Proposition 10: A Threat to All Property Owners and Investors
Santa Monica recently joined Los Angeles and West Hollywood in passing an earthquake retrofit plan. It is considered the nation’s most extensive seismic retrofitting effort impacting as many as 2,000 buildings in Santa Monica. The City of Los Angeles retrofit law took effect last year, identifying approximately 13,500 buildings needing improvements. And this trend is not going away; many more cities are poised to adopt similar earthquake retrofit laws.
The cost of retrofitting is expensive and has many building owners reevaluating their investment strategies. Officials estimate a cost of $5,000 to $10,000 per unit to retrofit a typical wood apartment building and $50 to $100 per square foot for concrete and steel buildings.
If you are interested in avoiding these costly repairs, selling your asset might be the right solution for your bottom line. We have buyers willing to acquire properties and absorb the costs of making the mandatory updates.
To learn more about your options, speak with an Azzi Advisors investment specialist today!
Here are some helpful links:
See if your building may be affected, check out these LA Times articles.