Increasing house prices and relatively stagnant wages have led to the need to rethink our strategies regarding housing. Of course, solving the root issue would be preferable — but if that’s not an option, easing the burden is a useful venture. There have been several recent innovations in methods to approach affordable housing.
A couple of them have been around for a while, but not necessarily targeted at affordable housing. These are government subsidies and grants and developer incentives. If you give people money or tax breaks to build or buy affordable housing, it’s going to become easier. Another that you may have heard of is micro-housing. You may dream of a large home, but the truth of the matter is that smaller houses are not only cheaper, but also more cost effective to build. The only reason they weren’t being built before is lack of demand.
There are also some options you may not be aware of, though. These are community land trusts (CLTs) and shared equity models. CLTs attempt to reduce the cost of homeownership by separating land cost from building cost — normally, a house and the land it’s built on are purchased simultaneously, but with CLTs, the land is owned by a trust and only the structure is sold, so it costs less to buy. A shared equity model allows a buyer to purchase only a portion of the ownership of a home, with the share owned increasing as the buyer accrues equity and uses it to purchase a greater share. This is somewhat similar to a loan, but carries less risk, with the downside being that the buyer doesn’t have exclusive legal ownership of the property.
Tue, Mar 19 @ 7:00PM — 9:00PM PROJECT BARLEY BREWERY 2308 Pacific Coast Hwy Lomita, CA 90717
This is a once a month (every third Tuesday) show that is designed as a listening room for world class songwriters, many with hit songs, long touring/recording associations with music legends etc. to play their original music in an intimate setting.
NO COVER BUT DONATIONS ARE STRONGLY ENCOURAGED AND GO TO THE SONGWRITERS.
Project Barley serves excellent Food (Gourmet Pizza, wings, sandwiches, salads), wine, and award winning beer. Food served till 8:30pm. No reservations so arrive early to get a table. This month we are proud to present: JOEY DELGADO, DEB RYDER, RICHARD STEKOL AND JODI SIEGEL
JODI SIEGEL
Jodi Siegel, originally from Chicago, IL, is a singer, songwriter and guitarist. Over the years Jodi has opened for and or shared the stage with many respected musicians including: Albert King, Robben Ford, Robert Cray, J.D. Souther, David Lindley, Fred Tacket and Paul Barrere (Little Feat) and countless others. Her songs have been recorded by Maria Muldaur, Marcia Ball, Tommy Ridgley and Teresa James.
JOEY DELGADO
Singer, guitarist, producer, songwriter, Joey Delgado has been a member of one of the best and most popular East Los Angeles based blues/rock, Americana, Latin soul bands for 50 years, The Delgado Brothers! Out of the 5 Delgado Brothers studio albums, Joey Delgado has produced all but one; and all the over 50 original songs were composed by Joey D and his band of brothers.
DEB RYDER
Born in Chicago Illinois, she began singing at the age of five joining her Dad, crooner Al Swanson on stage at several popular venues and churches in the area. Debs musical career began in her early teens when her mother moved the family to California and along with her stepfather opened the renowned Rock and Blues club the Topanga Corral. There, she opened for and performed with such legends as Etta James, Big Joe Turner, Taj Mahal and Canned Heat, all regulars at the club. These artists mentored Ryder, and it was then that her vision of herself as a singer, songwriter and performer began to take shape.
RICHARD STEKOL
Richard is a triple threat. He plays guitar like nobody else, any style, he sings soulfully and with purpose and he writes incredibly original songs that either break your heart or knock you over the head with their truth. He’s a songwriter like no other and those that know of his work are forever changed. While some know Richard as one of the founding members of Southern California’s Honk Band (they had three records released on a major label and toured extensively opening for people like The Beach Boys, Kenny Loggins and Michael McDonald), he was also a member of the super group The Funky Kings (featuring Jack Tempchin, Jules Shear, Richard Stekol, Greg Leisz). He released many solo records over the years and has had songs covered by Michael McDonald, the late great Mike Finnigan, Ian Mathews, Michael Nesmith, Kenny Loggins, Julie Christensen, Rick Nelson, Amy Holland and more. He is also a producer of many independent recordings and has played guitar as a session player. He is a true original in a sea of copycats.
A Staged Reading of The People with The Trees in Their Chest by Shawn Christopher Lovell Nabors. Produced by Grand Vision Foundation.
