The LA Connection Property Blog

Mega Leases in Los Angeles

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 08 Nov 2009 15:57:48 -0600

Leasing a Luxury House or Condo is an interesting job, especially when one considers the monthly rentals achieved.

Originally listed at $15,000 per month in this full-service 24-story condo tower at The Remington at 10727 Wilshire Blvd, a 2-Bed 3-Bath condo measuring 3500 sq ft recently leased for $12,000 per month. The fully furnished unit includes the services of a house-keeper twice a week. (Left Pic)

How about a 3000 sq ft 3-Bed 2.5-Bath condo with an awesome view overlooking Santa Monica Beach which recently leased for $10,000 per month? (Right Pic - View from balcony)

Renting a beach house in Santa Monica or Malibu can be a mind-blowing experience at $30,000, $45,000 or even $80,000 per month!

(Pics below) This 5-Bed 4-Bath house rented for $30,000 a month ($60,000 security deposit). The MLS Listing suggests you can "drift off to sleep with waves hitting the sand"..... unless of course you're thinking of the $30K it's costing you each month!

(The property above was Listed by Coldwell Banker - Brentwood and Leased out by Hilton & Hyland)

West Hollywood Condo Sales - October 2009

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 08 Nov 2009 12:10:33 -0600

West Hollywood Condos - Market Report for October 2009 (September/August 2009)

Average Selling Price: $514,000 ($523,000 / $509,560)

Average List Price: $591,000 ($539,300 / $538,774)

Median Price: $462,500 ($494,500 / $450,000)

Total Sold in Dollars: $14,386,000 ($12,551,000 / $15,796,000)

Number of Units Sold: 28 (24/31)

Lowest Price Condo Sold: $235,000 ($230,000 / $299,000)

Highest Price Condo Sold: $1,200,000 ($835,000 / $880,000)

Average Days on the Market: 68 (107/93)

(Statistics obtained from The CLAW MLS and rounded off for ease of comparison. Statistics are deemed reliable but are not guaranteed)

Multi-million Dollar Condos Are Selling on the Wilshire Corridor

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Thu, 05 Nov 2009 22:04:42 -0600

Condos on the Wilshire Corridor at "The Californian" (located at 10800 Wilshire Blvd, Los Angeles) seems to be fetching top prices for condo re-sales in Los Angeles.Over the last few weeks the highest price condo sales in Los Angeles have been recorded at this 23-story 80-unit condo tower.

A 3300 sf ft 3-Bed 3-Bath unit on the 17th floor recently sold for $4,825,000 (with monthly HOA Dues of $3000) while a 3485 sq ft 2-bed 2-Bath on the 14th floor recently sold at $3,395,000 (Monthly HOA Dues of $2875).

For those of you that missed these two units, don't panic .... there are six other units currently for sale in the building ranging from $1,495,000 (2nd floor, 2-Bed 2-Bath) - $4,495,000 (9th floor, 3-Bed 3-Bath).

Beverly Hills Condos - Pending Condo Sales as at 11/4/2009

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Wed, 04 Nov 2009 19:21:45 -0600

450 Maple Drive #501	4 Bed 3 Bath	$2,349,000	HOA Dues $875 pm

261 S Reeves Drive #PH7	3 Bed 2 Bath	$1,695,000	HOA Dues $1552 pm

261 S Reeves Dr #PH4	2 Bed 2 Bath	$1,500,000	HOA Dues $1075 pm

430 N Oakhurst Dr #305	2 Bed 3 Bath	$ 999,000	HOA Dues $619 pm

141 S Linden Dr #103	2 Bed 2 Bath	$ 819,000	HOA Dues $625 pm

133 S Rexford Dr #201	2 Bed 3 Bath	$ 799,000	HOA Dues $600 pm

324 N Palm Dr #403	3 Bed 2 Bath	$ 799,000	HOA Dues $726 pm

200 N Swall Dr #352	2 Bed 2 Bath	$ 699,000	HOA Dues $1062 pm

235 S Tower Dr #206	2 Bed 2 Bath	$ 699,999	HOA Dues $654 pm

225 S Tower Dr #101	2 Bed 2 Bath	$ 499,000	HOA Dues $500 pm

431 N Doheny Dr #1	2 Bed 2 Bath	$ 429,900	HOA Dues $977pm

Average List Price: $1,026,000

Average HOA Dues: $842 pm

Who Knew What You Can Find On Our MLS?

