Monday, December 18, 2017
News of Socal

LA’s housing market has made West Adams hot

Realtor Natalie Nieth, a 30-year resident of West Adams, stands in front of one home in the neighborhood.; Credit: Leo Duran/KPCC Leo Duran | Take TwoTo understand how hot L.A.'s housing market is, turn to West Adams. The neighborhood straddles the 10 freeway as you drive between USC and Culver City, and it's the only place in Los Angeles that's among America's top 10 competitive markets according to real estate site Redfin. "I think we've been discovered and forgotten over the years," says realtor Natalie Nieth who's lived in the neighborhood since 1986. But there's something different at work nowadays if bidding wars are erupting over bungalows. "Those would have been, five years ago, $300,000," she says. "Now, they're at least $650,000." Nieth pins the recent changes in West Adams to one booming sector of L.A.'s economy: the tech industry in Silicon Beach. "The people that work there can’t afford to live there," she says, pointing ..
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Realtor Natalie Nieth, a 30-year resident of West Adams, stands in front of one home in the neighborhood.; Credit: Leo Duran/KPCC Leo Duran | Take TwoTo understand how hot L.A.'s housing market is, turn to West Adams. The neighborhood straddles the 10 freeway as you drive between USC and Culver City, and it's the only place in Los Angeles that's among America's top 10 competitive markets according to real estate site Redfin. "I think we've been discovered and forgotten over the years," says realtor Natalie Neith who's lived in the neighborhood since 1986. But there's something different at work nowadays if bidding wars are erupting over bungalows. "Those would have been, five years ago, $300,000," she says. "Now, they're at least $650,000." Neith pins the recent changes in West Adams to one booming sector of L.A.'s economy: the tech industry in Silicon Beach. "The people that work there can’t afford to live there," she says, pointing ..

Where is the political will to tackle California’s housing crisis?

SAN FRANCISCO, CA - JUNE 15: A large "rent" banner is posted on the side of an apartment building on June 15, 2012 in San Francisco, California. According to a report by Harvard University's Joint Center for Housing Studies, the tepid real estate market could see a turnaround with the price of rental properties surging and vacancies dropping from 10.6 percent in 2009 to 9.5 percent last year, the lowest level since 2002. (Photo by Justin Sullivan/Getty Images); Credit: Justin Sullivan/Getty Images Leo Duran | Take TwoLiving in Southern California is getting more and more expensive. That's probably not a surprise to many of you. The state knows about this problem, too. "In the last 10 years, California has built an average of 80,000 homes a year, far below the 180,000 homes needed a year to keep up with housing growth," according to a recent report by the California Department of Housing and Community Development. "This lack of supply greatly impacts housing affordability...
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Chargers’ Temporary Home Will Be NFL’s Smallest Venue

CARSON (CBSLA.com) – The newly announced Los Angeles Chargers will play the next two seasons at StubHub Center in Carson, which is home to the Los Angeles Galaxy of Major League Soccer, the team announced Thursday. Already, a website has already been established for fans interested in placing a $100 deposit on season tickets. Current Chargers season ticket holds will maintain their ticket-buying priority and are not required to make a deposit. StubHub Center will seat about 30,000 people for Charger games, including about 3,000 premium and field seats, 46 suites and 16 cabanas. There are about 10,000 on-site parking spaces, according to AEG, which owns and operates the stadium. At 30,000 seats, the StubHub Center has less than half the capacity of the Chargers’ long-time home of Qualcomm Stadium. It will be by far the smallest stadium in use by an NFL team. The next-smallest stadium, the Oakland Alameda Coliseum, has a seating capacity of 56,000. There was no immediate word on what..
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Financial companies lead stocks down; oil rises

Banks and other financial companies led U.S. stocks modestly lower Thursday, wiping out much of the market's Wednesday gains. Phone companies, real estate, utilities and healthcare stocks eked out gains. Energy, technology and other stocks that posted big gains in the weeks after the November election...

Palm Springs will draft competing vacation rental initiative

File: Palm trees line the outside of Merv Griffin's Resort Hotel Nov. 26, 2000 in Palm Springs.; Credit: Jason Kirk/Getty Images KPCC StaffPalm Springs voters could consider two competing measures about vacation rentals in an upcoming election. A coalition of council members and public safety officials announced Wednesday they are requesting city staff draft a ballot measure that would require vacation rentals to comply with similar rules to the ones small hotels and motels in Palm Springs follow. Palm Springs city council members Geoff Kors and J.R. Roberts, along with Police Chief Brian Reyes and Fire Chief Kevin Nalder, all cited public safety in a statement the city released following the press conference. Back in November, the Palm Springs City Council approved an ordinance that set more restrictions on vacation rentals within the city. According to that ordinance, residents are limited to owning one vacation rental property, renting it out a maximum of 32 times per year a..
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Seal Beach’s Bay Theatre gets new owner with focus on art films and live...

