Finally, some common sense by policy makers. Mayor Bass has approved fast-tracking rebuilding due to the wildfires.
Friday, January 17, 2025
Wednesday, January 15, 2025
Price Gouging is Illegal and You are Doing So at a Huge Risk
While the demand for rental housing is rising and soon more buyers will be on the market, there have been many emergency laws put in place in regards to price gouging. This is a serious crime that can land the homeowner in jail. Talk to an attorney if you are considering raising the price more than 10% from the price it was pre-disaster.
Video on Price Gouging: https://www.youtube.com/watch?v=Bvt3mwflfbc
Some tips:
-Ensure that any rent increases do not exceed 10% of the previous rent or the advertised rent before the state of emergency. For new rentals, the price should not exceed 160% of the fair market value established by the U.S. Department of Housing and Urban Development. You can find the HUD fair market rents limits for each zip code HERE.
-If demand pushes up the price on a lease, it is important to remember that these statutory requirements still apply. A good rule of thumb is to just choose the best qualified applicant. If you choose to accept an amount above the statutory limits, this is highly not advised, and you should consult an attorney as you still could be in violation of housing laws.
Monday, January 13, 2025
Wildfire Resources Now and Ongoing
The scale of the wildfires is such that everyone in LA seems to know at least one person affected by the devastation of the week, which is still very much in effect with no end in near sight. It's such a chaotic, sad and stressful time for all. For those of you in need of help, here are some resources below:
Temporary Free Week of Airbnb
Fire Recovery Support
Community Dogsitting Assistance
Free Food for Evacuees
Apply for Aid Through FEMA
How you can help:
Donate to Wildfire Recovery Fund
Donate to the Red Cross
Donate to the California Fire Foundation
Monday, December 23, 2024
Tuesday, December 10, 2024
Massive Art District Development Changes to Mixed Use
Massive Mixed Use Arts District Development Continues
A development in the Arts District once slated for commercial is applying to change a portion of the project to residential (apartments for lease). The investment and growth in the area for the past 5 years has been steady, and better than other parts of DTLA. Meanwhile, condo prices in the area have dipped a bit due to the influx of residential competition. As we all know, this is temporary once the development brings in more residents and demand.
Wednesday, November 20, 2024
Quick DTLA Stats
Quick DTLA Stats
Average Sold Price/sf:
Historic Core: $616/sf
Arts District: $612/sf
Social District (Formerly "South Park"): $714/sf
Average Leased Price/sf:
Historic Core: $2.73/sf
Arts District: $3.09/sf
Social District (Formerly "South Park"): $3.29/sf
Average Days on Market for Sales:
Historic Core: 77
Arts District: 72
Social District (Formerly "South Park"): 105
Monday, November 4, 2024
South Park DTLA Renamed to "Social District"
DTLA's South Park Renamed "Social District"
Not the most creative name, but South Park, which doesn't actually have a lot of parks, has been officially renamed "Social District." The argument being that it's the hub where LA Live, Crypto.com Arena, Convention Center, hotels, lots of upcoming dining spots, etc are located.
Monday, October 7, 2024
Yes Please, to a Park in South Park!
Motion for South Park parking Lot to Become Park
Located next to the AEG offices and across from the Elleven Lofts. Finally, a decent proposal from the city and one that if passes, will pave the way for more parks in DTLA.
Saturday, August 24, 2024
Buyer Now Paying Their Buyer's Agents, and Other New Rules
With the recent changes that took place on August 17, buyers are now having to jump through a few more hurdles to get that home.
1. Buyers now need to sign an agreement with their agent to even view a property. Yes, this sounds clunky, but's it's just an agreement stating that you're being officially represented when you look at properties. This protects all parties.
2. Next, Buyers now are obligated to agree to paying their agents a commission for closing on a property--unless the agent doesn't want to be paid which will likely never happen. This is basically how it's done in NYC--it's like a finder's fee. This commission is of course negotiable.
3. Yes this sounds like a burden, but guess what, lots of little ways this can play out:
- This obligation to pay commission to the Buyer's agent can be paid by the Seller.
- When a Buyer submits an offer, they can ask the Seller to pay for this agent commission
- The Buyer just needs to write this into the offer.
- Believe it or not, many Sellers are open to paying this obligation for the Buyer.
- This commission, whether paid by Buyer or Seller, is negotiable.
- If the Seller won't pay this, oftentimes, a lender can roll this into the loan amount.
Friday, August 2, 2024
Will LA Be Ready for 2028 Olympics?
Lots going on behind the scenes as the City of LA prepares for the Olympics a few years away. But will the city be ready?
That's the question on everyone's minds as renters consider buying, owners consider holding, and developers consider how to maximize profits by buying in the areas that will get the most "love" from the city.
A lot of the areas that the city will focus on where people will actually be visiting. Think of where landmarks are.
- South LA - lot of the stadiums and venues located here
- Beverly Hills, Hollwood - tourist landmarks, Hollywood sign, Walk of Fame, museums
- DTLA - where a massive amounts of newer hotels and public transit will be, along The Broad, Walt Disney Concert Hall, Grand Central Market, Arts District
One of the biggest city goals is to expand public transportation--otherwise we'll be in traffic and Uber/Lyft hell. LA was recently awarded $900M to Expand Public Transit which is step in the right direction:
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