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Our process in Leasing, Marketing Vacancies in Studio City and Sherman Oaks

Managing houses and homes in Studio City & Sherman Oaks has been a core portion of our business for over 11 years.
The steps we take are as follows:
1. Make sure the property is in rent ready condition. Potential renterss can focus on the tiniest flaws, and dirt so making sure the property is painted and clean is crucial.
2. Taking photographs. For the interiors of the property we only use a wide angle lens to bring out the true feel for what the rooms look like. For larger High end properties we hire professional photographers to assist and retouch photos.
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3. Then advertising our properties to every channel possible is crucial. We market on over a dozen websites. If a tenant is looking to lease, they will definetly find our ad.
4. Knowing how to properly screen tenants is probably the most important step in leasing rental properties. Running credit checks to reveal FICO score, runny Telecheck, verifying bank statements, employment and previous rental history. Once a tenant is screened thoroughly, we will approach our client (Landlord) with all the information, and they will decide to accept or decline the application.
5. Once a renter is approved we will proceed in collection of security deposit money, 1st months rent. Paperwork such as the lease is drafted along with all the associated addendums related to the property/area. It’s very important that the Lease has the language necessary to protect the Landlord and the management company from issues that can potentially arise when have a rental property.
For more information or questions about our process contact us by calling (818)501-5518,

300 Unit + Sherman Oaks Apartment Project Proposed

A developer has plans to build a new 300-plus unit apartment complex with commercial space on Ventura Boulevard in Sherman Oaks,14832ventura

The project would involve constructing 312 new apartments at 14801 to 14827 Ventura Blvd. between Kester and Willis avenues in two, five-story buildings that will also feature retail, restaurants and underground parking.

CBRE is marketing between 15,000 and 22,000 square feet of retail space for lease out of a total of about 37,000 square feet planned for retail and restaurant tenants. The ground-floor tenants would be below apartments and above underground parking, according to the firm’s brochure on the project.

The site is located at the northwest corner of Ventura Boulevard and Willis Avenue and is about three-quarters of a mile from the Sherman Oaks Galleria.

Currently, the Sherman Oaks Chamber of Commerce leases space in the larger of two older office buildings that now occupy the parcels, according to real estate database CoStar Group Inc. A two-story medical office building of more than 12,000 square feet is fully leased and was built in 1959. It sits on 1.73 acres and has 55 parking spaces. The second building, just under 10,000 square feet, was built in 1961 and sites on less than an acre with 45 parking spaces.

Both buildings are owned by H&M Konjoyan of Sherman Oaks, which did not return calls for comment before deadline.

 

Courtesy of San Fernando Valley Business Journal

 

For a consultation regarding development opportunities in Sherman Oaks or the surrounding areas contact One Source Real Estate at 818-501-5518

 

Interest Rates Are Rising. Here’s How to Take Advantage

Q: With interest rates starting to rise, what’s the best way to invest for income?

A: Rates are indeed starting to climb, now that the economy is accelerating and inflation is ticking up. Since last summer, the yield on 10-year Treasury securities jumped by more than a full percentage point, from 1.37% in July to more than 2.4% today.

For fixed income investors, rising interest rates pose a big challenge, since older, lower-yielding bonds held in a fund are likely to fall in price when market rates rise. That explains why, over the past three months, the average long-term government bond fund has lost nearly 8% of its value, according to Morningstar.

But “there is a benefit to rising rates,” says Matt Toms, chief investment officer for fixed income at Voya Investment Management. “If you’re patient and are reinvesting the income, over time you are going to be better off with the higher income payout.”

Plus, there are small steps you can take with new money to position your bond portfolio for the new rising-rate environment.

Shorten up. Focus on funds that invest in short-term debt—bonds maturing in two to three years or less. For starters, short-term bonds tend to lose less than longer-dated securities when rates rise. Moreover, “we can look at corporate balance sheets and have confidence of their cash flow over one, two, or three years,” says Warren Pierson, senior portfolio manager with Baird. “That’s harder to do when you are investing in bonds with 10-, 15-, and 20-year maturities,” he says.

If you’re looking for a solid short-term bond, consider Vanguard Short-Term Investment Grade (VFSTX), a low-cost option that’s in our MONEY 50 recommended list of mutual and exchange-traded funds.

