Socal Multiunit Real Estate

10 GREEN BUILDING STUDIES OF INTEREST TO YOU

10 GREEN BUILDING STUDIES OF INTEREST TO YOU

by Jodi Summers

We are always bringing you statics and reports – now we thought we’d bring you a succinct collection. Recently The Green Economy Post highlighted 10 noteworthy green building studies. We’d like to share highlights with you as well as the appropriate links so you can dig deeper. Enjoy and be green…

Global Green Building Trends: Market Growth and Perspectives from Around the World.

http://construction.com/SmartMarket/globalgreen/default.asp

Research conducted by McGraw-Hill Construction Analytics regarding the global green building industry details the market trends and activities driving green building growth worldwide. The new research presented in the report indicates that green building has become a global phenomenon, with 53% of respondents expecting to be dedicated to green on over 60% of their projects in the next five years.

Reshaping Municipal and County Laws to Foster Green Building, Energy Efficiency, and Renewable Energy

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107529

credited to Edna Sussman - Hoguet Newman Regal & Kenney LLP

The efficient use of energy in the built environment has been recognized by the Intergovernmental Panel on Climate Change (IPCC) and many other experts to offer a potential greater than any other sector to reduce CO2 emissions using mature cost effective technologies. Many governmental units and professional organizations have committed to a goal of carbon neutrality in buildings by 2030. The paper offers an outline of how local governments can have a critical positive impact on global warming and on meeting these goals by creating a receptive legal environment and enacting mandates that foster green buildings, energy efficiency, and renewable energy both in government operations and by the general population.

Using Mandates and Incentives to Promote Sustainable Construction and

Green Building

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1066982

Presented by the Social Science Research Network, this report emphasizes that timely, meaningful movement toward sustainability in the U.S. building industry requires state-level legislation that promotes, and sometimes even mandates, green building standards at the regional and local levels.

Corporate Responsibility and Sustainability Dollars & Cents of Green Retrofits

http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_re_Dollars_Sense_Retrofits_190608_.pdf

This joint study by Deloitte and Charles Lockwood that shows there is substantial statistical evidence that green buildings are better for the environment than conventional buildings. Many forward-thinking companies are realizing that green buildings can be better for business, too. Green buildings offer their owners and tenants a number of bottom-line benefits, including reductions in water and energy use and costs; opportunities with respect to tax credits, permitting, and other regulatory incentives; and greater worker productivity and satisfaction, improved brand image, and better community relations.

Cascadia Value of Green Building Study

http://www.cascadiagbc.org/news/GBValueStudy.pdf

This report by the Cascadia Region Green Building Council, the Vancouver Valuation Accord and Cushman & Wakefield is a tool to help bridge the gap in understanding between the green building and financial communities. It is a study of office buildings in Seattle, Portland and Vancouver, BC and identifies how high-performance green features and systems can increase the value of commercial buildings. The report outlines how value was achieved and how sustainable attributes impact costs, savings, investment income, and capital value.

Energy Efficiency Retrofits for Commercial and Public Buildings

http://www.pikeresearch.com/archives/energy-efficiency-retrofits-for-commercial-and-public-building

Presented by Pike Research, this paper focuses on the energy efficiency retrofit market, which recently received a major boost from the American Recovery and Reinvestment Act of 2009 (ARRA). The paper observes that the largest potential for long term, sustained growth in commercial building retrofits lies in the private commercial space. Compared to conventional space, high-performance green building space is vacant less often and commands premium prices, leading commercial building owners to adopt green retrofits as a market differentiator.

The Green Building Revolution: Addressing and Managing Legal Risks and Liabilities

http://www.mgkflaw.com/Green%20Building%20Revolution.pdf

Harvard Law School Environmental Law and Policy Clinic - As green building expands from the exception to the rule, certain legal risks are inevitable. For building green to become a standard business practice, parties involved in project construction and management – owners, buyers, tenants, design professionals (architects, engineers, and consultants), contractors, and subcontractors – must become familiar with the legal risks and liabilities associated with green building, as well as strategies to minimize them. This white paper addresses the current movement toward green building, the increasing number of mandates requiring it, and the benefits and costs associated with building green; analyzes the legal risks and potential liabilities to those involved in green building; and concludes with practical recommendations for minimizing such risks and liabilities.

