Jodi's Blog

CALIFORNIA ENDORSES STATEWIDE GREEN BUILDING CODE + LOOKS TOWARD 2010

2008-08-19T15:09:26Z

CALIFORNIA ENDORSES STATEWIDE GREEN BUILDING CODE + LOOKS TOWARD 2010

When it comes to green building, California continues to lead the way in adopting environmentally-friendly building codes. Most recently, the California Building Standards Commission has taken the opportunity, along with other state agencies, to develop green building standards that will establish California as a leader in the efforts to reduce greenhouse gas emissions from structures. This is part of an ongoing evolution of how California will build.

“By adopting this first-in-the-nation statewide green building code, California is again leading the way to fight climate change and protect the environment. This is literally a groundbreaking move to ensure that when we break ground on all new buildings in the Golden State we are promoting green building and energy efficient new technologies," notes Governor Arnold Schwarzenegger. The recently amended California Green Building Standards Code, CCR, Title 24, Part 11 now includes mandatory features with a delayed effective date for housing, and voluntary standards for hospitals and other non-residential occupancies. The Commission will continue to work with state agencies and the many stakeholders as we develop a comprehensive set of mandatory provisions in the 2010 edition of the California Green Building Standards Code. "California continues to lead the nation and I commend the hard work of the Building Standards Commission to adopt the first-in-the-nation statewide green building standards,” proudly observes our Governator. "Cars and buildings are two of the leading users of energy – we’re already addressing cars, and these new building standards will ensure that California remains at the forefront of reducing our carbon footprint and conserving valuable natural resources while also protecting our economy," he concludes. "We have already committed to making our state-owned buildings more green and energy efficient and this statewide code will reduce greenhouse gas emissions, improve energy efficiency and conserve water in all new buildings." http://www.bsc.ca.gov/prpsd_stds/default.htm

http://www.socalgreenrealestateblog.com/?p=157

SANTA MONICA’S MAJESTIC/MAYFAIR THEATRE MULTIUNIT PROJECT IS GREENLIGHTED

2008-08-10T00:40:53Z

SANTA MONICA’S MAJESTIC/MAYFAIR THEATRE MULTIUNIT PROJECT IS GREENLIGHTED
http://www.santamonicalandmarks.com/landmk29.html

Since the 1994 Northridge Earthquake, Santa Monica’s landmark Mayfair Theatre has piqued the interested of many a real estate developer. All along, the building’s owner, Karl Schober and Santa Monica’s Architectural Review Board have been negotiating the future.

“The place was trashed by the earthquake,” said Karl Schober, who owns the building. “The guts of the Theatre collapsed.”

After years of negotiation the ARB and Schober have finally agreed on a design - what remains of the old structure will become the façade of a new 34-unit apartment building with retail on the ground floor, adjacent to the hugely popular Third Street Promenade.
Of the apartments, 60 percent will be one-bedroom units and 40 percent will have two bedrooms. Of the two-bedroom apartments, three will be set aside for very low-income tenants, said architect David Forbes Hibbert.

“We have tried to make a simple structure ... so as not to overshadow the existing building,” Hibbert stated.

Legend had it that Santa Monica’s Majestic Theatre, originally built in 1911, was the oldest legitimate Theatre operating in Los Angeles. Designed by Henry Hollwedel the Churrigeuresco-style building at 212-216 Santa Monica Blvd. The Roccoco structure was dessimated in the Northridge earthquake, and has remained under scaffolding for the past 14 years.

When it was known as the Majestic, the Theatre was one of Los Angeles County’s premier opera houses. When the Majestic became the Mayfair Theatre, it was a single-screen Theatre that seated 602.
Details from:

http://www.santamonicalandmarks.com/landmk29.html
http://www.smdp.com/article/articles/3422/1/New-day-for-the-Mayfair/Page1.html
http://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2008/March-2008/03_19_08_Rebirth_of_a_Landmark.htm
http://www.santamonicapropertyblog.com/?p=327

