Los Angeles Warket Watch - Commercial Real Estate Brokerage

DAVID BRAMANTE

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MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES

Los Angeles MarketWatch
Week Ending October 2, 2009

$1 million going further in many housing markets
Saturday September 26, 2009 11:25 PM
By ADRIAN SAINZ AP Real Estate Writer A million dollars doesn't buy you what it once did. In most U.S. neighborhoods, it now gets you a lot more. During the housing boom, prices rose so high and so fast that even cookie-cutter homes in the paved suburbs of South Florida and California could cost a cool million. In Santa Clara, Calif., a ...
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Pace of U.S. home price declines slows in July, index shows
Wednesday September 30, 2009 01:17 PM
Pace of U.S. home price declines slows in July, index shows The drop eases to 13.3% in July compared with 15.4% in June, suggesting the housing market is approaching its bottom. In L.A. and Orange County, July prices were down 14.9% from the previous year. Builder Jean Gagnon cuts siding panels while completing a new home in Derry, N.H. A 20-city index of home prices is at levels last ...
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Housing market continues stabilization
Tuesday September 29, 2009 03:46 AM
San Fernando Valley home prices showed more signs of stabilization in August and annualized sales increased for the 14th consecutive month, a trade association said Monday. The median price of a previously owned house slipped 8.5 percent last month to $389,000, from $425,000 a year earlier, said the Van Nuys-based Southland Regional Association of Realtors. It is the second consecutive ...
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Jobless rates drop in most metro areas in August
Wednesday September 30, 2009 01:22 PM
WASHINGTON (AP) -- The unemployment rate fell in about 60 percent of metropolitan areas in August from the previous month, as layoffs eased nationwide. An Associated Press analysis of Labor Department data found that the jobless rate dropped in 232 of 380 metro areas. That's an improvement from July, when metro areas were split between those with rising and falling joblessness. It's much better ...
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Consumer spending jumps 1.3% in August
Thursday October 01, 2009 10:43 AM
WASHINGTON -- Consumer spending, propelled by the wildly popular Cash for Clunkers auto sales program, shot up in August by the largest amount in nearly eight years even though personal incomes continued to lag. The Commerce Department said Thursday that consumer spending rose 1.3 percent in August, even better than the 1.1 percent gain that had been expected. Incomes, the fuel for future ...
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Investors Eye Apartments, Distressed Properties
Wednesday September 30, 2009 04:42 PM
Apartments remain the favored property type among risk-averse investors. Nearly half of respondents (46%) to a quarterly survey conducted by National Real Estate Investor, Retail Traffic and Marcus & Millichap Real Estate Investment Services indicate that now is the time to buy apartments, up from 38% in the second quarter. Demand for apartments is even stronger among respondents who are ...