Green Building: Assessing the Risks–Feedback from the Construction

Industry

http://global.marsh.com/news/articles/greenbuildingsurvey/download.php

Marsh, the world’s leading insurance broker and risk advisor, reports lays out the concerns that building owners, contractors, and design firm executives are most concerned about with regards to green buildings. They include risks that may be associated with these projects, including potential financial exposures, uncertainty about evolving regulatory standards and legal issues, validating the qualifications of

consultants and subcontractors, and assessing the long-term performance of green building materials, among other potential issues in green design and construction.

The International Facility Management Association Green Practices Study

http://www.ifma.org/tools/research/surveys/GreenSurveyResults2008.pdf

This IFMA study involves the measurement of attitudes and behavior of facility managers in relation to implementing sustainability initiatives at their organizations.

Overcoming the Social and Psychological Barriers to Green Building

http://oae.sagepub.com/cgi/reprint/21/4/390

This University of Michigan article argues that environmental progress in the building design and construction industry will continue to stall if the significant social and psychological barriers that remain are not addressed. After surveying the three levels of barriers—individual, organizational, and institutional—the article concludes with seven strategies for overcoming them.

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http://greeneconomypost.com/green-building-studies-3879.htm

LOS ANGELES MULTIUNIT PROPERTY SNAPSHOT – MARCH 2010

By Jodi Summers

And the good news is – research is indicating that the Los Angeles employment market is expected to stabilize in the second half of 2010. Following a loss of 115,000 jobs in 2009, payrolls are forecast to expand by 0.3 percent this year, with the addition of 13,000 positions, observes the 2010 National Apartment Index Report by Marcus & Millichap. The lack of job growth is hurting demand in the multifamily market, confirms Reis Research. “It is only when labor markets stabilize and recover that we will see a ramp-up in household formation that represents the greatest driver for rental apartments,” observes Victor Calanog, Reis research director.

Investors obviously feel that the Los Angeles market is stabilizing. Comparing February 2008 to February 2010, the number of under contract multiunit properties in Los Angeles is up 148%, according to Clarus Market metrics.

In 2009, the national vacancy rate for apartment properties rose 1.3 percentage points to 8%, the highest level since t in 1980. Average asking rents in the sector dropped 2.9% to $1,026/unit last year. Rents fell or held flat in 69 of the 79 markets tracked by Reis.

For years, Los Angeles has had low, low, low vacancy rates, hovering between 2-3 percent – making it a very attractive market. Even with the recession making higher priced units on the West Side less desirable, vacancy rates are still hovering between 5-6%. The National Apartment Index Report notes that the lingering high unemployment will continue to pressure owners to lower rents. Asking rents are expected to fall to $1,335 per month in 2010, while effective rents will slip to $1,263 per month, respective declines of 2.8 percent and 3.6 percent annually.

Now that the economy is coming back, Los Angeles multiunts are still attractive. Between Feb-08 vs. Feb-10, the number of for sale properties is down 44% and the number of sold properties is up 53%.

According to Realpoint, 6.53% of securitized loans backed by multifamily properties are delinquent, which is the CMBS market’s second-highest delinquency rate behind the hotel sector’s 8.09% rate.

Investors realize the current value of the Los Angeles, and there is a trend of cash-rich buyers shifting money out of the stock market and buying multiunit property with the intent of holding it for future generations. This is why the average months supply of inventory is down -79.8%

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com. We look forward to working with you in your next real estate transaction.

**

http://www.loopnet.com/xnet/mainsite/news/news.aspx?DocID=12898

http://www.reuters.com/article/idUSTRE5950PA20091006

http://www.socalmultiunitrealestateblog.com/?p=689

http://www.tierraproperties.com/current_market_data/metro_la_apt_vacancy_table.htm

http://realpropertyalpha.com/2009/08/17/metric-to-watch-apartment-vacancy-rate/

http://www.marcusmillichap.com/aboutus/News/Current/020510_los_mm.asp

https://www.terradatum.com/

CALGREEN – > CALIFORNIA NOW HAS THE COUNTRY’S GREENEST BUILDING STANDARD

By Jodi Summers

Bravo to us! California has adopted the greenest building standards in the United States…and the world.

