Jodi Summers = Multiunit Real Estate

OUR REAL ESTATE TIMELINE

May 10, 2012 on 10:19 am | In Charts + Statistics, Curious, Fascinating Information, Uncategorized | 1 Comment

posted by Jodi Summers

REAL ESTATE THROUGH TIME

334 BC – Alexander the Great’s defeat of the Persians shows aggressive acquisition of real estate by force
1066 – William the Conqueror decrees that he owns all of the land in England after his defeat of the Normans
1689 - John Locke writes the Two Treatises on Civil Government, which outlines a man’s right to preserve “life, liberty, and estate.”
1783 – Napoleon begins seizing real estate in the form of countries
1803 – The U.S. acquires some swampy new land in the Louisiana Purchase
1855 – Baird Warner is formed and has remained the oldest real estate brokerage in the nation
1867 – U.S. gains a bit of icy tundra from Russia in the Alaska Purchase
1916 – National association of real estate agents coins the term Realtor
1929 – The largest stock market crash sparks the Great Depression and the collapse of the real estate market
1934 – National Housing Act creates the FHA (Federal Housing Association)
1938 – The Federal National Mortgage Association – now Fannie Mae – is chartered by the federal government
Late 1940′s - Adoption of fixed-rate mortgage as industry standard
Early 1960′s – The National Association of Real Estate Boards creates national MLS system based on unilateral offer of cooperation
1970 – Congress charters Freddie Mac and the secondary loan market
1980′s – Interest rates zoom upward and halt construction of new homes
1994 – Property listings begin to become publicly available on the Internet
1995 – Craigslist is launched
1999 – ZipRealty introduces Internet lead generation to Real Estate
1999 – Move (formerly HomeStore) goes public, the first real estate company to do so
Early 2000′s – Launch of IDX feeds for real estate websites
2004 – Popular real estate blog, Curbed, is founded in New York City
2005 – Google announces Google Base, Google Earth, and Google Maps
2005 – Movoto.com launches real estate Mapsearch using Google Maps
2006 – Zillow.com launches its Zestimate
2007 – Trulia launches Trulia Voices, a real estate question & answer site
2007 to 2010 – The “Housing Bubble” bursts, causing the financial crisis in the U.S.
2008 – NAR (National Association of Realtors) settles with the DOJ (Department of Justice) over accusations of hampering rivals’ ability to post home listings online
2009 – Real Estate phone apps become all the rage
Late 2000′s – Brick and Mortar offices decrease in number as virtual real estate companies become more prevalent
2010 to Present – Real Estate data (homes-for-sale, sold history, etc.) becomes more easily accessible for all
2010 to Present – Foreclosures and Short Sales become the dominant listing type in the market

**
http://blog.movoto.com/infographic/real-estate-through-time-infographic/

http://www.santamonicapropertyblog.com/?p=4184

SOCAL MULTIUNIT REAL ESTATE SNAPSHOT ~ MAY 2012 > APPROACHING PARITY

May 1, 2012 on 11:50 pm | In Charts + Statistics, Market Snapshot, Of Local Importance, Sellers, Trends, Uncategorized | 2 Comments

by Jodi Summers

Two years ago everyone was scampering for Los Angeles multiunit properties. Prices were down, cap rates were up, and foreclosures were coming on strong. Now that we’ve grown into a somewhat stronger economy, the picture is different. Cap rates have dropped a point, while property prices are on the rise, according to the most recent studies by Marcus and Millichap research group. U.S. Apartment Price and Cap Rate Trends

In Los Angeles County, Clarus Market Metrics data notes a marginal change in price. median sale price of Los Angeles County multiunits properties, when you compare April 2011 to April 2012, the difference is minimal. Indeed the median sold price is down just 1%.

Los Angeles Multiunits Median Sold Price by Month

Even with lower returns, buyers are still hungry; there just aren’t enough properties to satisfy demand. Those that were motivated to sell have indeed sold, the rest of you are happily leasing out your properties and pocketing the profits.