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$52M Office Sale Tops L.A. County Deals
Sunday September 27, 2009 01:05 PM
PASADENA, CA-Grosvenor Americas has sold its 203,911-square-foot 2 N. Lake Ave. office tower to a private buyer based in the San Gabriel Valley city of Arcadia in a transaction that ranks as the largest brokered office deal in L.A. County this year and one of the largest in Southern California.
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Entrada Wins 1,900-Unit Management Assignment
Sunday September 27, 2009 01:05 PM
LOS ANGELES-Entrada Partners has been awarded an assignment to provide multifamily asset management services to the real estate division of a $25 billion global private equity firm. Entrada co-founder Reuben Berman tells GlobeSt.com that Entrada, which he and fellow industry veteran Justin Schuman founded early this year, will be helping to oversee a portfolio of approximately 1,900 apartment ...
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Energy Plans Help Projects Secure Loans
Sunday September 27, 2009 01:05 PM
EL SEGUNDO, CA-Two California real estate projects have landed $7 million in financing from a new SBA loan program that doubles the allowable loan limit for borrowers who reduce energy consumption, according to locally based Partner Energy, which acted as an adviser to the borrowers. Tony Liou, president of Partner Energy, explains that the SBA has amended its 504 loan program so that borrowers ...
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Italian Manufacturer To Anchor CleanTech Center
Monday September 28, 2009 07:06 AM
LOS ANGELES-Rail car maker AnsaldoBreda plans to set-up operations in Los Angeles at the CRA/LA's CleanTech Manufacturing Center in the Downtown industrial core, according to the Community Redevelopment Agency of the City of Los Angeles (CRA/LA). The CRA says that the manufacturer "will bring a new, sustainable facility and nearly 1,000 middle-class jobs, as a result of Metro (Los Angeles County ...
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Colony Financial Prices Shares of $255M IPO
Sunday September 27, 2009 01:05 PM
CENTURY CITY, CA-Colony Financial Inc. has set the stock price at $20 per share for the IPO of a new REIT that will buy distressed assets, including performing and nonperforming loans. The previously announced REIT, which will be managed by a subsidiary of Thomas Barrack Jr.'s Colony Capital, anticipates gross proceeds of $255 million, assuming that underwriters do not exercise their ...
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Equity Residential Sells 220 Units for $37M
Sunday September 27, 2009 01:05 PM
SAN PEDRO, CA-Equity Residential has sold its 220-unit Harbor View and Bay Ridge apartment complexes here for $37.25 million, according to Marcus & Millichap, which brokered the sale. The price paid for the two complexes works out to $168.74 per square foot and represents a cap rate of approximately 7% based on today's asking rents. Equity, a Chicago-based apartment REIT, was represented in the ...
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Four Office Tenants Sign for 104,000 SF
Sunday September 27, 2009 01:05 PM
THOUSAND OAKS, CA-Office tenants have signed new leases for more than 104,000 square feet of space in recent transactions here and in Los Angeles, according to principals and brokers in the leases. The largest of the four deals is a 58,751-square-foot lease by State Farm Mutual Automobile Insurance Co. at Kennedy Wilson's Oaks at Westlake project. The others include a deal for 24,282 square feet ...
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Behringer Buys N. Hollywood Apt. Complex for $96M
Tuesday September 29, 2009 03:46 PM
Behringer Harvard acquired a 438-unit apartment building at 5416 N. Fairview Ave. in North Hollywood, CA, from Fairfield Properties LP for $96 million, or $219,178 per unit. Built in 2006, the four-story property totals 690,600-square-feet on a 6.58-acre lot. The unit mix is split evenly with 146 one-bedroom/one-bathroom units, 146 two-bedrooms/two-bathrooms units and 146 ...
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Upgraded 112-Unit Complex Sells for $21M
Sunday September 27, 2009 01:05 PM
HOLLYWOOD-Hollywood Place Apartments LLC of Los Angeles has acquired the 112-unit Hollywood Place Apartments at 7400 Hollywood Blvd. for $21.3 million in what is called the largest multifamily deal in Hollywood this year.
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73,000-SF RiverPark Gateway Debuts
Wednesday September 30, 2009 07:17 AM
OXNARD, CA-The RiverPark Gateway development of 73,472 square feet of freestanding office, medical office buildings and condominiums for sale or lease is set to debut today with a grand opening.
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Singpoli Invests $52 Million in Pasadena Assets
Tuesday September 29, 2009 06:51 PM
In one of the Los Angeles area's largest deals of the year, Singpoli, an architecture and construction company based in Arcadia, CA, acquired a mixed group of office and retail buildings in Pasadena from Grosvenor, a global investment firm, for $52 million. The deal includes 2 N. Lake Ave., a 203,911-square-foot, Class A office building with an Energy Star label plus its 160,883-square foot ...
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Sony Renews at Howard Hughes Center
Tuesday September 29, 2009 06:51 PM
Sony Corp. has extended its 50,435-square-foot lease at 6080 Center Drive in Los Angeles. Equity Office Partners signed the electronics giant to a five-year deal. The 12-story, 315,592-square-foot office building was built in 2001 in the Marina Del Rey/Venice submarket, about five miles north of LAX. It is part of the Howard Hughes Center. Sony operates its Digital Cinema Sales Office out of the ...
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Apartment Experts Assess Market Potential
Tuesday September 29, 2009 07:47 AM
LOS ANGELES-Experts on the local, regional and national apartment markets will zero in on the industry's outlook and offer their assessments of market opportunities in an all-day conference and networking event on Thursday, Oct. 8 at Apartments 2009, an annual event in the RealShare series. The annual gathering of apartment investors, owners, brokers, lenders and others involved in the ...
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DAILY DEALS
Transactions for October 2

