Los Angeles Luxury Real Estate Blog

Los Angeles as it will look for the next few years if Measure S passes

Last November, the Los Angeles county passed the Build Better LA Initiative, an initiative encouraging building affordable housing and hiring of local labor. This March, the Neighborhood Integrity Initiative is on the ballot. The Neighborhood Integrity Initiative, also known as Measure S, may sound great in theory. It's "an initiative to change the city's laws governing changes to the general plan and development projects." However, all it will ultimately do is cost Los Angeles billions in revenue, increase real estate prices, and increase the homeless population.

Simply put, Measure S will put a stop to any construction projects that "increases development density" for at least 2 years and then make city staff do all environmental impact reports

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Earlier this year, I wrote about what would happen to the Los Angeles real estate market in 2016, so I feel it is only right to reflect on the expectations for, and the realities of, what happened this past year. Probably everyone can agree, 2016 was a tumultuous and unpredictable year in world events, politics, and pop culture. However, the 2016 Los Angeles real estate market did more or less what was expected. 

So... what did we get right and what did we get wrong? Our grades for each prediction are below.

City of Los Angeles at Sunset

Prediction #1: Housing prices will stabilize

Grade : C for what was expected (but a B+ for the market!)

While economists did predict further improvements to the housing market, it was expected to slow down. In our 2016 predictions blog

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This election is not only about who will be the next president of the United States. There is another measure on the ballot that could have an impact on Los Angeles real estate. The "Build Better LA" Affordable Housing and Development Initiative (aka Initiative Ordinance JJJ) is an initiative that would encourage development with affordable housing and local labor.

Below are the key points of the "Build Better LA" Initiative -

  • All development projects that include 10 or more residential units and require changes to the General Plan or other zoning/ construction rules, would have to make a percentage of the units affordable for low-income and working residents OR pay a fee to fund affordable housing and enforce laws that protects renters.
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homebuying myths keeping renters from buying

Renting is the worst. Every month it feels like money being thrown out the window. In Los Angeles, it is getting worse as rents keep increasing and renters are not moving. Only one thing will change this: more rental units become available. This can happen by either developers building more rental buildings, which is being fought by many residents for various reasons (some valid and some ridiculous). Or as renters become home buyers, their former rental will become available for a new tenant. One problem we have seen lately is renters who are hesitant to buy because they have been discouraged by various homebuying myths. We are here to shed some light on some of these myths keeping renters who want to buy from achieving their dreams. I've heard many

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The real estate market in Los Angeles is intense. The lack of inventory combined with an abundance of qualified and eager buyers make quality properties a hot commodity that is in high demand. In the current market, it is not uncommon for well-priced homes to have multiple offers and a bidding war within the first week on the market; assuming the home doesn't sell as a pocket listing before going on the MLS. If you are thinking of selling your home and have no idea where to start, below are some of the most commonly asked questions when someone is selling a home in Los Angeles. 

Questions asked by sellers in Los Angeles

How much needs to be done to my house before putting it on the market?

It should be obvious, but I'll say it anyway because I see enough houses to know it isn't obvious

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Sotheby's International Realty Global Network

A couple of weeks ago, Matthew Gaskill and I had a sushi dinner with people from France, Australia, Colorado, Washington D.C., and New Hampshire. For a night in Las Vegas, this may not be out of the ordinary, but each of these wonderful, inspiring people are our colleagues and part of the Sotheby's International Realty global network. While some may say "only in Vegas," we can say "only with Sotheby's International Realty."

Sotheby's International Realty organizes an amazing conference, the Global Networking Event, every 18 months. Since this brand is a true international company, we were able to meet and develop relationships with Realtors from all over the country and all over the world. This year's event at the Wynn Hotel and Casino saw 35

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A home in France recently broke the record for the highest price ever paid for a house. The sale of Chateau Louis XIV, located outside of Paris, is rumored to have sold for $301M. The previous record holder was a $221M penthouse at the One Hyde Park building in London that was developed by Candy & Candy and Sheikh Hamad bin Jassim bin Jaber Al Thani, the Prime Minister of Qatar. With those record prices in mind, let's take a look at the most expensive homes for sale in Los Angeles and see how the price points compare.

There is, of course, last year's most expensive home for sale in Los Angeles at 9505 Lania Lane that started at $195M and was reduced to $149M. While no longer publicly listed, is still available to a willing buyer.

9505 Lania Lane is among the most expensive homes for sale in LA

 

The new

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Predicting the 2016 Los Angeles Real Estate Market

At the beginning of each year, articles about every business come out predicting what to look forward to in the new year. Real estate is no exception. I have been busy working with clients who want to get a jump on achieving their 2016 real estate goals, so I am a little behind on getting out my Los Angeles real estate predictions for 2016. So with an extra month to gauge the market, here is what I think the next 11 months will see in the Los Angeles housing market.

Prediction #1: Housing prices will stabilize

There will still be continuous growth in prices in the real estate market but many are saying it will be more of a return to normalcy compared to the double digit appreciation some areas have seen in recent years. Home prices in Southern

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Driving through Bel Air, Beverly Hills, Trousdale Estates, the Bird Streets, and Hollywood Hills, the constant construction traffic is simultaneously encouraging and frustrating. The traffic caused by the construction trucks and crews is compounded by narrow, windy roads in the above mentioned areas. However, seeing so many construction projects underway is wonderful when considering the investment people are making into their homes and their neighborhoods in so many areas in Los Angeles. It's hard to see the changes in the neighborhood and not be inspired to do some work on your own home. One of the most important questions to ask before undertaking a project on your own home is "What are the best home improvement projects for return on investment?"

kitchen renovations are among the best investments for home improvement projects

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One of the most sought after areas in Los Angeles to live and to buy is Hollywood Hills. The Hollywood Hills have been divided (literally by the 101 Freeway) between Hollywood Hills West and Hollywood Hills East. The Hollywood Hills are highly desired not only because they offer famous neighbors from the numerous celebrity residents; this neighborhood also is steeped in history, offers more seclusion, privacy, and isolation than found in most parts of Los Angeles, has incredible views, and the more western location is convenient to everything in the city from Beverly Hills and the Sunset Strip to Downtown and from the beaches to the studios.

The homes for sale in Hollywood Hills are commanding record breaking prices in the current market with the

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