The new code, called Calgreen, goes into effect next January 2011. It requires all builders to:

v Install plumbing that cuts indoor water use.

Mary Nichols, chairwoman of the California Air Resources Board, said the new building code would require developers to slash water use in their buildings by 20%, using more efficient toilets, shower heads and faucets.

v Divert 50 percent of construction waste from landfills to recycling.

v Use low-pollutant paints, carpets and floorings

v Buildings will be given certificates of occupancy occupied only after strict energy standards were verified.

In addition, for non residential buildings:

v Install separate water meters for different uses.

v Mandates the inspection of energy systems by local officials to ensure that heaters, air conditioners and other mechanical equipment in nonresidential buildings are working efficiently.

v It allows local jurisdictions, such as Los Angeles and San Francisco, to retain their stricter existing green building standards, or adopt more stringent versions of the state code if they choose.

“California should be proud… These are simple, cost-effective green practices. …” notes Tom Sheehy, acting secretary of the state Consumer Services Agency and chair of the California Building Standards Commission, which approved the standards. “This is (something) no other state in the country has done - integrating green construction practices into the very fabric of the construction code.”

While California’s largest metropolitan areas have adopted their own green building standards, these new regulations will be particularly useful for smaller jurisdictions that have been unable to develop their own green construction guidelines.

This is a positive alternative to LEED construction standards. Sites Sandra Boyle, an executive vice president of Glenborough, a developer, “The cost for owners to go through this rating system is astronomical — in a very challenging commercial real estate market.”

“You will have a whole bunch of cities that never would have included this in their building doing it, and doing it in a way that won’t kill the economy,” observes Matthew Hargrove, a vice president with the California Business Properties Association. “Outside the coastal areas it will be helpful - like in West Sacramento, where they looked into creating a green building code but balked because it’s cumbersome to develop and they didn’t have the resources.”

Buildings currently account for about one-quarter of the state’s total greenhouse gas emissions. These new standards are applauded as an important step in helping California meet its goal in reducing the state’s greenhouse gas emissions by 30 percent by 2020.

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http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2010/01/13/MNDR1BH9SA.DTL#ixzz0dJ9grkaW

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2010/01/13/MNDR1BH9SA.DTL

http://www.latimes.com/business/la-fi-green-building11-2010jan11,0,1841989.story

http://www.thedailygreen.com/cm/thedailygreen/images/WA/Kohler-DualFlush-BR08-lg.jpg

LOS ANGELES 2010 - MULTIUNIT REAL ESTATE PREDICTIONS

Edited by Jodi Summers

The sun is shining again in Los Angeles. After two years of job cuts, payrolls are predicted to expand payrolls minimally in Los Angeles County in 2010, according to the 2010 National Apartment Index Report by Marcus & Millichap.

Los Angeles moves up two places this year to No. 13, thanks to perceived strengths in our marketplace. The hot spot is our sister city, San Diego, which rose four spots to No. 2 on the index due to expectations for resumed employment and household growth. (Washington, D.C., retained the top spot in the NAI for the second consecutive year, as ongoing government spending will fuel metrowide hiring and apartment demand.) New York City, which is the tightest apartment market in the country, finished in the No 3 spot.

Following are some of the most significant aspects of the Los Angeles Apartment Research Report:

* The local employment market is expected to stabilize in the second half. Following a loss of 115,000 jobs in 2009, payrolls are forecast to expand by 0.3 percent this year, with the addition of 13,000 positions.

* Rental completions will slow to 1,550 units in 2010, a 0.2 percent addition to inventory. Approximately 800 apartments are expected to come online in the San Fernando Valley due to continued job losses in the retail and construction sectors.

* Vacancy is forecast to tick up 20 basis points this year to 6 percent in response to ongoing stock additions.

* Lingering high unemployment will continue to pressure owners to lower rents. Asking rents are expected to fall to $1,335 per month in 2010, while effective rents will slip to $1,263 per month, respective declines of 2.8 percent and 3.6 percent annually.