DAILY DEALS
Transactions for October 1

DAILY DEALS
Transactions for September 30

DAILY DEALS
Transactions for September 29

Liquidation Sale at Wilshire Grand Hotel in Downtown LA

While walking to work in Downtown LA, I noticed a group of day laborers / movers unloading dressers, headboard, nightstands and TVs onto the sidewalk. Apparently, the Wilshire Grand Hotel in Downtown Los Angeles had an impromptu liquidation sale of some of its furniture. Everything had prices, TVs were going for $10. Hurry!

$2350 / 1 br - One of a kind artist loft! Everything u want. Don't miss out! VEWS of DOWNTOWN SKYLINE

$2350 / 1br - One of a kind artist loft! Everything u want. Don't miss out! VIEWS

Hands down, this is one of the best lofts in Downtown LA ever built. Amazing views, great open large spaces, new kitchen, new bath, and high ceilings. Huge closet, large bedroom, concrete floors and much much more. That's not enough? It has a large private balcony with insane Downtown skyline views. Everything you want in one space.

Loft Description:

— Amazing Views of LA
— Legally Live / Work Space
— 18-ft Ceiling
— 1800 ft²
— Polished Concrete Floors
— Central AC & Heat System
— Full Bathroom (Individual Water Heater, Large Bath / Shower and Vanity Lights)
— One Full Kitchen with Bar
— New Stainless Steel Appliances (Refrigerator, Gas Stove and Dishwasher)
— Located on the 3rd Floor (SE Corner)
— Huge Historic Arched Window
— Exposed Piping
— Huge Walk-in Closet
— Tons of Storage
— New Granite Countertops
— Unfurnished
— Open Floorplan


Building Amenities:

— Two Separate Entrances
— Controlled Access (Two Intercom Systems)
— Additional Free Parking at the Wilshire Union Center (One Block North)
— Tenant Rooftop Sundeck
— Two Keyed Elevators (Regular Service and Freight Service)
— Laundry Room (Five Washers and Five Dryers)
— Paid Water
— Paid Trash
— On-site Management
— Evening Security
— Full-time Cleaning Staff

Additional Building Amenities:

— Event Parking Available
— Storage Rooms and Units Available
— Maid Service Available

Contact / Building Info:

— David Bramante
— 213.216.3754
— City View Lofts
— www.CityViewLofts.info

Come to The Investor Workshop: "First-Time Home Buyer - Houses v. Multiple Unit Purchases"

The Investor Workshop: "First-Time Home Buyer - Houses v. Multiple Unit Purchases"
Presented by David Bramante
Guest Speaker Brian McKim
Saturday, July 11, 2009 from 12am to 1pm
Location TBA

How great would it be to have other people pay for your first property?

Very few first-time home buyers realize that buying a multiple-unit property is one of the greatest ways to start an investment portfolio. Plus there are many benefits and the best one is that you’ll have tenants paying your mortgage.

With low housing prices, low interest rates and large free government incentives, isn’t a great time to buy your first property?
Come learn about buying your first investment from the experts. It's a buyer's market and a great time to become a property owner. With low housing prices, low rates and large tax incentives, it's never been a better time to buy. Find out what neighborhoods are best, what to look for and find out what types of loans are available. There will be a discussion with David and Brian about these topics, and a Q & A session will follow.

Casual atmosphere. Refreshments will be provided. This buyer workshop is absolutely free and informational. You will not be asked to buy anything! Please RSVP because space is limited to ensure we cover the market, steps to buying and available loan options.