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Tue, 03 Nov 2009 23:29:12 -0600

The Combined LA/Westside MLS (CLAW) has an interesting category in the choice of area searches - "Out of Area (Outside USA)".

Who knew that our MLS contained listings for exotic islands in Fiji and private coastal retereats in New Zealand?

There's "Lomalagi" (meaning "Heaven"), 25 tropical acres on Vanua Levu Island in Fiji's beautiful lush northern islands.

The MLS describes it as an exquisite Beachfront Resort with 6 private Villas offering privacy and seclusion and a working Coconut Plantation, and it could be your for $4 Million. (Listed by Ewing Sotheby's)

Or how about this spectacular 40-acre coastal retreat overlooking the beautiful waters of Doutless Bay, a 45-minute helicopter ride north of Auckland (New Zealand). Available for $7 Million. (Listed by Coldwell Banker)

There's also this exotic location in Bora Bora where The Four Seasons manages private residences priced at $2.4 Million.

However, I noticed the commission offered to the Selling agent is only 1% ...... (Listed by Simon & Associates)

For Sale - Larry Hagman's Ojai Estate - $11 Million

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Mon, 02 Nov 2009 20:14:48 -0600

Larry Hagman and his wife Maj have listed their 43-acre Ojai estate for $11 Million.

The 9-Bedroom 14-Bath Mediterranean-style estate is located at 9950 Sulphur Mountain Road, Ojai, CA 93023 - about 50 miles from Santa Barbara and about 80 miles from Los Angeles.

I recently saw this property featured on a TV series: "Planet Green's Living with Ed". Apparently Hagman converted the entire estate to solar power so that his annual electrical bill was a mere $13.00 - down from $37,000.

Admittedly, he spent $750,000 on the project but he did receive a $300,000 credit from the electric company.

Listed by Natalie Grubb and Wayne Natale of Village Property Realtors.

Speechless Sunday - Washington D.C.

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 01 Nov 2009 12:58:11 -0600

The National Museum of the American Indian - Washington, D.C.

Royal Lofts Aboard Oasis of the Seas - Royal Caribbean

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sat, 31 Oct 2009 16:13:30 -0500

Royal Lofts aboard Oasis of the Seas - Royal Caribbean

Royal Caribbean has taken delivery of its newest addition to its fleet of cruise ships, "Oasis of the Seas".

At an estimated cost of $1.5 Billion this is the world's biggest and most expensive cruise ships ever to set sail. The gigantic ship that is five time bigger than the Titanic and can accommodate over 6000 passengers in 2700 staterooms and suites, began its maiden voyage this week from Finland to Florida.

What I found most interesting about this incredible floating resort are the modern lofts that have been incorporated into the design. The lofts look more like condos than state-rooms or cabins. According to press releases there are 25 Crown Loft Suites (737 sq ft), a number of corner Sky Loft Suites (722-770 sq ft), and the Royal Loft Suite (1524 sq ft) that features both indoor and outdoor dining areas.

Personally, the idea of being on a ship with over 6000 other guests doesn't appeal to me .... I prefer something a bit less crowded and intimate ..... but I think the Oasis of the Seas is an impressive and noteworthy achievement for the shipbuilders.

What the Fox? - A Great Commentary by Jon Stewart

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Fri, 30 Oct 2009 11:40:01 -0500

For Fox Sake!

www.thedailyshow.com

Daily Show
Full Episodes

Political Humor

Health Care Crisis

Perseverance Pays Off - Holmby Hills House Sells for $13,200,000

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Fri, 30 Oct 2009 10:08:36 -0500

Perseverance Pays Off - Holmby Hills House Sells for $13,200,000

Originally listed at $27,500,000 this 12,000 sq ft 9-Bed 9-Bath has finally sold in Holmby Hills (in the Bel Air/Beverly Hills area of Los Angeles) for $13,200,000 - 50% of it's original Asking Price! The MLS describes the property as a "Grand 1930's Hollywood Georgian, completely remodeled." The house includes a hidden wine-cellar, screening room and sauna.