Go with the float. Floating-rate bank loans are another form of short-term debt — with a couple of big differences. When rates lift, yields on many of these securities float with the market. As a result, as rates have risen over the past three months, the average bank loan fund has gained more than 2% in total returns.

Floating-rate securities are also generally issued by companies with less-than-pristine balance sheets. So only own these funds in moderation. And use them as an alternative to high-yield “junk” bond funds.

Be careful with income stocks. For years, investors frustrated by historically low rates have turned to dividend-paying stocks to boost their income. But investors need to be really careful with income-producing stocks, as they are sensitive to interest rate changes. That’s because when market yields rise, bond investors who turned to dividend paying equities are likely to pivot back to the fixed-income market. “You want to stay away from interest-rate-sensitive stocks,” says Burt White, chief investment officer at LPL Financial.

And finally, don’t go overboard. While short-term bond funds make a lot of sense, don’t upend your entire strategy. In fact, there’s a strong argument for sticking with your so-called core bond funds even if they include longer-dated debt. “A core bond fund can still play a very constructive role in a diversified portfolio,” says Toms. “Those bonds do a good job of offsetting equity volatility.”

Courtesy of time.com

Real estate pros see recession by 2017, survey shows

The real estate sector is getting a little more pessimistic about the economy and a majority of professionals in the industry now see a recession ahead in the next 18 months.Help Key

A survey of 400 people in the real estate business by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI) showed a drop in positive sentiment to 69% from 84% six months ago. Current levels are at the lowest in two years.

“There’s a lot of weird stuff going on in the world—China, interest rates, volatility in the equity market—all of which is creating anxiety,” said Mitch Roschelle, a partner at PwC.

And while a majority of those surveyed remain positive for now, more than half expect a recession by the end of 2017, notes Roschelle, who adds that two out of the last four recessions have been in part due to a slowdown in the real estate market.

However, he sees a silver lining to real estate pros losing their optimism.

“They’re saying, ‘Listen, maybe we need to back out. Maybe we need to not reinflate a bubble and cause another recession,’” said Roschelle. “If we don’t reinflate a bubble with housing prices and we don’t reinflate a bubble with commercial real estate prices, we may not have that bubble bursting causing another recession. So if there is a recession, real estate folks are saying, ‘It’s not going to be because of us this time.’”

Global uncertainty may also lead to some overseas investors turning to U.S. real estate. “The more volatility that goes on in foreign markets and the more uncertainty there is about geopolitical risks in foreign markets, they tend to rotate toward U.S. dollar-denominated investments and income producing asset classes like real estate,” Roschelle said.

“What’s interesting is foreign sentiment for U.S. real estate has improved while domestic sentiment has weakened.”

courtesy of Yahoo.com

Max Azria’s house in Bel Air (Holmby Hills) for sale

If at first you don’t succeed, try, try again but also ask for $3 million more. That’s the plan for the lavish Holmby Hills home of designer Max Azria, who founded the BCBG Max Azria Group, reports the Wall Street Journal. Azria listed his estate about a year ago for $85 million, but withdrew it from the market after eight months. Now he’s putting it back on the market, but this time, listed with a different brokerage for $88 million.

Why tack $3 million onto the already high price of a mansion that couldn’t sell? One of the new listing agents at Hilton & Hyland tells the WSJ that the price hike is totally understandable, considering that prices of all luxury homes in LA are on the rise.

Azria’s roughly 30,000-square-foot mansion was originally designed by architect-to-the-stars Paul R. Williams in the 1930s, and has been updated by Azria and his wife since their purchase of the place in 2005. It’s reported that the couple spent $30 million on renovations and upgrades to the house, undoubtedly on things like the “floor-to-ceiling waterfall chandelier … made from over 150,000 crystals” in the grand entryway that greets guests upon arrival.

The house has 17 bedrooms; a home theater; a swimming pool with a bar; a “Moroccan-themed” pool house; multiple gardens; a home office with a domed, gold-leafed ceiling; a greenhouse; another greenhouse that’s been converted to a gym; and a tennis court. In all, the estate is almost three acres. That new pricetag again was $88 million.

3 Practical Points for Efficient Property Management

Time is precious like gold, as most would say, but not really exactly true; for a wise man once said that an inch of gold one’s lost may be replaced, but an inch of time once lost is irreplaceable.  That is why one should always be mindful of his time, be it in any aspects of life, much more on business.

