Visit my website: www.sandralew.com

Venice Beach homes in sunny California are a hot commodity. So many are probably thinking and regretting not buying even just 10 years ago. As a Venice beach area realtor I view every hot new listing on the market weekly on broker caravan Tuesdays. Location, location is key in real estate and this proving to be a profitable locale. Let me know what you're looking for and I'll find it for you. Timing is everything. Thinking of selling? This is a great time to make a move as it's a seller's market as inventory for well priced properties are going fast. This is one of the priciest neighborhood's in the nation and the eye popping numbers confirm it. Gotta love Venice!

Median home prices in Venice are rapidly approaching $2 million

Sale prices rose more than 15 percent in 2016

by Elijah Chiland Jan 29, 2017, 2:48pm PST 

Entering 2017, home prices in Venice are continuing to soar, with median sale prices now approaching $2 million, according to a quarterly report from real estate firm Douglas Elliman.

The report puts median prices in the beach community at $1.978 million; that’s up nearly six percent from the previous quarter and over 15 percent since the final months of 2015, when the median price for a single-family home was a paltry $1.782 million. 

Those numbers confirm the neighborhood’s status as one of the priciest in the nation. For comparison’s sake, the median sale price in Manhattan fell to $1.05 million this past quarter. And while that borough continues to blow Venice away in terms of price per square foot, condos in Venice are now selling for per-square-foot prices that are nearly equivalent to those in Brooklyn.

Average prices in Venice are even more eye-popping. After rising more than 20 percent since the year before, the area’s average sale price stood at $2.439 million by the close of 2016. Meanwhile, sale prices in Downtown Los Angeles and the Westside (which Douglas Elliman has gerrymandered into its own submarket) averaged $1.666 million, with a median sale price of $1.03 million.

Neighboring Mar Vista, which has also been inundated with a flood of tech money in recent years, has seen its own gains in sale prices. Median sale price rose to $1.49 million in the final quarter of 2016, up from $1.275 million a year earlier.

How long prices in the beachfront neighborhoods will continue to rise is unclear. Across LA, the overall number of sales dropped significantly in 2016. So far, though, that hasn’t stopped sale prices from climbing.

Source: http://la.curbed.com/2017/1/29/14432118/venice-home-prices-los-angeles-million

Metro announces federal funding to bring the subway to Century City by 2026

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Metro announces federal funding to bring the subway to Century City by 2026

Exciting news for the Westside.

It’s part of a nine-mile extension of the Purple Line

by Jenna Chandler@jennakchandler Jan 4, 2017, 10:51am PST 

Metro has lined up nearly $1.5 billion in federal funding to bring the Purple Line subway west to Beverly Hills and Century City by 2026, with stops at Wilshire Boulevard and Rodeo and Avenue of the Stars and Constellation Boulevard.

The transit agency announced Wednesday that it has secured a $1.187-billion Federal Transit Administration grant and a $307-million Department of Transportation loan for this stretch of the Purple Line’s extension, called Phase Two. 

Metro officials said they will pitch in local dollars, too: $836 million in revenue from Measures R and M, two countywide sales tax hikes passed by voters in 2008 and 2016, respectively. Without that money, the federal funding might not have landed, they said.

“Angelenos and people across L.A. County have shown their commitment to creating a better-connected transportation system—and this investment echoes that commitment to giving people faster, more convenient connections to their jobs, to healthy recreation fun attractions, and to the people they love,” Mayor Eric Garcetti said in a statement.

The Beverly Hills subway station will be east of this intersection.

Google Maps via Metro

The Wilshire/Rodeo Station in Beverly Hills will be located under Wilshire, with the station entrance on the southwest corner of Wilshire and Reeves.

Approximate location of the Century City Station location.

Courtesy of Metro

The Century City/Constellation Station in Century City will be located under Constellation, with a station entrance at the northeast corner of Constellation and Avenue of the Stars.

Phase Two is part of a nine-mile extension of the Purple Line that will be built in three sections. Once all three phases are finished, the Purple Line will stretch from Downtown Los Angeles, past its current terminus at Wilshire Boulevard and Western Avenue in Koreatown, to the VA West Los Angeles Medical Center in Westwood. 

Construction on the third and final segment is expected to start in 2019, and when it opens, it will take riders from Downtown to Westwood in 25 minutes. Metro originally planned to open the final segment in 2035, but under Measure M, it could open sooner, sometime between 2024 and 2027.

It doesn’t look like the federal funding announced today will help hasten construction of Phase Two, which is set to kick off in 2018. Metro officials had already planned to have Phase Two up and running in 2026. 

Recently, Metro has said it would try to speed up construction, if the city wins its bid to host the 2024 Olympics. But the announcement today pegs the opening date as 2026—two years too late. The Source does say, “Metro is aiming to finish the project at an earlier” than 2026. But no guarantees.