The property was originally listed in May 2008 and was on the market for 429 days before it finally sold ..... proving that Perseverance Pays Off, give or take a few million in the pricing.

(Listed by Stephen Resnick of Westside Estate Agency and Sold by Eric Hassan of Coldwell Banker Beverly Hills)

The New Mercedes Benz Hybrid SLK - Fact or Fiction?

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Thu, 29 Oct 2009 21:36:23 -0500

Is Mercedes really about to launch a Gullwing, hybrid SLK?

Several Auto Blogs (following the lead from Auto Express) are featuring articles about a new hybrid Mercedes.

Daimler Benz has a 10% investment in Tesla Motors, currently the only manufacturer of an all electric car prodcution car - so this may not be beyond the realm of reality!

Have you heard of Re-Remics?

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Thu, 29 Oct 2009 21:03:18 -0500

As the dust settles after the near collapse of the world's financial system last year, it's back to the smoke-and-mirror tricks that helped cause the crisis in the first place.

I'm specifically referring to Re-Remics - "the resecuritization of real estate mortgage investment conduits".

Basically this involves repackaging existing collateralized debt obligations into new products.

Congressman Dennis Kucinich (D-OH) has asked Treasury Secretary Timothy Geithner to address the potential threat to the financial system posed by resecuritization of existing residential mortgage backed securities. (Read the full text of his letter).

According to Dennis Kucinich's website: "The Re-remic process takes previously issued residential mortgage backed securities and collateralized debt obligations whose value has deteriorated considerably, and repackages them into larger, more complex financial instruments in an attempt to create investment-grade products once again. Investors and analysts alike have stated concerns that re-remics could be used to hide toxic assets and manipulate capital requirements."

Kucinich claims that only $50 million of a $664 Billion market is overseen by the Securities and exchange Commission.

Needless to say, one of the usual suspects is actively creating these financial products: Goldman Sachs.

This is scary stuff ..... and make me wonder if Wall Street believes it will get away with this, again!

Surprising Good News - The Economy Returns To Growth

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Thu, 29 Oct 2009 15:08:16 -0500

Surprising Good News - The Economy Returns To Growth

Reuters - "The U.S. economy grew in the third quarter for the first time in more than a year as government helped lift consumer spending and home building."

The surprisingly good news that the economy grew at an annual rate of 3.5% between July and September is worth noting as it signals the end of the worst recession in 70 years according to the Commerce Department.

It's interesting to note that today - the day on which the Obama Administration can breath a sigh of relief as a result of their efforts to stimulate the economy - also marks the anniversary of the Stock Market Crash of 1929.

Wordless Wednesday - "Joe The Bummer"

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Tue, 27 Oct 2009 19:07:17 -0500

"Joe The Bummer" - As eloquently described on The Huffington Post

Why Do Banks Exist?

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Tue, 27 Oct 2009 10:25:38 -0500

Why Do Banks Exist?

With all the talk and controversy about bailed out banks being forced to cap the compensation to senior executives and high-risk traders, I started to think about why banks exist.

Sure, banks serve the customers that utilize their services (safe-keeping of cash, paying out checks, accepting deposits and granting loans etc), but the real purpose of banks is to maximize wealth for their shareholders. A bank is a business. The only real reason banks "serve their communities" is because of the profit they intend to make off those customers.

In 2006 Edward Yingling, the President and CEO of The American Bankers Association (and former top lobbyist for the Association) "urged Congress to permit the regulators to continue doing what they do best, namely, rigorously apply safety and soundness principles in an environment that permits banks to grow and serve their communities."

What an absolute joke!

