learn of these little-known facts about our City. Be forewarned; some of these tidbits may disappoint you. The population of SM is 92,987. The median age of residents is 49. Only 27% of the population own their homes. (Call me if you are one… Continue Reading The Dirt on 20 things you didn’t know
If you, like me, are an employer there are several new local and state laws you may want to pay attention to that went into effect on January 1, 2018. Statewide the minimum wage will increase from $10.50 to $11.00 per hour. Santa Monica businesses with 26 employees or more will be required to pay $13.25 per hour as of July 1, 2018. Smaller… Continue Reading Working Dirt
Melvin L. Watt, the overseer of Fannie Mae (FNMA) and Freddie Mac, is loosening rules that have forced banks to buy back billions of dollars worth of flawed home loans in an effort to spur the housing market. Watt, who took over in January as head of the Federal Housing Finance Agency announced in a speech a series of steps intended to stimulate lending.… Continue Reading Mortgage Market is Looking to Loosen up!
*(the year-over-year comparisons in this article are from January 1st-May 18th of 2013 and 2014) The real estate activity for the time periods expressed for 2013 and 2014* are full of anomalies. The year-over-year statistics for the time periods expressed herein for 2013 and 2014 are as follows: In Santa Monica, zip code 90402, the number of homes sold was down from 24 homes… Continue Reading What’s Happening and Who’s Making it Happen
Most all of us agree that 2009 was the bottom of the great recession. Since it is apparent that recovery in Westside real estate prices has leveled off, I thought that it would be interesting to compare the bottom of the market to what will likely prove to be the top of the current cycle. 444 9th Street – a great location for a… Continue Reading Looking Back Four Years
What can we expect the real estate market to do next year? No one predicted the intense bounce back that we’ve been experiencing for the past year, and everyone wants to know if it’s going to continue to increase, stay flat, or cool down. I think the answer is rather obvious – I anticipate the hot market will continue to increase. Without being overly… Continue Reading Predictions
What a difference 35 years makes. I began my real estate career in 1978, in Santa Monica. At that time there were 321 real estate offices or brokerages from Hollywood to Malibu, mostly “Mom and Pop” shops. Today I would be surprised if that number is 100, including all the offices of mega companies. There were 12 companies with two or more offices and… Continue Reading Monopolistic Disintegration
Put Ben Bernanke in front of a microphone, and what could possibly go wrong? Lots, it seems, if you’re trying to buy or refinance a home. Mortgage costs have soared over the past month after the Federal Reserve chairman told a news conference that, later this year, his bank will start scaling back its long-running effort to boost the economy by driving interest rates… Continue Reading Why Interest Rates have Jumped so Quick!