Investors realize the current value of the Los Angeles, and there is a trend of cash-rich buyers shifting money out of the stock market and buying multiunit property with the intent of holding it for future generations.

“After watching the Los Angeles apartment market for years I have decided to move monies out of my stock portfolio and buy apartment buildings for my children,” noted one savvy investor.

A bolster for the multiunit market place is that Government-Sponsored Enterprise financing will remain available due to the GSE’s ongoing commitment to the asset class. (GSEs hold or pool approximately $5 trillion worth of mortgages.)

In conclusion, Marcus & Millichap expects, “Long-term rates to remain low this year, mortgage rates to stay relatively stable and lenders increasingly opting to work out extensions or modifications for loans rather than taking near-term losses. Seller financing, or assumable debt, will also become a big factor in transactions this year.”

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http://www.marcusmillichap.com/aboutus/News/Current/020510_los_mm.asp

http://www.globest.com/news/1580_1580/insider/183133-1.html

http://www.uli-la.org/node/382

http://en.wikipedia.org/wiki/Government-sponsored_enterprise#See_also

MALIBU GOES GREEN UNDER PRESSURE

MALIBU GOES GREEN UNDER PRESSURE

By Jodi Summers

Malibu should be ashamed of itself, acting like conservation is not for the wealthy. Santa Monica has been heavily into the green movement for years – aiming to become a net zero city, Our mother city, Los Angeles, is very motivated to become one of the greenest cities. Meantime the gilded village of Malibu is only turning green because of upcoming deadlines for compliance with state-mandated sustainable development standards.

Under pressure by state mandates, Malibu is finally getting around to developing a sustainable development program. This comes more than a year after the City of L.A.’s green building ordinance to reduce the City’s carbon emissions by more than 80,000 tons by 2012. Motivated only by state regulation, Malibu is planning to require larger projects to be LEED certified. Money is green; Malibu will get the hang of it.

Grudgingly, in late summer, Malibu began to comply with mandated standards addressing water use for landscape irrigation. Additionally the fabled city on PCH will comply with other statewide requirements, such as weather-proofing, formaldehyde content in wood products, air conditioning refrigerants, and outside air ventilation, not to mention finally getting collection areas for recyclables. (Hello! If that’s an issue for you guys, just bring in some homeless, and they’ll recycle for you.)

As Malibu has been so late to get on board the green bandwagon, the city is panicking about meeting residential construction standards effective Jan. 1, 2011, benchmarks that are already in place in neighboring Santa Monica, Beverly Hills, West Hollywood and Los Angeles.

The January 2011 requirements call for sediment and runoff protection from construction sites; diversion of at least 50% of construction waste; low or no use of volatile organic compounds such as indoor adhesives, paints and coatings; low formaldehyde indoor finish materials.

Looking further forward, as of July 1, 2011, residential construction projects will be required to be more water efficient – insisting on a 20 percent reduction in indoor water use.

Not to be berated for being totally arrogant and antiquated, Malibu does already have mandates in place for water conservation landscaping – though some city residents are insisting that is not enforced.

“I think our biggest problem is water in Malibu,” planning Commissioner Regan Schaar noted, more than a year after Governor Arnold Schwarzenegger declared a statewide drought. “The issue of people submitting plans [development applications] without any landscaping plans is a way for them to get around the issue. We need to put landscaping plans in place and make sure they’re low water usage.”

Malibu has been an ostrich, hiding its proverbial head in the sand while other local cities have been proactive on conservation measures. Lifestyles of the rich and infamous.

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http://www.malibutimes.com/articles/2009/06/10/news/news3.txt

http://pleinlesyeux2.ifrance.com/ocean/inside%20out,%20baja%20malibu.jpg

http://www.socalgreenrealestateblog.com/?p=75

http://www.north-cyprus-properties.com/places/malibu-beach/photos/Malibu-Beach-(01).jpg

http://www.triyoga.com/Galleries/images/malibu_point1.jpg

http://www.parks.ca.gov/pages/835/images/malibu_sportfishing_pier_sign.jpg

http://www.beaumondevillas.com/images/cities-malibu.jpg

http://www.imagekandi.com/photo/images/Malibu-Beach-Houses.jpg

http://www.destination360.com/north-america/us/california/images/s/malibu-beaches.jpg

