We're pleased to announce the recent closing of this off-market deal. This building was truly "one-of-a-kind," with it's eccentric layout, vintage characteristics, and hidden location, it resembled the likes of an old artist's tavern. Located at the corner of Melrose Ave. and Madison Ave., the extremely convenient location, along with the zoning (C-2, R-4), was such a unique find for our clients to pass up, and turned out to be the perfect location for their new studio.
1928: Braly Building- The Beginning
Throughout the rise and development of Downtown Los Angeles, many have been able to witness the dynamic transformation of the rich; geographical diversification that has occurred over the last few decades. Most of which that came to pass in the form of towering edifices, swallowing whole some of the busiest streets of Los Angeles, dating all the way back to the 1900's.
It all began in 1903, before the start of World War II. The Braly Building (the Los Angeles's first high-rise) was erected. For the next two decades, the tallest buildings would only be 13 or 14 stories (due to restrictions that were put in place after the completion of the Braly during the Golden Age). In 1928 City Hall was completed and was considered to be LA's first skyscraper holding the title of the city's tallest building for 36 years.
Fast-forward 100 years and we arrive at the colossal- Wilshire Grand Center. Built and completed in June 2017, the skyscraper that is located in the Financial District, is currently the tallest building west of the Mississippi River. Outside of New York and Chicago, the Wilshire Grand Center building would be the 9th tallest building in the United States, and some would even refer to it as the "Times Square of the West." In light of such a significant benchmark, Commercial Cafe (A Commercial Real Estate Blog) has put together a video of the evolution of Downtown LA, "from the very first skyscraper, to its latest."
We've closed escrow on 2 beautiful Mid Century properties. 2 closings in 1 day- Not a bad way to start the 4th of July weekend.
1482 Angelus Ave
Tucked into a quiet and coveted Silver Lake enclave, this 60s mid-century modern has been remodeled and re-imagined with an architect's touch. Enter from street level into the bright and airy top floor - an entertainers dream with walls of glass sliders opening to a large deck offering stunning city & sunset views. Rich walnut floors lead through the open-concept living and dining areas into a sprawling kitchen with Heath backsplash & custom cabinetry. Downstairs is a tranquil sanctuary showcasing salvaged giant Sequoia ceilings enveloped by lush trees through walls of glass allowing access to the large downstairs deck & terraced side yards from every room. This home features two master suites - one up & one down each with en suite bath, plus two additional rooms with sliding walls that offer a flexible use of space. Central HVAC, large carport and ample closet & storage space. Close to the Reservoir, Sunset Junction & all that makes Silver Lake one of the best neighborhoods in LA.
3333 Ione Dr
At the end of a private road, an immaculate Mid-Century post and beam looks out over the city. Walls of glass and fired concrete floors create a rare vintage of the coveted, Mid-Century modern home for which LA is adored. Original wood throughout an open floor-plan unifies period detail with the modern functionality of Carrera marble counter tops and updated systems and washrooms. Currently configured as a 2 bedroom, it could be returned to a 3 bedroom layout if desired (as is shown on tax records). Panoramic views of Universal Studios, Studio City and the Hollywood Hills. Its (approx.) 1/2 acre lot waits to be transformed into vineyards or gardens by its next steward. A home worthy of its city - how life in the hills is meant to be.
The Metro committee has announced on Wednesday, April 19, 2017, that they would be implementing a new swipe-able wristband that would replace the current Metrolink TAP cards. Designed by Oberthur Technologies, the new wristbands are now currently being tested by a group of 20 to 25 passengers with disabilities.
As the brutal bouts of storms pummeled along the coast of California throughout the months of January & February, The Golden State was proud to announce a lift on the drought advisory that clutched the region for what seemed like an eternity. The once barren peaks of the Eastern Sierra's, now packed with record snow levels, bear a promising return to the city of L.A., in the form of a raging water runoff. Though the unexpected amounts of water edged towards dangerously high capacities, there was one particular town that seemed to benefit from the aftermath- Silver Lake.
With the surplus of water in the L.A. Aqueduct system, it was a great opportunity for the Los Angeles Department of Water and Power to announce the refilling of the Silver Lake Reservoir- which would begin in mid-April.
L.A. City Councilman Mitch O'Farrell wrote, "This overflow is a gift,” but “we need to continue to be vigilant in our conservation efforts for water use.”
“With the above-average snowpack, we have a surplus of water in the L.A. Aqueduct system and with it the opportunity to refill Silver Lake Reservoir ahead of schedule,” said Richard Harasick, the agency’s senior assistant general manager of water.
For the residences of Silver Lake, as well as the Angelinos who frequent the lake on occasions, this promising news could not have come at a better time (especially with summer around the corner).
