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But the main bonus, he said, was the low up-front cost, which has traditionally been a key barrier to wider adoption of solar systems by many homeowners. Such power-purchase agreements are fast becoming the model of choice for large-scale commercial solar systems. But with Sun Run’s entry into the residential market – the sights of investor-owned solar power systems are now centered on American homeowners’ rooftops as well. Homeowners can a arrange financing to purchase their own solar system in a way that avoids tens of thousands of dollars in up-front costs, with Sun Run making sure solar panels are working to maximum efficiency and replacing any worn-out parts. If the home is sold, Sun Run will offer to remove the system if that’s what the new owner wants. Nat Kreamer, President of Sun Run, says he expects most will choose to continue the contract or take over the system at a discounted buyout cost, since market studies show most people consider home solar systems a valuable asset Michele Joyce, REC Solar ~~ ** ~~ ** ~~ NOTICE OF PROPOSED WATER AND WASTEWATER RATE INCREASES The letter from the City titled - NOTICE OF PROPOSED WATER AND WASTEWATER RATE INCREASES - must have made you really happy when you got it in the mail….but those in the know, saw this coming months ago…though it went public in the spring With deep cuts in water deliveries ordered this year to help protect a threatened fish species, the Association of California Water Agencies (ACWA) said impacts are beginning to ripple across the state and will likely continue until action is taken to improve the sustainability of the state’s water supply system. “For the first time in a long time, California is losing income and jobs because our water supply system is in crisis,” ACWA Executive Director Timothy Quinn said. “Every day that goes by without a solution is another day of environmental deterioration and lost water supply.” ACWA member agencies report that court-ordered restrictions on water deliveries through the Sacramento-San Joaquin River Delta are creating drought-like conditions despite the fact that snowpack levels were near normal in February 2008. Runoff from the mountain snowpack is expected to be below average due to dry soil conditions and warm temperatures that evaporated some of the water content in March. Agencies stand to receive just 35 percent of their requested water deliveries from the State Water Project (SWP), forcing many to dip into dry-year reserves and seek out expensive alternative supply sources where possible. In some cases, reserves already are low following a string of dry years and a 10-day shutdown of the SWP pumps last summer to protect the Delta smelt. This rate increases will affect millions of households in Southern California. Knowing this was coming down, in March, Metropolitan Water District’s Board of Directors approved a $1.98 billion spending plan for 2008-09 in order to maintain reliable imported water supplies for more than 18 million Southern Californians. Faced with a persistent drought and the threat of tighter water supplies, the Los Angeles plan is to use heavily cleansed sewage to increase drinking water supplies, joining a growing number of cities considering similar measures. Mayor Antonio R. Villaraigosa, who opposed such a plan a decade ago over safety concerns, announced the proposal as part of a package of initiatives to put the city, the nation’s second largest, on a stricter water budget. The other plans include increasing fines for watering lawns during restricted times, tapping into and cleaning more groundwater, and encouraging businesses and residents to use more efficient sprinklers and plumbing fixtures. The move comes as California braces for the possibility of the most severe water shortages in decades. ~~ ** ~~ ** ~~ WWW.SOCALINDUSTRIALREALESTATEBLOG.COM Subject: Request for more information Q: I work for Plains All American Pipeline, owner of miles of pipeline in California. An existing lease with a major entity will be expiring soon (lease amount is set every 5 years) and they have set the new lease amount. It is a considerable increase. This amount is supposedly based on the trend of real estate prices and rent prices over the last five years. The land leased is considered to be vacant industrial land. PAAP wants some supporting data to justify the increase in yearly lease payments for the next five years. Is industrial land in the LA area continuing to show healthy increases in price and rent? I thought that perhaps you may be able to provide some data as to what has happened in the industrial land market over the past five years. A simple graph would be great. Also, are there indications of what that market will do for the next five years? I would appreciate any information you could provide in this matter. Al Super ** We would love be able to accommodate you, but was unable to find an industrial sales trend chart for the past five