Tuesday, February 25, 2014

Buy These LA Homes Before the Prices Go Even Higher. Starting at $26,995,000

The Most Expensive Homes For Sale in L.A.

  , writing for LA Weekly, takes us on a tour of the ten most expensive homes currently for sale in the Los Angeles real estate market.  He tells the story, better than I can, so I'll get out of the way: 
  • A cozy place on Delfern Drive via Zillow
Feeling down about your paycheck? Is rent a little bit much for you to handle these days? Stop complaining. If you think your housing situation hurts, just think about how difficult life would be if you were ultra-rich.

Real estate prices for the so-called 1 percent are reaching stratospheric levels in L.A. these days. A home that last decade would have cost you $10 million is now in the 20s or beyond. One recent listing was asking for .... $155 million. The federal government should intervene with housing assistance for the poor folks who have to pay these prices.

Thanks to the kind people at real estate website Zillow, we have a mouth-watering list of L.A.'s 10 most-expensive homes for sale (interestingly, all but one are within L.A. city limits):

10. 10425 Revuelta Way, Bel Air. If you don't have the means to go big, you don't necessarily have to go home. This 22,900 square foot estate on nearly two acres only has 16-and-a-half bathrooms. Slum it if you must. Price: $26,995,000.

9. 10346 Moorpark St., Toluca Lake. This one's for you folks who need to spend eight figures on a home but don't want to live on the gilded Westside. In fact, it's the only listing here that's not on the Westside. This Valley property sits on a whopping five acres and features eight bedrooms. Price: $27.5 million.

  • This copa runneth over, via Zillow/MLS
8. 385 Copa De Oro Rd., Bel Air. If you have to have new, this is close to it. The 10,616-square-foot, circa-2006 mansion sits on slightly more than an acre of land and has seven bathrooms. Remember, copa de oro means cup of gold, and you better have several of those in the bank if you want this puppy. Price: $27.5 million.

7. 9501 Gloaming Dr., Los Angeles. If you're going to pay nearly $30 million for a pad, you might as well get one that's at the top of the hills. This one comes with a rare bonus, even in these here real-estate big leagues: 10-plus acres of some of the most-prime real estate in America. It also comes with the coveted "Beverly Hills Post Office" zip code of 90210, though it's technically in the city of L.A., as are all the listings so far. Price:$29.5 million.

  • When you have to hire a helicopter to photograph your house. Via Zillow/MLS
6. 3100 Mandeville Canyon Rd., Mandeville Canyon. This little collection of shacks (there are five structures on-site) lies west of the 405 freeway near the Skirball Culture Center. Its biggest attribute, arguably, is an amount of acreage almost unheard of in the rest of the city: 48. Wow.

Also, for you discount shoppers, there has been a $5 million price cut, Zillow says. You and a few dozen of your friends could call this place home for a low, low price: $29,950,000.

To see the other five homes, head over to LA Weekly

If you are thinking of buying one of these homes or something a little slightly less pricey and you need a mortgage to get the job done, give Bill Rayman a call.  He has vast experience in the mortgage business and is now associated with one of the largest mortgage originators in the US, Guranteed Rate.   Call or email

bill.rayman@guaranteedrate.com https://GuaranteedRate.com/BillRayman

Monday, February 17, 2014

Riordon Starts Conversation on Los Angeles Gentrification


Ex Mayor Richard Riordon

LA Housing in Very Short Supply - No Vacant Land Either!

What is a city to do?  Every inch of available land that anyone cares about has a building on it of some kind.  Napa and some other cities have tried, unsuccessfully, to stop progress.  The reality is that with shifting demographics, changing work force requirements, and one of the best places to live on earth, Los Angeles is going to continue to see pressure to add housing units. 

But for the foreseeable future, there just isn't enough product on the market to meet the demand.  So prices are skyrocketing, and sleepy neighborhoods like Echo Park and Eagle Rock are all the rage.  Industrial and commercial buildings are being leveled to create residential units.  It still isn't enough.

Ex Mayor Richard Riordon says it is time to start a conversation about how to plan for the future growth of Los Angeles.  He suggests that "It’s quite possible that we want this process to continue, if only because most of the regulatory steps necessary to contain it would be draconian and, in the end, economically harmful. That said, there are things we should be doing to ameliorate gentrification’s impact and, at the least, to make sure it doesn’t displace more of the working poor and middle-class families crucial to a healthy civic culture and economy."

In other words, It might be really great to have all of Los Angeles look and feel like Santa Monica or Marina Del Rey, but where will the folks who install your TV and pick up your trash live?  How will newly minted high school or even college grads be able to stay here with rents starting at $1000 a month if their income is only $2000 a month. 

Riordon points out in an opinion piece recently co-authored by Tim Rutton in the Los Angeles Daily News that other cities are experimenting with 300 square foot single apartments and 600 sq ft family units that are designed to house the middle class and working poor:

"If the city really wants to help these families, it needs to go beyond making land available in areas close to jobs and public transit. It also ought to revise its zoning regulations to allow greater densities on the banked parcels and, particularly, family-sized variations on the sort of well-designed micro units that have proven quite successful in the Bay Area and Seattle. Because those spaces were designed primarily for single renters, most are just 250-300 square feet each, incorporating a kitchen, bath, closet and living space. The latter often is fitted out with multipurpose built-in units — say, fold-down murphy beds or a table that can double for dining and as a desk. Affordable developments in Los Angeles will need to incorporate a substantial number of “family-sized” units of 600 square feet or more.

Depending on the mix of sizes and assuming the construction of three-story buildings, 150-200 such compact apartments can comfortably fit into an acre of land at a construction cost of less than $60,000 each. A banked three-acre site adjacent to a transit hub might contain two such structures and a one-acre park to provide a common garden and recreation space for all the residents. There’s nothing mutually incompatible about affordability and a decent living environment — and freed of outdated regulation, private development can provide both."

The issue is not whether the Los Angeles is going to need more residential units, the issue is whether the various governmental units are going to proactively plan for the future, or whether the marketplace is going to dictate the future in a more hectic fashion.  Depending on your point of view, you might argue that one or the other is preferable.  However, it is likely that a combination of public and private is what will serve the Los Angles Population the best.

If you are currently planning to buy, fix up, or refinance a home in the four county Southern California area, you might want to give Bill Rayman at Guranteed Rate a quick call to discuss the mortgage issues involved in your goals.  There is no cost or obligation to pick Bill's brain about options and timing.  Call:  424-354-5325

Bill Rayman Home Mortgage
Guranteed Rate
12121 Wilshire Blvd
Suite 350
LA CA 90025

bill.rayman@guaranteedrate.com https://GuaranteedRate.com/BillRayman