January 2017

Found 4 blog entries for January 2017.

Los Angeles is a very big, mixed up, beautiful mess of a city. Itís got bits that are clean and pretty, others that have more grit with hidden drinking and dining gems hiding behind nondescript storefronts and in back alleys. There are two things nearly all of LA has in common: low vacancy and high rents.


Rental site, Zumper, shows most of West LA from Playa Del Rey to Brentwood sitting at average 1-bedroom rents of over $1,800, with a number of hotspots over $2,400, and with Santa Monica alone able to claim an average of over $3,000 as if trying to compete with San Francisco prices.


While most Angelenos feel the increases on their finances, eyes turn to the battalion of construction cranes that dot the skyline. Before long, those cranes get replaced by

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If you’ve driven through downtown LA on the 110 in the last few months, you’ve probably noticed the new construction that’s been taking shape on the iconic landscape.

 

What you’ve been driving past is soon to be Metropolis, an ambitiously large-scale complex of retail shops, a restaurant, a boutique hotel, a garden and three towers of luxury condos that start reaching into the skyline from six stories above the street.

 

Here’s a rundown of the three residential towers.

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Tower I 

This tower has already sold most of its availability, and there’s every indication that they will all be sold by the time the tower is available for move-in. Offering 308 units in its 38 stories, this will be the first of the towers to open. It's luxury

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Increasing numbers to tenants are becoming familiar with the Rent Stabilization Ordinance, and most rental property owners are already familiar with it. For more information on the Los Angeles RSO, have a look here.

 

RSO and most of its regulations have been in place for some years now. However, there are some changes taking effect in 2017 that tenants and owners should both be aware of.

 

Rent Registry Ordinance

 

Effective as of October 4th 2016, the LA City Council has enacted the Rent Registry Ordinance, which applies to all properties covered under RSO. 

 

What landlords need to know

 

  • All properties under RSO must be registered by the last day of February each year
  • A separate form must be submitted for each
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Down on the corner of South Virgil Avenue and 5th Street, a short walk away from the bustle of 6th street and Wilshire Blvd, are the luxury condos of Element 436.

 

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Having opened its doors in July 2016, Element 436 is a new structure that houses luxury condos near the heart of Koreatown. All residences offer either 2 bedrooms and 2 baths, or 3 bedroom and 2 baths with varying floorplans. Square footage ranges from 1,042 to 1,164 for the 2 bedroom homes, and from 1,341 to 1,385 for 3 bedrooms.

 

Prices have more variance than sizes, starting at $597,600 and reaching up to $914,500 for penthouse level homes. These prices have been rising as more residences are being purchased, so hesitating on getting a spot here won’t do you any favors.

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