Construction is already underway on Phase One, which runs underneath Wilshire. Phase One will have three stations on Wilshire at La Brea, Fairfax, and La Cienega.

Source: http://la.curbed.com/2017/1/4/14166864/purple-line-subway-extension-metro-century-city-funding

#metro, #westside, #realestate, #centurycity, #subway

Silicon Beach Los Angeles booms as a startup hub

My website: www.sandralew.com

Great news for LA's silicon beach. In 2016 the city's startups have received around $3 billion in funding. LA has become the third most prominent place for startups in America following behind San Francisco and New York. We have the great weather, good universities, a relaxed beach lifestyle, large pool of talent and lower costs compared to SF and NY. For now, all eyes are on "Snapchat" in Venice to continue to thrive and go public to help further establish LA as an enduring place for startups.

Silicon Beach: Los Angeles booms as a startup hub

A cheaper location for tech companies takes off

Nov 5th 2016 | From the print edition

 

HOLLYWOOD has produced plenty of films about underdogs rising to claim the limelight. Now Los Angeles is experiencing its own real-life Cinderella story, as the area’s technology scene has been transformed from backwater to boomtown in just a few years. Hordes of venture capitalists from northern California, once long dismissive of their southern neighbour, now regularly commute in search of deals in a less heavily hunted spot than the Bay Area. In 2016 the city’s startups received around $3bn in funding, around six times more than in 2012, according to CB Insights, a research firm.

Evan Spiegel went to Stanford University in the heart of Silicon Valley, but he wanted to live and work close to the sea. So he based his new company one block from the Pacific in Venice Beach, which is better known in Los Angeles for its silicone-enhanced bodies than the silicon chips that gave the Valley its name. Mr Spiegel’s firm, Snap, is best known for its ephemeral Snapchat social-media messages and is now valued at a whopping $18bn. Other successful technology firms are thriving nearby, including Dollar Shave Club, an e-commerce firm recently sold to Unilever for $1bn; Ring, a “smart” doorbell company, and Riot Games, maker of “League of Legends”, a popular online multiplayer contest.

Los Angeles is now the third-most-prominent outpost for startups in America, after San Francisco and New York. It has several advantages, including good universities, warm weather, a relaxed culture, proximity to San Francisco and much lower costs. Michael Schneider, the boss of Service, a customer-relations startup, reckons he would need to have raised at least 40% more money if based in San Francisco, “just to pay for the same space and people”.

Although Los Angeles has fewer experienced engineers, those that are there tend to be more loyal, not least because there are fewer firms out to poach them. Startups can convince people to move. Ophir Tanz of GumGum, an advertising startup, says he has recruited several employees looking for a more balanced life away from cities like New York and San Francisco.

Los Angeles may at last be getting the attention it deserves. “The original monetisation of the internet was created here, not Silicon Valley,” says Mark Suster, a venture capitalist with Upfront Ventures, referring to pioneers such as Applied Semantics, bought by Google. But for Los Angeles to establish itself as an enduring place for startups, it needs Snapchat to continue to thrive and go public, which could happen as soon as next year.

This article appeared in the Print Edition with the headline: Silicon Beach

Source: http://www.economist.com/news/business/21709564-cheaper-location-tech-companies-takes-los-angeles-booms-startup-hub

 

 My website: www.sandralew.com

Top 5 housing markets for global investors

Besides my passion of real estate I really love to travel. I've been to over 36 countries in the past 9 years along with all over the states. The social aspect is what I love most about real estate. I tend to agree with this article as Spain, Dubai and the United Kingdom are my other top favorite places to live besides Silicon Beach in LA! I grew up in SF bay area's Silicon Valley as well so very familiar with all these global hot spots. Which is your favorite? I'd love to connect with others and continue making friends all around the globe. Let me know how I may help you with your real estate needs.

by Virginia Harrison   @vharrisoncnn September 15, 2015: 10:06 AM ET  
 

San Francisco is named one of the strongest markets for international property investors.

It's time to buy American homes.

The U.S. has been named the hottest market for global residential property in a survey of 14 countries by real estate advisors Savills. The researchers analyzed economic and demographic trends to forecast how much prices in popular cities will rise over the next five years.

And the essential ingredients for solid returns? A combination of population growth, rising wealth and limited housing supply.

1. United States
The U.S. housing market has enjoyed three years of growth as the economic recovery gathers pace. Prices are up about 30% from their 2009 trough.
San Francisco offers the most impressive growth potential. Nearby Silicon Valley has spurred interest in the city and secured its place as one of the country's best performing housing markets. Savills named it ahead of New York, Los Angeles and Miami.


