You are probably tired of hearing about ChatGPT and Open AI but if not, check out my latest post.
I think it is a known fact that our Pence Hathorn Silver Team has sold more Santa Monica real estate than any other individual or team in town. We have the benefit of time on our side and have seen, and worked through, many challenging cycles. I often ask our clients, friends, and colleagues what they think the most challenging issues are on the Westside, and it’s no surprise that homelessness is by far the highest concern on the list.
Having many ideas and opinions on the issue and donated to many worthy causes over the years without seeing much change for the better, I decided to ask Chat GPT for ideas by typing this this short and simple question:
“What Are the Best Practical Solutions to the Homeless Problem in Santa Monica, CA?"
There were no big surprises or revelations in the results, which took about 15 seconds to surface, and I think they are spot on. Take a look at these unedited remarks.
“Addressing the homeless problem in Santa Monica, CA, requires a comprehensive and multi-faceted approach. Here are some practical solutions that can be considered:
- Affordable and Supportive Housing: Increase the availability of affordable housing options and create supportive housing programs that provide not only shelter but also access to essential services such as healthcare, mental health support, and job training.
- Outreach and Engagement: Implement proactive outreach programs to connect with homeless individuals and families, understand their specific needs, and provide immediate assistance, including access to emergency shelters, food, and healthcare.
- Collaboration and Coordination: Foster partnerships among local government agencies, nonprofits, businesses, and community organizations to collaborate on initiatives addressing homelessness. Encourage joint efforts to streamline services, share resources, and avoid duplication.
- Mental Health and Substance Abuse Services: Allocate resources to expand mental health and substance abuse treatment programs that specifically target the homeless population. Integrate these services with housing initiatives to provide comprehensive support.
- Employment and Job Training: Develop vocational training programs and job placement services tailored to homeless individuals, providing them with the necessary skills to secure employment and regain stability.
- Prevention and Early Intervention: Implement preventive measures such as rental assistance, mediation services, and eviction prevention programs to intervene before individuals and families become homeless. Early intervention strategies can help address underlying causes and prevent homelessness.
- Supportive Services: Increase funding for case management, counseling, and other supportive services to address the unique needs of homeless individuals, such as healthcare, life skills training, and access to educational resources.
- Community Engagement and Education: Educate the public about homelessness, dispel misconceptions, and promote empathy and understanding. Engage community members in volunteer efforts, public forums, and workshops to foster a sense of shared responsibility.
- Encampment Management: Develop strategies to manage homeless encampments in a humane and compassionate manner, balancing public health and safety concerns with respect for individual rights. Provide access to sanitation facilities, trash disposal, and social services at designated locations.
- Long-term Planning and Funding: Develop a comprehensive long-term plan to address homelessness, including realistic goals, timelines, and funding sources. Advocate for state and federal resources to supplement local efforts.
It's important to note that homelessness is a complex issue with no one-size-fits-all solution. Strategies must be tailored to the specific needs and dynamics of the community, and continuous evaluation and adaptation of programs are essential to ensure their effectiveness.”
Pretty good, huh? I can’t argue much with any of the 10 points. My only pushback would be the bit about eviction protection in #6. That would need to include some relief for the property owner who is not receiving the rental income, but that should not be too difficult to figure out. Do you disagree?
In 90402 Real Estate News
In real estate news, the entry level $3M-$4.5M market remains red-hot!
From $5M-$7M there is a little less heat.
$7M and up, depends on a number of factors but suffice it to say, the upper end market is steady but fewer sellers so it feels slow.
As of Today 6/21/23, There Are 31 Active SFH Listings in SM North of Montana Ave.
The most expensive recent listing is 226 Palisades Avenue. Listed at 17,995,000. Built in 1917 this historic compound has a combined living space of 7,200 sq. ft. on an impressive half acre lot. It has been reduced a few times since it launched and now seems poised to sell.
The least expensive is 428 26th Street, listed for $3,998,000. This property has been looking for a Buyer for almost a year but holding firm at their original asking price. Nicely updated and has a pool.
The Newest Listings Are:
- 615 19th Street - Listed at $4,395,000. Ready for some updates to the existing 3,400 sqft. In spite of some very unique attributes, based on the size and location, I expect to see this one sell quickly.
- 551 Lincoln Blvd - Listed for $5,895,000. This Spanish style home has changed hands a couple times in recent years (Sold for $4.835 in 2021 and $3.25M in 2016). Nicely updated with a lot of character and over 4,500 sqft of living space.
- 417 10th Street - Listed for $7,995,000. Built in 2003 it has that classic floorplan that cannot be replicated under our new codes. Nice updates. Last sold in 2016 for $5.199M.
- 364 21st Street - Listed by an agent in our office for $9,998,000. Designed by Ken Unger and built in 2018. Almost 7,500 sqft on 3 levels with a pool. Purchased in 2018 for $8.375M when it was brand new.
There Are 9 Listings Under Contract
- 335 24th Street - Listed by Pence Hathorn Silver for $6,295,000.
- 306 Georgina Avenue - Listed at $12,890,000, closing this week after only 1 week on the market. Sold over list price.
- 306 22nd Street - Listed at $3,500,000. Took a while to get a buyer in place on this. Look for a new home to replace this old one in the coming years.
- 701 Georgina Avenue - Listed at $5,695,000.
- 439 18th Street - Listed at $4,413,650.
- 328 21st Place - Listed at $3,700,000.
- 239 15th Street - Listed at $3,695,000.
- 450 15th Street - Listed at $3,299,000.
- 831 San Vicente Blvd - Listed at $2,995,000.
In the First Half of This Year, We Have Had 37 Sales
- The most expensive was 1628 Georgina which sold for $13,900,000.
- The least expensive was 724 Euclid which sold for $2,810,000.
- Average Sales Price: $7,044,459
- Average Days on Market: 37
- Average $/Square Foot: $1803.25
