South Bay Echo for Sept 23
Anti-camping in Redondo, Bob Dylan tribute, classic car show on Redondo Pier and what the Federal Reserve means for real estate
Hello friends… Welcome to the fourth edition of South Bay Echo, your source of local hometown news with a real estate angle. For more on what this is all about please read my welcome post here.
This Substack is brought to you by Rosetree Real Estate, a full service real estate brokerage dealing in residential and commercial properties to both own and lease. For more information visit RosetreeRealEstate.com. DRE# 02145024
Redondo gets ready to restrict camping in 3 locations
The Redondo Beach City Council this week took the first steps toward enforcing an anti-camping ordinance in three locations popular with homeless people in the city. The spots targeted include the beach area, Veterans Park and Dominguez Park. Council members were careful in their deliberations Tuesday, Sept. 21, to make clear the measure was not intended to criminalize homelessness, but that is how the action is going to be viewed by many advocates.
Enforcing anti-camping laws is intended to be part of an overall strategy to combat homelessness. For the past several years, the city has offered mostly carrots and few sticks. It created a homeless court to offer services rather than jail time and fines. It funded a full-time homeless outreach worker and organized other services. Then in December 2020 it opened 15 Pallet shelters near The South Bay Galleria. The city also rents a handful of apartments in Wilmington to temporarily house homeless individuals.
As anyone with experience dealing with this population knows, a great many refuse services and do not want help. To address these folks, city officials say they need some way of enforcement to make city parks and other public spaces safe. But unless the city can provide a shelter bed, the courts have banned the ability of police to enforce anti-camping laws based on the decision in Martin vs. Boise.
With shelter beds in place now for nearly a year, the Redondo Beach City Council voted unanimously Tuesday to bring the camping ordinance back for final approval at a future meeting. The measure will be based on a similar ordinance that went into effect Sept. 3 throughout Los Angeles.
This housing and real estate report is brought to you by Rosetree Real Estate. Learn more at RosetreeRealEstate.com DRE# 02145024
Federal funds rate, bond purchases… What does it mean for real estate?
Lots of chatter in financial circles this week followed a meeting of Federal Reserve officials Wednesday and a subsequent press conference by Chairman Jerome Powell. What came out of the quarterly meeting was very good news for homeowners and those looking to buy a house soon as interest rates will likely stay low for close to another year.
Powell said the Federal Reserve will likely begin tapering back its purchases of government-backed bonds later this year after its meeting in November, ending the program by the middle of next year. Those purchases -- worth about $120 billion each month -- helped to sustain a pandemic-weary economy. Together with rock-bottom interest rates since March 2020, borrowing has been cheap, in part fueling a skyrocketing housing market.
Powell made particular effort Wednesday to separate interest rate hikes from tapering, saying the Federal Reserve would not likely raise interest rates until sometime next year. A separate poll of the Fed’s 18 policymakers predict interest rates will likely rise in late 2022 or 2023, according to the NY Times.
All of this is to say mortgage interest rates, averaging at 3.05% on a 30-year fixed, according to Bankrate, may continue to hover around the all-time bottom for some time. If you haven’t yet refinanced your mortgage please call me today and I can provide a list of qualified brokers. 310-529-8790
What’s happening?
Tribute to Bob Dylan in Torrance at Dylanfest 31
For any die-hard Bob Dylan fan, which includes this author, the 31st annual Dylanfest coming up this Saturday is something not to be missed. The all-day event runs noon to 8 p.m. Saturday, Sept. 25 at the Torrance Cultural Arts Center. This celebration of Bob Dylan music started in 1991 and has become an annual event that’s now grown to a full-day experience with 40 musicians playing more than 60 songs. The show includes a house band and solo artists, other full bands and instrumentalists throughout the day. Tickets are $30 in advance and $35 at the door. Organized by award-winning singer/songwriters Andy Hill and Renee Safier. For more visit AndyandRenee.com/dylanfest.
Car show on Redondo Pier
A very special classic car show takes place 10 a.m. to 3 p.m. Sunday, Sept. 26 on the Redondo Beach Pier. It’s the 17th Annual Rods, Rides & Relics where cars are driven right out onto the horseshoe section of the pier where visitors can stroll along enjoying both the classic cars and the gorgeous Pacific Ocean. The event is presented free of charge by the Redondo Pier Association and Miller Children’s & Women’s Hospital. For more visit RedondoPier.com/car-show/.
That’s all for now. Thanks for reading and see you next week.
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