Loyal readers of my blog will remember my last post about an illegal rent hike here in Santa Monica. You would have to live in a bubble not to know about the housing crisis in America, especially in light of the pandemic. According to municipal and county leaders, more than 1.3 million homes need to be built in the next decade to address the housing crisis in Southern California.
On March 5th, these leaders approved an ambitious zoning plan that would allow for a surge in construction, according to the Los Angeles Daily News.
The Southern California Association of Governments passed the measure in a 64-1 vote with one abstention. It certifies the body’s plan to meet housing goals set by the state, in line with its Regional Housing Needs Assessment. It will now go to the California Department of Housing and Community Development for approval.
SCAG is a federally mandated planning organization composed of elected officials in Southern California’s 191 cities and six counties. It sets broad policy goals for the region; most of them are nonbinding for local jurisdictions.
Some local officials have argued that state housing laws passed in recent years usurp local authority, according to the report. SCAG passed a resolution calling for more local control over planning as well as reforms to the state’s housing planning process.
R1 lots, such as most of every parcel north of Montana Ave, could become R2+, meaning that 3 units could be built on a 50X150 lot. A home, an ADU and a Jr. ADU.
NOMA of course is losing their minds about such an invasion of possibly more residents moving in and the potential issues more density may cause.
Builder / developers like the idea because, well obviously, they are in the profession.
None of this is new information. Small lot subdivisions are being built all over Los Angeles with great success.
The state requires that SCAG draw up plans to meet housing goals, which are updated every eight years. The latest assessment was released in 2019 and set that goal of 1.3 million new homes in the years ahead.
That amount was three times what SCAG had earlier proposed, reflecting how dire the housing shortage in Southern California has become.
Across the state, just 33 out of 539 cities and counties issued enough permits in 2019 to reach their housing goals for that year.
For more info on this article, visit LADN
DID YOU KNOW? The ‘foreign buyer’ has returned to big cities (though not so much in SM) seeking an opportunity. Fearful that the ‘bargains’ are eroding, they are stepping in now. The majority are domestic, from within the USA. ALL of them speak to the fact that word on the street (globally) is that there are good buys to be had in large urban centers.
In 90402 Real Estate News….
In the last two weeks seven new listings came to market, three of which are already in escrow!
428 Euclid Street– Listed at $7,195,000. Very pretty, new construction Traditional. Over 6,500 sqft 3-story home. The lot was purchased in 2013 for $2,425,000.
444 Sycamore Road– Listed at $4,385,000. This is an architectural “Case Study” house by Pierre Koenig. Built with “a sensitivity to the environment and a harmonious relationship with nature” in 1994. Just under 2,400 sqft on 4,640 lot. Pretty interesting architecture, check out the pics.
415 Mesa Road– Listed at $7,295,000. Almost 4,300 sqft on a nearly 11,000 sqft lot. A real tree house vibe, surrounded by lush landscaping, decks and unique architectural features. Also has a guest house. Last purchased in 2006 for $4,550,000.
307 19th Street– Listed at $3,800,000. This 1926 Tudor style home is charming, clean and livable. Offers are due in a week but I wouldn’t expect a ton of developer interest due to its 5D3 historic designation.
11 properties went under contract-
609 E Channel Road– Listed at the record setting (for 90402) price of $50 Million! Yep, 609 E Channel Road listed at the HUGE price of $50 Million! This massive 3+ acre estate is quickly under contract after just a month and a half! Last purchased in 2015 for $23M. 3+ acre estate is quickly under contract after just a month and a half! Last purchased in 2015 for $23M. Owner Shane Smith of Vice is the Seller. As the sale develops, it will be interesting to learn who the Buyer is.
323 25th Street– I listed this land-value property for $3,449,000 expecting to receive multiple offers and the market did not disappoint. End-users and developers are out in full force seeking everything from heavy remodels to total teardowns. If you are waiting on the sidelines with a home in this category, now is a great time to call me!
231 16th Street– Listed for $5,549,000. In escrow after just two weeks and multiple offers, “well over asking” I am told.
613 26th Street– Listed for $2,595,000. This 9,900 sqft lot on the LA side of 26th was originally listed for $3,395,000, over 200 days ago!
420 Mesa Road– Re-listed at $3,499,000, which seemed to do the trick!
1420 Georgina Avenue– Listed at $12,995,000. This is a big number for NOM but the house is a show-stopper. Large 11,300 sqft lot on the corner of 14th and Georgina. The house took 5 years to complete. Over 7,700 sqft of living space PLUS a 2,300 square foot “auto gallery” with parking for 8 and a rotating carousel. In escrow after just a couple weeks on the market.
414 Euclid Street– Listed at $3,800,000. In escrow after less than a week on the market having received multiple offers. I am happy to say – my team and I sold it!
224 24th Street– Listed at $3,995,000. I betcha this one goes over $4M.
458 26th Street– Listed for $2,998,000.
491 Mesa Road– Listed for $1,580,000.
535 E Channel Road– Listed for $6,595,000.
295 Mabery Road– I sold this great canyon home for $3,625,000. It didn’t even last a week on the market before receiving multiple offers, the winning of which was just a two-week escrow! Listed for $3,595,000.
308 12th Street– Sold for $4,458,000 in just 6 days! This one was listed under market for $3,895,000.
238 19th Street– Sold for the asking price of $6,850,000.
421 19th Street– Sold for the asking price of $3,850,000.