David Bramante is a real estate broker with Marcus & Millichap Los Angeles. He specializes in investment real estate and has owned homes in Silver Lake and Echo Park. Brian McKim is a mortgage broker with Bank of America. He specializes in 1st time home owner programs. If you've got a question about financing, he's got the answer.

For more information and to RSVP, call:
David Bramante
213-216-3754
TheInvestorWorkshop.com
DavidBramante.com

$8k Tax credit can for First Time Home Buyer for Down Payment!!!

"DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website."

Contact me for more info!
David Bramante
www.DavidBramante.com

What it takes to buy an apartment building in this economy (Or a brief explanation why you shouldn't invest in gold bars)

What it takes to buy an apartment building in this economy
(Or a brief explanation why you shouldn’t invest in gold bars)
By David Bramante

Very few people will ever own an apartment building, but almost everyone will rent at one point in their life or another. Even with the many requirements fulfilled, securing a commercial loan can be especially tough in an economy like this one.

Though retail and office buildings sales have plummeted, with huge retail chains and businesses slamming their doors over night, tenants are still viewing and renting apartments, and investors are still buying and selling commercial real estate everyday. This will never change no matter what economy we’re in.

So what does it take to buy this hot type of commercial building (a commercial / apartment building is considered 5 units or more)? It takes a lot. So if you’re interested in building true wealth, you need to know what is expected and take the necessary steps.

The most obvious requirements are cash and credit. For a conventional commercial loan with an interest rate of 6 to 6.5 percent, you will need a minimum FICO score of 680 and have 30 to 35 percent of the purchase price for a down payment. This is not very different from conventional residential financing at about 5 to 6 percent, where you need a minimum FICO score of 640 and about 30 percent for a down payment. But that’s were the similarities end.

(Example: You will need $225,000 down to purchase a 10-unit apartment building for $750,000).

In Southern California, those aren’t very rigorous requirements because there’s an abundance of cash flowing throughout the region. But obviously, $225k is not chump change and for the large majority of people that live month-to-month on salary, this will never become a reality.

What do you need next? You must be liquid (aka have cash reserves) equal to 6 to 12 months worth of mortgage payments (interest and principal combined) and have a net worth that is equal to or greater than the purchase price of the property (networth equals your assets minus your liabilities).

So that’s what it takes to own an apartment building. It’s a blue print for becoming an apartment tycoon and creating true financial wealth, but these requirements are the reasons why there are so many renters and so few owners, and why investing in apartment buildings is better than investing in gold.

For those that can't buy an apartment building, the alternative is buying up to a 4-unit building, which is a hybrid: You can buy multiple units and collect rent, all the while utilizing a conventional residential loan to purchase the property.

Thanks for reading. Visit my website!

www.DavidBramante.com

If money is an object, hold off on buying a home (Advice for novice real estate investors)

If money is an object, hold off on buying a home
(Advice for novice real estate investors)
By David Bramante

Most people new to real estate think that buying a home is the first step to living the American Dream. But really it is the largest investment most people will ever make and very few consider the alternative to buying a home, which is buying multiple unit properties.

With the same type of financing, you can actually purchase a 2-unit, 3-unit or 4-unit building. For first time home buyers, you can’t buy more than a 4-unit property because anything larger is considered a commercial investment and so the financing rules change, along with the requirements for down payment.

So rather than immediately buying a home, why not think about a multi-unit property? It boils down to what your goals are. So ask yourself that very question. Why do you want to buy a home?

For most people, buying real estate is an emotional decision, like buying a car. But don’t be like most people. Property and vehicles are investments. Be a novice real estate investor and don’t see homes for sale, just see houses on the market. Take the emotion out of buying because this is a long-term, serious investment that will take you 30-years to pay off. This is a major financial commitment and this is your future, so don’t be rash. Home is where the heart is, but houses are where the money is. Weigh the pros and cons.

So now think of buying a property as buying an investment. If I were to offer you an investment that gave you a greater return on your down payment, would you at least consider it? Honestly, why would any investor buy a 1 unit property, when he/she can get a 4 unit property for almost the same price and same great financing? The investor wouldn’t because it doesn’t make sense financially.