THE US GREEN BUILDING COUNCIL WANTS YOUR INPUT

2008-06-06T00:40:39Z

THE US GREEN BUILDING COUNCIL WANTS YOUR INPUT

The US Green Building Council has unveiled LEED 2009, an evolution of the green building certification system it introduced in 2000, and opened a 30-day public comment period on the draft. The comment period ends at 5 pm, Pacific Time, June 22. "Continuing to seek the right balance between technical advancement and market transformation was a driving force behind the LEED 2009 work," says Horst. Described as an "evolution," rather than a "tear down and rebuild" of the existing LEED rating system, the 2009 version reorganizes the system and includes several advancements. Chief among the changes is a transparent re-weighting and point re-allocation of LEED credits so the highest-priority credits achieve the most points. The weighting redistributes the available points, so point value more accurately reflects features that affect a building's environmental impact. Among complaints about the existing rating system, Horst noted, "a bicycle rack is equal to some more energy efficient system." The weighted feature in LEED 2009 is based on 100 points that Horst says, "can address all systems consistently." An additional six points are available for innovation and design, and four regional points are also available as bonuses. Regionalization is another new aspect of LEED 2009. USGBC chapters can determine regions they want to single out, down to zip codes. "In Phoenix," Horst explains, "water is more important than in Washington DC. LEED 2009 weights the issue of water for that part of the country." After the initial comment period, the USGBC steering committee and staff will respond to comments and issue a revision of LEED 2009. That version will be open to public comment Aug. 4 through Aug. 19. After incorporating additional comments, a ballot will be sent only to USGBC members, and LEED 2009 will be ready at Green Build in Boston, Nov. 19 thru 20, then launched formally in January 2009. More details @ http://www.globest.com/news/1164_1164/washington/171002-1.html

Jodi Summers

Sotheby's International Realty, Santa Monica

jodi@jodisummers.com

listing websites

http://www.2542manchesterblvd.jodisummers.com/

http://www.2340manchesterblvd.jodisummers.com/

http://www.3619motorave.jodisummers.com/

http://www.3760motorave.jodisummers.com/

blogs +

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalMultiUnitRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

Invest wisely in beauty; it will serve you all the days of your life. - Frank Lloyd Wright

SANTA MONICA REAL ESTATE IS IN CALIFORNIA THE TOP 10

2008-05-28T12:46:57Z

SANTA MONICA REAL ESTATE IS IN CALIFORNIA THE TOP 10

Oddly...the news is not all bad real estate in Southern California. Although the median price of single-family detached resale homes in California dropped 32% while home sales rose 2.5% year-over-year in April, according to the California Association of Realtors 0f California. In April, Santa Monica made the top 10 list of highest median home price in the state.

HIGHEST PRICE HOUSING IN CALIFORNIA

•1. Saratoga, at $1.48 million

•2. Manhattan Beach, at $1.37 million

•3. Los Gatos, at $1.34 million

•4. Santa Barbara, $1.07 million

•5. Cupertino, $918,500

•6. San Carlos, $885,500

•7. Danville, $829,000

•8. Redwood City, $817,500

•9. San Clemente, $809,500

•10. Santa Monica, $780,000

Get the whole story @ http://www.inman.com/news/2008/05/27/california-median-home-price-falls-32#comment-5379

http://www.SantaMonicaPropertyBlog.com

Jodi Summers

Sotheby's International Realty, Santa Monica

jodi@jodisummers.com

listing websites

http://www.2542manchesterblvd.jodisummers.com/

http://www.2340manchesterblvd.jodisummers.com/

http://www.3619motorave.jodisummers.com/

http://www.3760motorave.jodisummers.com/

blogs +

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalGreenRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

"If the king loves music, there is little wrong in the land." -Mencius

LOS ANGELES REAL ESTATE - SO VALUABLE + GETTING MORE AFFORDABLE - COULD IT BE INVESTOR HEAVEN?

2008-05-23T10:53:48Z

LOS ANGELES REAL ESTATE - SO VALUABLE + GETTING MORE AFFORDABLE - COULD IT BE INVESTOR HEAVEN?

If you own a home here in SoCal, you're lucky. The latest report by the National Association of Home Builders announces that for the first quarter of 2008, Los Angeles remains the least affordable housing market with a population above 500,000. Los Angeles beat out the other top contenders, New York City; San Francisco; Salinas; San Luis Obispo, Calif.; Napa, Calif.; Miami; Sana Ana, Calif.; Santa Barbara, Calif.; and Nassau, N.Y.

Los Angeles holds the prize for most precious real estate for the 14th consecutive quarter in first-quarter 2008, while Indianapolis remained the easiest to affordable major U.S. housing market for the 11th straight quarter...

And here's the interesting twist - Los Angeles is getting more affordable...a new report from the California Association of Realtors found that housing affordability for first-time buyers was 44% in the first quarter, compared with 26% for the same quarter last year and 33% in fourth-quarter 2007.

Values remain high, but prices are coming down. Could this be investor heaven?

Jodi Summers

Sotheby's International Realty, Santa Monica

jodi@jodisummers.com

listing websites

http://www.2542manchesterblvd.jodisummers.com/

http://www.2340manchesterblvd.jodisummers.com/

http://www.3619motorave.jodisummers.com/

http://www.3760motorave.jodisummers.com/

blogs +

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalGreenRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

I am a better investor because I am a businessman and a better businessman because I am an investor. - Warren Buffett

BRAVO TO WARREN BUFFETT

2008-05-16T00:59:23Z

BRAVO TO WARREN BUFFETT

Kudos to the richest man in the world, and noted philanthropist Warren Buffett. Berkshire Hathaway, company chaired by Warren Buffett, has bought portfolios of subprime mortgages and frozen their rates.

Buffett, who spoke at Berkshire Hathaway's annual meeting, said Clayton Homes, a unit of Berkshire that makes and provides financing on manufactured homes, purchased the subprime mortgages. Clayton sent letters to all the borrowers involved telling them the interest rates wouldn't reset higher.

