Santa Monica City Council Rejects Disclosure Proposal

Santa Monica City Council Rejects Disclosure Proposal

The Santa Monica City Council has rejected a proposal for council members to disclose on whether a developer has contributed to their campaign before they are able to participate in a major decision that affects the developer.  Click on the link below for the full article.

City Council rejects disclosure proposal after some debate

 

Santa Monica Real Estate Market

The Santa Monica real estate market has been very active this year because of the record low rates. As of today there have been 218 single family homes that have sold with a median price of $1.5M comparing to last years total sales of 190 homes with a median price of $1.625. We have seen a drop in price of about 7% from last year but an increase in volume. There are currently 94 homes on the market and about 37 homes in escrow or under contract which tells us of a very active market. The median asking price range is at $1.6M.

I am seeing that the condo market this year will surpass the figure of 373 condos that sold last year. As of to date, there are already 323 condos sold with another 64 condos under contract. The median price this year is at $660,000 and has not changed much from last years $665,000.

What I am experiencing in this market is that the only properties that move are the ones that the public and brokerage community perceive to be of a great value. It has to be positioned well that they think that if they do not make a move on it today, that it will not be there tomorrow.

 

West Los Angeles Real Estate Neighborhood Profiles

I have just added new neighborhood information to my site.  I previously had BrentwoodSanta Monica and West Los Angeles on the site, and I have now added Pacific PalisadesMar Vista and Westwood.  I feel that knowing a little more about a neighborhood informs a client’s decision.  I wanted to pass on my knowledge about Los Angeles to help my clients make the best choice possible.

 

Southern California Home Sales Up, Prices Level Off in June

Southern California’s housing market’s sales volume rose slowly in June as the median price slipped back slightly from May, but remained 13 percent higher than a year ago. A total of 23,871 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 7.2 percent for May, and up 2.6 percent from June 2009.  The sales count was the highest since July last year. It was the strongest month of June since 2006.

“The market was wildly out of kilter a year ago, now it’s just somewhat out of kilter. We’re still seeing lots of bargain hunting, and we’re not seeing much discretionary buying. Still, more money was spent last month buying homes in Southern California than in the past two years, and more money was loaned. The tax credits had something to do with that, though it’s not clear exactly how much. With the impact of the credits fading fast, the next few months will tell us a lot”, said John Walsh, MDA DataQuick president.

The median price paid for a Southern California home was $300,000 last month. That was down 1.6 percent from $305,000 in May, and up 13.2 percent from $265,000 for June 2009. The low point of the current cycle was $247,000 in April 2009, the high point was $505,000 in mid 2007. The median’s peak-to-trough drop was due to a decline in home values as well as a shift in sales toward low-cost homes, especially foreclosures.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above- average, MDA DataQuick reported.

In Los Angeles, and especially on the Westside and Santa Monica, the next few months should be good indicators of how the market is trending.