Read more about the announcement here.
- Relative to history, housing remains affordable but consumers remain squeezed and incomes are falling.
- Housing demand is weak but supply is low causing price to remain remarkably stable for now.
- Rising interest rates dramatically impact housing affordability; and rates have been rising.
- I believe the consumer will continue to get weaker as incomes continue to fall causing the housing market to take a down turn over the next year.
Where We Stand
After bottoming in 2009, home prices showed strong growth through 2013, and has since cooled off slightly. Over the last 2 years, home price growth has been remarkably flat due to an interesting tug of war between supply and demand.
Focusing on the growth rate of housing as opposed to the nominal price of housing is important. For example, if home prices are growing at 10% year over year and then falls to 5% growth year over year, home prices are still going up, although at a slower pace. Although prices are still moving upwards. Measuring housing in this fashion often allows you to front run real estate moves because the growth rate has to fall before becoming negative and waiting until the growth rate is negative (or home prices falling in nominal terms) is often to late. Studying the change in growth rate allows you to stay ahead of the curve.
Currently the growth in home prices has been very flat at around ~5% year over year. Since the growth rate is flat, this provides little insight into the direction of the next move in the real estate market. It is now even more important to understand what is causing home price growth to remain so stable.
Supply is very low, putting upward pressure on prices, while demand is weak putting downward pressure on prices; the result being home price growth that has been flat for almost 2 years.
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:
“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.”
“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.”
“Although we strongly believe that the housing supply-demand imbalance for single-family homes will continue to drive above-average home price appreciation, just as falling mortgage rates aided pricing power on the margin in recent months, we expect the opposite effect to become evident in the coming months. As such, we project year-end home price inflation of 4.8% for 2017 and 4.1% for 2018.”
“A modest increase in mortgage rates won’t have much of an effect on home purchases. A buyer may need to slightly re-evaluate which homes they can afford, but it’s not likely to make an impact on qualifying, in most cases.”
"Our survey data shows that mortgage rates would have to be significantly higher to have any meaningful impact. The house buying power that borrowers have, even with rates below five percent, still remains historically strong."
As we kick off the New Years, Los Angeles County is seeing a median price jump of $525,000 in January, according to a new report from CoreLogic. This increase equates to a 7.1 percent increase over the last year of 2016, when prices in January 2015 were only $520,000. It seems that the rising sales numbers were due in part, as a result of consumers looking to purchase before the interest increase after the election, Andrew Le Page, (CoreLogic analyst), hypothesizes. Throughout the nearing counties of Los Angeles, a six percent increase has been seen since last year. With the increasing market prices, a high demand in properties, and not enough inventory to sustain it, it is difficult to say whether this may or may not be a trend.
Sitting above one of Los Feliz‘s most prized streets, 4711 Bonvue marries modern functionality with the intoxication of 1920’s Spanish architecture. Fully renovated; no finish has been overlooked, no detail un-curated. Arches, coved ceilings, wood floors and windows, Spanish and Moroccan design throughout. On the main level are the public rooms; living, dining, kitchen, office and a family room. Upstairs are the en-suite master and 2 additional bedrooms (one of which leads to a separate, sun-filled studio/den). The lower floor contains it’s own kitchen, bathroom and entrance; the perfect in-law suite, screening room or potential music studio. With a heated pool, private back yard and downtown framed through the trees, the house offers the best of privacy and proximity. At the base of Griffith Park and a moment from Los Feliz blvd., there is easy access to all that Los Feliz, Silver Lake and Hollywood have to offer. How life in LA is meant to be lived.
Purchased with the help of John Johnston, and TheLAhome team, This Modern Mansion boasts 4,064 sq. ft., with a lot size of 11,364 ft.
Modern Hollywood Regency with a sophisticated contemporary finish. This magazine worthy, Mid-Century Showpiece features highly detailed select quality custom fixtures. 11 foot tall custom built entry doors & floor to ceiling retractable Fleetwood walls of glass showcasing sweeping city & mountain views are only the beginning. This walled & gated designer exclusive offers superior privacy w/a classic Mulholland address. The single-level open floor plan, a dramatic motor court featuring 12 foot tall custom Calcutta stone columns, parking for 10 & an indoor/outdoor sound system all come together to make this an entertainer's dream. All bedrooms offer bathroom en suite featuring designer tile, Dornbracht, Gessi & Catalano fixtures. A master bathroom 2nd to none w/radiant heat flooring, dry sauna, steam shower for at least 2, separate massage & gym area. Swarovski lighting, Miele appliances, & a security system w/8 perimeter cameras are just some of what this home has to offer.