There is a need for multiunit properties! When you contrast Apr-11 vs. Apr-12, you’ll notice the number of for sale properties is in Los Angeles County is down 43%. There were 4,878 properties for sale two years ago, compared with just 2,762 last month.

Los Angeles Multiunits For Sale Properties by Month

So much opportunity for a motivated owner who would like to trade up or pare down their inventories, and yet sellers are not taking advantage of the situation. Last month, the number of new properties was down 44%. There were 913 properties for sale in April 2010, compared with just 509 last month.

Los Angeles Multiunits New Properties by Month

Owners, please observe the signs of the Los Angeles Multiunit market. Sales are stable, yet property selection is way down. Prices are stable. Inventory is needed. Buyers are desperately seeking multifamily properties – even at the current lower cap rate – and yet there’s not enough fairly-priced selection to satisfy demand.

Lack of choice has led to lack of sales. Because there is not enough satisfactory inventory, last month the number of sold properties was down 36% from two years ago.

Los Angeles Multiunits Sold Properties by Month

The up side to low selection is that the buyer’s market has gone away. Indeed, looking at the past two years, the supply of inventory is down 50.1%. In April 2010, there were 7.9 months of inventory. Now, we have a mere 4 months of inventory available in Los Angeles County, showing the shift to a buyer’s market. > Remember, market parity is 3.7 months of inventory.

Los Angeles Multiunits Months Supply of Inventory

We’re here to help you with your property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

http://www.socalmultiunitrealestateblog.com/?p=1935

https://www.terradatum.com/agentmetricsonline/report_thumbnail_view.td

http://event.on24.com/r.htm?e=443436&s=1&k=C557CEF184472CA0BB4556D03649C21B

WOULD YOU LIKE YOUR LOS ANGELES APARTMENT BUILDNGS IN THE MOVIES?

April 20, 2012 on 1:02 am | In Curious, Fascinating Information, Uncategorized, WOW | 3 Comments

by Jodi Summers

And you thought you had tenant problems…well, now there’s a film that captures all the idiosyncrasies of tenants in Los Angeles. The film Small Apartments is filled with the oddballs you so often find in rundown Los Angeles apartment buildings. Created by music video director Jonas Åkerlund, Small Apartments, was filmed entirely in Los Angeles < for better or for worse.

“We decided to scout for locations downtown, everywhere, before we found this apartment that gave such a big part of the film’s look… it’s gone now,” shares Åkerlund. “It’s weird because LA is filled with these areas that are just abandoned. We could cut through walls and do whatever we want. We shot basically the whole movie there.”

The movie stars Matt Lucas (of Little Britain), as “an overweight, bald, socially inept shut-in who lives in a dingy apartment filled with Swiss memorabilia.”

Cast members include James Caan, Johnny Knoxville, Billy Crystal, and Dolph Lundgren.

Drop us an email @ movies4multiunits@gmail.com if you’d like your property used in a commercial production.

http://la.curbed.com/archives/2012/03/movie_centered_on_a_sad_la_apartment_building_debuts_at_sxsw.php

http://www.socalmultiunitrealestateblog.com/?p=1929

http://www.youtube.com/watch?v=kn7bTveS2i0

THE TOP 1% VS. THE AVERAGE AMERICAN

April 10, 2012 on 5:22 am | In Curious, fUNNY...mONEY, Uncategorized, WOW | 1 Comment

By Jodi Summers

While trolling through pages and pages of information and statistics, we came across this really cool graph of the top 1% of money earners vs. the average American > check it out….