But tread carefully. Savills director Yolande Barnes said there's a huge gulf in potential between the tech hotspots and rustbelt cities.
As for who's buying, Canadians are the top foreign purchasers of U.S. property by sales, followed by buyers from Mexico, India and the U.K.

2. United Arab Emirates
Wealth creation and positive demographics underpin the scope for solid returns in Middle East property. The Gulf economy has clocked annual growth of at least 4% for the past three years.
Dubai is the region's major real estate hub, and Savills believe its long-term prospects are supported by the city's role as a global business center.

Dubai skyline.

3. Singapore
Measures to cool the overheated Asian market, coupled with a general slowing of the economy, has slugged sales and reduced prices in Singapore's prime residential market.

That could be good news for keen investors, however, because underlying demand remains strong, Savills said.

4. United Kingdom
Two European countries round out the top 5 -- Britain and Spain. The dynamics differ but both economies are strengthening and benefit from low interest rates.

Prices in London's residential market are enjoying a massive boom -- up 9% over the past year alone -- but demand overall remains buoyant, and the supply of new homes tight. Look for opportunities around the burgeoning tech sector in the capital, Savills said.



London property prices have surged in recent years, far outstripping price growth in the rest of the U.K.


5. Spain
Teetering on the brink of collapse in 2012, the Spanish economy has turned its fortunes around to become one of Europe's standout performers this year. Real estate prices in the country are still more than 25% below their 2008 peaks, but the market has stabilized.

Property investors should consider Spain's Balearic islands, such as Majorca and Ibiza, Savills said. Popular with European tourists, these residential markets have been more resilient than those on the mainland, thanks to a diverse demand base and limited new supply.

The island of Ibiza is one of Spain's more promising real estate markets for investors.

Source:http://money.cnn.com/2015/09/15/real_estate/real-estate-residential-top-markets/index.html

First-Time Buyers Expected to Return to Housing Market

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Realtor.com predicts an uptick translating to around 40% for first time home buyers for the Spring 2017 season. Based on web analysis of searches they make up 52% of prospective buyers. With nearly half of the recent strong job growths created in the 24 to 34 years old range it may translate to them finally being able to afford the down payment to make the plunge to purchase their first home. With mortgage lenders offering more first time home buyers incentives with lower downpayments it may make buying a viable option over renting.

First-Time Buyers Expected to Return to Housing Market

Realtor.com data shows rise in web searches by house hunters who want to buy in 2017

By Laura Kusisto Updated Oct. 18, 2016 4:46 p.m. ET 

 

Young buyers could return to the housing market in droves this spring, according to a report due to be released Wednesday.

First-time home buyers now make up 52% of prospective buyers looking to purchase in 2017, up from 33% a year earlier, according to an analysis of web searches performed by Realtor.com, a real-estate listing website.

Buyers typically begin searching several months in advance, so the jump in activity could translate to increased purchases by first-timers in the spring and summer of next year.

‘The first-time buyer is ready to come back.’

—Jonathan Smoke

The absence of first-time buyers has been one of the biggest abnormalities of the housing market in recent years. If they return, it could provide a big boost to sales and serve as a sign that the housing market is returning to normal after years during which most new households being formed were apartment-dwellers.

“The first-time buyer is ready to come back,” said Jonathan Smoke, chief economist for Realtor.com.
Just because many more young people are searching for homes doesn’t mean they will be able to buy.

A number of surveys have shown that millennials want to purchase homes but are being held back by their inability to save for a down payment as well as a general lack of affordable inventory and strict mortgage-lending standards.

Nonetheless, Mr. Smoke said he anticipates the share of first-time buyers could rise to 40% during the peak 2017 selling season. First-time buyers fell to 32% of all purchasers in 2015, the lowest level in three decades, according to the National Association of Realtors. Historically, young buyers have averaged 40% of all home buyers, according to the group.

News Corp, owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors.

Strong job growth could be one major reason more young people are looking to buy homes. Nearly half of the new jobs created in the past year were filled by people ages 25 to 34 years old, the prime age for buying a first home, according to Mr. Smoke. Mortgage lenders have rolled out more programs allowing first-time buyers to purchase homes with lower down payments.

Nonetheless, some big obstacles remain. Chief among them: Builders are still constructing few homes affordable to younger buyers and inventory of existing starter homes remains tight.

Source: http://www.wsj.com/articles/first-time-buyers-expected-to-return-to-housing-market-1476821909

Ultra-wealthy still interested in buying real estate despite slowdown, uncertainty

International investors desire investing in the United States real estate market. Surveys show that nearly 25 percent of the global top 1 percent in the United States expect to purchase new property compared with a whopping 45 percent of the global top 1 percent of the international buyers over the next three years. While homes in the higher end selling for over $1 milion based on surveys in 12 countries markets are somewhat slowing overall but hot pockets are still sizzling. With elections soon approaching consumers remain cautious yet optimistic.

