Santa Monica Daily Press, October 15, 2008

Page 1

REAL ESTATE & BUSINESS

ELECTION ‘08

MARKET MATTERS

THE REAL DEAL

SCHOOL BOARD CANDIDATES IN THEIR OWN WORDS PAGE 3 RESIST BAILING OUT PAGE 6

WEDNESDAY, OCTOBER 15, 2008

Visit us online at smdp.com

Volume 7 Issue 287

Santa Monica Daily Press PRICE CUT SEE PAGE 6

Since 2001: A news odyssey

THE DIGGING DEEP ISSUE

Measure financing may show conflict BY MELODY HANATANI Daily Press Staff Writer

“The worst is over, but we’re still not out of the woods,” said Leslie Appleton-Young, the association’s chief economist. The association’s outlook hinges on the health of the U.S. economy and the nation’s credit markets, which have been strained, making it tougher for would-be homebuy-

OCEAN AVENUE Funding for a campaign against Measure T has called into question whether it puts some of the most vocal opponents of the initiative at odds with their beliefs in preserving rental housing. Developers, including some who have butted heads with political group Santa Monicans for Renters’ Rights over plans to replace rental units with condos, have given generously to the Save Our City campaign against the measure as well as some SMRRbacked City Council candidates, including Ken Genser and Richard Bloom, both of whom rely heavily on SMRR endorsements to get re-elected. Measure T, often referred to as the Residents’ Initiative to Fight Traffic (RIFT), would limit commercial growth to 75,000 square feet a year. Developers are concerned that if the measure passes it will prevent them from moving forward with their projects, costing them millions of dollars. Some SMRR members fear that Measure T would force these same developers into residential neighborhoods, replacing rental units with condos. Genser and Bloom have been vocal in their opposition to Measure T, arguing it does more harm than good and has nothing to do with alleviating traffic as its proponents claim. The two councilmembers also received $250 contributions — the legal limit in Santa Monica — from Gregory Ames, a Santa Monica resident who serves as the senior vice president for the Trammell Crow Company, which is proposing to tear down a 47-unit apartment complex at 301 Ocean Ave. in favor of condominiums, a project that would conflict with SMRR’s platform. The company has also donated $6,150 to Save Our City. Ames said he supports the re-election of Genser, Bloom and Mayor Herb Katz main-

SEE HOMES PAGE 11

SEE FINANCING PAGE 10

STRANGE BEAUTY

Fabian Lewkowicz FabianLewkowicz.com Smoke from the various Southern California wildfires made Monday's sunset more intense than usual. If wildfire smoke has you seeing red, the reddish tinge to the sun is caused by ‘Rayleigh scattering’ in the atmosphere. Rayleigh scattering – named after English scientist Lord Rayleigh – is the primary mechanism behind both blue sky and orange sunsets, as small particles in the atmosphere (including air molecules) scatter light.

Voter registration climbs to new heights BY DAILY PRESS STAFF DOWNTOWN Voter registration reached an all time high this week, breaking the record set in 2002 when registration rolls exceeded 4 million voters for the first time in Los Angeles County history. Los Angeles County Clerk Dean Logan said he has 4,149,229 registrants on file, the largest number in any county in the U.S.,

and expects that number to increase before Oct. 20, the last day to register to vote in the Presidential General Election, to be held on Nov. 4. “These numbers signal an historical interest in the 2008 presidential election,” Logan said. The previous record was set during the 2002 gubernatorial primary when registrations totaled 4,142,514. Registration statis-

tics for the 2004 presidential election showed 3,901,106 registered voters in the county and participation in that election reached 79.10 percent. LOS ANGELES COUNTY VOTER PROFILE

As of Tuesday, 51 percent of all voters in Los Angeles County are registered as SEE VOTERS PAGE 11

California home prices to continue slide in 2009 BY ALEX VEIGA AP Business Writer

LOS ANGELES California will remain a buyer’s market next year, with prices declining across most of the state and home sales climbing for the second year in a row, a trade association for real estate agents said Wednesday.

In its 2009 forecast, the California Association of Realtors calls for the median price of a home in the state to decline by 6 percent to $358,000 from the group’s projection for this year of $381,000. The forecast also anticipates sales of existing single-family homes will rise 12.5 percent to 445,000 units — essentially the same as the increase in sales this year over 2007.

Gary Limjap

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