http://www.city-data.com/picfilesv/picv7812.php

http://pics2.city-data.com/city/maps/fr2937.png

LOS ANGELES COUNTY MULTIUNIT PROPERTY SNAPSHOT – FEBRUARY 2010

DISPARITY BETWEEN BUYERS AND SELLERS

By Jodi Summers

Multiunit investors are not getting the value that they’re seeking in the Los Angeles West Side apartment building market, and are pulling unproductive sale properties from the market. Look at a two-year comparison, from January, 2008 vs. January 2010 - the number of for sale properties in Los Angeles County is down 46% and the number of sold properties is up 1%, according to Clarus Market Metrics.

The Federal Reserve bank’s recent survey of senior loan officers for 55 US banks and 23 foreign banks shows that credit–while not becoming looser–is not tightening. Creative lending has become a viable means of securing a multiunit transaction, which is why that comparing Jan-08 vs. Jan-10 the number of under contract properties is up 102%

If you’ve applied for a commercial mortgage in the past two years, you know that banks have tightened lending standards for this real estate sector. The relative few who are buying in this sector are finding tremendous satisfaction, as the median price of sold properties is down 63%.

FYI - Residential investment spending boosted overall economic growth by +0.1 percentage point. In 4Q 2009.

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We would like your real estate business. If we can provide you with more detailed information, please contact the SoCal Investment Group through Jodi Summers, Jodi@jodisummers.com. We look forward to working with you in your next real estate transaction.

**

http://www.cirbdata.com/

https://www.terradatum.com/

http://www.globest.com/news/1590_1590/washington/183353-1.html

http://www.globest.com/news/1590_1590/washington/183353-1.html

http://www.socalgreenrealestate.com

http://www.laedc.org/eedge/index.html#1

GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

By Jodi Summers

Keep studying those lists of top rated green building products, because global purchasing of green building products will grow to $571 billion by 2013. This growth is more than tenfold from the $455.3 billion spent on green materials in 2008, notes the study by Allied Business Intelligence Research.

“Innovation, particularly in wood and insulation, is a key driver behind the growth of green building products,” observes Larry Fisher, research director of ABI Research’s next generation practice.

“The most significant driver of growth in the green building materials sector is concern for the environment. While environmental preservation has been a topic of discussion for decades, only recently has the level of concern for the environment driven governments, manufacturers and consumers to respond.”

The study notes that businessmen and builders will look toward products with greater energy efficiency produced in an environmentally-friendly manner. Preferred lumber and wood products will come from well-managed forests.

Now if we can only figure out an efficient way to make drinkable ocean water.

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http://www.purchasing.com/article/439362-Buying_of_green_building_products_to_increase.php

http://www.mossgreenchildrensbooks.co.uk/wp-content/uploads/2009/10/iStock_000001111800Small-2.jpg

Energy to Sell - States with Renewable Portfolio Standards

States with Renewable Portfolio Standards

Edited by Jodi Summers

Here is a nifty map and chart from the U.S. Department of Energy showing states with renewable portfolio standards - a state policy that requires electricity providers to obtain a minimum percentage of their power from renewable energy resources by a certain date.

California is stellar with the objective of 33% renewable energy by 2030, but not nearly as aggressive as Maine, which is shooting for 40% renewable by 2017.

Currently there are 24 states plus the District of Columbia that have RPS policies in place. Together these states account for more than half of the electricity sales in the United States. Five other states, North Dakota, South Dakota, Utah, Virginia, and Vermont, have nonbinding goals for adoption of renewable energy instead of an RPS.

The chart below gives a rough summary of state renewable portfolio standards and links to organizations that are administering these standards or explain the details involved. Percentages refer to a portion of electricity sales and megawatts (MW) to absolute capacity requirements. Most of these standards phase in over years, and the date refers to when the full requirement takes effect.

http://apps1.eere.energy.gov/states/maps/renewable_portfolio_states.cfm?prin

FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

By Jodi Summers

Legislators in Sacramento were more interested in finding was of shrinking the new $7.4 billion deficit for the 2010-11 budget than they were in thinking about the hit that apartment building owners have taken in the multiunit marketplace this downturn.