Let’s go back to the original question, which is what are your goals in purchasing your first real estate investment?

The main reason should be about creating true financial wealth, not be about satisfying a desire to live the American Dream in the traditional sense because the essence of the United States is not cute homes with picket fences. The US symbolizes the spirit of the entrepreneur, the visionary, the cowboy. And so when it comes to buying your first real estate investment, the American Dream is really about being an investor with the credit, liquidity and gumption to seize opportunities, where others see risk or lack the discipline to put their emotions aside.

Now, if money is not an object and you are financially comfortable, than go buy the most expensive house you can afford and live happily ever after. But, if money is an object (as it should be not matter what your financial status is), consider holding off on buying that house and start considering multiple units. You may decide that a house is for you and units are not, but know that there are many options when you purchase your first investment property.

Visit my website for more info!

DavidBramante.com

Client Login Section Updated

The secure client login section has been modified. Not only will it include info for current and past sales, where the owners can go to check the status of the property, but also they'll be able to download important documents from escrow, etc.

But the best part is that the area has a new section called "Current Buys". This is where I have searched for specific properties that will generate an income for the first-time home-buyer / investor. These properties will need to make a conservative $1000 in net operating income, and that's just the minimum requirement.

What else will I include (there's a property in there now)? Well I analyze every aspect that effects the property, including market rents, transportation, etc.

I drive out to the property, staying aware of the different factors that would effect the value and rental income, such as area, parking, foot traffic and any glaring signs of disrepair. Curb appeal is important, but the neighborhood vibe is the first thing potential rents will absorb. Most renters use google maps and/or drive-by to determine if the area is safe enough and close enough to the center of action.

Once inside the property, it's all about what repairs need to be made, how long will they take and what issues will make the unit a hard sell (I could go on and on).

So if you're looking for investment property in Los Angeles, especially if you're a first-time home buyer or first-time investor, let me know and I will give you access to this area.

I’m looking for a new car to buy, but I’m having doubts about the best route.

I’m looking for a new car to buy, but I’m having doubts about the best route.

I’m in search of a vehicle and I’m having a little trouble.

Cars aren’t vehicles to wealth and so this month while looking to buy a new car, I’m struggling with my goals in purchasing. Everything that I do is designed to buy real estate. So initially, it’s difficult for me to justify buying anything for more than a couple thousand. That’s why every car I have driven to date has been a used car and one I paid all cash for.

For me, a car is not a symbol of status or wealth but rather a symbol of financial intelligence. Everyone lives beyond their means, especially in big cities, and it’s most obvious when you see people in their cars. But the more I find myself dreaming about that beautiful and new BMW 3-series, the more I find my self analyzing why anyone would throw so much cash away and I end up almost talking myself right out of buying a new or few year old car, again.

There have been times that I’ve been disappointed with my wheels and lack of shiny rims, especially because the potential clients looking out their windows don’t see me and my vehicle as a symbol of frugality to the nth degree, but rather as a chump in cheap piece of crap. You are what you eat and you are what you drive.

But those moments of embarrassment are fleeting and the idea that I’m on to something bigger and better persists. I want to create real wealth and signing up to give my cash away every month to make the “man” wealthy just doesn’t make sense, unless that’s my goal.

But it’s not and my goal is also not to out shine people on the freeway or speed past them on the streets, but to create true financial wealth and I’ll do that by buying one building at a time. Until then, I’ll need to find the intersection where reliable and presentable and cheap and credit-establishing meet.

The Wilshire Union Center

I'm working on a website for the Wilshire Union Center in Downtown Los Angeles. Every day I receive phone calls from shoppers trying to find out the store hours for the different shops and I end up telling them, and giving them the phone numbers. This new website is easy and user friendly, and can be pulled up quickly on a mobile device or computer using Google or Google Maps.

The Wilshire Union Center is a massive commercial shopping center that redeveloped the Westlake neighborhood in Downtown LA. Sandwiched by several live-work loft projects, including City View Lofts, residents in the area are able to go to Home Depot, Starbuck's, McDonald's, Rite Aid, Food4Less and Warehouseshoe Sale.