Can anyone with a clear conscience explain how banks are serving their communities when they're borrowing money between 0.25%-4% and lending it out at rates that exceed 20% on certain products?

The President and CEO of the ABA (American Bankers Association) is on record having said the following on the Federal Reserves efforts to increase transparency in credit card fees and interest rates: "The Federal Reserve’s proposal is an unprecedented regulatory intrusion into marketplace pricing and product offerings."

Bankers are worried about banks, not customers and communities!

IT'S TIME TO GET BACK TO BASICS .....

What customers and communities really need are Community Banks and Credit Unions.

Credit Unions are democratically controlled financial institutions that elect an unpaid volunteer Board of Directors whose sole purpose is to manage the institution for the benefit of its members and where profits are returned to members in the form of lower loan rates, higher savings rates and reduced fees.

Community Banks focus their attention on local communities and use local deposits to make loans in the communities and neighborhoods where their depositors live and work. Community Banks Officers are real people, accessible to their customers on site, with decisions on loans being made locally.

I think we need to start showing the large Federal and mutli-national banks that we, the people, are not simply pawns in their efforts to rule the world. We're real people, with real needs, with real fears and concerns, and we need to be treated fairly.

Perhaps the loudest message would be heard of we all moved our money to the smaller community banks and credit unions who realistically relate to the real world in which we live.

"Outrage" - An Expose

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 25 Oct 2009 21:02:02 -0500

I'm not sure why but I missed this movie when it was shown in theatres earlier this year. Fortunately I noticed it on HBO this weekend and had the opportunity of seeing it.

"Outrage" is a documentary about exposing hypocritical closeted politicians who vote against gay interests in an effort to hide their own homosexuality. Obviously everyone is entitled to their privacy, but in the words of Barney Frank: "There is a right to privacy, but not a right to hypocrisy."

Speechless Sunday - Apparently Drinking Gives You The Same Benefits Yoga Does

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 25 Oct 2009 08:51:17 -0500

Windows 7

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sat, 24 Oct 2009 09:36:41 -0500

The Microsoft advertising campaign for Windows 7 lists 10 reasons to buy Windows 7:

1. Get quicker access to all your stuff;

2. Manage open windows easier;

3. Quickly find what you're looking for;

4. Share files and printers among multiple PC's;

5. Stay entertained effortlessly;

6. Easily create and share movies;

7. Connect to networks easily;

8. Do more and wait less;

9. Touch and tap rather than point and click;

10. Manage devices more easily.

YAWN ...... I can give you one reason why not to buy Windows 7.

It's not made by Apple.

Enough said ......!!

"Dream Homes" - 32013 Point Place, Laguna Beach, CA 92651

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sat, 24 Oct 2009 00:36:41 -0500

"Dream Homes" - 32013 Point Place, Laguna Beach, CA 92651 - Listed at $11,850,000

"Imagine floating high above a white sandy beach and cove below, with breathtaking views of the Pacific, Laguna Beach coastline and beyond," is the opening description of the MLS Listing for this unique property in Laguna Beach (Listed by Donna Pfanner of Coldwell Banker, South Laguna).

According to The MLS this 5300 sq ft 4-bed 5-bath home features "extraordinary views, unforgettable sunsets, and sounds of the crashing surf." WOW - this definitely sounds like a unique "Dream Home".

Watch the Property Tour - it's awesome!

Although I am curious .... Who gets to clean all that glass ..... and how?

HOA Reserves Become a Critical Issue When Selling a Condo

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Thu, 22 Oct 2009 11:26:48 -0500

Homeowner Association's Reserve Studies have become a critical issue when selling a condo.

"A Reserve Study is a document prepared by an outside company for the administration of a property with multiple owners, such as a condominium association or Homeowner's association (HOA), containing an assessment of the state of the commonly owned property components as determined by the particular association's CC&R's and bylaws".

Reserves Studies are intended to help determine how much of the monthly dues need to be set aside to provide for future expenses such as maintenance and capital improvements.

As banks continue to tighten their lending criteria, condo HOA Reserves have become a critical issue in their underwriting process. Underwriters are scrutinizing Reserves Studies like never before.