Fortunately, the more ominous legislation affecting multiunit properties has been shelved until next year, but, as a local multiunit property owner, we know you want to know what has passed and what is on the horizon.

Passed

* Assembly Bill 1020 (Emmerson, R-Redlands): Limits fees that may be imposed by local and state government and preempts local health departments from adopting any new or additional safety standards on top of federal guidelines regarding public swimming pools. Brings state regulations in line with federal law regarding anti-entrapment devices in pools.

* Senate Bill 120 (Lowenthal, D-Long Beach): Allows a tenant or occupant who has paid utilities in place of a landlord in order to prevent him or her from being shut off to deduct that amount from rental payments.

* Senate Bill 290 (Leno, D-San Francisco): Extends a Jan. 1, 2010, sunset period for a 60-day termination notice requirement for tenants who live in a property for longer than one year.

Be Aware of

* Assembly Bill 473, from Assemblymen Bob Blumenfield, D-Van Nuys, will require owners of properties with five or more units to arrange for mandatory recycling services.

* Assembly Bill 479, introduced by Assemblyman Wayne Chesbro, D-Arcata, will require local governments in large counties to adopt mandatory recycling laws for commercial properties.

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http://www.carealestatejournal.com/newswire/index.cfm?sid=&tkn=&eid=905490&evid

http://www.consrv.ca.gov/smgb/PublishingImages/CaliforniaStateCapitol02.jpg

http://www.blogcdn.com/www.autoblog.com/media/2006/12/the-governator—64_1280.jpg

http://www.greentechforum.net/wp-content/uploads/2007/06/california_state_flag.png

http://www.limitstogrowth.org/WEB-Graphics/CaliforniaPostcardGreetings.jpg

http://forcechange.com/wordpress/wp-content/uploads/2008/03/cfl-float.jpg

6 units - $998,000 - PRICES HAVE COME DOWN IN SANTA MONICA

Jodi Summers

Sotheby’s International Realty

310. 392.1211

jodi@jodisummers.com

6 units - $998,000 - PRICES HAVE COME DOWN IN SANTA MONICA

Actual Net Operating Income - $51,496.80

1835 20th St, Santa Monica, CA 90404

1835 20th St, Santa Monica, CA 90404

* Price: $998,000

* Property Type: Multifamily

* Price/Unit: $166,333.33

* No. Units: 6

* Building Size: 3,038 SF

* Year Built: 1960

* No. Stories: 2

* Lot Size: 5,676 SF

* Parking Ratio: 1 / 1,000 SF

* Cap Rate: 5.16%

* Gross Rent Multiplier: 12.83

* Actual Net Operating Income $51,496.80

Highlights

* Rare Santa Monica Investment Opportunity

* 2 Blocks from Santa Monica College

* 6 Parking Spaces

* Easy Management in a Traditionally Strong Rental Demand Area

* Over 20% Upside in Rents

* Perfect for Owner/User or Investor

Description

If you’re looking for location and future cash flow, take a look at PRICED TO SELL! ALL CASH OFFERS PREFERRED! four (4) two bedroom + one bathroom unit & two (2) single units conveniently located near Santa Monica College.

Unit Mix

Description No. Units Avg. Mo. Rent

2 bed + 1 bath 4 $1,195

Studio 2 $ 850

Location

Close to Santa Monica College @ 20th + Delaware

Is this the kind of property you’re looking for?

Do let us know how we can move forward together in meeting your real estate goals 310.392.1211 or jodi@jodisummers.com.

It’s my hope, that over the course of the year, you would be comfortable referring one person to me. I’m building a referral-based business and your recommendation will make the world a better place.

Best….

Jodi Summers

The SoCal Investment Real Estate Group

Sotheby’s International Realty

310. 392.1211

jodi@jodisummers.com

www.SantaMonicaPropertyBlog.com

www.SoCalMultiUnitRealEstateBlog.com

LICENSE # - 01343854

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It isn’t what you have, or who you are, or where you are, or what you are doing that makes you happy or unhappy. It is what you think about. - Dale Carnegie

p.s. This is not intended as a solicitation if your property is already listed with another agent.