Nabor’s new and original play follows an African American family from Brooklyn, NY as they struggle to break the curse of poor health that has marked their family for generations.
The audience will be invited to give constructive feedback after the performance.
Kimberly Ford
Kimberly Ford
DREAMLAND with Kimberly Ford The Music of Joni Mitchell Saturday, March 23 / 8 PM (🍷Wine Tasting 7 PM)
An homage to one of the most iconic Woodstock musicians. Hear Help Me, Both Sides Now, River, and more.
Jack of Hearts w/ Scarlet Rivera The Music of Bob Dylan
Fri, Apr 05, 2024 8:00 PM Doors 7:00 PM
For over five decades, Bob Dylan has remained one of the most important figures in American music. The Jack of Hearts Band seeks to authentically replicate the sound of Dylan – from the early ‘60s folk scene to the Blonde on Blonde album, the Woodstock retreat to masterpieces such as Blood on the Tracks and beyond.
Returning to the Annex with violinist, Scarlet Rivera, best known for working with Bob Dylan on his 1976 album Desire and as part of the Rolling Thunder Revue.
In a normal year, the interest rate for a conventional mortgage loan would be lower than the rate quoted for a “high balance” loan, which would be slightly lower than a “jumbo” mortgage. (Here in Los Angeles jumbo is more common than not.) The theory behind the differing rates is one of risk management. Lenders generally consider larger loans to be more risky, thus jumbo costs more.
Guess what! It’s not a normal year. It’s a Presidential Election Year. In addition to the political strife, our nation is closely involved in a couple of economy-disrupting wars in other parts of the globe.
The end result is jumbo loans with fixed interest rates that are as low or lower than conventional loans. Despite headlines touting strength in the economy, interest rates have increased by approximately .5% since the first of the year. The most recent announcements from the Federal Reserve System are hinting that anticipated rate reductions aren’t happening at all in the first half of 2024, and the number of potential reductions is expected to be less than previously expected.
Last year saw median prices in the South Bay falling below 2022 prices through July. In August of last year price declines began to abate. By December of 2023 prices had started to stabilize. The new year continued that trend with only one negative median price result in January. Improving on that, February showed solid growth in prices across the South Bay. The real estate market seems to be reacting to what is touted as an improving economy.
However, compared to last February, sales volume this February was a mixed bag with overall positive growth of 2% despite declines of 3% in the Harbor area and 14% on the Hill. These weaker sales figures follow a strong growth in the number of homes sold in January versus the same month in 2023.
Recent month to month history has shown that a decline in sales volume is typically followed by a decline in median price. This “tit for tat” resonance indicates a market where buyers are at the edge of their ability to buy and sellers are feeling the resistance. Indeed, following the upward movement of mortgage interest rate activity for the first two months of the year leads to the conclusion sales volume will drop, followed by more substantial price decreases in coming months.
Beach: Sales and Prices SeeSaw
On a month to month basis, the Beach area has seen serious ups and downs in the number of homes sold and in the median sales price. January started with a massive 46% drop in sales from December, then February showed up with a 48% increase in sales volume. By way of contrast, Palos Verdes sales were down 16% and down 14% for the same months. The median price for Beach homes slipped 1% in February versus a 13% increase in January.
February sales volume versus February of 2023 was also steeply higher at 33%, the largest increase of the South Bay areas. At $1.175M the median price was up 29% over the same month last year. This is a somewhat surprising median price increase in light of other annual increases around the South Bay falling in the range of 5-18%.
Looking at year to date for the first two months of 2024, the Beach area had positive sales volume of 32% with a median price increase of 17%.
Harbor: More Up and Down
Responding to the volatility of the economy, the Harbor area flipped from negative numbers in January to positive in February. The number of homes sold was up by 8% over the prior month, while the median price of those homes increased 6%. The largest of the South Bay areas, the Harbor area typically has less variability in both sales and prices than the other areas.
Annual figures, looking at change from one year to the next in the same month, is usually a predictor of long term direction. February home sales in the Harbor area seem to be close to the bottom of market. Volume dropped by 3% from 2023, the smallest annual decline since the end of the pandemic.
At the same time, the median price rose 18% above that of February 2023. It should be noted that the median price in the Harbor last February was exceptionally low at $675K. In contrast, the $795K for this year appears to be on the high side and should be expected to moderate as the year goes on.
