Real Estate Information

Wonderful news! A recent survey and census taken earlier this month shows that there has been a 3% decrease of the homeless population in the Los Angeles County and a 9% decrease in the city itself since 2009.

It is believed that this drop is credited to two sources. Because of the recession, there has been an increase in volunteers and efforts to try to get many people off the streets as possible. The county has been doing a better job at preventing those becoming homeless and helping those homeless re-housed as soon as possible. In addition, President Obama’s stimulus funding has been helping over the past three years to help those who are homeless get back on their feet. It has given the county $52 million to provide up to eighteen months in rent subsidies and move in assistance for those who qualify.

Although this is superb news, we must not get too comfortable. We are still in a devastated economy and Obama’s stimulus plan is about to end. We will remain hopeful about this delicate situation and remain optimistic that the homeless rate will continue to decrease.

For more information visit: http://latimesblogs.latimes.com/lanow/2011/06/homeless-rate-drops-los-angeles-county.html

Just in time for the summer traveling frenzy, the Los Angeles Airport (LAX) has revealed new art exhibits inside its terminals. The Los Angeles Department of Cultural affairs has collaborated with LAX International to try to bring more culture into the airport. Throughout the month of July, three art exhibits will be on display.

Bradley International Terminal will play host to “BFF Narcissus and Echo” by Julie Hughes. This Los Angeles – based artist used brightly colored paints and papers to create a unique and interesting mixed-media display. The piece can be viewed on the arrivals level of the terminal.  

“Surf Rapture: Glare, Salt and Movement” is a collection of photographs taken by Art Brewer and curated by Molly Toberer and Lesley Meyer. These large photos are images of various professional surfers dating back to 1969. This included portraits as well as the surfers in action. This exhibit can be found near Gate 1 in the first terminal.

On the departures level of Terminal 2, the artworks of Kevin Stewart-Magee, Cheryl Bookout (curator) and Susan Geer are featured in the exhibit named “Dreams of Soaring”. All works share the underlying theme of dreamlike depictions of flight.

 Miami International, and Nashville International have also opened art exhibits recently. Most will close at the end of the season.  

For more information on the art exhibits, visit http://www.airportrevenuenews.com/newsArchives/2011/news0525201149088.php

Since 2005, Blvd. 6200 has been under construction for the creation of a Residential and Retail complex.  The 7.3 –acre property was recently sold to DLJ Real Estate Capital Partners. The complex is expected to have 535 new apartments including at least 50 reserved for moderate-income families, office space, restaurants and stores. The project will cost more than $200 million and is expected to open in three years. Clarett Group, the developer who sold the property, will still be managing the project under its new division Clarett West Development. Blvd. 6200 is located next to the Pantages Theatre in Hollywood.

There have been multiple properties developed in this area. Next to Capitol Records, developers are awaiting approval to begin building a complex which would include apartments, retail stores, restaurants, office spaces, and a hotel. In addition, W Hollywood Hotel & Residences and Sam Nazarian’s Redbury hotel have both recently opened just blocks away from each other. An eight-story office building is currently in the works on Vine Street. It is a $57-million project.

Source:

http://www.latimes.com/business/la-fi-hollywood-project-20110610,0,7184924.story

Last Monday, May 23, California’s Attorney General Kamala D. Harris announced that she will be creating a Mortgage Fraud Task Force. It is true that many homes were foreclosed due to economic hardships such as unemployment. However, a large percentage of homes lost were a direct response to the large amount of mortgage fraud happening inside the state.

Harris spoke of fixing the mortgage fraud problem during her campaign for the State Attorney General position in 2010 and this is her solution. The force will be focusing on basic and corporate fraud, as well as scams. The goal is to help insure that homeowners will be able to keep a roof over their heads and to ease the pain of finding a new home in years to come.

This task force will be investigating and pursuing those who have participated in any form of mortgage fraud. Hopefully, by implementing the Mortgage Fraud Task Force, California’s housing sector can get on the right track again. William K. Black, a respected Law Professor of the University of Missouri, told the LA Times that as long as the task force stays employed and focused, the success rates could be up to 90% effective.

Sources:

http://theloop21.com/politics/californias-first-black-attorney-general-celebrates-100-days-office

http://www.examiner.com/mortgage-in-los-angeles/mortgage-fraud-crackdown-announced

http://www.latimes.com/business/la-fi-mortgage-fraud-20110523,0,1196882.story?track=rss

Click Here to view our May Newsletter!

