Shigeru Ban innovative architect to watch – http://www.lstudio.com/shigeru-ban.html
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Dubai’s NYC Holdings (Barneys NY) May Go on the Block: http://bit.ly/6ScLGG via @addthis
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“NEW YORK (Reuters) – The U.S. commercial real estate market, slammed by the credit squeeze and recession, is likely to hit bottom in 2010, according to a survey of industry investors, developers, lenders and consultants.
Commercial real estate values will fall 40 percent, on average, from their peaks in mid-2007, and up to 50 percent in some sectors, according to the 2010 edition of Emerging Trends in Real Estate, released on Thursday by the Urban Land Institute and PricewaterhouseCoopers LLP.” By Nick Zieminski © Thomson Reuters 2009 All rights reserved
Most hard hit will be retail and offices. Which is no surprise with the way the economy is going. The one sector of commercial that won’t get hit too hard is apartment buildings and that’s because there is a large population of young people and people who can’t afford homes anymore, renting now.
Basically, commercial is going through the same cycle that residential properties have already been going through. There’s a lot of loans out there that will be reseting in the next few months, thus a lot of property owners will no longer be able to keep up with the payments. Investors are ready to jump with their cash. Everyone is just waiting for it to pop and when it does there will be a tremendous amount of good deals out there. Just watch.
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Looks like it’s a done deal. The $8000 tax credit to first time home buyers will be extended to April 30, 2010.
“Under the housing program, people buying a home for the first time in three years would receive an $8,000 tax credit if they sign a contract by April 30 and close by June 30. Homeowners who are buying a new primary residence would be eligible for a $6,500 tax credit beginning Dec. 1 if they owned their home for five consecutive years in the previous eight.
To qualify, the home must be no more than $800,000. The program also restricts eligibility to individuals who make no more than $125,000 annually and couples who make more no more than $225,000. Anyone who collects the tax credit but sells the home within three years of buying it must return the refund.” Washington Post By Neil Irwin, Dina ElBoghdady and Perry Bacon Jr.
That’s great news for everyone who was putting off buying a home this year. You still can for a while and get this credit, though once this runs out, the government is unlikely to reinstate it because just this extension of the credit is costing over $10 billion.
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Just returned from Tony Robbins Wealth Mastery course. Always quite an experience. Good and bad. The bad first: Some of the seminar was so, so with lots of guest speakers hocking their products like infomercials and a little too basic for my taste.
The Good: There were 3 outstanding speakers; Kieth Cunningham on business, Frank Kern on marketing via web, and Brandon Burchard on speaking and developing seminars. Brilliant!!!!!!!!! Made it all worth while.
The gist of the Wealth Mastery course is to gain knowledge about how to deal with ones finances, by implementing psychology, navigation, & strategy. Then the idea that money is just a tool to get to the goal that you are looking for. What good is money if you don’t have a goal?
The main facilitator was Scott Harris who is the most amazing man. He actually advises Tony Robbins and coaches his family personally. Truly brilliant. So personable and giving. 4 days of peak state mind set learning, playing, networking is so intense and you never want it to end. Each day went into another level along with always working on ones psychology throughout, as that is the biggest hurdle anyone has to get over. On the last day I really got my kick in the pants for the psychology part of it. I have always been one to be behind the scenes and not wanting to be center stage. Shy and scared of showing myself off, embarrassed. Each day a game is played called “The Wheel” where your name is written on a ping pong ball and thrown in a basket and spun around. One is drawn out each day and the winner has to run up on stage alone and dance like crazy for a couple minutes and then spin the wheel to win a prize. I was picked on the last day. I had no choice. I had to step up and I did it. I danced in front of 500+ people. Of course because I knew the production team they had to make it even more embarrassing by putting on really slow thump’n sexy music that I had to really shake my ass too. Sam! I survived and it was not horrible at all. It was fun and I will never have that scary feeling again when I am picked to do something. No more standing behind. That was my big breakthrough.
There is nothing like the group of people that gather at Tony Robbins events. We are all one together as a giant close knit family, sharing, giving, loving, crying, participating, understanding each other, just being together. It’s HOME!
Really these courses are about the people you meet there and the life long relationships that begin there. I met amazing new friends and saw old friends from previous events. Everyone is so enthusiastic and genuinely excited to be there. Felt like home. TR events are truly a place to feel completely at home, safe and comfortable at. I even met someone that absolutely blew me away, beyond what I have ever thought about. A deep spiritual connection, magic and understanding. Personally in the rest of my life, even in my own family, I always feel like an outsider, but when I am at a Tony Robbins event, I am part of this family.
In the end; the true lesson that is learned here is that wealth is so much more than $$$; it really is speaking of how abundant your life is, how full of life, how much meaning, how much contribution & how full of love ones life is. So far I have 3 out of 4. Working on finding the last one. How wealthy are you?
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With all the news media reports on real estate and economy going up, down, sideways, who can really tell what’s going on? One thing for sure is that hear in Los Angeles the buyers are out in force, all hunting for that one amazing deal. The economy can’t be all that bad because in my experience there really are not many great deals out there. The prices are down from 2 years ago and set accordingly, though you will never see prices jump back to 12 years ago. It’s just not reality. Once in a rare while a “deal” will come up, though it’s usually too good to be true and the real issue is that everyone finds out about it and then it goes into multiple offers, thus becoming possible over priced in the end.