Thanks to the Big Picture – http://www.ritholtz.com/blog/2012/03/1-vs-average-american///#more-77424

http://www.santamonicapropertyblog.com/?p=4263

http://www.socalmultiunitrealestateblog.com/?p=1910

SOCAL MULTIUNIT REAL ESTATE SNAPSHOT – APRIL 2012 – SALES ARE UP

April 1, 2012 on 9:03 pm | In Charts + Statistics, Curious, Investment Opportunities, Market Snapshot, Trends, Uncategorized | 1 Comment

By Jodi Summers

Heed the signs of the Los Angeles Multiunit market. Sales are up. Volume is down. Prices are stable. Inventory is needed. Buyers are desperately seeking multifamily properties, and there’s not enough selection to satisfy demand.

For example, comparing Mar 2012 to March 2010 using Clarus Market Metrics, the median sold price for apartment properties in Los Angeles County is up 15%, yet the median price of multiunit properties for sale is down 1%.

Los Angeles Multiunit Real Estate – Median For Sale vs. Median Sold – April 2012

Activity is way up. Contrasting Mar-10 vs. Mar-12, the number of apartment properties under contract in Los Angeles County is up 34% from 570 to 765.

Los Angeles Multiunit Real Estate – Under Contract Properties by Month – April 2012

Meantime, buyers have relatively few choices compared to two years ago. From Mar-10 vs. Mar-12, the number of properties for sale has fallen 31% from 5,228 to 3,596.

Los Angeles Multiunit Real Estate – For Sale Properties by Month – April 2012

Unless trends change, the Los Angeles County Apartment property sales market should remain in the seller’s favor as the number of new properties is down 36% from 1,209 to 771.

Los Angeles Multiunit Real Estate – New Properties by Month – April 2012

Why are there no properties on the market? Prices are too low. Loopnet calculates that the average asking price for multifamily properties in the metro area in February was $152,861 per unit, noting that the lowest asking price in the past three years was $152,213 set in January 2012. Asking prices for multiunit properties reached a three-year high in October 2007 at $209,684 per unit. Comparatively, the current median asking price is down by 19%. And that is why no one is selling….

Low prices mean only the most motivated have been selling. In March, the average month’s supply of inventory is down 56.8% from two years ago – from 7.4 to 3.2 months of inventory. Thus, the multiunit market has officially shifted to a seller’s market, as experts consider market parity for Los Angeles County to be 3.7 months of inventory.

Los Angeles Multiunit Real Estate – Months Supply of Inventory – April 2012

For nine consecutive months, the number of multifamily properties available has seen a month-over-month decline, 14.2% overall, notes Loopnet. This source observes that the number of available multifamily properties has reached a new three-year low in the Los Angeles Metro Area.

http://www.loopnet.com/Los-Angeles_California_Market-Trends

http://www.socalmultiunitrealestateblog.com/?p=1915

https://www.terradatum.com/agentmetricsonline/report_thumbnail_view.td

LET’S BOAST THE BENEFITS OF BETTER BUILDING CHALLENGE

March 25, 2012 on 12:12 am | In Economy, Fascinating Information, Government, Green, New Developments, Problem Solving, Trends, Uncategorized, WOW | 3 Comments

Edited by Jodi Summers

The objective of the Better Buildings Challenge is to make American buildings 20% more energy efficient by 2020. It is estimated that the energy to operate the buildings in which we work, shop, and go to school costs the U.S. about $200 billion annually, and on average, 30% of this energy is wasted. More efficient commercial buildings reduces the nation’s dependence on foreign oil, protects the environment, and saves billions of dollars in energy costs that can be spent growing businesses, investing in new technologies, and creating American jobs.

The Better Buildings Challenge asks corporate chief executive officers, university presidents, and state and local leaders to make a public commitment to energy efficiency. Through the Better Buildings Challenge, the U.S. Department of Energy (DOE) is highlighting leaders that have committed to upgrading buildings across their portfolio, and providing their energy savings data and strategies as models for others to follow.

Let us share with you the details of the program…

What kind of organizations can join?

