Santa Monica’s affordable housing provider, a non-profit called Community Corp, broke ground on a whopping $35 million project that will offer rare apartments for large low-income families. To help fund this project, the city provided $13.3 million from its Affordable Housing Trust Fund, or about $277,000 per residence. The total estimated cost of the development is $35,004,723 or $729,265 per residence, according to the… Continue Reading Groundbreaking Dirt
The first half of the years seems like it flew by and with it behind us, its interesting to look back and see what happened, or maybe more appropriately, ask, “What didn’t happen?”. The Santa Monica real estate market is mixed. Very mixed. Some houses are selling quickly and others not at all. (More on that later). So, what didn’t happen? Interest rates did… Continue Reading Mid-Year Dirt
12 houses have come to the North of Montana Avenue market in the past 4 weeks and so far, only 1 of them has sold. If you are reading this in our Santa Monica Dirt magazine, it is possible that all, or none, of them are now sold. If you are reading this online at SantaMonicaDirt.com, there is a pretty good chance only 1… Continue Reading What’s Up? What’s Down? What’s going On?
Teh Following Article is from the Fall 2011 Newsletter There is actually no encompassing cycle, just different cycles for different markets, which is not easily understood in these financial times. It goes back to whether you are looking at the macro view, the world, or the micro view, your own neighborhood. In the Westside markets’ most desirable neighborhoods home prices have been flat for… Continue Reading Where Are We In The Cycle?
The Following Article is from the Spring 2011 Newsletter Although I do not have a crystal ball, there are some very compelling signs that our market is on the road to recovery. In our micro, Santa Monica Westside market, it seems that we are currently at the bottom and looking up. Inventory is extremely low, well priced homes are likely to elicit multiple offers,… Continue Reading Signs of Recovery
The Following is from the Winter 2010 Newsletter Surely, you have heard of the Santa Monica Canyon. However, did you know that The Santa Monica Canyon lies between Santa Monica and Pacific Palisades and makes up less than one square mile? Did you know that it is actually not in Santa Monica? That’s right Santa Monica Canyon is in the City of Los Angeles… Continue Reading A Bit of Santa Monica Canyon History
The Following Article is from the Winter 20007 Newsletter The big news outside Santa Monica is the “Mansionization” Ordinance that has been creeping through the city of Los Angeles with few hearing the footsteps. The city council agreed to the general structure in June 2007 with changes in July and September. The allowable building square footage is dropping dramatically and also the mass restrictions are… Continue Reading BIG CHANGE COMING IN L.A.
The Following Article is from the Summer 2006 Newsletter This month we will be focusing on real estate sales data from the Los Angeles Multiple Listing Service. We will be comparing 2005 to 2006 year-over-year and month by month. Overall the marketplace is still strong and healthy but some of the dynamics have changed. The early part of this year got off to a… Continue Reading WHERE DID THE “SENSE OF URGENCY GO”?