Banks are now requiring that at least 10% of monthly dues allocated to reserves in order to approve a condo building, and effective November 2, 2009, FHA loans will require that reserves are 60% funded. I have never seen a condo HOA that is 100% funded. In my experience selling condos I've observed that on average, most HOA's are 20-50% funded.

These more stringent reserve requirements are going to cause problems in closing condos sales as many buildings will not meet the new underwriting guidelines.

I'm all for responsible lending but I think lenders have an obligation to alert HOA's of their requirements ahead of time so that HOA Boards can take the necessary steps to avoid problems should owners wish to sell their condos.

MAGIC MOUSE - New from Apple

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Wed, 21 Oct 2009 18:06:22 -0500

MAGIC MOUSE - The advanced new mouse from Apple

As expected, Apple's newest product is impressive. I'm referring to the MAGIC MOUSE, the first mult-touch mouse that has no buttons .... the mouse itself is the button. Magic Mouse replaces Apple's previous wireless mouse.

The Magic Mouse is sleek and ergonomically comfortable and connects wirelessly to a Mac. The mouse is easy to use as the functions are intuitive .... be it clicking, scrolling, or zooming.

With innovative products like this, it's no wonder that Apple's share price is at an all time record high.

West Hollywood's Annual Halloween Carnaval

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Tue, 20 Oct 2009 17:06:43 -0500

West Hollywood's Annual Halloween Carnaval - October 31, 2009

Santa Monica Boulevard will once again pulse with excitement when as many as 500,000 visitors are expected to flock to the famous boulevard for the notorious 2009 West Hollywood Halloween Costume Carnaval on Saturday, October 31, 2009 from 6-11pm.

The City offers several events during the week leading up to the big parade including a pumpkin carving party, a youth carnaval and even a pet costume party (check out the detailed calendar).

The Halloween Carnaval is a great opportunity for kids of all ages to dress up and have fun. It's all in good spirit and well organized.

Parking is scarce as the event involves several street closures so I'd encourage visitors to take advantage of the shuttle service operated from the eastern boundary of the City.

LA's most Expensive Condo Listing - The Century - $16,500,000

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Mon, 19 Oct 2009 19:22:50 -0500

LA's Most Expensive Condo Listing - 2055 Avenue of the Stars #PH37B, Century City - $16,500,000

In case you're curious I thought I'd share the details from The MLS about the most expensive condo currently listed in Los Angeles.

The 6700 sq ft 3-Bed 4.5-Bath Penthouse is located in The Century (in Century City) in the same development in which Candy Spelling purchased a record-breaking $47 Million 16.500 sq ft Condo in 2008.

According to The MLS this condo is the "Master of the Universe PH in the hottest new development".

I'm not sure when The Century will be completed, but it will be interesting to see if the new owners purchased with all-cash or used mortgage finance .... stay tuned!

Speechless Sunday - What a Life ....!!!

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 18 Oct 2009 15:26:51 -0500

Who said it was a dog's life ....?

Balloon Boy Incident Just A Hoax

Stewart Penn - Los Angeles Condo Specialist (Penn Properties ) — Sun, 18 Oct 2009 14:24:38 -0500

"It has been determined that this is a hoax, that it was a publicity stunt and we believe we have evidence at this point to indicate that this was a publicity stunt in hopes to better market themselves for a reality show," Larimer County Sheriff Jim Alderden told reporters at a press conference.

So the Balloon Boy incident was just a big hoax .....

It boggles the mind that Richard and Mayumi Heene could conceive such an outrageous plan.

They manipulated their children, endangered the lives of the rescue workers, wasted tens of thousands of dollars in rescue resources and even destroyed a wheat field when rescuers trampled through it to reach the helium balloon.

Based on the media reports this morning it sounds like the penalties for orchestrating such a hoax will be minimal. Is this right?

Who will pay for the wasted expenses of the search? Who will pay for the counseling that the Heene kids will inevitably need? Do the parents even deserve to keep their children?