IET Real Estate Los Angeles Blog

On November 2nd, everybody knew that as it always does, California would vote Blue––what wasn't certain was how they'd decide on several propositions that were on the 2020 ballot. Props 15 & 21 were two issues that would have a major effect on the real estate industry in Los Angeles. What was the outcome and how will that affect you? Read on to find out.

Prop 15: NO

What is Prop 15? To put it simply, a "yes" on Prop 15 would loosen commercial and industrial property tax limits.

In 1978, Proposition 13 was passed which stipulated that commercial properties pay taxes on the value of a space when it was first purchased. It limits the tax rate to 1% of that value amount, and the assessed value cannot increase more than 2% each year.

As you can

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This luxurious, 4br/3ba Spanish style home feels like your own private oasis in the hills of Sylmar. Tucked inside The Summit gated community with 24-hour security, you can enjoy the unobstructed views of the mountains in total peace and quiet. 

FEATURES:

  • 3 massive entertainment living rooms

  • Beautiful crystal twin chandeliers with dimmable lights

  • Calacatta marble floor-to-ceiling fireplace

  • Built-in Jenn-Air appliances in the kitchen

  • Recessed dimmable lights throughout the house

  • No-scratch, durable waterproof tile flooring on the second floor

  • No carpeting anywhere (just easy to clean tiles––great for pet owners!)

  • Spanish fountain, gazebo, and
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As a part of the coronavirus relief bill the CARES Act, businesses were given the opportunity to apply for Paycheck Protection Program (PPP) loans to offset the costs of operation. Business owners could use these loans to cover employee payroll, as well as mortgage interest, rent, and utilities. Over 5 million PPP loans were issued to small business owners, and now, they can apply for loan forgiveness before it's time to start paying it back. 

To be eligible for PPP loan forgiveness, the original loan amount must be for $50,000 or less. That means 3.57 million of those 5 million PPP loans are eligible for forgiveness according to the Journal of Accountancy. Other eligibility requirements include having spent 60% or more of the loan on paying

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Every region of the country has its own natural disasters to worry about like tornados and hurricanes, and of course, for California, we have earthquakes and wildfires. While they all can be equally destructive, most forces of nature can be predicted somewhat in advance... except earthquakes. There's no warning on the local weather forecast giving residents time to evacuate or prepare their homes.

In recent years, though, science and technology have advanced enough to create the MyShake smartphone app that gives Los Angelenos a few seconds to brace themselves before the ground starts to rumble. Ground motion sensors placed throughout the state can detect that an earthquake has begun before humans can feel any shaking. For earthquakes at a 4.5

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Back in April, the Canadian-born rapper Drake opened up his home to Architectural Digest Magazine for a tour of his palatial Toronto estate. Complete with an NBA regulation-sized basketball court and a night club lounge room, the 50,000 square foot mansion feels a little more like an upscale Vegas casino than a single-family residence.

Designed by Ferris Rafauli, "The Embassy," as it's referred to, is the pinnacle of extravagance and luxury. Take the tour for yourself by checking out the pictures below. 

 

In designing Drake's home, Rafauli set out to create a 19th-century limestone manor, while the decor was designed around a modern Art Deco aesthetic. Drake sits at the anchor of this room, his bespoke grand concert piano, made by

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Cities throughout California have "pre-sale requirements" you have to meet before you close escrow. Some requirements include inspections or paying a fee, and the specifics vary from city to city. If you're selling your house or thinking of doing so soon, it's important to be aware of your cities requirements. Some places have a very quick turn around time for scheduling inspections, but others can take weeks. Office closures due to coronavirus could make those wait times even longer. If you realize at the last minute that you need to fulfill a requirement to close escrow but the paperwork is going to take too long, you might find yourself having to pay extra for an expedited inspection. 

Not sure if your Southern California city has pre-sale

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Sometimes hitting up a corporate chain is the easiest and cheapest option when you need something. But now more than ever, it's important to go out of our way to support our community's small businesses whenever we can. So the next time your pet needs a wash or a new chew toy, skip PetCo and pay a visit to one of our picks for the 5 best pet grooming and supply shops on LA's east side. 

1. Bone Sweet Bone - Multiple Locations

Whether you bring in your pup for grooming, daycare, or an overnight stay, Bone Sweet Bone strives to create a low-stress, home-away-from-home atmosphere for your dog. With their cage-free approach to dog care, you don't have to worry about whether your pet is going to be cooped up for hours while you're gone. With

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Though the lockdowns in LA have lasted longer than any of us would have hoped when this all began, I've used all that extra time at home improving my skill set as a real estate professional. I now have two new certifications under my belt that will allow me to better serve my clients. 

Accredited Buyer's Representative Designation

 

Seller Representative Specialist 

Receiving the ABR designation from the Real Estate Buyer's Agent Council and SRS certificate from the National Association of Realtors means that I'm now even better prepared to represent my clients buying and selling residential real estate. The new tools I've added to my kit allows me to handle your transactions with the utmost discretion and professionalism above and

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Since the pandemic began and Los Angeles restaurants were forced to close in-person dining, they've been struggling to stay afloat through take-out and delivery. With no hint of a restaurant industry federal bail-out coming in the foreseeable future, many beloved neighborhood spots have already been forced to close after treading water for six months.

Many of us in the community are left feeling powerless, but one small thing we can do is make it a point to support local restaurants instead of chains. Here is a list of some of our favorite East Side restaurants that you can visit for outdoor dining, or, if you're not comfortable with that just yet, for delivery or take out. 

1. Rockwell Table and Stage

The Rockwell in Los Feliz is known for

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California was teetering on the edge of a major eviction crisis on August 31st. Federal eviction protections for those affected by COVID-19 were set to expire on September 1st, and that would mean a tidal wave of people being forced out of their homes. But then the state legislature passed the AB3088 renter's protection bill, which would protect some renters from eviction through January 31st. 

Then, at the literal 11th hour, just before midnight, Governor Newsom signed the bill which then went into effect immediately. 

To fall under the bill's protection, a renter must still pay at least 25% of their rent and file a declaration with their landlord stating that their failure to pay is directly related to financial hardship caused by the

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