Large solar-powered home community opens in Santa Fe Springs

Not far from downtown Los Angeles, Comstock Homes is opening what it claims to be the largest solar-powered home community from a single builder.

The Villages at Heritage Springs will take up 54 acres in Santa Fe Springs, and will include 384 residences once it is complete. For now, 18 single-family homes and 19 townhouses are for sale.

Comstock Homes, the residential division of commercial real estate developer Comstock, Crosser & Associates, builds only in California.

The solar roof tiles on the Santa Fe homes, provided by San Jose-based SunPower Corp., could help lower homeowners’ power bills by up to 60%. The properties also feature dual pane windows, high-efficiency heating and air conditioning, tankless water heaters and energy-efficient lighting.

Townhomes in the gated community range in size from 1,390 to 1,910 square feet and cost between $385,000 and $457,000. Single-family homes are 1,763 to 2,166 square feet and priced from $485,000 to $576,000.

-- Tiffany Hsu

Photo: Edelman for the New Solar Homes Partnership

S&P/Case-Shiller weighs in with August home prices

Home prices are inching up from previous months, according to a story at latimes.com:

U.S. home prices appear have to scraped a bottom, with a leading national index showing three consecutive months of gains this summer.

The Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas showed a 1% increase in the seasonally adjusted median price of homes from July to August. The index has posted month-to-month gains since June.

But is it really an improvement or a blip on the radar screen? Michael D. Larson, a housing analyst with Weiss Research, offered his perspective:

Housing market analysts cited the federal government's $8,000 federal tax credit for first-time buyers as an important factor in the housing market's recovery of late. The credit applies to home sales that close through Nov. 30 and is part of the $787-billion federal stimulus package enacted in February.

Larson of Weiss Research said that while the credit played an important role, the most significant factor driving the housing market was the relative affordability of homes.

"The real question is what happens now," he said. "You are going to see some give-back, you are probably going to see a pause in the recovery. But I think the fundamental story is that housing got way too expensive and now you could argue that housing is cheap again and that is what it boils down to in 50 words or less."

As for the local scene:

Los Angeles area prices in August improved 1.3% over July on a seasonally adjusted basis. The median price was down 12% when compared to the same month a year earlier. Home prices in San Diego rose 1.5% on a seasonal basis from July but fell 8.9% when compared to August 2008.

I'm hesitant to put too much stock in those monthly price increases. California still has a way to go before its unemployment and economic woes are over.

--Lauren Beale

Thoughts? Comments?

 

California builders lobby for tax credit extension for new home buyers

 

Remember the $10,000 California tax credit for newly built homes that state buyers exhausted earlier this year in only about four months? Well, new-home activity is down since that money ran out, and state builders are calling for an extension of the credit, according to today's news release from the California Building Industry Assn.

“Since the discontinuation of the popular home buyer tax credit, we have seen a significant drop in traffic these past few months, which continues to drag down new-home construction, and in turn, job creation,” said Liz Snow, CBIA’s president and CEO. “We applaud the Senate for taking swift action in passing the tax credit extension, and we hope the Assembly follows suit.”

According to statistics compiled by the Construction Industry Research Board (CIRB), home builders pulled permits for 2,920 total housing units in September, down 1% from August. When compared to September of last year, production in 2009 was off by 36%. Permits for single-family homes totaled 2,150, down 2% from the previous month and down 12% from September 2008, while multifamily permits totaled 770, up 0.5% from August but down 63% from September of last year.

The builders' stance is that more home building means more jobs and work for Californians, which would benefit the state's overall economy. Because things slowed once the credit funds were exhausted, this doesn't seem to have much staying power as a strategy, although it did help reduce unsold inventory. Will an extension help fuel an economic recovery or just drag out the process?

-- Lauren Beale

Thoughts? Comments?

Photos: Construction workers build a new home in Millbrae, Calif. Credit: Russel A. Daniels / Associated Press 

Ocean Institute's Million Dollar Home raffle sales down due to economy

With less than a week to go before the Ocean Institute closes its 5th annual fundraising raffle, in which the winner receives either a Laguna Beach home or $1 million in cash, the nonprofit is falling a bit short on ticket sales.

So far, 15,000 tickets out of 22,000 total have been sold – enough to put the house into play, but falling behind the successful sellouts from the two previous raffles.

“This year, with the slow economy, we’re down a little bit,” said spokesman Jim Graves. “We’re still hoping to sell out, but that’s a little ambitious.”

The deadline to buy tickets, priced at $150 each, is Wednesday. The grand prize winner, announced on Nov. 7, has a choice of either a downtown Laguna Beach home with panoramic views two blocks from the surf, or cash. The current homeowners, who are unaffiliated with the institute, have agreed to sell the house to the institute if the winner chooses to take the property.

Runners-up who buy two or more tickets will have a shot at a pot that includes twice as many prizes as last year’s raffle, including a new Toyota Prius, computers, vacation packages, spa days and more.