The location is very busy and has entrances on both Wilshire and 6th Street. Check out the new, simple site at www.WilshireUnionCenter.com

Thanks!
David Bramante

Hall of Justice in Downtown Los Angeles

Hall of Justice. It's been this way for a very long time.

Now Renting: City View Lofts - Downtown Los Angeles Loft - Loft 305

The Penthouse Loft

New website up and running! Check out www.ThePenthouseLoft.com for temporary rentals. The Penthouse Loft is a massive 4,000 sq. ft. penthouse loft located in Downtown Los Angeles at City View Lofts. This fantastic space has been used for both large and small photo shoots, film productions and events. Exclusively offered by David Bramante Real Estate. Check out the website or call for more information.

Downtown Los Angeles Lofts for Rent at City View Lofts

Loft 404 - Giant Loft, Huge Arched Windows, Concrete Flrs, 18-ft ceilings, Great Views, New Kitchen & Bath in Downtown Los Angeles

There are a few lofts opening up at City View Lofts in the next couple of months. Loft 404 is currently available and is a large open space that has views of the Hollywood Hills (including the Hollywood Sign, the Griffith Park Observatory) and the Downtown LA skyline.

Is was used last as for a denim company named Uknighted Clothing. They maximized the large space and had several sections for tailoring, cutting, storing and used the front space by the large arched windows as their corporate office / headquarters.

Loft Description:

— Amazing Panoramic Views of LA
— Legally Live / Work Space (Possible Tax Deductions)
— 18-ft Ceiling
— 2000 sq. ft.
— Polished Concrete Floors
— Central AC & Heat System
— Full Bathroom (Individual Water Heater, Large Bath / Shower and Vanity Lights)
— One Full Kitchen with Bar
— New Stainless Steel Appliances (Refrigerator, Gas Stove and Dishwasher)
— Loft Bedroom / Office Area
— Located on the 4th Floor (North Corner)
— Huge Historic Arched Window
— Exposed Piping
— Huge Walk-in Closet
— Tons of Storage
— New Granite Countertops
— Unfurnished
— Open Floorplan

City View Lofts - Downtown Los Angeles Loft - Giant Loft, Huge Arched Windows, Concrete Flrs, 18-ft ceilings, Great Views, Parking Available

City View Lofts - Downtown Los Angeles Lofts
Giant Loft, Huge Arched Windows, Concrete Flrs, 18-ft ceilings, Great Views, Parking Available

Loft Description:

— Amazing Panoramic Views of LA
— Legally Live / Work Space (Possible Tax Deductions)
— 18-ft Ceiling
— 2000 sq. ft.
— Polished Concrete Floors
— Central AC & Heat System
— Full Bathroom (Individual Water Heater, Large Bath / Shower and Vanity Lights)
— One Full Kitchen with Bar
— New Stainless Steel Appliances (Refrigerator, Gas Stove and Dishwasher)
— Loft Bedroom / Office Area
— Located on the 4th Floor (North Corner)
— Huge Historic Arched Window
— Exposed Piping
— Huge Walk-in Closet
— Tons of Storage
— New Granite Countertops
— Unfurnished
— Open Floorplan

Building Amenities:

— Parking Spaces Available for $150/mo
— Two Separate Entrances
— Controlled Access (Two Intercom Systems)
— Additional Free Parking at the Wilshire Union Center (One Block North)
— Tenant Rooftop Sundeck
— Two Keyed Elevators (Regular Service and Freight Service)
— Laundry Room (Five Washers and Five Dryers)
— Paid Water
— Paid Trash
— Onsite Management
— Evening Security
— Full-time Cleaning Staff

Additional Building Amenities:

— Event Parking Available
— Storage Rooms Available
— Maid Service Available

For More Info:

— David Bramante - City View Lofts
— 213.216.3754 - http://www.CityViewLofts.info

Los Angeles City Planning Commission Adopts Preliminary Motion to Ban all New Electronic Billboards

Los Angeles City Planning Commission Adopts Preliminary Motion to Ban all New Electronic Billboards
by Christine Pelisek
October 16, 2008 5:30 PM

"Woo criticized as “ridiculously low” the nominal $100 fee that billboard companies pay City Hall to install a single, highly lucrative electronic billboard. A spot on a network of ten digital billboards owned by Clear Channel Outdoor or CBS Outdoor can cost $97,500 a month. "

That's how ignorant and ridiculous politicians are. Click on the title to read the entire LA Weekly article.