"We're not in the business of resetting mortgages higher," Buffett said.

Warren Edward Buffett (born August 30, 1930, in Omaha, Nebraska) is an American investor, businessman and philanthropist. He is regarded as one of the world's greatest stock market investors, and is the largest shareholder and CEO of the insurance and investment Berkshire Hathaway.

With an estimated net worth of around US$62 billion, he was ranked by Forbes as the richest person in the world as of February 11, 2008.

Often called the "Oracle of Omaha," Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.

He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000.

In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation. In 2007, he was listed among Time's 100 Most Influential People in The World.

Sources:
http://www.socalindustrialrealestateblog.com/?p=263
Dow Jones Business News, Alistair Barr (05/04/2008)
http://en.wikipedia.org/wiki/Warren_Buffett
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/04/ccinv104.xml

Jodi Summers
Sotheby's International Realty, Santa Monica
jodi@jodisummers.com

listing websites
http://www.2542manchesterblvd.jodisummers.com/
http://www.3619motorave.jodisummers.com/
http://www.3760motorave.jodisummers.com/

blogs +
http://www.SoCalInvestmentRealEstate.com
http://www.SoCalIndustrialRealEstateBlog.com
http://www.SoCalOfficeRealEstateBlog.com
http://www.SoCalGreenRealEstateBlog.com
http://www.SantaMonicaLandmarks.com
http://www.SantaMonicaPropertyBlog.com

The right word may be effective, but no word was ever as effective as a rightly timed pause. -Mark Twain

THE LOS ANGELES GREEN BUILDING ORDINANCE VS. CALIFORNIA'S OTHER GREEN CITIES

2008-05-06T15:23:51Z

Being green means different things in different parts of the country. In places like St. Louis or Seattle, eco-friendly construction standards apply only to city-owned or city-funded buildings. In Boston green construction codes also apply to major commercial or residential developments. New York City has taken very bold steps, with 127 eco-friendly initiatives to green the city by 2030...to date, 14 cities and 1 state - Connecticut - require private developers to meet green building standards.

Locally, in Los Angeles Mayor Antonio Villaraigosa recently signed into law the Los Angeles Green Building ordinance - and it is being heralded as "the most far reaching plan of any big city in America to promote green building practices in the private sector."

The ordinance would reduce the City's carbon emissions by more than 80,000 tons by 2012, the equivalent of taking 15,000 cars off the road - this objective surpasses any other major city in the country. (Now if they'd only find a way get 15,000 cars off the road.)

"Given that greenhouse gas emissions from buildings account for more than 40% of global warming pollution, the Los Angeles Green Building ordinance is a good first step towards building an energy-efficient, climate friendly, sustainable city," observes Global Green USA President Matt Petersen. "While certainly not an end destination, it is important that Los Angeles has become the first big city to codify a private sector green building program."

Above and beyond, Mayor Villaraigosa has pledged to reduce the city's carbon emissions 35% below 1990 levels by 2030 (Will he stay in office that long - which is longer than Tom Bradley's mayorial rein - or will this pledge be adopted by forthcoming mayors?). The goal goes beyond the targets set in the Kyoto Protocol and is the greatest reduction target of any large US city. Logistically, a move such as this what necessitate curtailing L.A.'s coal-dependent municipal utility and a move toward electricity from renewable sources.

The new standards go into effect Nov. 1^st, for commercial projects and for high-rise residential development, and on May 1, 2009 for low-rise residential projects. It applies to existing buildings under certain conditions in redevelopment projects, and it outlines a host of other requirements for builders.

The L.A. Green Building ordinance requires all projects at or above 50,000 square feet - or 50 units - comply with the general LEED-certified standard. The US Green Building Council awards LEED silver, gold and platinum certifications based on the level of environmental sustainability met by a developer.

The City has agreed to work with builders to speed up approvals and to remove obstacles in the municipal code for elements of sustainable building design, such as green rooftops, cisterns and permeable pavement. City officials said about 150 new and renovated buildings, or about 7.5 million square feet, would be covered by the ordinance each year.

"The world," Villaraigosa said, "is following in our footsteps."

(See the previous posting Key Points of the Los Angeles Private Sector Green Building Ordinance @ http://www.socalgreenrealestateblog.com/?p=72 for details.)

In six months, the Los Angeles City Council will review and decide whether a stricter standard should be adopted. "We will continue to push the envelope," said Council President Eric Garcetti. He said he expects that "in a couple of years, every single building over 25,000 square feet will be covered" by the new law. By this summer, he said, the city expects to raise the bar for its municipal construction to Leadership in Energy and Environmental Design "silver" -- a higher standard that would match San Francisco's threshold.

L.A.'s Green Building ordinance raises the number of US municipalities that have enacted green building rules to somewhere around 120 and growing. California cities are enacting a variety of green building rules, as we will now share...