If fewer than 15,000 tickets had been sold, the grand prize winner would have been awarded a cash prize worth half of the net proceeds from the raffle.

But Graves said that the advertised prizes were given out for each of the past events. Though one of the first winners accepted the San Clemente house that had been offered, most winners opt for the cash prize to avoid hefty taxes, he said.

The fundraiser, the institute’s largest, netted more than $1 million last year.

The raffle is registered with the California attorney general’s office, according to the institute, which is dedicated to preserving the oceans. For more information, call (949) 542-3600 or visit www.ocean-institute.org.

-- Tiffany Hsu

California Assn. of Realtors' 2010 housing market forecast

Home prices in California will increase slightly next year as buyers snap up foreclosures and other properties at the market’s low end, the California Assn. of Realtors said today.

At the same time, the number of purchases will decline slightly because there will be fewer of these foreclosures available.

In its annual forecast, the association predicted that the median home price in California would rise 3.3% to $280,000 next year. Sales of houses and condominiums, it said, would decrease 2.3% to about 527,500.

"We forecast that sales would be off a little bit next year because we're scheduled to lose first-time home buyers' tax credit at the end of November," said Leslie Appleton-Young, the group's chief economist.

She is calling for an extension of the federal tax credit, which benefited more than 1 million home buyers this year.

"Expanding credit through at least part of 2010 would help an economy that's still trying to get back on its feet," Appleton-Young said.

There are two markets, she said. In the moderate to low-end market, home prices have dropped 50% or more in some places, enabling people to buy homes that they otherwise would not have been able to afford. In the high-end market, however, prices haven't softened, but potential buyers have less money.

The forecast says sales will be driven by distressed properties in the low end of the market, causing a shortage in the number of homes for sale at that level and a moderate home-price appreciation. It will continue to be hard to sell higher-priced houses because values have dropped and financing is hard to get.

-- Melissa Rohlin

96% of U.S. metro areas lost construction jobs this year, research finds

Construction employment dropped this year in more than 96% of the country’s metropolitan areas, according to research released today by the Associated General Contractors of America.

Of the 337 metropolitan areas, construction-related jobs plunged in 324 regions between August 2008 and August 2009, according to an analysis of federal employment data.

The Reno-Sparks area of Nevada was the hardest hit, with a 35% dive, followed by the 33% sag in the Duluth region spread over Minnesota and Wisconsin. Construction employment in Tucson plummeted 31%, and it slumped 30% in Wenatchee, Wash.

Several California areas suffered deep declines. Construction jobs in Redding dipped 28%, while employment in the construction, mining and logging sectors in El Centro dropped 27%. The Riverside, San Bernardino and Ontario region, as well as the Sacramento, Arden-Arcade and Roseville area saw construction jobs slide 23%. Construction, mining and logging work fell 23% in the Santa Cruz and Watsonville zone.

Statewide, California’s construction employment numbers dropped 19%, from 798,400 workers to 650,200. Construction jobs in the Los Angeles, Long Beach and Glendale division fell 12%, from 145,400 workers to 127,300. The best performer in the state was the Hanford-Corcoran metropolitan area in Central California, which was ranked 95% nationwide with an 8% drop in construction, mining and logging jobs....

California's expensive markets lead the nation

California is home to eight of the 10 most expensive housing markets in the U.S., according to the just released 2009 Coldwell Banker Home Price Comparison Index.

The annual survey compares the average sale prices of similar 2,200-square-foot houses in 310 markets nationwide.

Making the top 10 for 2009 were:

1. La Jolla, at $2,125,000   
2. Beverly Hills,$1,981,750   
3. Greenwich, Conn., $1,519,250   
4. Palo Alto, $1,489,726   
5. Santa Monica, $1,460,912 
6. San Francisco, $1,363,250     
7. Boston, $1,337,578   
8. Newport Beach, $1,315,505   
9. Palos Verdes, $1,237,041  
10. San Mateo, Calif., $1,090,000   

On the least expensive roster:

1. Grayling, Mich., $112,675
2. Akron, Ohio, $121,885
3. Fayetteville, N.C., $130,875
4. Canton, Ohio, $131,867
5. Detroit, Mich., $132,000
6. Arlington, Texas, $138,775 
7. Macon, Ga., $139,007 
8. Eau Claire, Wis., $141,270
9. Port Charlotte, Fla., $142,750
10. Wichita, Kan., $144,625

That's $2 million and change between the most and least expensive market's average sale prices. Although I haven't been there in more than 30 years, Grayling was not a bad spot to stay for local skiing in my youth, with an old-time downtown, local diner and a movie theater.

More data on other markets, including Canada and internationally, are available online.

-- Lauren Beale

Thoughts? Comments?

