SOCAL MULTIUNIT REAL ESTATE BLOG – OCTOBER 2014 > BIGGER AND BETTER THAN EVER

September 30, 2014 on 9:31 pm | In Buyers, Charts + Statistics, Curious, Economy, Experts Say, Fascinating Information, fUNNY...mONEY, Government, Market Snapshot, Of Local Importance, Sellers, Trends, Uncategorized, WOW | No Comments

by Jodi Summers

Word in from the Los Angeles County Office of the Assessor is that the value of the taxable property in city of Los Angeles rose by 6% over last year’s figures. Woohoo to all property owners!

The aggregate value of property in Los Angeles County totaled $1 trillion > $62 billion increase from the prior year, and the 2014 assessment roll is the largest in County history.

“While the largest factor for the increase this year was residential real estate, international investors are also pouring money into large mixed use projects in downtown L.A., including projects like the Wilshire Grand Tower and Metropolis,” observes Anthony Crump, Special Assistant of Communications at the County Office of the Assessor.

These super-charged numbers reflect four consecutive year of growth. Clarus Market Metrics charts two year’s growth of apartment buildings in the County; examining August 2012-August 2014, concluding that the median price of for sale properties is up 18% and the median price of sold properties is up 95%.

Breaking it down, the aggregate value of property in the City of Los Angeles was $467 billion. Long Beach had the second-highest property valuation, coming in at $49 billion, followed by Santa Monica at $29 billion, Santa Clarita at $26 billion and Torrance at $26 billion.

Bradbury, a city of about 1,200 about 22 miles northeast of downtown Los Angeles, experienced the greatest percentage increase in assessed value, rising 12% year over year. Lancaster came in second with a 10% increase, and Claremont, Palmdale and Arcadia followed closely, each with 8% increases. Five of the 10 cities with the largest increases in assessed valuations were in the San Gabriel Valley, pointing to increased investment in the area.

The assessed values are the foundation of the property tax system and are used to divvy up tax revenue.

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.labusinessjournal.com/news/2014/aug/28/los-angeles-real-estate-more-valuable-ever/

http://www.socalmultiunitrealestateblog.com/?p=2746

https://www.terradatum.com

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LOCATION! LOCATION! LOCATION! AWESOME BEVERLY HILLS DEVELOPMENT SITE AVAILABLE…AGAIN

August 20, 2014 on 4:27 pm | In Buyers, Curious, Experts Say, Fascinating Information, For Your Purchasing Pleasure, Investment Opportunities, Of Local Importance, Uncategorized, WOW | 2 Comments

by Jodi Summers

Looking for your fantasy Beverly Hills mixed use development project? One of the most desirable pieces of real estate in the country —9900 Wilshire Blvd., is for sale again. Price in the mid-$300-million range for the 8-acre parcel.

“A truly rare circumstance in the highly regulated and supply-constrained city of Beverly Hills,” note the experts.

The site of the former Robinsons-May department store in Beverly Hills has been vacant for more than a decade and has changed hands a number of times. The current sellers, Hong Kong private equity firm Joint Treasure International, intended to complete an existing plan to build 235 condos on the site.

They had already navigated Beverly Hills’ arduous city planning process and were successful is getting approval on a mixed use complex design by Richard Meier, architect of the Getty Center.

“Upon transfer of ownership, the incoming buyer will leverage the value already created and be able to immediately commence construction — a truly rare circumstance in the highly regulated and supply-constrained city of Beverly Hills,” the selling brokers said in a statement.

The Meier plan includes 876 underground parking spaces and almost 21,000 square feet designated for office space, shops and restaurants.

The property at 9900 Wilshire Blvd. is, “one of the most desirable pieces of real estate in the country,” the L.A. Times writes. The paper notes that the property, located along Merv Griffin way, “has seen multiple owners who have so far been unable to bring a condominium complex designed by a famous architect to life.”