Javier E. David | @TeflonGeek

Sunday, 23 Oct 2016 | 4:50 PM ET

 

Despite the chill winds of a softening luxury real estate market and political uncertainty across the globe, it's still a buyer's market for the ultra-wealthy, a recent survey suggests.

In partnership with the YouGov Affluent Perspective, Luxury Portfolio International surveyed the top echelon of consumers across 12 countries, finding that the majority of those consumers were "cautious but optimistic" in the face of an uncertain and often turbulent world economy.

To be sure, the ranks of the ultra-wealthy, those with more than $50 million or more in net worth, have swelled. Research from Credit Suisse showed that there are more than 123,000 individuals in this category, a whopping 53 percent jump in just five years. Most of them reside in North America, where the rate of growth among the super-rich is double that of Asia and significantly faster than Europe's.

Although high-end real estate has softened — sales of homes priced above $1 million have tumbled recently, according to recent National Association of Realtors (NAR) figures — high-net worth individuals "feel good about their lives, are confident about their decisions and have a very strong intent to purchase real estate," the report's authors wrote.

As such, real estate is still in demand for the economic elite, but varied somewhat depending on their location.

The YouGov survey found that 25 percent of the wealthy were looking to purchase new property over the next three years, with 18 percent looking to sell. Outside the U.S., the mood was far more confident: 45 percent of wealthy buyers are looking to purchase real estate with only 23 percent looking to sell, the data showed.

The report showed that "nearly 1 in 4 of the Global Top 1 percent plans to make a real estate purchase in the next three years, with almost as many considering selling as well."

The YouGov survey is consistent with what Philip White, president and CEO of Sotheby's International Realty Affiliates, told CNBC in an interview last month. He said high-end real estate was "sort of a mixed bag, and obviously there is some slowing," but some locations were faring better than others.

Source: http://www.cnbc.com/2016/10/23/ultra-wealthy-still-interested-in-buying-real-estate-despite-slowdown-uncertainty.html
 

My website: www.sandralew.com

Huge new mixed use development breaking ground in early 2018. The entire area around the expo has positive improvements with the dedicated bike lanes and now is getting more user friendly for pedestrians and connecting it to transit—namely, the Expo Line’s Expo/Bundy station a block away

What’s next for West LA’s big new development Martin Expo Town Center?

A new grocery store, offices, restaurants, and more than 500 apartments coming to Olympic and Bundy

By Bianca Barragan Sep 30, 2016, 9:44a

A big Westside project, the Martin Expo Town Center, won unanimous approval from the Los Angeles City Council last week, a decision that will usher in new retail, residential, and a 10-story office tower on the site of a car dealership at the northwest corner of Olympic Boulevard and Bundy Drive.

The project has been tweaked and trimmed since we last saw it at the beginning of the year. The most notable reductions are on the retail and office front. Office space was shaved down from 200,000 square feet down to 150,000, and the grocery store, once 50,000 square feet, has been slimmed down to 35,000 square feet. (The project also includes 18,000 square feet of restaurant space and 46,000 square feet for general retail use.)

The town center has also gained a few significant add-ons, namely an affordable housing component that will set aside 20 percent of the project’s 516 apartments for less-than-market rate rents. (Fifteen percent will be "workforce housing," where occupants median income can't exceed 150 percent of the area median income, and five percent will be for very low-income tenants.)

The project has also acquired a lot of upgrades geared at making it friendly for pedestrians and connecting it to transit—namely, the Expo Line’s Expo/Bundy station a block away. In addition to widened, 15-foot sidewalks, the new complex will have a half-acre pedestrian plaza, as well as a smaller, 4,000-square-foot pedestrian-oriented area at the corner of Olympic and Bundy, acting as a sort of staging area for people heading over to the light rail station, project manager Phil Simmons tells Curbed. There will also be 100 short-term and 600 long-term bike parking spots, as well as bike storage. There are also more than 1,500 underground car parking spaces.

"We think we’ve got as close to a perfect TOD [transit-oriented development] as possible," Simmons said.

The new mixed-user is being developed by the Martin family, which for over 40 years has owned and operated a Cadillac/GMC dealership on the site. (Two dealership-related buildings on the site would be demolished to make way for the new development.) Simmons says the Martin family’s long presence in the neighborhood helped garner support from locals.

But not everyone was swayed. Last month, the West Los Angeles Neighborhood Council told the City Council the project would, "make our community a more dangerous place to live." The letter cited "significant traffic impacts" as the main reason for the neighborhood group’s opposition.

Now that plans are approved, the next step for developers is to prepare "working drawings." Simmons said he expects it will be "close to a year" before they apply for building permits. Developers aim to break ground in early 2018.

Source: http://la.curbed.com/2016/9/30/13118254/martin-expo-development-approved-west-la