The point is that just about everything right now is priced well and if you can, buy something NOW! Even if it’s a small condo. Of course multi-unit buildings are where you can start bringing in passive income and much more upside potential, though buy what you can afford and manage. Loan rates are still extremely low. Plus tax credits help out first timers as well. Take advantage of this down cycle and invest in your future, because in a few years time you will be priced right out of the market.
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I thought someone was joking with me the other day when they were asking me about some new condos in Marina Del Rey for $300,000. After a little investigation, I found out what they were all about. They are offered in a brand new building in the Marina Loft District. The building is very large with an oversized courtyard with plenty of patio space, bbq area, pool area and all right next to shopping, restaurants, movies, coffee. They are not yet open for the public though I previewed them today. Nice, clean and simple. Lots of light in every unit. Some of the penthouses even have outdoor fireplaces, Sweeeet! Lots of different floorplans to choose from and they all have fully outfitted modern kitchens, baths and stacked laundry units. The catch though is that there are only a couple of studio units offered in the $300,000 range, though many in the $400,000 range which are a much better deal as they have more space and separate bedroom areas. The penthouses are of course more, around $700,000+ These are superb condos for someone that may be on a budget or looking for an investment as the value for the money is excellent. These condos are opening up to the public this weekend (July 18). If you want to see them sooner they are allowing a limited number of preview showings so just give me (Charlotte Rose) a ring at 310.339.7772
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On a recent search for apartments that take large dogs (50lbs and up) I hunted through areas from Playa Vista on out to Studio City and everywhere in between. Owning a large dog can be difficult if you are looking for a place to live. I found that depending on your budget really determines on how much you will find that is dog friendly at all. Of course the higher priced units, mostly $4000 and up seemed to be much more dog friendly than lesser priced units. I focused on clients looking for 1 – 2 bedroom units under $2500 per month and it is not easy. Craigslist is the best web source for finding things, though the way to find the really great places is to drive or walk around neighborhoods you like. The signs are up on the buildings everywhere. Just give them a call.
1. The Grove/West Hollywood/Hollywood – Many smaller historic buildings with tons of charm. Some willing to negotiate on terms and prices. The best I found were buildings managed by EZ Properties. This area is #1 on my list.
2. Studio City – “Studio 4041″ Right at Ventura and Laurel Canyon. Brand new buildings. Apartments have gourmet kitchens and laundry in the unit. The sales office even has a water bowl and cookies for your pooch.
3. Brentwood – Across from Brentwood Dog Park is Brentwood Villas and they are a little pricey yet nice. Over by the 405 and N. of Sunset are several older buildings from the 60s and may lack some charm but have great access to the freeway.
4. Venice – Harder to find a place but can be done. Some small buildings or duplexes are willing to negotiate with an extra deposit or fee.
5. Mar Vista – You may get lucky and find a guest house here that will allow dogs. If you are on a real budget and looking for something under $1500 per month there is one part of Mar Vista between Venice Blvd. and Washington Blvd. just West of Centinella with a fair amount of apartment buildings that allow dogs. You may want to check out this area for safety concerns, as well as with any place you move to.
I also looked in Santa Monica, Marina Del Rey, Playa Vista, West L.A., Beverly Hills, Sherman Oaks, Woodland Hills, Encino, Hollywood Hills, & Los Feliz. All those areas have some units that allow small dogs (20lb. and under) though nothing for larger dogs that I could find. Just one hitch though even with a big dog, these days many buildings have breed restrictions so if your dog is mixed with anything, please state so when talking with the leasing manager. If you don’t have a dog yet, please adopt a mutt, as they are much easier to find an apartment with. The best place to adopt is at Forte Animal Rescue – www.FaRescue.org
Best of luck finding your next home and if you have any questions or need more help please call me (Charlotte) at 310.339.7772
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Lately there are so many places for rent out there, it seems like a veritable sea of what should be very competitive and reasonable choices out there. Well, there are some amazing rental deals out there in certain price points. Just 2 months ago brand new ocean front lofts in Venice were renting for $12,500 and now are only $9,500 per month. There are also some great deals in the $4000 – $5000 range for architectural lofts and homes on the Westside. That’s great if you have the means to afford a high end lease, though those rental payments could be mortgage payments on something one could actually own. Hmmm?
Now here’s where it gets a little tricky. It seems that because of all the foreclosures in Southern California that there are also a lot more people looking to lease smaller less expensive units, now that they don’t own a home anymore. Families are really downsizing their homes into tiny apartments. So what I am seeing, is landlords taking a bit of an advantage on this with smaller units around. The average 1 bedroom apartment on the Westside and even on out through Hollywood and Studio City is going for almost $2000 per month. Also monthly fees are tacked on for everything from parking to pets. Is it fair that they are doing this? It makes it just about impossible for a single person with an average job able to attain decent living arrangements. Most landlords want to see the tenant making at least 3 times salary, the cost of their apartment. So a person leasing a $2000 apartment must make at least $72,000 per year. Someone making $72,000 per year usually has some savings and could/would want to purchase a home rather than lease. What are all the people doing that don’t make that much money and are forced to rent where they can’t afford to? These are not poor people I am talking about. These are hardworking young people with good jobs in the tech biz, movie industry, fire fighters, professors, etc. Where are they all going to go?
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