Blog

temp-post-image

The Los Angeles real estate market has been on a steady incline all year but we may have hit a plateau as it has slowed to a snail’s pace. While Los Angeles is starting to slow down, the rest of the U.S. has been slowing down all year and hit an 8 month low in June, according to this Real Deal article. Los Angeles contributed to that with its slowest June in four years.

Although this past June was slowest in terms of sales in the past four years, prices are still rising. The median price for a home in L.A. County hit a new record high in June at $615,000 (heavily influenced by the low inventory on market). Curbed goes into greater detail about how hard this is making it for potential homebuyers, especially first time buyers. If you want more breakdowns on sales statistics, this article breaks it down a few times over.

One market has not slowed down in Los Angeles though, and that’s the multifamily market. With housing becoming a bigger and bigger issue in L.A. there has been a big push in multifamily investments. In fact, Real Deal states, “In the last year, there has been more multifamily investment activity than in any period in Los Angeles history.” With so many variables going up and down we should have an interesting back half of 2018!

Our beautiful, newly launched property at 927 Orlando Ave is the cover feature for the May, 11th issues of Westside DIGS magazine! To read the whole article, check out digs.net.

temp-post-image

Read more

temp-post-image

The real estate market in Los Angeles is turning into a real beast. If you keep your ear tapped into the real estate grape vine there is a lot of talk about supply and demand; and more specifically, low supply to meet high demand. This is getting more attention than usual due to current happenings for future events, but that does not make it any less of an issue.

For starters, prices are soaring (prices for homes sold in February of this year is up 10.5% from February of last year) with what feels like new records set every month. More people are looking to buy but, sticking with February statistics, less homes are coming on market as the number of homes sold in L.A. County dropped over 3% from last February. You couldn’t ask for a more cut and dry example of how supply and demand works! Check out the original article on Curbed LA for more details.

In related news, there is a proposed zoning law change in the works that would bring a flood of new apartment buildings to Los Angeles to help keep up with some of the demand. The statewide bill essential overrides local zoning laws and would allow high-density units to be built near “major transit stops.” With all of the transportation overhaul that the city is seeing right now, this could mean big changes in the future should the bill pass. Find the whole story on The Real Deal, which states that Mayor Eric Garcetti has already spoken out against the bill.

To end on a fun note, here is a list of 18 things (hopefully) going down in Los Angeles in 2018! If you’re already a homeowner in L.A., be sure to check some of those new attractions out!

temp-post-image

Do you live near a freeway? In Los Angeles it can seem like it is hard not to. A new Los Angeles Times investigation shows what many have believed: living near freeways is unhealthy. In addition, the study found that the “danger zone” of living within 500 feet of a freeway could actually be as large as 1,000 feet (depending on time of day).

It is not just freeways though, high volume streets like Sepulveda, La Cienega, and Wilshire are considered just as unhealthy. With so much housing going up near the freeways, and large high volume streets getting more traffic, where does Los Angeles go from here? Because in case you missed it, Los Angeles is rapidly trying to fix its housing issue.

Curbed LA makes a compelling argument to dismantle the freeways in Los Angeles. In addition to overwhelming health benefits, they point to the recent example a major freeway closure in Atlanta due to fire damages. The freeway was closed for six weeks and did not cause the traffic backlash everyone imagined. The same article also uses San Francisco’s Embarcadero double decker freeway as an example of the pros that can come with dismantling a freeway. After the freeway collapsed, the coming years saw a revitalized community in place of a freeway.

Could Los Angeles survive without its freeway system? That is a tough question and this is an issue you should keep an eye on.

temp-post-image

When it comes to real estate, and in particular buying your first home, the prevailing rule of thumb is if you can, you should. We have all heard a real estate agent say, “Now is the time to buy!” but to be honest, that has always been the case (with the exception of 2008). This rule is magnified in Southern California where buying a single family residence will immediately begin rising in value.

Touched upon in an earlier blog post, Los Angeles is seeing some unprecedented growth among its population, and real estate development is struggling to keep up. The LA Times did a study on San Diego homes, a city where unemployment is down and wages are going up but homes are not easy to come by. This past year a vast majority of new development was for rent, not for sale. They are making a push for new development of condo units and townhouses with streamlined permit processes and lowering parking restrictions, amongst other things.

You can, and should, expect similar actions to take place in Los Angeles. Average home prices in Los Angeles went up 7.5% in October alone, which drives home the point: if you buy a house in Los Angeles, it can go up in value every month. Thus putting more weight behind ‘If you can, you should’ because being stuck on the other side of home ownership just means houses will continue to get more expensive.

temp-post-image

There are a lot of big things happening in Los Angeles in the coming years, many of which will have an affect on the housing market. Let’s take a look at some big events on the horizon as well as a new study:

First up, a brand new NFL stadium and future home to the Rams and Chargers is under construction in Inglewood. But this is not just a stadium; this is a massive development that will include numerous businesses open seven days a week, not just Sunday. The city of Inglewood is looking to vastly improve public transportation and build out new housing and retail in the Crenshaw/Inglewood intersection. They expect smaller developments to pop up along Imperial as well.

