THIS POST HAS ABSOLUTELY NOTHING TO DO WITH REAL ESTATE, It's about BMW and alternative fuels

But I thought I would put it out there. I happen to be a car fanatic, saw "Who Killed The Electric Car" and wrote this letter to the BMW car club about my hopes for the future.

To Whom This May Concern:I would think that someone at BMW should read this or at least know that people like me are thinking about things like this. I am sending this through the BMWCCA because I couldn't find an e-mail on the BMW USA web-site.

I have owned six BMW's in my lifetime, apart from one honda accord, they are the only cars I have ever owned. I am a true fanaticand I currently own an E60 M5 which replaced my previous E39 M5.

A lot of car companies seem to be insincere about their interest in alternative fuels. There are some major flaws with hydrogen fuel cell technology and I am concerned by BMW's embrace of this fuel source. Many experts in this field think that the flaws are so large that the promotion of this technology is simply to help the auto and oil industries from avoiding, current, very real fossil fuel alternatives. The success of hybrid cars, in particular those by Toyota and Honda, shows evidence that alternative technology will continue to be embraced by motorists in the years to come.

A past client of mine began Tesla motors and has created an electric car that goes 0-60mph in 4 seconds (faster than my M5), the battery can go 300 miles on one charge and the cost of running the vehicle isonly around 1cent per mile.I would like to encourage BMW to go in this direction, as I have heard they may be doing. It would be very disappointing if they continued in the same manner as GM, Ford and the other, inferior American automobile manufacturers. Our countries automotive industry has become weak from too much government support and bad business values. It is uncomfortable for me, as an American, that one of our largest industrial giants, is so mediocre in their pursuit of business and mechanical excellence, not to mention a lack of basic moral integrity.You can create a successful business that maintains it's responsibility to the world and the public as well as to it's shareholders. In any event, this is the image that global corporations seem to be peddling these days in their advertisements. I would like to see them do it. What's money without the glory of doing something good with it?

I am not an activist, proven by my 10 miles to the gallon driving habit, I am just someone who looks forward to a time when the art of a finely crafted BMW and a social conscience can coincide. I think that of all the companies in the world, BMW is the one that I have the most faith in can make this happen. BMW, please continue to impress me and help make the world a better place for those living in it now and for the generations soon to come.

Sincerely,

Simon Salloom
Santa Monica, California

TORCA Conversions, Every Always Wants To Know What This Means

In case you were wondering, TORCA stands for Tenant Ownership Rights Charter Amendment. If a condominium or townhouse property is a TORCA conversion and is tenant occupied by the original tenant, you may not be able to get rid of the tenant unless they leave of their own free-will.

Back in the mid-1980's local landlords were able to get the City to allow conversions of their apartment buildings to condominiums. Many landlords appreciated this because the strict Santa Monica Rent Control laws made it an often unprofitable experience for these property owners. Under this agreement the landlords had to offer the properties for sale first to the tenants. If the tenants declined to make the purchase they were allowed to stay in the unit indefinitely. One of the reasons why there are so many TORCA conversions with tenants still occupying the property is because the city allowed these original tenants to also keep the old antiquated Santa Monica Rent Control. This older version is similar to what they have in New York City, where the tenants pay an exceptionally low rent in comparison with what the market will allow for.

A TORCA property can be sold by an owner even if it is occupied by the original rent control tenant. However, the new owner wil be subject to the same laws that governed the ownership by the previous owner and will not be able to get the old tenant out unless they leave of their own free will. For many of these long-term tenants, their rent controlled home is the only thing in their lives that give them a feeling of security. It is often a very serious part of their identity. Because of this, many of them, even when offered tens of thousands of dollars, will not leave.

If you are considering buying a property with a TORCA tenant, you may want to make it a contingency of the sale that it is delivered vacant of the tenant.

Please note that the new Santa Monica Rent Control is very similar to what you find in the rest of the City of Los Angeles, and is not something to be terribly worried about. Additionally, a TORCA conversion that is tenant occupied, but not by the original tenant, from the conversion period, is not under the same rules and regulations. There is nothing wrong with buying a TORCA conversion if you don't have the orginal tenant. In fact, about 80% of the properties in Santa Monica under $700,000 are TORCA conversions and are virtually free of any major encumberances.

Local Real Estate Market is Heating Up

Well, it is beginning to feel like the Santa Monica real estate market is heating up. I looked for a 3br condo under 1 million, single level with laundry inside, and found one property. All three of the best properties I have seen with three separate clients have multiple offers on them. The notable thing about this is that all three properties have been on the market at the same prices for at least 60 days with no action until now. Additionally, I am getting about 10 agent calls and 10 buyer calls a week on my condo listings on Tenth St. At the end of last year I was getting about three agent and maybe two buyer calls.

Inventory is very low, buyer confidence is getting stronger and multiple offers are beginning to happen with greater frequency. If you have been waiting to sell, now is the best time I have seen for a long while. If inventory doesn't increase soon, prices are sure to begin to rise significantly.

Here is a new blog directory I just joined:

Here is a new blog directory I just joined:



You can visit my Simon Says Blog there and here.