According to the Wall Street Journal, our state’s economy has taken another step to recovery. Recently, there has been an unusual amount of job growth in California.  There have been approximately 90,600 jobs added for just the first quarter of this year as opposed to the 82,600 jobs added for all of 2010. We even beat the national average of employment increase! (1.2% vs. 1.0%) If the job increase in California continues as it has, we may be able to rid as much as $6 billion out of the state deficit.

Director of the Center for Continuing Study of the California Economy Stephen Levy believes that this rapid  increase is due to “the three T’s” which include: technology, trade, and tourism. Without these essential components, California would still be on a downward slope. This should really give us something to smile about.

Although this is great news, California still has a lot of work to do before its economy will be fully sustainable. The truth will be seen when this month’s statistics are released. By then we will know whether this was a one-time thing, or if this is an indication of our economy’s steady increase to stability.

The information in this blog can be found at:

http://online.wsj.com/article/SB10001424052748703864204576311373667322428.html

A recent study has shown that California homes with solar panels increase the value and appeal of the house. Not only does this cause for a celebration in the community for environmentalists, but it also is a celebration for you. Even if you are not looking to sell, there are a lot of benefits to investing in rooftop solar panels. In addition to doing your part to help the environment by taking the initiative to use a renewable energy source, you can help out your wallet by saving money on your electricity bill (about 35% - 70%). After the initial installation fees, solar panels start paying for themselves instantly especially in our sunny location.

What does this mean to a seller in Southern California? It means that buyers are viewing solar panels as an attractive attribute to a potential home. Solar panels also increase the selling price of a house, in particular, existing homes. On average, existing homes with solar panels sell for approximately $17,000 more than those without them.

Information in this blog can be found at:

http://www.energymatters.com.au/index.php?main_page=news_article&article_id=1471

http://inhabitat.com/sale-prices-for-california-homes-with-solar-arrays-soar-to-the-top-of-the-market/

http://solar.calfinder.com/blog/news/real-estate-developments-powered-by-solar/

Selling a house can be difficult, but not impossible. Even in this economy, there is still hope of selling your home. Although a lot goes into how a house gets sold, one of the most essential components is staging.

A cluttered home is never something you want to see when looking for a new home, mainly because you can’t see anything! When a room has too many things in it or there are too many colors, we as humans experience what may be referred to as “stimulus overload”. This basically means that there are too many things going on in one space that our brain cannot comprehend everything at once. This leaves your potential buyers more focused on the things in the room than the room itself.

As an educated seller, you want to make sure your house is in its most pristine condition. Here are some tips to ensure that your home is ready for viewing:

1. Clear the Clutter: make sure that your home is picked up and cleaned before you continue with any other part of the staging process.

1. Pick a Professional: sometimes spending the extra bucks on a professional is just what your home needs to attract its new owner. Pricing will depend upon the company you pick and the location the home is in. If a professional stager is not in your budget, here is a link that has some inside tips on what you can do to become your own stager: http://homebuying.about.com/od/sellingahouse/qt/WhatisStaging.htm

1. Rent the Rocking Chair: Buying new furniture is expensive and unnecessary. Instead, consider renting the furniture you believe will accentuate the rooms in your house the most.

1. Don’t Leave Out the Landscaping: Remember that your potential buyers will see the front yard even before they enter the house. With proper landscaping in both the front and back yards, your potential buyers will feel more comfortable and at home.  

Sources:

http://larchmont.patch.com/articles/to-stage-or-not-to-stage-advice-for-those-selling-their-home

http://www.cooperator.com/articles/1927/1/The-Importance-of-Home-Staging/Page1.html

After effects of Japan’s radiation leaks have started to appear on the Golden Coast. The radioactive element iodine-131 has shown positive in milk from California, Washington, as well as thirteen other states.  The milk that was tested was distributed to the San Joaquin Valley. Although the levels detected in the dairy product were 5,000 times below the standard level of concern, Californians should be aware of their milk intake for months to come.

Tests are also being made in rain water, tap water, and other sources of milk. More readings will be issued in days to come. Paramount Real Estate & Property Management will be updating its blog as more information is released.

Everyone from PREPM wishes you a safe and radioactive-free spring!

sources for this blog can found at:

http://www.ksby.com/news/milk-samples-tested-from-dairy-cows-at-cal-poly-indicate-trace-amounts-of-radiation/

http://latino.foxnews.com/latino/health/2011/03/31/radiation-detected-milk-california-washington/