Written by: Samantha Guarderas

      CNNMoney is estimating that the housing recovery will be the main cause of economic growth in 2013. Recently, CNN stated that “…record low mortgage rates, rising home prices, and a drop in foreclosures” are responsible for attracting buyers back to the market. Also, demand for housing is rising from buyers who have been on the sidelines for the past few years during the recession, who have now returned to find that there is low inventory to satisfy the demand. In an attempt to try to supply additional inventory for this demand for housing, there has been an increase in multi-family construction. This includes apartment buildings and condominiums, especially in the Greater Los Angeles area. Due to this current dynamic in the housing market, It is estimated that there will be about a 3.7% increase in home values this year. What does this mean for the economy? More jobs! More money!

         In Santa Monica, some highly anticipated new construction recently became available! Located at 811 19th Street, just steps away from Montana Avenue, this new 5-unit condo building currently only has 1 unit available. This unit is a must see and is currently listed by Phillip Braunstein.