Santa Monica Place will gain ocean view in major makeover

The Frank Gehry-designed shopping center will feature a broad plaza surrounded by curving walls that open both to the street and toward the beach.

By Roger Vincent, Los Angeles Times Staff Writer
10:21 PM PDT, September 10, 2008

The new incarnation of Santa Monica Place, the Frank Gehry-designed shopping center that is getting a major makeover in downtown Santa Monica, will feature a broad plaza surrounded by curving walls that open both to the street and toward the beach.

With flourishes of curved shining material unwinding from a third-story plaza, the $155-million renovation will allow patrons to see the nearby ocean from its rooftop dining level, according to architectural drawings released Wednesday.

The mall's owners, who mostly demolished the original structure, say that upon completion the new center will differ vastly from its predecessor and sport a Bloomingdale's department store instead of longtime anchor Macy's.

Designed by noted Los Angeles architect Gehry early in his career, the old mall, completed in 1980, had an enclosed suburban-style configuration that was incongruously set in one of the most affluent urban shopping districts in the region.

The existing mall is about a block from the beach but does not allow shoppers to see the ocean or local streets. It was one of many inwardly focused shopping centers built during an era when owners wanted to lure customers into a self-contained bubble where there was little to do but shop.

The center's owner, the Santa Monica-based shopping center chain Macerich, launched the renovation in January. The new center, which was designed by the Jerde Partnership, is intended to connect with Third Street Promenade.

Mortgage rates are plunging -- for those who qualify

"The government takeover of Fannie Mae and Freddie Mac has sent mortgage rates tumbling, prompting homeowners and would-be buyers to flood loan offices with phone calls.

But there's a catch: Although the lower interest rates make it easier to get a mortgage, many lenders this week also raised the minimum down payment they'll allow on a loan -- making it impossible for some people to qualify for a mortgage.

And the decline in rates doesn't apply to you if you're borrowing more than $730,000.

But for the traditional 30-year fixed-rate mortgages that Fannie Mae and Freddie Mac acquire from lenders, interest rates have fallen to about 6% this week after hovering above 6.5% most of the summer, said data tracker HSH Associates."

Click on title to read entire LA Times article.

800 sq. ft. Live - Work Loft, 18 ft. Ceilings, Polished Concrete Floors, FREE Parking, Perfect for Photographer!

Loft Description:

> 800 sq. ft.
> Legal Live / Work Space
> 18-ft Ceilings
> Amazing Panoramic Views of Los Angeles
> Views of Hollywood Sign and Griffith Park Observatory
> Huge Walk-in Closet
> Polished Concrete Floors
> Central AC & Heat System
> One Full Bathroom
> Individual Water Heater
> Large Bath / Shower
> Bathroom Vanity Lights
> One Full Chef's Kitchen
> Granite Countertops and Bar
> Stainless Steel Appliances (Refrigerator, Gas Stove, Dishwasher)
> Garbage Disposal
> Located on the 3rd Floor
> Original Windows and Natural Light
> Exposed Piping
> Unfurnished
> One Parking Space Included


Building Amenities:

> Two Separate Entrances
> Controlled Access (Two Intercom Systems)
> Additional Free Parking at the Wilshire-Union Center
> Tenant Rooftop Sundeck
> Two Keyed Elevators (Regular Service and Freight Service)
> Laundry Room (Five Washers and Five Dryers)
> Paid Water
> Paid Trash
> Onsite Management
> Evening Security
> Full-time Cleaning Staff

Additional Building Amenities:

> Event Parking Available
> Storage Rooms and Units Available
> Maid Service Available