SAN FRANCISCO

Not considered part of Southern California, but worth mentioning for obvious reasons...

San Francisco mayor, Gavin Newsom, has proposed an ordinance that some consider to be the most stringent green building requirements in the nation.

The ordinance would require commercial and residential projects over 25,000 sf or 75 feet in height to meet the base level of LEED certification starting in 2008. Large commercial projects would have to achieve LEED Silver certification starting in 2009 and LEED Gold staring in 2010. Large residential projects would have to achieve LEED Silver starting in 2010. Mid-sized buildings would have to complete a LEED checklist but would not be required to achieve any LEED credits or points (the basis for the rating system) until 2009. Starting then, mid-size commercial buildings would have to achieve three LEED credits. The bar would be raised to four points in 2010, six points in 2011 and seven points in 2012.

Small and mid-size residential projects, starting in 2009, would be required to achieve 25 points from GreenPointRated, a rating system of BuildItGreen, a professional nonprofit membership organization that promotes energy- and resource-efficient buildings in California. The hurdle would increase to 50 points in 2010 and then 75 points in 2011 or 2012. The earlier increase would occur for multifamily residential buildings with more than five units.

Cumulative benefits this ordinance is expected to achieve through 2012 include: reducing CO2 emissions by 60,000 tons; saving 220,000 megawatt hours of power; saving 100 million gallons of drinking water; reducing waste and storm water by 90 million gallons of water; reducing construction and demolition waste by 700 million pounds; increasing the valuations of recycled materials by $200 million; reducing automobile trips by 540,000; and increasing green power generation by 37,000 megawatt hours.

In addition, the San Francisco Public Utilities Commission has approved a new local subsidy for residents and businesses who install solar power. The solar incentive plan provides between $3,000 and $5,000 for a home installation and up to $10,000 for businesses. With existing state and federal incentives, the city subsidy could eliminate more than half the cost of a solar installation.

"It's groundbreaking," notes San Francisco Assessor-Recorder Phil Ting, who assisted in the development the plan. "I think it will help ensure that San Francisco is going to be the solar capital of the world."

WEST HOLLYWOOD

Last year, Newsweek magazine proclaimed that West Hollywood is the American city that can lay claim to the most comprehensive green building standards. This tiny city occupies 1.9-square-milea Los Angeles and boasts 37,000 people, making it the city with the highest population density west of the Mississippi. The West Hollywood ordinance, adopted in October 2007, grants special consideration to LEED-certified projects, establishes development standards for all new residential and commercial projects, in addition to remodels and tenant improvements. The only exemptions: duplexes and single-family homes.

Requiring so many of the city's real estate projects to meet green building standards puts West Hollywood in the forefront of the move to thrust eco-friendly design closer to the mainstream of architecture and planning.

City officials reveal that thinking about smaller projects was the only way to make a big dent in West Hollywood's carbon footprint. "We thought it was important to involve everybody [to be part of the solution]," noted councilmember Abbe Land, coauthor of the new ordinance.

A set of rules, developed with the help of Global Green USA, insists that a project has earned at least 60 points (from a menu of 160 possible points) before developers are granted a city construction permit. Points are granted for planting canopy trees (5 points), using exposed concrete floors (5 points), bamboo or other rapidly renewable floors (up to 3 points), Cellulose wall insulation (2 points), Energy Star-certified lighting (3 points), energy-efficient windows and insulation (up to 15 points), tankless water heaters (2 points) and a green roof (8 points). Projects can earn up to 10 points (1 point per kilowatt) for using solar panels. In addition, all developers must meet mandatory requirements, such as reducing to 20 percent the construction waste they haul to the dump, making all roofs solar panel-ready, and using low-volatility paints and Energy Star appliances.

Once they get to 90 points, developers can choose between eight incentives, including expedited permitting and variances, like approval of an extra housing unit.

The new ordinance is tied to existing green building certification standards. Projects receiving "a minimum rating of ‘Certified' with the United States Green Building Council's Leadership in Energy and Environmental Design (LEED) shall be exempt from the point requirements of the West Hollywood Green Building Program."

All projects scheduled for completion after October 1, 2007, must adhere to the provisions of Ordinance 07-762.

It's been calculated that West Hollywood's green initiatives will add "roughly 10 percent" to the cost of construction.

The city's homegrown green plan is already drawing enquiries from other municipalities around the country. Global Green USA, which helped develop West Hollywood's system, has already received calls from Henderson, Nev., Claremont, Calif., and McKinney, Texas.

SANTA MONICA

On the West Coast, Santa Monica wants to be the nation's first "Net Zero" city. Through energy efficiency, solar and other renewable energy, the city envisions generating clean Santa Monica wants to be the nation's first "Net Zero" city. Through energy efficiency, solar and other renewable energy, the city envisions generating clean energy that matches its total energy consumption.

