Anonymous_IHB
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<A href="http://seekingalpha.com/article/118911-essex-property-trust-q4-2008-earnings-call-transcript?page=-1&find=orange">http://seekingalpha.com/article/118911-essex-property-trust-q4-2008-earnings-call-transcript?page=-1&find=orange</A>
Southern California, overall the Southern California markets remain some of the most supply constrained in the U.S. However, like Seattle the recent multi-family supply pipeline was concentrated in high end, often high rise condo projects. This pipeline will be all but completed by the end of 2009, particularly in West LA and downtown Los Angeles, their Irvine area of South Orange County and downtown San Diego. Majority of our portfolio in Orange and San Diego are older lower price product outside of these central nodes.
New total supply is forecasted 7400 single family units and 13,400 multi-family units which is approximately four-tenths of 1%. The housing finance jobs concentrated in Ventura and Orange have been cut back to 2002, 1990 levels respectively -- 1998 levels excuse me. Job losses of 68,000 are forecast for 2009, this is down from 86,000 in 2008.
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Home purchases represented 11.7% of our turns for the quarter compared to 15.7 a year ago and then Southern California. The softest experience in Southern California will continue throughout 2009 as most of the major submarkets will continue to be affected by job losses and continued delivery of competing housing.
However, in most submarkets, we expect the new housing deliveries to occur -- the remaining new housing deliveries to occur in 2009 which should represent a bottom end of the housing market. As a result, we believe the challenging operating environment in Southern California will continue in 2009 but that growth will resume in 2010.
On January 26, 2009, physical occupancy and LA Ventura was 95.8% net availability of 5.3%, Orange County occupancy -- physical occupancy was 96.4%, net availability of 4.9%. And in San Diego physical occupancy was 97.4%, net availability of 5.5%.
For our Southern California portfolio combined move out activity attributable to home purchases was 11.5% for the quarter compared to 13.1% a year ago.
Southern California, overall the Southern California markets remain some of the most supply constrained in the U.S. However, like Seattle the recent multi-family supply pipeline was concentrated in high end, often high rise condo projects. This pipeline will be all but completed by the end of 2009, particularly in West LA and downtown Los Angeles, their Irvine area of South Orange County and downtown San Diego. Majority of our portfolio in Orange and San Diego are older lower price product outside of these central nodes.
New total supply is forecasted 7400 single family units and 13,400 multi-family units which is approximately four-tenths of 1%. The housing finance jobs concentrated in Ventura and Orange have been cut back to 2002, 1990 levels respectively -- 1998 levels excuse me. Job losses of 68,000 are forecast for 2009, this is down from 86,000 in 2008.
...
Home purchases represented 11.7% of our turns for the quarter compared to 15.7 a year ago and then Southern California. The softest experience in Southern California will continue throughout 2009 as most of the major submarkets will continue to be affected by job losses and continued delivery of competing housing.
However, in most submarkets, we expect the new housing deliveries to occur -- the remaining new housing deliveries to occur in 2009 which should represent a bottom end of the housing market. As a result, we believe the challenging operating environment in Southern California will continue in 2009 but that growth will resume in 2010.
On January 26, 2009, physical occupancy and LA Ventura was 95.8% net availability of 5.3%, Orange County occupancy -- physical occupancy was 96.4%, net availability of 4.9%. And in San Diego physical occupancy was 97.4%, net availability of 5.5%.
For our Southern California portfolio combined move out activity attributable to home purchases was 11.5% for the quarter compared to 13.1% a year ago.