The stadium was pushed back a year due to last winter’s heavy rain fall and is expected to officially open for the 2020 NFL season. This gives Inglewood city officials time to make a decision in early 2018, giving them two years to line everything up for the new stadium. Get more details from the original story.

Next up, and much more far off, is the 2028 Summer Olympics to be hosted in Los Angeles. The 2028 Olympics will have a similar effect as the NFL stadium but it will envelope a much larger chunk of LA. Mayor Eric Garcetti has his “28 by 28” plan that looks to accelerate 28 transportation projects before the 2028 Olympics. Additionally, this correlates well with Garcetti’s goal of reaching 100,000 new housing units by 2021, which is already two-thirds complete.

Big sporting events and lots of housing developments but do we really need all of that? A new study makes a pretty good argument in favor of all the development: the Southern California Association of Governments estimates an additional one million residents in Los Angeles by 2035. That’s nearly a 10% increase to the city’s 10.2 million current residents! At the very least it puts the sheer number of the housing developments into perspective.

temp-post-image

For most first time home buyers, buying a home is just that: finding a new place to call home. But how is that different from moving from one rental to another? While it is true that home ownership can bring some woes, the positives far outpace the negatives and right here in Los Angeles one positive is really starting to pick up the pace.

When you buy a home you are not just creating a new place to call home, you are making an investment. In the Los Angeles real estate market, that investment will reward you handsomely. LA Times reports on a new study conducted by Zillow that the average seller in Los Angeles, who had owned their property for about 10 years made on average $200,000. Across the board, this came out to an average of nearly 54% gain.

In percent gain on sale, Los Angeles ranked 5th amongst a list of 33 metropolitan areas and was the third California city (behind Oakland and San Jose). So if you are in the market, whether you are a first time buyer or onto the next house, rest assured that in addition to finding a new place to call home, you have made a sound investment.

To see the whole list of cities, check out the original article on Los Angeles Times.

temp-post-image

There is a lot of speculation, conversations, and quite often, jokes made about why Millennials are not buying homes. A new study has pointed out what similar studies have been pointing out: that student loans are holding Millennials back from buying homes. And the few Millennials that are homeowners credit student loans as the main reason they don't sell. In addition, the median income for Millennials is $38,000, and to any of you living in Los Angeles most definitely know, that salary will not afford you a house.

Just how high is the percentage of Millennials not buying houses? Here is a quote from the original article on Real Deal LA:

"A new report from the National Association of Realtors looking at student debt and housing finds that 83 percent of millennials who do not own a home cite student debt as the reason."

temp-post-image

How much do you know about case study homes? Most people think it is a general term, any outstanding piece of single family residence architecture. Perhaps that is not wrong. But actually, there are the case study homes, which were commissioned by Arts & Architecture back in the 40s.

The reason for these homes? To create a new standard for post-war single family homes. They outlined the study ahead of actual construction in 1945, awaiting restrictions to be lifted on certain materials (because of rationing during wartime). Originally, eight well known architects of the time would each create their own single family home with a functional design and an affordable price tag. The announcement even stated that each “house must capable of duplication and in no sense be an individual ‘performance.’ It is important that the best material available be used in the best possible way in order to arrive at a ‘good’ solution of each problem, which in the overall program will be general enough to be of practical assistance to the average American in search of a home in which he can afford to live.”

Obviously, some of the case study homes exceeded the requirements but at its inception, these were to be functional affordable homes for the average American. Over 70 years later and the fact that many of these homes are known by name and still considered exceptional, the original intent of the study fell by the wayside at some point.

If you are interested in architecture, chances are you already know about these case study homes and have even visited some of them. If you have not, you are in luck! There are 20 case study homes located in the greater Los Angeles area, and Curbed LA even mapped them out for you.

temp-post-image

If you have driven around or spent any time at the USC campus in the last couple of years you have no doubt noticed the amount of construction and development going on. This week, just ahead of the start of the 2017 school year, USC Village is officially open. Taking up $700 million of USC’s promised $1 billion towards development, USC Village is the largest development in the school’s history, reported by the LA Times.

Sitting on 15 acres and primed to house 2,500 students, USC Village is not just for students. In addition to the student housing, a new Trader Joe’s, Target, Starbucks, and other stores and restaurants will be open to the public, complete with a courtyard to promote hangouts. This project is a huge step in USC’s campaign to elevate the surrounding neighborhood and community outside of the school’s borders.

The new USC Village replaced an outdated, outdoor mall built in the 1970s and brings all the amenities that come with a high-end university project. USC is just one of many schools in the county who are pushing development outward to help better the surrounding communities. New development with retail and food in addition to student housing brings new jobs to the area, like USC’s proposed plans to bring a new research center into the area, which would include housing, a hotel, and restaurants with it.

Read more

CONTACT US