“We have a new generation coming into the work force they’re demanding multifamily housing, we’re seeing rental rates go up and vacancy rates going down,” shares Jerry Nickelsburg, Senior Economist for the UCLA Anderson Forecast.
Research concludes, multi-family housing developers remain upbeat in the key California markets of Los Angeles, San Francisco, and Silicon Valley…and they’re not just optimistic about the present, they’re confident that the multifamily market will stay strong for the next three year.
In the aftermath of the housing bubble and financial crisis, Americans have caught on. They have made three major improvements in their living conditions:
(2) containing their expenditures, and
(3) living closer to work, ready to relocate if needed.
These three elements are influencing many Americans to move from single-family to multi-family homes. Reis Reports notes that apartment vacancy rates have declined to 4.5% (the lowest rate since 2002) in Q4 2012 from a peak of 8% in Q4 2009.
“One of the real bright spots in coastal California is multifamily markets,” confirms Nickelsburg. “Economic growth is going to translate into even more rapid growth in California because technology is driving this recovery, manufacturing is driving this recovery, and California is still the largest manufacturing state in the country. What that translates to is rising incomes in California and rising demand for multifamily housing.”
We’re here to help you with your real estate needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
by Jodi Summers
According to the newest data from Apartments.com, many Gen Y-ers and other first-time renters are way off on what the going rate is for an apartment in many of the most popular U.S. cities. And the price they are hoping to pay just doesn’t exist in many markets.
Los Angeles is 7th and North Hollywood is 10th on the list of the Top 10 cities where renters severely underestimate the actual cost of rent when conducting their apartment searches online. Sometimes what someone wants to pay is nowhere close to what they will have to pay. Here’s the cities where renters and landlords are the furthest apart…yo shout out to Brooklyn:
by Jodi Summers
Finally, we have some inventory in Ocean Park, Santa Monica. There are currently nine properties for sale in our dynamic walkable neighborhood at the beach, just north of Venice. Every day feels like a holiday in Ocean Park. Here’s what we can help you buy today, courtesy of Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
asking price: $499,000
1 Bedroom, 1 Bathroom
IF YOU LIKE QUALITY & LOCATION, THIS RARE CORNER UNIT, OCEAN PARK, BEACH PAD IS FOR YOU. NICELY UPDATED & READY TO GO. LARGE NEW WINDOWS LOOKING OUT TO GREEN GRASS LOCATIONS. CROWN MOLDING THROUGHOUT. GATED, 2 CAR TANDEM PARKING (RARE FOR 1 BR UNIT). BEAUTIFUL FLOORS. GREAT NATURAL LIGHT & OCEAN BREEZE. OPEN FLOOR PLAN. SECURED COMPLEX.
asking price: $649,000
2 Bedrooms, 2.00 Bathrooms
AN ABSOLUTE DIAMOND IN THE ROUGH IN A SENSATIONAL LOCATION! THIS IS A WONDERFUL CRAFTSMAN COTTAGE SITTING ATOP THE HILL, IN OCEAN PARK, WITH OCEAN VIEWS AND A BEAUTIFUL FRONT GARDEN AREA WHICH WITH A LITTLE IMAGINATION COULD BE SENSATIONAL! NOT FOR THE FAINT OF HEART, THIS EXTREMELY PRECIOUS TURN-OF-THE-CENTURY 2 BEDROOM, 2 BATHROOM COTTAGE IS READY TO BE REMODELED AND RE-IMAGINED!
asking price: $690,000
1 Bedroom, 1.50 Bathrooms
GORGEOUS CORNER UNIT WITH LARGE PATIO TO TAKE IN GREEN BELT VIEWS AND WONDERFUL OCEAN BREEZES AT PRESTIGIOUS SEA COLONY II. ENJOY ALL THIS LOCATION HAS TO OFFER. CLOSE TO THE OCEAN AND MAIN STREET SHOPS AND RESTAURANTS. SIDE-BY-SIDE PARKING AND 24 HOUR SECURITY.
asking price: $1,295,000
# Units: 1, Lot Size: 4,652
FANTASTIC OPPORTUNITY ON HIGH TRAFFIC LINCOLN BLVD. CORNER LOT – LINCOLN AND NAVY. SMALL IMPROVEMENT ON PROPERTY. CURRENT TENANT IS CAR DEALER. 2003 PHASE ONE ON FILE. ZONED SMC4.
asking price: $1,395,000
# Units: 2, Lot Size: 4,796
WELL MAINTAINED DUPLEX NEAR THE CORNER OF BICKNELL AND MAIN. C2 ZONING. GATED ENTRANCE, WITH AMPLE PRIVATE PARKING FOR MANY CARS… TENANT OCCUPIED, PROPERTY SHOWN WITH ACCEPTED OFFER.