Energy and Green Building Program Administrator Susan Munves estimated that over 20 years, $1.4 billion is the probable investment required to achieve being a "Net Zero" city. This is likely to offset utility electric charges which would be higher than the $1.4 billion. The city will only invest a small part of that investment. The city's primary role is facilitating and project management. The city offers a number of "carrots and sticks" to encourage broad participation.

Santa Monica's 20 year plan would eliminate electricity produced by coal and natural gas power plants, and all the resulting greenhouse gas emissions.

Santa Monica goes beyond clean electricity to be a city that models clean transportation. Over 80% of the city's 519 vehicles are either alt-fuel or electric. 100 of Santa Monica's Big Bus fleet is LNG, which they state is 77% cleaner than diesel. Liquid NG provides a 300 mile range. 88 buses run on B20 biodiesel. Only about 20 older buses run on standard diesel.

OTHER CITIES

Culver City, Beverly Hills, Inglewood, Long Beach, and Redondo Beach municipalities one and all - please enlighten the world to what your city is doing to help the environment.

Sources of information for this article include:

http://www.cityfeet.com/News/NewsArticle.aspx?Id=29079

http://www.globest.com/news/1144_1144/losangeles/170228-1.html?type=pf

http://www.newrules.org/

http://www.newsweek.com/id/56565/page/2

http://www.newsweek.com/id/56565

http://www.globalgreen.org/press/releases/2008_04_23_la_earthday.htm

http://www.latimes.com/news/local/la-me-green23apr23,0,4351806.story

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/09/BAG3UUBSL9.DTL

http://www.socalgreenrealestateblog.com/index.php?s=san+francisco

http://www.socalgreenrealestateblog.com/?p=25

SOLAR POWERED STREET LIGHTS

2008-04-24T00:15:56Z

We found these solar powered street lights on Victoria Street in Venice, CA...

They're brilliant.

THE ECONOMY OF UPGRADING

2008-04-15T01:15:46Z

You may or may not know this but we're working on a Green Plumbing book As ones who are always pouring over information, we were reviewing some calculations shared by our friends at Enviro Plumbing Santa Monica. (www.enviroplumbing.com) The statistics Enviro Plumbing offered on pre-1992 + post 1992 homes refitted with High Efficiency Toilets and SSI High Efficiency Fixtures are astounding:

PRE 1992 STATISTICS For each pre-1992 home refitted with High Efficiency Toilets and SSI High Efficiency Fixtures

The Homeowner will save:
22,393	Gallons of water per year
52	Therms of Natural gas per Year
0	kWh of electricity per year
$156	Saved (including natural gas, water and sewer)
614	lb/yr of CO2 Emissions

The Utilities will save:
Water Delivery:
22,393	Gallons of water not pumped, treated and supplied to the homes
228	Kilowatt-hours of electricity saved
$27	Saved for energy
547	lb/yr of CO2 Emissions

Wastewater Treatment:
22,393	wastewater not removed from the homes, treated and returned to the environment
56	Kilowatt-hours of electricity saved
$7	Saved for energy
134	lb/yr of CO2 Emissions

Electric Utilities:
284	Kilowatt-hours of electricity saved
681	lb/yr of CO2 Emissions

Natural Gas Utilities:
52	Therms/yr of Natural Gas
614	lb/yr of CO2

Total lb/yr of CO2:	1545 lb/yr of CO2 per Southern California house

POST 1992 STATISTICS For each post-1992 home refitted with High Efficiency Toilets and SSI High Efficiency Fixtures

The Homeowner will save:
13,359	Gallons of water per year
52	Therms of Natural gas per Year
0	kWh of electricity per year
$120	Saved (including natural gas, water and sewer)
614	lb/yr of CO2 Emissions

The Utilities will save:
Water Delivery:
13,359	Gallons of water not pumped, treated and supplied to the homes
136	Kilowatt-hours of electricity saved
$16	Saved for energy
326	lb/yr of CO2 Emissions

Wastewater Treatment:
13,359	Gallons of wastewater not removed from the homes, treated and returned to the environment
33	Kilowatt-hours of electricity saved
$4	Saved for energy
80	lb/yr of CO2 Emissions

Electric Utilities:
170	Kilowatt-hours of electricity saved
406	lb/yr of CO2 Emissions

Natural Gas Utilities:
52	Therms/yr of Natural Gas
614	lb/yr of CO2

Total lb/yr of CO2:	1020 lb/yr of CO2 per Southern California house

Jodi Summers

Sotheby's International Realty Santa Monica

jodi@jodisummers.com

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalGreenRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

CAREFUL OLDER OFFICE BUILDING OWNERS - SOCAL OFFICE MARKET STARTING TO LAG

2008-04-07T12:07:54Z

CAREFUL OLDER OFFICE BUILDING OWNERS - SOCAL OFFICE MARKET STARTING TO LAG

The March 2008 Commercial Real Estate Report has been released by the National Association of Realtors, and, happy to say ~<:) ~ the news is not anywhere near as bad as the residential market. But, office space is now confronted with a lag factor. Even when new office space is added to a market, either on a build-to-suit basis or with a significant pre-lease in place, there is often a lag period to backfill space vacated by tenants moving into newly constructed space. Concerns about the overall economy are also causing some tenants to put their expansion /relocations plans on hold.