In 2010, Hong Kong private equity firm Joint Treasure International bought the parcel for $148 million. In 2007 the parcel sold for $500 million in one of the largest transactions in the history of Los Angeles County. The company that purchased it subsequently went bankrupt, which is how Joint Treasure International acquired the property.

Will you be the next owner developer for 9900 Wilshire?

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.loopnet.com/xnet/mainsite/news/News.aspx?DocID=85599&Region=losangeles&intcpt=false&sourcecode=1lne0t006N20140424LN&linkcode=&utm_source=loopnet&utm_medium=emailmarketing&utm_campaign=LoopNews

http://www.socalofficerealestateblog.com/?p=2574

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http://www.socalmultiunitrealestateblog.com/?p=2707

http://www.latimes.com/business/la-fi-property-report-20140424-story.html

http://www.socalgreenrealestateblog.com/?p=3407

http://www.e-architect.co.uk/images/jpgs/los_angeles/beverly_hills_candyandcandy030807_4.jpg

http://lovesiliconbeach.wordpress.com/2014/06/20/location-locat…availableagain/

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WHEN HOUSING AFFORDABILITY IS LOW – APARTMENTS ARE STRONG

June 16, 2014 on 11:48 am | In Buyers, Charts + Statistics, Curious, Economy, Fascinating Information, Investment Opportunities, Market Snapshot, Of Local Importance, Trends, Uncategorized | 1 Comment

from Jodi Summers

Housing affordability is why you can never go wrong with multifamily properties in Los Angeles – only 23% of homes for sale are affordable to the middle class.

And our affordability is rather peachy compared to our sister city, San Francisco. Trulia notes that only 14% of homes for sale in San Francisco are affordable to the middle class, -even though median household income is higher in San Francisco than almost anywhere else in the country.

Notice that 7 of the 10 least affordable markets are in California. We are rounded out by New York, neighboring Fairfield County, CT, and Honolulu. As you might expect, in our coastal markets – Los Angeles, Orange County, Ventura County, and San Diego – less than one-third of homes are within reach of the middle class. But, everyone has to live somewhere – it might as well be in one of your buildings.

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http://www.trulia.com/trends/2014/05/middle-class-may-2014/

http://www.socalmultiunitrealestateblog.com/?p=2682

MORE RESIDENCES FOR DOWNTOWN L.A. THANKS TO ADAPTIVE REUSE

April 15, 2014 on 1:58 pm | In Curious, Fascinating Information, Green, Historic Properties, Money Saving Opportunities, New Developments, Of Local Importance, Problem Solving, Recycling, Uncategorized, WOW | 3 Comments

Edited by Jodi Summers

Bravo to the City of Los Angeles. Through innovative public policy and creative private development, L.A.is demonstrating how older buildings can be repurposed and repositioned for the new economy while reducing carbon emissions.

Believe it or not, Downtown Los Angeles contains one of the nation’s finest collections of early 20th century architecture. Most of these buildings sat vacant for decades, until a carefully targeted Adaptive Use Ordinance (ARO) removed regulatory barriers, provided incentives, and helped make it possible to repurpose more than 60 historic buildings over the past 14 years as new apartments, lofts, and hotels.

But many more buildings remain empty or underused in the downtown area and nearby commercial districts.

 

A recent report from the Urban Land Institute and the National Trust for Historic Preservation’s Green Lab concludes that more than 10 million square feet of space in the city’s urban core is currently vacant. The report, Learning from Los Angeles, was presented to Mayor Eric Garcetti this morning, at an event organized by the ULI Los Angeles District Council. It describes strategies that build on the success of the ARO to unlock the economic and community development potential of underused older buildings. The report documents demolition, building, and vacancy trends throughout the city and recommends strategies for removing regulatory barriers, streamlining approvals, and providing incentives to make building reuse easier to accomplish.

Conversations organized by the Preservation Green and ULI Los Angeles identified key barriers to building reuse and recommend solutions to overcome these obstacles. The Los Angeles Conservancy, a key partner in this effort, served on the project Advisory Committee along with practitioners in real estate development, planning, design, construction, community revitalization, and local government.