652 KENSINGTON RD
asking price: $1,395,000
3 Bedrooms, 1 Bathroom
BUNGALOW-INFLUENCED 1927 HOME IS LOCATED IN A QUIET NEIGHBORHOOD BLOCKS TO THE BEACH. INTERIOR REQUIRES YOUR ATTENTION WITH KITCHEN & BATHS IN NEED OF REMODELING. 3 BEDS 1 BATH ON FIRST FLOOR. 2ND FLOOR IS LARGE OPEN SPACE. ZONED FOR 2-3 UNITS. DETACHED NEWER 2 CAR GARAGE.
3009 2ND ST
asking price: $1,550,000
3 Bedrooms, 2.50 Bathrooms
THIS IS ONE OF THE LAST LOTS OF ITS KIND IN THE BEST SANTA MONICA LOCATION. TURN OF THE CENTURY HOME AND GUEST HOUSE JUST SECONDS TO MAIN STREET AND OCEAN PARK. SUN PORCH ENTRY, BRIGHT CHARM FILLED INTERIORS WITH ORIGINAL FIR FLOORS AND VINTAGE MOLDINGS. COOK’S KITCHEN WITH SERVICE PORCH, SECLUDED FRONT AND BACK YARDS. GUEST UNIT 1+1. TOTAL PRIVACY FROM MAIN HOUSE.
asking price: $1,795,000
2 Bedrooms, 2.50 Bathrooms
TURNKEY OCEAN VIEW TOWNHOUSE AT THE EXCLUSIVE 24 HOUR GUARD GATED SEA COLONY I AND JUST STEPS FROM THE BEACH. FEATURING HARDWOOD FLOORS THROUGHOUT. ALSO OFFERED FOR LEASE AT $6,850 PER MONTH.
asking price: $1,999,000
4 Bedrooms, 5.00 Bathrooms
AMAZING OPPORTUNITY TO BUY THIS UNIQUE LOT W/ PLANS & PERMITS READY TO BE PULLED TO BUILD A MODERN STYLE HOME APPROXIMATELY 6000 SQ FEET, COST OF CONSTRUCTION $1.5M PLUS $230K FOR POOL.18 MONTHS CONSTRUCTION SCHEDULE. PERMIT IS READY AND MUST BE PULLED BY APRIL 14, 2013. DEMO MUST START OCT 14.
Do let us know how we can move forward together in meeting your real estate goals 310.392.1211 or firstname.lastname@example.org.
The SoCal Investment Real Estate Group
Sotheby’s International Realty
Things do not change, we change. – Henry David Thoreau
p.s. a. This is not intended as a solicitation if your property is already listed with another agent.
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Los Angeles apartment property buyers rejoice. The pundits predict that the Los Angeles metro area multifamily market will continue to record steady economic growth through major construction projects, a rebound in tourism and continued expansion in the entertainment industry.
If you already own, rental returns are satisfying. Apartment rents in Los Angeles rose 6.2% last year, according to the USC Lusk Institute. Tight leasing conditions will push rent growth up 4.1% in 2013 and 5.1% in 2014. The average rent will advance from $2,172 per month in 12-12 to 2012 to $2,376 per month by December of 2014.
With that kind of return on investment, apartment properties are still in strong demand in Los Angeles.
“…Investors are moving beyond core properties and driving up pricing at the lower end of the market,” observes Dr. Ruijue Peng, author of the CoStar Commercial Repeat Sale Indices.
The idea of investing in multifamily properties is popular. Have you noticed all of the new construction around town? A large pipeline of new apartment product will enter lease-up in 2013 and 2014. Overall, developers added 1,670 units in 2012, but that was baby growth. West Los Angeles inventory will increase by 3,000 units by the end of this, with significant development occurring in the Santa Monica, Hollywood, Brentwood/Westwood and Airport Cities submarkets. Completions will tick down to 2,600 units in 2014.
Net move-ins of 2,560 units is anticipated for 2013 and net absorption of 2,610 apartments is forecast for 2014. Solid leasing trends in 4Q 2012 resulted in 480 newly occupied units, boosting 2012 absorption to 2,100 units, the highest number of net move-ins since 2004. 2011 saw 1,275 units absorbed into the marketplace.
Robust development activity will make life easier on local planning departments. Annual multifamily permit issuance will slip to approximately 2,600 units in 2013…but leap to 4,675 multifamily units during the following year.
The strength of the multiunit market place has pushed the median sold price of apartment properties in Los Angeles up 25% when comparing 1-11 with 1-13, according to Clarus Market Metrics. Meantime, the number of Under Contract properties is up 31%. Desire is up, get yours while there are good options to be had.
