IET Real Estate Los Angeles Blog

News and Updates from the HCIDLA Public Hearing - South LA February 2017

The Los Angeles Housing and Community Investment Department (HCIDLA) held a public hearing on Wednesday, February 1st down on Vermont and 85th street. The purpose was to discuss how federal funds are being used by the city to help communities in Los Angeles. Here's what they shared...

Five Years Later 

The speaker pointed out that HCIDLA was now in its 5th year of its 5-year program. This program has had four main objectives to help improve conditions. These are: 

• The Community Development Block Grant

• Home Investment Partnerships Program

• Emergency Solutions Grant

• Housing Opportunities for Persons with AIDS

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How New Apartments and Condos Affect Rents in Los Angeles

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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Your Very Own Metropolis in Downtown Los Angeles - A Look at Metropolis Luxury Condos

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.

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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Updates to the Rent Stabilization Ordinance for 2017

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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Looking for Luxury Condos in Koreatown? Checkout Element 436 at 436 S. Virgil Ave.

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.

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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5 Tips for Landlords Who Have Tenants With Nuisance Pets

I recently visited the Los Angeles City East Valley Animal Shelter and learned quite a bit about Pets in Rental Housing for Landlords. Furry friends in a rental can be an area of tension between tenants and landlords, but it doesn’t have to be! As a landlord, you can quickly fill vacancies, gain a little extra income from pet fees, and tenant who own pets tend to stay longer in the same rental (an average of 18 months in LA). Alongside the pros, you may run into some cons. Under the unfortunate circumstances of your tenants having nuisance pets, here are some tips for taking care of the issues:   

1. Act quickly! A landlord who waits too long to take action may forfeit their right to object.
   
2. Refer to the lease agreement your tenant…

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5 Tips For Landing a Pet Friendly Rental in Los Angeles

On my recent visit to the Los Angeles City East Valley Animal Shelter I learned quite a bit from their meeting on Pets in Rental Housing. Furry friends in a rental can be an area of tension between tenants and landlords, but it doesn’t have to be! Landlords can quickly fill vacancies and gain a little extra income from pet fees, while the responsible pet owners get to live happily with their companions. It’s a win-win situation. Here's how you can land your dream apartment, and bring your dog or cat along!

1. Provide your prospective landlord with a resume for your pet (see example below). Write a nice cover letter, and tag on a letter of recommendation from your neighbors or previous landlords as…

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How RSO Can Help Cover Costs of the Seismic Retrofit Work Program

Many of you may remember the horrific damage done by the 6.7 magnitude earthquake that shook Northridge, CA in 1994, or maybe even Loma Prieta during 1989. Thankfully, Los Angelenos haven’t been hit that hard since, but there is still much work to be done.

What many considered long overdue, on November 22, 2015, the Los Angeles City Council put into effect the Earthquake Hazard Reduction Ordinance, establishing mandatory standards to reduce earthquake hazards and damage. The law determines that seismic retrofitting on soft story buildings is an effective method of work that benefits the structural integrity and safety of the whole building. It protects the safety of Los Angeles residents and properties alike. The City has…

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Voter Cheat Sheet for Los Angeles Residents (Courtesy of LA Weekly)

Don't Have time to read up on all the propositions or go to a "Proposition Party" (yes I did that last night)?...

Friends at LA Weekly have put together this handy cheat sheet...JUST FOR YOU!!!

 LA Weekly Voter Cheat Sheet

Awwww...wasnt that nice of them...be sure to click on 2-3 banner ads next time you read something on www.laweekly.com

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FOUR-DAY HIP-HOP Dance EXPERIENCE @ Dorothy Chandler Pavilion Downtown Los Angeles

The Music Center brings a fusion of Hip-Hop dance experiences to Angelenos, surrounding its presentation of Franco-Brazilian dance company, Compagnie Käfig.  Over four days, The Music Center examines the culture, artistry and evolution of Hip-Hop dance through live performances, dance competitions, discussions, demonstrations, late-night dance parties and more.  Choose from ticketed and free events, which will take place throughout The Music Center campus and in Grand Park. #hiphop4days

Symposium: Ain't no Half Steppin- Dance from Soul Train to B-Boys

COMPAGNIE KÄFIG

Sleepless
Beat Swap Meet

Many dance companies claim to “break the rules,” but only Compagnie Käfig seems to dispense with the laws of physics entirely. Incredibly fun and…

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