Photo: Grayling, Mich.'s 6,500 residents live in the what this year's survey termed the nation's "most affordable" housing market. Credit: Coldwell Banker / Associated Press

 

Atherton, Calif., comes in second on Forbes most expensive ZIP Codes list

94027 -- it's the second most expensive ZIP Code in the country, home to the town of Atherton, and it's right here in California.

The median asking price in Atherton, which is in the Bay Area, over the last 12 months was $3.85 million, despite a 23% decline over that time, according to Forbes magazine's 500 Most Expensive ZIP Codes list.

Alpine, N.J.'s, 07620 ZIP Code topped the list with a median asking price of $4.14 million. Like Atherton, prices in Alpine dropped 23% over the Last year, Forbes said.

California is represented well in the list's top 10 priciest ZIP codes: Duarte, Beverly Hills, Rancho Santa Fe, Santa Barbara and Los Altos Hills all make the list, taking the number four through eight spots with prices hovering around $3 million.

Coming in third was New York's West Village neighborhood, 10014, which Forbes said is now fully gentrified and hitting a $3.5 million median asking price. The West Village had a 24% decrease over the last year, the list said.

On average, the 500 ZIP Codes on the Forbes list dropped 7% in asking price. Only one-fifth of the country's most expensive ZIP Codes saw prices rise, and in a few of those ZIP Codes, prices were skewed by a single high-priced listing, Forbes said.

Here are the top 10 most expensive ZIP Codes, by median home price, as reported by Forbes:

1. 07620, Alpine, N.J., $4,139,041
2. 94027, Atherton, Calif., $3,849,133
3. 10014, New York, N.Y., $3,521,514
4. 91008, Duarte, Calif., $3,444,773
5. 90210, Beverly Hills, Calif., $3,367,167
6. 92067, Rancho Santa Fe, Calif., $3,362,493
7. 93108, Santa Barbara, Calif., $3,284,652
8. 94024, Los Altos Hills, Calif., $3,277,500
9. 10065, New York, N.Y., $3,176,534
10. 07926, Brookside, N.J., $3,121,115

Check out Forbes full list, complete with an interactive map comparing ZIP Codes.

-- Nathan Olivarez-Giles

California homes account for 9 out of 10 of the nation's most-searched-for dwellings

The Top 10 national list of most-searched-for homes last week at Realtor.com among those within 20% of the median list price of $219,300 included nine California homes. Some of the Southern California homes from the previous week's list remained, plus two different Southland properties: At No. 7 was a Simi Valley home and at No. 10 was a Los Angeles listing.  The Moreno Valley (No. 2), Rosemead (No. 3), West Covina (No. 4) and North Hollywood (No. 9) listings returned at those rankings.

The only home outside California to make the list was the No. 1 most-searched-for home, a two-story built in 2005 with five bedrooms and 4 1/2 bathrooms in 2,840 square feet. The Orlando, Fla. home is listed at $180,000.

The No. 7 Simi Valley home, listed at $257,900, has four bedrooms and two bathrooms in 1,304 square feet. It was built in 1964 and is bank owned.

At No. 10 was a Los Angeles house listed at $250,000. Built in 1923, the single-story house has four bedrooms and three bathrooms in 1,768 square feet. 

What do you think, L.A. Land? Some bargains here?

-- Lauren Beale

Thoughts? Comments?

Photo: The four-bedroom, four-bath Rosemead home was No. 3 on the list. It has 2,456 square feet of living space and is listed at $250,000. It appears to be offered via online auction. Credit: Sherry Crowe

Hangar 25 at Bob Hope Airport wins environmental award

Hangar 25 at Bob Hope Airport in Burbank has a solar-powered roof system that runs all electric vehicles and office operations; plumbing fixtures that require little water; and landscaping featuring native desert plants. Its furnishings emit few toxins, and its concrete floor doesn’t need regular maintenance.

And now the building, the world’s first aviation facility to be granted LEED (Leadership in Energy and Environmental Design) Platinum certification, has an award to go with its slew of green features.

The hangar recently won the Environment Management Award from the Airports Council International-North America. The group, which represents aviation businesses and airport owners in the United States and Canada, also recognized airports in Texas, Nevada and Toronto for its 2009 Environmental Achievement Awards.

Judges included representatives from the Cargo Airline Assn. and the Federal Aviation Administration.

Hangar 25 was built by sustainable construction company Shangri-La Construction in Los Angeles with private aviation company Avjet Corp. The 62,000-square-foot building was designed to offset the carbon emissions from aircraft by using alternative energy to power itself.

The photovoltaic panels can power a plane that's on the ground and can operate forklifts and tow vehicles, The Times reported in December.

Earlier this month, the hanger was the site of the emotional return of journalists Euna Lee and Laura Ling after they were imprisoned in North Korea.

--Tiffany Hsu

Photo: A Boeing 737 gets a charge last December in Bob Hope Airport's Hangar 25. Credit: Scott Firestone Productions