Learning from Los Angeles is the first in a new series of research and policy reports being developed by the Preservation Green Lab through the Partnership for Building Reuse, a joint effort of the National Trust and ULI. Launched in Los Angeles in 2012, the Partnership for Building Reuse is designed to foster market-driven building reuse in major U.S. cities through dialogues with community stakeholders about building reuse challenges and opportunities.

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http://blog.preservationleadershipforum.org/2013/10/10/learning-from-los-angeles/#comments

http://www.socalofficerealestateblog.com/?p=2458

http://www.socalgreenrealestateblog.com/?p=3018

http://www.socalmultiunitrealestateblog.com/?p=2592

TAXES – WHO PAYS WHAT?

March 30, 2014 on 9:19 pm | In Charts + Statistics, Curious, Economy, Experts Say, Fascinating Information | 1 Comment

by Jodi Summers

By taking a population-weighted computation of local sales tax rates and combining it with the prevailing state rate, the Tax Foundation has computed the combined sales tax rate for each U.S. state.

Oregon, Delaware and New Hampshire are the only three states without either state or local sales taxes. The five states with the lowest average combined rates are Alaska (1.69%), Hawaii (4.35%), Wisconsin (5.43%), Wyoming (5.49%), and Maine (5.50%).

Curiously, Tennessee takes the biggest toll, with the highest average combined rate of 9.45%, followed by Arkansas (9.19%) and Louisiana (8.89%). Other states in the top five for the greatest sales tax burden for consumers include Washington (8.88%) and Oklahoma (8.72%).

Keep in mind states with low or no sales taxes often have high income taxes. Oregon is an example. On the other hand, the Tax Foundation notes that Washington State has high sales taxes but no income tax.

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http://www.mainstreet.com/article/moneyinvesting/taxes/top-5-least-shopper-friendly-us-states-taxes?page=1#ixzz2wcyGqsOb

http://www.builderonline.com/local-markets/best-and-worst-states-for-income-property-and-sales-taxes_t.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=BP_032114&day=2014-03-21

http://www.socalmultiunitrealestateblog.com/?p=2670

OUT OF SCHOOL AND STILL @ HOME? – YOUNG ADULTS AND THE LABOR MARKET

March 15, 2014 on 8:28 pm | In Charts + Statistics, Curious, Economy, Events, Fascinating Information, Sellers, Uncategorized | 3 Comments

edited by Jodi Summers

Here’s the premise…a recent study notes the impact structural economic shifts and how it’s impacted new workers in the work force. The results show that young adults are delaying their career launch, as well as leaving home and beginning a life of their own.

In the meantime, older adults are working longer because they’re getting paid better.

The report, “Failure to Launch: Structural Shift and the New Lost Generation” analyzes the divergent labor market trends for young and older adults since 1980. Major findings include:

  • In 1980, young adults reached the middle of the wage distribution at age 26; today, they do not reach the same point until age 30. For young African Americans, it has increased from age 25 to 33.
  • The 2000s were a lost decade for young adults. Between 2000 and 2012, the employment rate for young fell from 84% to 72%.
  • Young adults’ labor force participation rate has returned to its 1972 level, a decline that started in the late 1980s and has accelerated since 2000.
  • Opportunities have especially dwindled for young men, high school graduates, and young African Americans.
  • Older workers aren’t crowding young adults out of the labor market: there are more job openings created from retirements per young person today than there were in the 1990s.

The report, “Failure to Launch: Structural Shift and the New Lost Generation” analyzes the divergent labor market trends for young and older adults since 1980. The report is a joint effort by the Georgetown University Center on Education and the Workforce and The Generations Initiative.

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http://cew.georgetown.edu/failuretolaunch/

http://www.socalmultiunitrealestateblog.com/?p=2556

 

http://www.socalmultiunitrealestateblog.com/?p=2556http://www.socalofficerealestateblog.com/?p=2431

 

http://www.builderonline.com/business/still-housings-biggest-question-y_c.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=BP_093013&day=2013-09-30

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