Year to date, the number of homes sold has increased by 2% over 2023. The median price has gone up 12%.
Hill: Numbers Continue to Fall
Real estate on the Palos Verdes Peninsula was off more this month than last. Month to month sales volume dropped by 14%. Median price, which was flat last month, has fallen by 1% this month. This kind of back and forth jockeying in price and volume looks jerky in the month to month statistics.
When viewed against the backdrop of annual data one can more readily see the direction. Annually, residential sales dropped by 14%, roughly the average of the past few months. While sales volume was dropping, the annual median price rose a surprising 10%.
Combining January and February for year over year numbers shows the number of homes sold increasing by 11% and the median price increasing by 9%
Inland: A Mixed Bag for Sales and Prices
Like the Beach cities, the Inland area enjoyed a huge surge in the number of homes sold for February, after suffering a large drop in sales January. Volume was up by 40% for the month. Median price dropped 4% after an 11% jump last month. So far this year the market has been very unpredictable.
As mentioned early, the “same month, last year” perspective is starting to level out. Residential sales volume for February of 2024 increased by 6% compared to 2023. The median price was up 5% over for the same period. The annual percentage of change seems almost stable by comparison the the monthly.
Year to date, Inland sales have increased 7% while the median price has declined by 1%. So far in 2024, only the Inland median price has declined from the first two months of last year.
Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo
Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City
PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates
Before purchasing a new home, there are some important details that will help you make your decision. You’ll want to know what you’re paying for, as well as how to get the best deal. Asking the right questions will make the process much smoother for you.
First, make sure you know exactly what it is you’re buying. Is any personal property included in the sale? Is any fixture excluded? A purchase offer should address personal property and any exclusions. Also, if there are any disclosed concerns with the property, you’ll want to know what they are. It may not be worth your while if there are any major concerns. You’ll also want to know what you can expect to be paying in utility costs. After all, utilities are a component of homeownership costs.
If you want the best deal you can get, you should definitely ask your agent for a comparative sales report. This is a report which details recent sales histories of similar properties. Depending on the area, it may be unlikely to find an exact match, but this will give you a rough estimate of the expected price range for a property that you’re considering. This is particularly important if you’re concerned that the property may be overpriced or have some sort of defect. To aid in this, you can also ask how long the property has been on the market. If it has been sitting around longer than average, there could be an issue. Another question you may want to ask is if the sellers have already bought another home. This could give you some insight into the motivations of the sellers, which may help you negotiate.
You may have received a loan payment notice from a company you don’t recognize or you know you haven’t taken a loan from. That doesn’t necessarily mean it’s a scam, but it could be. Loan servicing is a real thing, whereby lenders outsource their payment collection to a loan servicing company. In addition, lenders can and do sell their loans to other companies, or companies could merge or get bought out. These are all legitimate reasons you could get a notice from an unfamiliar company.
Unfortunately, scammers are aware of all these methods, and attempt to convince you that what’s happening is legitimate. So, if you notice any deviation, you should always check to make sure it’s real. If the lender’s policy changes or the company is sold, you should receive a letter notifying you of this before any new collections occur. Beware that this process could be disrupted by improper transfer of records or collection dates coinciding closely with the change. Make sure to communicate directly with your lender, not the company that is collecting, until you are sure that it’s legitimate.
The heat of California, particularly in the summer, means many Californians turn up the air conditioner to stay cool. But there are some areas of the world that can get just as hot, if not hotter, and do without cooling systems. How do they manage it? In Burkina Faso, which frequently reaches temperatures over 100 F, it’s the type of stone used for construction.
Burkina Faso is rather low on the Human Development Index (HDI), ranking 184th out of 191 countries as of 2020. This means much of the country doesn’t have access to electricity, and importing concrete is expensive. What they do have easy access to is a stone called laterite, which forms naturally in the region. Laterite is quite strong once formed into blocks, and its thermal properties help keep the interior cool. Constructing buildings using laterite is not a new concept, but in much of the world it has been replaced by concrete.
Unfortunately, laterite is not a solution for California. With its advantages come some pretty severe disadvantages. Laterite has extremely low earthquake resistance. In California, which has over a hundred earthquakes per day and building laws requiring high earthquake resistance, laterite buildings simply won’t work.