We’re here to help you with your property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
by Jodi Summers
Here’s an interesting factoid about real estate in the United States: Property must at all times be transferable. And having same that, once your body 6-feet under in your eternal plot of real estate, any asset transfer that may have required your signature must go through probate.* Probate is the legal process validates the deceased’s will. Essentially, probate is the legal process of distributing and retitling the assets as set forth in your will.
Allow us to share with you the answers to some basic questions about probate.
A: Probate is the legal process of distributing the assets and estate of a deceased person. This may include any and all issues that come with probate property such as assignment of title, taxes, insurance, loans as well as debts and creditors. Probate is generally for the ones that die with the most toys, as it is usually applied to large estates or significant sums of money. If you own real estate in the Los Angeles area, in addition to other assets, you most likely qualify. Please consult with your attorney for details.
The Surrogate’s Court handles all probate and estate proceedings. Probate court interprets the will and appoints the executor. Probate weighs any claims made against the estate through heirs and beneficiaries as well as taxes and debts.
When is Probate Required?
Probate court is needed to either make your claim on the deceased’s assets or to prove that you are a legal beneficiary. Experts note 5 main reasons for probate court….
1. Probate court becomes necessary if the will is declared invalid for reasons such as:
L Mental Incompetence – The deceased was not mentally competent when they made up the will so their decisions are questioned. (This is a favorite among jealous relatives.)
L Undue Influence – The deceased was under duress when they wrote up/revised the will.
2. Probate is required if the deceased didn’t have a Last Will and Testament. If there is no will, the law requires probate court for the legal and equitable distribution of the deceased’s assets and for transferring the title of probate property. Hard to avoid probate without a will.
3. Probate is required if the assets were owned solely by the deceased. If no one else is on title, and there are no recorded designates for the property or asset, then, most likely, the property will have to be probated to get it out of the deceased’s name and into the beneficiary’s name.
Figure if your real estate isn’t wrapped in a trust, it will most likely have to go to probate…
4. Probate is required if the assets were owned as a Tenant in Common or Joint Tenancy. (Wait! But 3. said…) If the deceased owned property jointly with another person, like in a common law marriage, then probate is required to ensure that the deceased’s share of the property is properly distributed to legal heirs.
5. Probate is required if there are no designated beneficiaries or if all of the beneficiaries died first. When it comes to life insurance policies, retirement funds or certain savings accounts, beneficiaries are usually named. But these documents don’t get updated regularly. If all the named beneficiaries have passed away or if the deceased didn’t name beneficiaries, then probate is required to transfer the money or title to the beneficiaries.
Probate is required if you are lucky enough to have significant assets to be distributed, and/or have creditors to be paid outside of what is legally stated in the will. It is also needed if there is no will at all.
If any of this article applies to you or to the deceased, then you might want to consult a probate attorney.
May you inherit richly.
* Probate may be avoided if you’ve got it wrapped up in the right type of trust. Please talk to you attorney for details.
by Jodi Summers
Fresh out of college and ready for adventure, Millennials have been flocking to the downtown Los Angeles urban core. They’re looking for a lifestyle adventure before the responsibilities of marriage and family lead them to settle in. Experts point to several building trends that are very sexy to this demographic:
1. A Full Life
Jill Heron chose her loft lease by Pershing Square because it’s centrally located, with “access to just about everything. Lifestyle is important.”
2. Access to Mass Transit
Today’s new renters are a highly eco-conscious generation. Buses, trains and bike lanes are as important as cars to this green group.
Have you noticed the new transit villages that are being designed along the metro lines? They’re quite European style in that you can shop, get your dry cleaning and do everything you need in close proximity to your metro stop and your home.
We live in a green age. City codes, tenants, builders and developers are all moving toward green design. The benchmark is LEED (Leadership in Energy Efficiency and Design) an international certification system which offers bronze, silver, gold, and platinum certification levels. Statewide we have the CalGreen Code, which is more like everytown’s way of going green. And, individual cities – lead by the examples of West Hollywood and Santa Monica – have passed their own green building codes.
Roof decks, atriums, the urban version of a vast front porch > common areas appeal to today’s renters. In dense neighborhoods, where living space is at a premium, renters revel in shared multi-use spaces which provide additional amenities.
“The rooms provide an efficient living space for tenants who are ‘on the go’ and don’t want the space (or expense) of a more traditional apartment,” observes Sarah Hatfield of architecture firm S + H Works.
Fitness rooms, bike storage, garden space, pet areas and even Zipcar parking are just a few examples of lifestyle design features that designers and developers are implementing to meet renter demands. Pet areas go a long way with renters, and will lead to a consistent stream of tenants and their pets.