If you are into property management, for most times you would find it difficult to handle things and balance your time. That is why it would be necessary for you to achieve property management skills, which in turn would save your time. Now here below are some tips, as discussed that may help you in saving your time and allowing you to create better impression to your associates and clients.

 

Specific Time Periods for Specific Activities

It does not mean that if you have received any request or queries, you’ll immediately jump right into it. Everyone would really like to make their concern urgent, even though at times it is not urgent nature. That is why it would be better to make a time table for every particular activity. Based on your previous experiences, there would be some request from clients that are proven urgent, and others are seemingly urgent. From such knowledge, try to make a schedule on when and how you would resolve a particular concern. By doing such thing, you would be focusing you thoughts and energy on a particular task at a specific time.  Try to divide your time wisely and you’ll see the difference. This process would also avoid any half-baked results due to time constraint or lack of focus.

 

Prioritization Matrix

There are times that when we are not organized, the mind would trick us into thinking that a simple task is of great importance, wherein fact it is not that significant. In order to avoid falling into similar mental slip, you should organize and label your task. You may categorize your task into four categories namely, “Important/Urgent, Important/Non-urgent, Unimportant/Urgent, and Unimportant/Non-urgent.” Having this type of groupings, you can easily spot what is urgent and important from what is not.

 

Time Wasting

Perhaps one of the most significant areas of concern for proper time management is our tendency to waste time. We may call it a simple rest but at most times we are actually guilty of wasting time. Thirty-minutes of wasted time may be insignificant in number; but if such act is constantly repeated, then the compiled amount of wasted time would be surprisingly high. In effect you efficiency in handling the business would diminish, and in the end may result to serious consequences.

 

Time is indeed important, though considered as man’s construct; it is undeniable that it plays a vital role in our construction of our own success.

California home sales cool in August as price gains temper,

California home sales cool in August as price gains temper….

– Existing, single-family home sales totaled 431,800 in August on a seasonally adjusted annualized rate, down 3.8 percent from July but up 9.3 percent from August 2014.

– Statewide sales were above the 400,000 mark for the fifth straight month.

– August statewide median home price was $493,420, up 1 percent from July and 2.5 percent from August 2014.

– Sales of condos and townhomes were up nearly 10 percent from last year, and are ahead 6.6 percent year to date.

Following a hotter than usual summer of homes sales, California’s housing market cooled in August, but still posted higher year over year for the seventh straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Home sales remained above the 400,000 mark in August for the fifth consecutive month and rose to the highest level since October 2012. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 431,800 units in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2015 if sales maintained the August pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The August figure was down 3.8 percent from the revised 448,900 level in July but up 9.3 percent compared with home sales in August 2014 of a revised 395,080. The year-to-year change was higher than the 6-month average increase of 8.6 percent observed from February 2015 to July 2015.

“Home prices are finally increasing at a healthier pace, and the smallest year-over-year statewide median price gain in nearly three and a half years suggests that home prices are stabilizing,” said C.A.R. President Chris Kutzkey. “Supply constraints in the Bay Area will continue to fuel appreciation for the rest of the year, but the upward pressure in price will be counterbalanced by sales increases in more affordable areas such as the Central Valley and the Inland Empire.”

The median price of an existing, single-family detached California home edged up 1 percent in August to $493,420 from a revised $488,470 in July.  August’s median price was 2.5 percent higher than the revised $481,240 recorded in August 2014. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“While California housing indicators remain strong for now, the anticipation of higher mortgage rates and reduced affordability, coupled with global instability and stock market volatility may create an environment of uncertainty that could impact the current momentum in the market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “We’re on track to post stronger than expected home sales for 2015, with the last quarter moderating but still solid. Strong sales in the Central Valley and Inland Empire markets should help to propel statewide sales higher, thanks to better affordability and greater housing supply, while sales soften in the Bay Area.”

Other key points from C.A.R.’s August 2015 resale housing report include:

• While sales continued to improve from last year at the state level, the number of active listings continued to drop from the previous year. Active listings for California decreased 1.4 percent from July and dropped 6.2 percent from August 2014.

• The August Unsold Inventory Index ticked up to 3.6 months from July’s 3.3 months but was down from 4 months in August 2014. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.

• The median number of days it took to sell a single-family home edged up in August to 29.9 days compared with a revised 29.3 days in July but was down from a revised 33.9 days in August 2014.