years. As far as where the market has come, and where will go, there is a consistently growing demand for industrial zoned properties and an ever-decreasing amount of land (down zoning). As long as Long Beach + San Pedro continue to be two of the leading ports in the country, demand will stay strong. I hope this is helpful. ~~ ** ~~ ** ~~ WWW.SOCALINDUSTRIALREALESTATEBLOG.COM Subject: Guest Post for SoCal Industrial Real Estate Blog Q: I'm interested in writing a guest article on your site in order to increase my writing profile. I'm not sure what the process is for submitting an article for your review or if you have certain requirements, but if you're at all interested I'd appreciate you getting back to me, and I can send you an article for you to consider for publication. http://www.intlistings.com/articles/2008/top-25-most-beautiful-castles-in-the-world/ Thanks for your time and I am looking forward to your reply. Thanks, ** A: Hi! Sarah, Yes, it would be great if you would contribute! http://www.intlistings.com/articles/2008/top-25-most-beautiful-castles-in-the-world/ on www.SoCalGreenRealEstateBlog.com. Here are a few articles that are somewhat like what you were talking about… http://www.socalgreenrealestateblog.com/?p=87 It would be great if you’d contribute as long as the ideas are relevant. Home improvement + mortgage won’t work for any of the commercial property blogs www.SoCalIndustrialRealEstateBlog.com And would need to be customized to local building ordinances for www.SoCalGreenRealEstateBlog.com An article on post subprime loans would be great as would an overview of different green ordinances around the country – a built out version of – Yes, it would be great if you would contribute!
~~ ** ~~ ** ~~ LANDMARK UPDATESANTA MONICA’S MAJESTIC / MAYFAIR THEATRE 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. ~~ ** ~~ ** ~~ Quick note: The proposed development is imminent…The planned development includes 38 apartment units averaging 1000 SF and 9690 SF of ground floor retail. The apartments are roughly half one-bedrooms and half two-bedrooms. I would guess profit on the apartments at maybe $125 to $150k each. The retail, I am not as sure about but I could see profit of maybe 475 to $100/SF. That would put an overall land value at around $6.7 million. To get a better value, you would run some hypothetical discounted cash flows but for right now, this is a ball park figure. Tcleys ** ** I grew up going to see movies and then musicals at this theatre, and knowing its history, feel very connected to it as I am sure many others in the area do. To allow it to be torn down without granting the people of Santa Monica a voice to hear reasonable alternatives would be a shame at the very least. It is my goal to provide those who would like to see the theatre preserved an opportunity to hear our alternative and study its feasibility. We will come with our own funding, but we need to know what the time constraints are if we are to act at all. Of course, I fear that it is too late to do anything, but then again, until the bulldozers pull up, I will have hope that it is not too late. I would be most appreciative to know how I might learn about the schedule of events with respect to the City Council meetings regarding the property. Perhaps you can help me or direct me to someone who knows more about the situation. I understand that you are quite close to the proceedings, and I want to thank you for your assistance and also for you wonderful website. I wonder if there is any public effort to save the theatre. Any information at all would be helpful. Warmest regards, Eric Davis ** EVERYONE WANTS TO LIVE @ THE SOVEREIGN 19. Sovereign Apartments/Hotel, 1928
Q: I was looking for information on the Sovereign Hotel and found your landmark info. I was thinking about moving in there as they rent the rooms out now. Do you think it would be a good place to live? I do love the building and the grounds. A: Had a chance to do some homework regarding the Sovereign. Red-tagged for damage in the 1993 earthquake, the Sovereign was purchased by the SOVEREIGN RESTORATION PARTNERS in 1994. It's is an apartment building on long term lease. The Sovereign has a very fine reputation, and many residents describe living there as a ** Q: We’d like to live by the Sovereign Hotel, can you help us? B Raives A: Absolutely, We can always make time for you, your friends and your family when it comes to your real estate needs. |
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Jodi Summers negotiates investment properties for Sotheby’s International Realty. For your real estate needs, e-mail Jodi Summers at [email protected], or call 310.260.8269. Visit her websites: www.SoCalInvestmentRealEstate.com www.SoCalIndustrialRealEstateBlog.com www.SoCalOfficeRealEstateBlog.com www.SoCalGreenRealEstateBlog.com www.santamonicalandmarks.com www.SantaMonicaPropertyBlog.com www.SoCalMultiUnitRealEstateBlog.com |
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