NATIONAL ASSOCIATION OF REALTORS FORECAST: There will always be some level of demand for new office space. Every market has tenants who have a need /desire for top-of-line office space. The challenge is leasing space in older office buildings in a timely and cost effective manner. The level of new supply in 2008 will be greater than in 2006 or 2007. As a result the vacancy rate is forecast to increase to 13.3%.

The trend is toward green to keep occupancy rates up. Studies and Awards are praising green commercial buildings for creating higher occupancy rates, stronger rents and higher sales prices.

A recent study, performed by CoStar Group, concluded that sustainable "green" buildings consistently outperform their non-green peer assets in key areas such as occupancy, sale price and rental rates. According to the study, nationally, LEED buildings command rent premiums of $11.33 per square foot over their non-LEED peers and have 4.1% higher occupancy. Rental rates in Energy Star buildings represent a $2.40 per square foot premium over comparable non-Energy Star buildings and have 3.6% higher occupancy.

"The information we've discovered is very compelling. Like all good science, we discovered it by accident," noted Andrew Florance, president and CEO of CoStar. "Green buildings are clearly achieving higher rents and higher occupancy, they have lower operating costs, and they're achieving higher sale prices."

(for more information read GREEN BUILDINGS ARE EARNING BIGGER GREEN $$$$ @ http://www.socalgreenrealestateblog.com/)

Investment in commercial real estate is down from the boom years, but fundamentals (vacancy, rent growth, absorption) have remained relatively buoyant... No news is good news. There have not been any great spikes in vacancy rates nor have that many markets experienced negative rent growth. Under normal circumstances, full or near-to full occupancy coupled with positive rent growth would be ample incentive for investor interest. Inquiring minds want to know, where is the disconnect?

The decline in investment activity actually has more to do with a lack of confidence by investors and lenders who are leery about current conditions and are taking a "wait and see" attitude. More than anything else, the decline in confidence levels is due to investor concerns and reticence about the current and future state of the economy.

Despite these concerns a record $427.2 billion worth of commercial real estate traded hands in 2007. However, the vast majority of this volume occurred in the months prior to August, when the credit crunch began to impact commercial real estate.

NAR FORECAST: Until such time as confidence levels return to normal and investors and lenders are willing to take measured levels of risk, investment in commercial real estate in 2008 will most likely remain as much as 40% below more formative years.

Jodi Summers

Sotheby's International Realty Santa Monica

jodi@jodisummers.com

http://www.SoCalInvestmentRealEstate.com

http://www.SoCalIndustrialRealEstateBlog.com

http://www.SoCalOfficeRealEstateBlog.com

http://www.SoCalGreenRealEstateBlog.com

http://www.SantaMonicaLandmarks.com

http://www.SantaMonicaPropertyBlog.com

VOTE FOR YOUR FAVORITE PROPOSAL TO TURN AROUND THE HOUSING MARKET

2008-03-10T16:27:22Z

VOTE FOR YOUR FAVORITE PROPOSAL TO TURN AROUND THE HOUSING MARKET

Which proposal is your favorite solution for the housing crunch?

This article from the Associated Press offers several solutions from various members of our government:

Vote for your favorite.

I like...

Office of Thrift Supervision: Allow about 8 million home owners who owe more than their homes are worth to refinance into government-backed loans, giving lenders the ability to share some of the gains if the home is eventually sold at a higher price.

And think Representative Barney Frank (4th Congressional District of Massachusetts) offers and interesting option.

Read on...

5 Proposals to Turnaround the Market

The word bailout isn't popular in Washington, D.C., these days, so the efforts by both political parties to clean up the housing mess are all skirting the issue.

"Anything that can be described as a bailout is going to be dead-on-arrival, so how these proposals are framed is critical to whether or not they even have a chance at enactment," says Jaret Seiberg, a financial services policy analyst with Stanford Group. "It has to be framed as a short-term rescue for the housing market and the economy and not as a way to help individual lenders or investors."

Here are the five most prominent plans for propping up, rescuing, freezing, and throwing a lifeline to the housing market:

•1. Rep. Barney Frank: Give the Federal Housing Administration $15 billion to buy up loans and refinance them at lower rates, and give state and local governments $10 billion in grants to buy up foreclosed properties.

•2. Sen. Christopher Dodd: Create a new Federal Homeownership Preservation Corp., funded with up to $20 billion, to purchase distressed loans and help struggling home owners to refinance.

•3. Treasury Secretary Henry Paulson: Encourage the banking industry to freeze interest rates for five years for some borrowers, and give some home owners a 30-day reprieve from foreclosures.

