It was the best of times
(for buyers), it was the worst of times
(for developers).Â 2009 - 2010
are years for the record books when it comes to new construction, when a raft of great West Hollywood condo projects
came to market.Â The level of architecture
, and plain out "cool" factor
far exceeded the new construction that preceded it.
And 2009 - 2010 was an exciting time for condo buyers
.Â Developers either had to slash their prices
, or worse (and better for buyers), head into receivership
or loan workout
and then "red tag sale"
these excellent units to move the inventory.Bottom line
is that units sold from about $390 - $450/sq ft
, and buyers were able to purchase condos on the best terms of a generation
: best loans, best quality, best price.Â
Read our sales summaries of these buildings on our main blog, the Los Angeles Real Estate Blog:
- 1250 Harper Avenue, West Hollywood
- Habitat 15 -- 1322 N Detroit Street, Los Angeles 90069
- Lofts @ Cherokee Studios -- 751 N Fairfax Avenue, Los Angeles 90046
- 817 Alfred -- 817 N Alfred Street, Los Angeles 90069
- 855 Croft -- 855 Croft Street, Los Angeles 90069
- 123 N Kings Road, Los Angeles, CAÂ 90048
- 1411 N Detroit Avenue, Los Angeles, CAÂ 90046 - Legendary Place
The Federal Housing Authority (FHA)
periodically recalibrates the way it charges for the excellent, low-downpayment, low-credit score loans
that it backs.Â On April 18, the FHA increased the fees
for mortgage insurance (MI),
from .85% to 1.1%
(for 5% downpayment or higher) and .9 to 1.15%
(for downpayments less than 5%).Â The one-time mortgage "points"
(fees) that FHA
charges for obtaining the loan is unchanged at 1.0% of the loan principal
Read an analysis of purchasing a $500,000 home with an FHA loan on our main Blog, the Los Angeles Real Estate Blog.
Apartment owners in Los Angeles have a reason to cheer.
Â The average apartment vacancy in the city of Los Angeles declined from 5.4% in March 2010
to 4.9% in December 2010 (
the most recent date for which data is available), a .5% decline
Considering the sorry state of the economy
and the persistently high jobless rate in Los Angeles City
, this drop in vacancy rate should be as a very positive indicator for improving multifamily fundamentals in Los Angeles.
The rental market
across vast swathes of Los Angeles is becoming tighter
and flipping from one favoring tenants to favoring landlords
Read the article about Los Angeles Apartment Vacancies on our main Blog, the Los Angeles Real Estate Blog
This is a post by Luke Jones, who joined Adner Realty Group at Keller Williams Sunset as an Agent in January 2011.
I recently took the plunge and got married
(whooohooo!!) so now, naturally, my mind suddenly turns to finding that perfect first home together. With so many Single Family Residences (SFRâ€™s) in LA,
the choice is endless
But a few things stand out when making that decision about where to
â€˜nestâ€™; room to expand when the time comes; a good space for
entertaining the in-laws; a little privacy for when your betrothed
drives you mad (Iâ€™m told that happens); and a good size master where all
the magic happens. Add to that the fact that youâ€™ll want parking for
two cars and a bit of yard to pretend like you have green fingers and
all of a sudden what might seem like a glut of choices, is actually
reduced down to a more manageable amount of properties.Â Read the full article on our main Blog, The Los Angeles Real Estate Blog
As bad as the job market has been, and it's been truly awful, the apartment market in Los Angeles
is hanging tough.Â Certainly, vacancies citywide have risen approximately 2% since 2006, but they could have risen a lot, lot more.Â There's a wide range of vacancies from 9.1% in Venice to 3.8% in Boyle Heights.Â Read more about Los Angeles Apartment vacancies
in our main blog.
41 new condos are coming to West Hollywood.Â Harper West Hollywood
at 1236-1252 N Harper Avenue between Santa Monica Boulevard and Fountain is pictured above.Â An historical preservation project / new construction project with 32 condo units, this complex offers a variety of floorplans and stellar view.Â Read the full article in our main blog by clicking here
Hacienda Lofts, a 9-unit complex, just opened its doors by La Cienega and Fountain, at 1137 HaciendaÂ Place.Â Prices range from $595,000 - $795,000.Â Read our full review in our main blog by clicking here
There are so many voices of doom about the housing market that become dissonant with the harsh reality that much of Los Angeles is a very expensive place to buy a home. One look at the chart above -- that tracks the median sale price of a home in the Beverly Center - Miracle Mile, Hancock Park - Wilshire, Hollywood Hills East, Los Feliz, Silver Lake - Echo Park, Sunset Strip - Hollywood Hills West and West Hollywood
illustrates the high barriers to entry that buyers experience.Â The median sale price has increased 18% -- from $880,000 to $1,040,000 -- in just over a year.Â The days of bargain basement/deep discounted pricing are gone.Â Read more about our home market analysis in our main Blog by clicking here