IET Real Estate Los Angeles Blog

 

www.yele.org 

www.google.com/haitiearthquake

unicef.org

redcross.org

doctorswithoutborders.org

The following organizations are accepting SMS donations in the US only:

  • SMS text “HAITI” to 90999 to donate $10 to Red Cross relief efforts
  • SMS text "YELE" to 501501 to Donate $5 to Yele Haiti’s Earthquake Relief efforts

 

Prisons have collapsed, prisoners have escaped.  Country had minimal infrastructure before earthquake.  Early Estimates are reporting that the death toll could be > 100,000.  To put this number into perspective, less than 4,000 people died in the horrible attacks that took place September 11th 2001 in New York, so the death toll is on a magnitude nearly 30x greater.  After shocks have been reported between 5.5-6.0 on the

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Element Building Marina Del Rey Loft Auction Panoramic Views

Panoramic View from the balcony of Penthouse Unit 501
unit 501 panoramic element-auction

Northwest facing view from penthouse unit # 512

Southwest facing view from penthouse unit # 512

View North from 5th Floor

View of Common BBQ area from the 5th Floor

The turnout for this auction should be good, at my first info session 11/28/09 the classroom was only 30-40% full.  When I went back 12/6/2009 the auction company had moved the class to a bigger unit and people were lined up out the door...

Auction is in 4 days, if you want to participate better register now!!

For information on how the auction is going to run see my previous post

View all photos of Element Auction Marina Del Rey

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Whittier California: Even in Winter, a Wonderfully Liveable Community

The holiday season is a great time to enjoy Whittier's own brand of winter cheer; and in keeping with the trends in real estate over the last few months, a choice time to buy Whittier area property.

Sales of single family homes in October 2009 in Whittier added up to 117, with the average sales price hovering around $370K. While the majority of homes sold for prices between 3% and 20% lower than those of a year earlier--October 2008--homes sold in the 90601 and 90602 zip codes actually showed a sharp increase in price, certainly great news for Whittier area home sellers!

The average listing price among Whitter area homes for sale at the end of November was $453K , with some 350

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Seller wants to accept offer by 12/9/09 and open escrow 12/11/09

   
 

 

The Library Court is a modern building in downtown Los Angeles.  The unit is a 1 bedroom 1 bathroom.  The Library Court Building was originally built in 1955 and renovated in 2004 by the Greystone Group.  The unit has hardwood floors, Granite Counters & floor to ceiling exterior windows.  HOA amenities include 24 hour study area, workout room and business center.  On the ground floor of the building there is a Wolfgang Puck Express and a popular watering hole called the Library Bar.  The Library court building is across the street from the downtown Standard hotel.  This is a great Location in heart of financial district.  There has only been 1 owner of this unit since the

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Because Los Angeles has a Rent Stabilization Ordinance (RSO), raising rent can be tricky if you are not familiar with RSO’s regulations. It is important for Los Angeles real estate agents to understand the type of dwellings that are included in RSO, and the structures that are exempt from its statutes. In addition it is important to know under which circumstances a tenant can be legally evicted. When realtors understand the law, they can knowledgably advise their clients, the Los Angeles real estate investors.

The ordinance’s aim is to protect tenants from unscrupulous landlords who would unjustly raise rent while failing to maintain their properties. Further it seeks to protect occupants from owners who would use coercion and bullying to make their

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If you've found this blog post you are most likely already interested in the Element Lofts developed by the now bankrupt John Laing homes.

Element-Auction-Marina-Del-Rey

I spent all day saturday 11/28/09 with clients looking at all the different floorplans and learning about how the auction (run by IntelliMarket) is going to be run.

  1. Intellimarket runs auctions unlike any other Real Estate Auction company.  They run a simultaneous auction which means all properties are auctioned at the same time.  The entire auction is put on a 4 minute timer, every time a new bid is received the auction clock re starts, the auction isn't over until the 4 minute clock expires with no one bidding.  Auction Manager Collen Lakshin said Intellimarket anticipates the auction to last ~ 1.5-2 hours
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“Shadow inventory” is the term many Real Estate prognosticators have been using to describe homes that were foreclosed on which the bank held on to and did not try to resell right away, in hopes of selling them later on when the market is more favorable to the bank, at a higher price. By taking the number of foreclosures that banks have taken back and subtracting the number of foreclosures they have since resold, one can find the number of foreclosures the banks still have possession of, their “shadow inventory”.  The numbers of such properties were on the rise until September of 2008, when banks began reselling foreclosure properties at a rate higher than the number of foreclosures they were receiving from trustee sales.  Sales transactions have been

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Due to the success of the 2009 Homebuyer Tax Credit program lawmakers (on November 6, 2009) have extended and expanded eligibility for the $8000 Homebuyer Tax Credit into 2010. This popular rebate program proved to be an incentive to first time homebuyers and caused a direct increase in home sales at the end of 2009. The original program was due to expire on November 30, 2009. The Worker, Homeownership, and Business Assistance Act of 2009 extends this deadline for closing on the homes until April 30, 2010 or until June 30, 2010 for those buyers who have a binding contract in effect by the end of April 2010.

To qualify as a first time homebuyer the buyer must not have owned a primary residence in three years previous to the purchase date. Lawmakers

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Los Angeles Short Sale Market Report

As of 11/26/09 there are over 1,000 short sales being sold publicly via the SoCAL MLS/CARETS IDX data feed in Active status in the city of Los Angeles alone, 1,015 to be exact (this does not include anything listed in Los Angeles County).  790 of the 1,015 are listed below the Fannie Mae traditional conforming loan amount of $417,000 and 945 of the 1,015 are below the new super conforming loan amount limit of $729,000.  Of these 1,015 listings 310 are priced below $200,000.  Only 25 of the properties are listed at $1 million+ price range.  My takeaway:  Short Sales are typically much better suited for the first time FHA approved home buyer than REO's because

  1. Most of them fall within a listing price range that there
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