The Better Buildings Challenge involves a network of Partners and Allies that demonstrate national leadership in energy efficiency:

* Partners are commercial businesses, industrial corporations, universities, and other building owners that make a public commitment to reduce energy consumption in their facilities

* Community Based Partners are municipalities and States that work with local businesses and universities to assess opportunities and take action

* Allies are financial institutions, service providers, technology firms, and program administrators that commit to supporting the energy efficiency marketplace.

What does an organization commit to?

The commitment is matched to the type of organization. For example, Partners commit to:

* Publically pledge an organization-wide energy savings goal over a 2 to 5 year period within 6 months of joining, and develop an organization-wide plan and schedule,

* Announce an initial showcase project and initiate the project,

* Share information about their progress against their pledge goal, and about the energy efficiency implementation models (including the tools, technologies, and processes) they used to reach their pledge goal.

What kind of technical assistance will DOE provide? What kind of recognition?

DOE, in collaboration with its federal partners such as the Environmental Protection Agency (EPA), the Department of Treasury, and the Small Business Administration (SBA), will:

* Provide technical assistance and energy efficiency implementation models to help Partners achieve their pledge,

* Establish a marketplace of energy efficiency stakeholders, such as government, industry, service providers, financial institutions, and technology companies, in order to transform the market and realize the full economic and environmental benefits of energy efficiency,

* Insure integrity in the reported results through quality assurance standards,

* Recognize Partners and Allies for their progress in achieving milestones and reaching goals.

DOE will also profile the innovative and cost effective energy efficiency implementation models of this leadership group for others to use.

What are the requirements regarding reporting and transparency?

Organizations are asked to report publicly on their energy savings across their organization and at the individual facility/building level on a quarterly basis. They are also asked to share information about the best practice implementation models that they used to achieve their pledge targets. These requirements will be refined in coordination with the initial program Partners and Allies.

What data will be required to demonstrate energy savings?

Baseline energy intensity data will be required at the portfolio and individual facility level to demonstrate energy savings. These requirements will be refined in coordination with the initial program Partners and Allies.

What does the government offer Better Buildings Challenge Partners?

DOE, in collaboration with its federal partners, will offer energy efficiency technical assistance and best practice implementation models to the Challenge Partners to encourage investment in energy efficiency. Technical and informational resources under development include:

* Tools that support use of tax and utility credits

* Assessment tools for evaluating energy efficiency measures

* Financial modeling tools

* Model high-efficiency technology specifications

* A process for identifying qualified service companies

* Financing opportunities through the Small Business Administration

In addition, the Better Buildings Challenge will connect Partners that commit to and demonstrate sound implementation approaches for investing in the cost-effective energy efficiency opportunities in their facilities with Financial, Technology, and Service Allies that commit to provide best practice services for deep energy savings and to transparency in results.

What are the commitments for financial allies?

* Assign a senior-level liaison who is committed to allocating the necessary resources to pursue all potential projects resulting from the Better Buildings Challenge

* Invest in or lend at least $50 million in commercial building energy efficiency projects or collaborate with industry leaders and stakeholder to create at least a $50 million market for each financial product

* Provide information on financial performance and structure information

What type of financial performance and structure information are Financial Allies asked to share?

Financial Allies are asked to share information about their products and services, such as loan packages, values, interest rates, and cash flow information allowing for Discounted Cash Flow and Net Present Value analyses.

How does the Better Buildings Challenge fit into the larger Better Buildings Program?

The Better Buildings Challenge is part of a larger Better Buildings Program, an effort to make American commercial, residential, and industrial buildings more energy efficient through innovative action and real world solutions.

For example, the Better Buildings Challenge will complement the efforts of the Better Buildings Neighborhood program—a three year, $500 million grant program managed by DOE, which is primarily focused on residential buildings at the state and local level.

Through Better Buildings, DOE is also working to increase and accelerate better financing opportunities for building upgrades, better workforce training in energy audits and building operation, and better tax incentives to encourage more energy efficiency upgrades.