•4. Senate Majority Leader Harry Reid and other democrats: Let bankruptcy judges reduce the obligations of borrowers unable to pay their mortgages, and spend $4 billion to buy and fix up foreclosed homes.

•5. Office of Thrift Supervision: Allow about 8 million home owners who owe more than their homes are worth to refinance into government-backed loans, giving lenders the ability to share some of the gains if the home is eventually sold at a higher price.

Source: The Associated Press, Alan Zibel (03/02/08)

•6. YOU: How do you suggest the government handle the housing crisis?

Enjoy,

Jodi Summers

Sotheby's International Realty Santa Monica

jodi@jodisummers.com

www.SoCalInvestmentRealEstate.com

www.SoCalIndustrialRealEstateBlog.com

www.SoCalOfficeRealEstateBlog.com

www.SoCalGreenRealEstateBlog.com

www.SantaMonicaLandmarks.com

www.SantaMonicaPropertyBlog.com

Our knowledge is a little island in a great ocean of non-knowledge. -- Isaac Bashevis Singer

HANDHELD HOSES ANYTIME VS. THE 20 GALLON CHALLENGE

2008-02-25T23:49:12Z

HANDHELD HOSES ANYTIME VS. THE 20 GALLON CHALLENGE

As you may or may not be aware, we are headed for a worldwide water shortage. Southern California has adopted their 20 gallon challenge, while the enchanting Kapiti Coast District of New Zealand is located a 50 minute drive north of the country's capital city of Wellington on the country's North Island and they have come up with some of their own unique water solutions.

A little background on Kapiti

The rate of growth of the Kapiti Coast District is among the highest in New Zealand, placing demand on the water supply.The Waikanae River is the principal source of water for this area and responsible water use programs have been in place during the summer season since 1990. These incorporate education, publicity, water use restrictions, monitoring of illegal usage, metering of reticulation and reservoirs, and leak detection.

The Council has sufficient water resources available to meet the public health and fire-fighting needs of the community at all times, but there is not sufficient water to permit unrestricted garden irrigation.

They came up with a simple rule:

Handheld Hoses Anytime

Unattended hoses, sprinklers and garden irrigation systems are not permitted at any time throughout the year.

And how is Santa Monica doing with our 20 Gallon Challenge?

20 Gallon Challenge

Tips for Indoor Water Savings -> Estimated Water Savings + Rebates

* Run the dishwasher only when full. -> 2.5 gallons per load

* Turn off water while rinsing dishes. -> 2.5 gallons per minute

* Turn off water while brushing teeth. -> 2 gallons per minute

* Shorten showers. -> 2.5 gallons per minute

* Don't use the toilet as a wastebasket. -> 2 gallons per flush

* Wash only full loads of clothes. -> 15-50 gallons per load

* Fix leaky toilets. -> 30-50 gallons per day per toilet

* Fix leaky faucets. -> 15-20 gallons per day per leak

* Install aerators with flow restrictors on all sink faucets. -> 5 gallons per day

* Replace older, inefficient clothes washers -> 20-30 gallons per load + $100 rebate available.

For rebate information, visit http://www.smepd.org/ or call toll free (866) 728-3229.

* Replace older, high-volume flushing toilets -> 2-4 gallons per flush + $35-$245 rebate.

For rebate information, visit http://www.smepd.org/ or call toll-free (866) 728-3229.

More Information

• For more ideas on how to save water in and around your home, visit http://www.smepd.org/ or http://www.h2ouse.org/.

• For rebate information visit, http://www.smepd.org/ or call toll-free (866) 728-3229.

• For landscape grant information, visit www.smepd.org/landscape or call toll-free (866) 728-3229.

• For information on water waste due to leaks, visit the WaterWise drip calculator at http://www.bewaterwise.com/.

Jodi Summers

Sotheby's International Realty

jodis@verizon.net

www.SoCalInvestmentRealEstate.com

www.SoCalIndustrialRealEstateBlog.com

www.SoCalOfficeRealEstateBlog.com

www.SoCalGreenRealEstateBlog.com

www.SantaMonicaLandmarks.com

www.SantaMonicaPropertyBlog.com

THE PRICE OF AN ACRE OF LAND IN SANTA MONICA

2008-02-23T23:45:05Z

Want to take a guess at what an acre of land sells for in Santa Monica California?

Would you believe the current market value is approximately $19,230,000!

CoStar.com Commercial Real Estate Information Service reports that Randall Miller of Arnon Development Group purchased a .69-acre parcel in Santa Monica from Arnold Porath of Spruce Realty Group for $13.25 million - or about $19.23 million per acre. Miller plans to build a three-story, 50,000-square-foot medical center on the $30,000+ s.f. parcel located at 1223 16th St. across from the new UCLA hospital, just south of Wilshire Blvd. The building will feature surgery, imaging, outpatient, clinical and medical laboratory capabilities and subterranean. The completion date scheduled for second quarter 2010.

