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California Real Estate News - Week of 10/24/2016

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What a week of real estate news, let’s jump right in! Developer Beny Alagem’s 26-story condo project in Beverly Hills took an interesting turn when he chose to leave the decision in the hands of voters. While many are not happy with this decision, the LA Times article quoted the developer, “This is a much better plan, and I am going directly to the residents to let them make the decision.”

In other development news, the new Frank Gehry project on Sunset Blvd. has been approved after the developer scaled down the project a bit. The Real Deal reports the agreement cut the tallest building down by 50 feet, decreasing the total number of units by 20. The developer will also contribute to improving the traffic island adjacent to the projected property.

If you are thinking about moving, or already in the market, the LA Times posted an interesting op-ed about constantly looking for the “next best thing” and how caught up (and obsessive) one can get when looking for a home. Don’t worry, it also talks about finding the right home and knowing it when you see it, just don’t download so many real estate apps.

Lastly, our Curbed LA wrap up. Just a friendly reminder/piece of advice for homeowners: this winter is set to be another warm, dry winter. While Santa Monica still bouts some of the highest rents in Los Angeles it should not come as a surprise that the city missed the affordable housing mandate this year. Curbed reports that the mandate requires 30% of new projects to be affordable housing but in the 2015-16 fiscal year, only 19% were considered affordable housing. Continuing on with “affordable living,” the Los Angeles mid-point median home price reach $1 million this year. If you’re a numbers person, you can can find more info in the article. Do you have any ideas about the emerging trends of 2017 real estate? Curbed LA does! If you liked the last few mentions of affordability, make sure to check out the article and how they believe the local government will step up to help out.

Bonus Halloween real estate article! Read Curbed LA’s write up about the beginnings of California: the missions (and how each one is haunted).

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