SEAL BEACH A Fullerton real estate developer’s dream of reopening Seal Beach’s landmark Bay Theatre as an art movie and live entertainment venue is coming into focus. More than six months after going into escrow, Paul Dunlap, president of Dunlap...
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LA leaders call for ban on campaign finance from developers to ‘restore’ faith

In an election season in which city politicians have increasingly come under attack for a perceived closeness with deep-pocketed developers, five council members on Tuesday sought to dispel that image by proposing a ban on political contributions from donors seeking approval for their real estate projects.
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Los Angeles County saw nearly $20 billion in real estate sales in 2016

Los Angeles’ record year of real estate included more than just two $100-million sales. Last year, L.A. County saw $19.8 billion in sales volume, a 7% increase from November 2015 through November 2016, according to the Multiple Listing Service. Despite the uptick in sales volume, the average sale...
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L.A. politicians propose banning campaign contributions from developers

Los Angeles politicians called Tuesday for a ban on political contributions from real estate developers while they are seeking city approval for their projects, in an attempt to counter the perception that money drives planning decisions at City Hall. The proposal signed by City Council members...
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U.S. stocks turn higher in morning trading; oil prices slide

Phone companies led the major U.S. stock indexes higher in morning trading Tuesday, as the market recouped some of its losses from the day before. Industrial and bank stocks also rose, while real estate companies were the biggest laggard. Crude oil prices headed lower, pulling down energy stocks. ...
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Stocks open mixed on Wall Street; Valeant jumps

The stock market is getting off to a mixed start as drops in real estate and utilities offset gains in other sectors, including healthcare. Struggling drugmaker Valeant jumped 9% early Tuesday after saying it will sell more than $2 billion in assets. Ascena Retail Group plunged 14% after cutting...
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Five things appraisers have learned about Southern California housing

Real estate appraisers are the industry's professional party poopers. They're paid to keep an eye on valuations so buyers, lenders - and even sellers - know a home price is within logical boundaries. If appraisers get skittish about the housing market, deals and loans get harder to complete.
News of Socal

Pennsylvania Girl, 14, Killed in Horrific ‘Rape-Murder Fantasy’; Adoptive Mother, Boyfriend Arrested: Prosecutors

Editor’s note: The following story contains graphic and disturbing details. Reader discretion is advised. An adoptive mother and her boyfriend were arrested after the woman’s 14-year-old daughter was brutally beaten, raped, killed and dismembered in what prosecutors in Bucks County, Pennsylvania, on Sunday called a “rape-murder fantasy.” Jacob Sullivan, 44, was arrested Saturday after allegedly confessing to killing Grace Parker, whose remains were found by two hunters last Halloween in a wooded area in Bear Creek Township, according to a news release from the Bucks County District Attorney’s Office. Grace had been reported missing in July 2016 in Montgomery County by her adoptive mother, Sara Packer, who said the teen had disappeared after likely running away, the release stated. Here are court docs detailing a 14-year-old's rape and murder at the hands of her mother and her mother's boyfriend. https://t.co/EjJoO8DdNq pic.twitter.com/ZgybbhK17y — Bucks Co DA's Off..
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Prince Had Nearly $1 Million in Gold Bars

By Amanda Wicks When Prince unexpectedly passed away in April, he left behind a treasure trove of unreleased music. But that wasn’t the only treasure. In new documents submitted to a Minnesota probate court last week, it turns out Prince had nearly $1 million in gold bars. Related: Prince’s Divorce Papers to be Made Public Inventory compiled by Bremer Trust, the special administrator handling Prince’s estate in the wake of his death, reveal that Prince had 67 10-ounce gold bars amounting to nearly $840,000, according to The Star-Tribune. Besides gold, Prince’s companies held over $6 million in cash and the musician owned over $25 million in real estate. And that’s only the tip of the iceberg. According to the report, there are countless guitars, costumes and more that have yet to be valued. Who exactly will inherit Prince’s assets remains to be seen. He had no will, and while some have come forward to be considered heirs to his fortune, his siblings have been fighting off claims. I..
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Olen Strikes Record-Setting Lease for Chicago Tower

Olen Properties Corp. has signed its largest and most valuable lease ever while keeping its anchor tenant in place at a skyscraper the Newport Beach-based real estate company owns in Chicago.
News of Socal

How a Granada Hills High grad turned an internship into a 46-year career in...

In 1971 Jim Link was wrapping up his journalism degree at then San Fernando Valley State College. He had one final requirement: finding an internship - temporary summer employment related to his major - at a local business. The Granada Hills High School graduate scored a gig with the San Fernando Valley Board of Realtors.
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Is your neighborhood urban, suburban or ‘surban?’ 5 things to know about that new...

Ever wonder how a buzzword is born? Irvine-based real estate consultant John Burns was traveling with a colleague a couple of years ago. They were talking about housing and demographics. “We were having a brainstorming session in a cab in New...
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Emily Blunt and John Krasinski cap off 2016 with Ojai home sale

Actors John Krasinski and Emily Blunt, among the most active celebrities in real estate last year, have rung in the new year with yet another deal. A sale of the couple’s Ojai home closed the week after Christmas for $2.4 million. Sitting on what was once the site of the Ojai Foothills Hotel, the...
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New apps save you drive time when repairing or buying cars

Two new apps let you stay home while someone else takes your car in for service - or brings a car to you for possible purchase.