Previously, the property held a multi-family building with 3,534 SF of rentable building area.

Absolutely astounding.

What would an acre of land cost in NYC? Newport Beach? San Francisco? Paris? Omaha? Portland?

How Much Water Can You Save?

2008-02-22T03:46:39Z

How Much Water Can You Save?

Ways to Save Tips

There is no more fresh water on Earth today than there was a million years ago. Yet today, 6 billion people share it. Since 1950, the world population has doubled, but water use has tripled. Californians use nearly 23 trillion gallons of water a year, much of it coming from Sierra Nevada snowmelt. But climate change is producing less snowpack and is causing it to melt faster each year, jeopardizing future supplies.

The Los Angeles Department of Water and Power, a.k.a. LADWP, continues to stress the importance of using water wisely. Continued growth in population and commerce, and unpredictable climatic conditions are constant reminders that our water must be managed and used wisely. Since approximately 84 percent of the City's water is imported from hundreds of miles away, it simply does not make sense to waste it.

In view of this situation, LADWP encourages everyone to conserve water. Cooperation from our customers, including commercial and industrial businesses, has been outstanding. However, the effort must continue as water conservation is a necessary and important part of water supply planning for the future.

Here is 10-step approach to a Water Conservation Program for Businesses. These basic guidelines have been proven essential to a successful conservation effort, plus a bonus....

1. Start with a desire to eliminate waste

Prior experiences have revealed that for any program to be successful, the desire to conserve water must be present from the highest level of management on down. Upper management should understand and accept the fact that water conservation is necessary, and be fully committed to its support.

2. Appoint a Conservation Manager

It has been shown that those companies which have placed an individual in charge of their conservation program have far better results than companies which never assign such a responsibility to someone. Place someone in charge of your conservation program, making it part of their regular duties. Such a move will enhance the likelihood of positive results.

3. Determine where your water is used

Before implementing any kind of conservation program, know where your water is being used. It is also important to know how much water is being used for each of your firm's industrial processes and/or domestic needs.

4. Check your system for leaks

Learn to read your water meter. It's simple. LADWP can provide information that will guide you through this very important procedure. Leaks can be detected by having a periodic shutdown of all water-using facilities and reading the water meter at intervals of the shutdown. If any movement of the meter dials occur, water is leaking. If a leak is detected, locate and repair it as soon as possible.

5. Set a conservation goal

It is important to have goals. Be realistic. However, the conservation goals should be high enough to require substantial effort. Allow these goals to serve as progress reference points. They will illustrate the effectiveness of your water conservation program.

6. Apply common sense

Use a little common sense to eliminate waste. Request information from LADWP regarding water conservation measures. Look for common conservation opportunities in restrooms, kitchens, laundries and water-using processes. Encourage suggestions from employees to reduce your water consumption.

7. Involve your employees

Teach water awareness. Many companies have posted signs throughout their facilities which help to create an awareness of water conservation among the employees. Creating competition among employees (for instance, establishing which work shift can use the least amount of water) is another idea. Once employees start thinking about their water use, water consumption usually decreases.

8. Install low flow devices

Replace non-water saving toilets and urinals with ultra-low-flush models (LADWP offers rebates for such replacement). If you already have these types of toilets, make sure they are adjusted to use the minimum amount of water required per flush. All showering facilities should be equipped with low-flow showerheads. Showerheads equipped with on-off valves provide the opportunity to conserve more water than those without valves. Install low-flow aerators on all faucet fixtures.

9. Be aware of water efficient equipment

As you replace the equipment in your plant, be aware of how much water the new equipment will use. Equipment manufacturers have become more aware of the need for water conservation and often offer equipment that uses less water. Explore all of your options. You may find that you have a choice in your equipment purchases and water conservation should be a determining factor in the selection process.

10. Monitor your results

Each water bill includes your consumption history. It is possible for you to follow this history and get an immediate idea as to how well you are doing compared to any one of the past 14 billing periods. Use charts, graphs, and other records to keep track of your conservation progress and share it with employees.

11. Other things you can do

• Check facility for leaks and repair immediately.

• Save water by participating in any of LADWP's Commercial Rebate Programs.

Rebates are available for:

• High efficiency toilets

• High efficiency urinals

• Smart controllers

• Cooling tower pH controllers, and more.

• Encourage employees to conserve and to report water waste.

• Instruct landscape maintenance staff to reduce water use by repairing leaks, adjusting sprinkler heads to minimize overspray, adjust the sprinkler timer seasonally OR replace timer with a smart controller.

• Eliminate hosing-down of walkways and driveways.

• Retrofit restrooms with self-closing faucets.

• Install water saving faucet aerators in all restrooms. Call 1-800-544-4498 and press "0" for more information on the availability of FREE aerators for your business.

For additional commercial programs please go to the LADWP water conservation page.

For additional tips and conservation information, visit www.bewaterwise.com

http://www.ladwp.com/ladwp/cms/ladwp001257.jsp

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