• According to C.A.R.’s newest housing market indicator which measures the sales-to-list price ratio*, properties are again generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices.  The statewide measure suggests that homes are selling at a median of 98.8 percent of the list price, up slightly from 98.3 percent at the same time last year. The Bay Area is the only region where homes are selling above original list prices due to constrained supply with a ratio of 103.4 percent, up from 104 percent in July and 101.5 percent a year ago.

• The average price per square foot** for an existing single-family home was $238 in August 2015, down from $241 in July and unchanged from $238 in August 2014.  Price per square foot at the state level has been on an upward trend since early 2012, and has been rising on a year-over-year basis for 43 consecutive months.  In recent months, however, the growth rate in price per square foot has slowed down to an average of 2.2 percent in the last three months, as home prices started leveling off.  In the month of August, there was virtually no growth on a year-over-year basis.

• San Francisco had the highest price per square foot in August with $770/sq. ft., followed by San Mateo ($764/sq. ft), and Santa Clara ($592/sq. ft.).  The three counties with the lowest price per square foot in August were Siskiyou ($112/sq. ft.), Merced ($115/sq. ft.), and Kings ($116/sq. ft.).

• Mortgage rates dipped in August, with the 30-year, fixed-mortgage interest rate averaging 3.91 percent, down from 4.05 percent in July and 4.12 percent in August 2014, according to Freddie Mac.  Adjustable-mortgage interest rates, however, ticked up in August, averaging 2.60 percent, up from 2.52 in July and 2.37 percent in August 2014.

Graphics (click links to open):

• August sales at-a-glance infographic.
• Change in sales by price range.
• Share of sales by price range.
• Sales to active listings ratio.
• Sales to list ratio.
• Price per square foot.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only.  County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions.  The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 38 counties.

 

Courtesy of car.org

June Real Estate Statistics

It has been seven straight months that pending home sales have increased in California. Home sales expected to remain strong in upcoming quarter.

Residential
In a separate report, California REALTORS® responding to C.A.R.’s June Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with May. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Pending home sales data:

  • California pending home sales were up 12.5 percent on an annual basis from the revised 107 index recorded in June 2014, marking the seventh straight month of year-to-year gains and the fifth straight month of double-digit advances.
  • Statewide pending home sales fell in June on a month-to-month basis, with the Pending Home Sales Index (PHSI)* decreasing 2.6 percent from a revised 123.6 in May to 120.4, based on signed contracts.  The month-to-month decrease was slightly below the average May-June loss of 1.9 percent observed in the last seven years.
  • A shortage of available homes in the San Francisco Bay Area stifled pending sales in June, pushing the PHSI to 127.9, down 5.3 percent from 135.1 in May and down 0.9 percent from the 129.1 index recorded in June 2014.
  • Pending home sales in Southern California continued last month’s increase by rising 4 percent in June to reach an index of 109.6, up 14.2 percent from the June 2014 index of 96.
  • Central Valley pending sales fell in June, dropping 8.2 percent from May to reach an index of 99.5 in June but up 14.2 percent from the 87.2 index of June 2014.

Equity and distressed housing market data:

  • The share of equity sales – or non-distressed property sales – declined slightly in June to make up 92.4 percent of all home sales, remaining near the highest level since late 2007. Equity sales made up 92.6 percent of all home sales in May and 89.9 percent in June 2014. The share of equity sales has been at or near 90 percent since mid-2014.
  • Conversely, the combined share of all distressed property sales (REOs and short sales) rose slightly in June, up to 7.6 percent from 7.4 percent in May. Distressed sales made up 10.1 percent of total sales a year ago. Ten of the 43 counties that C.A.R. reported showed month-to-month decreases in their distressed sales shares, with Alameda and Santa Clara having the smallest share of distressed sales at 1 percent, followed by San Mateo (2 percent), Contra Costa (3 percent), and San Francisco (3 percent). Glenn had the highest share of distressed sales at 27 percent, followed by Merced and Siskiyou (both at 23 percent).
    June REALTOR® Market Pulse Survey**:
  • Reversing last month’s decrease, the share of sales closing below asking price increased to 43 percent in June, up from 40 percent in May, but down from the highest point of 55 percent in January 2015.  More than a third of homes (33 percent) closed over asking price, and 24 percent closed at asking price.
  • For the one in three homes that sold over asking price, the premium paid over asking price increased in June, suggesting increased market competition among home buyers in some local markets. In June, homes that sold above asking price sold for an average of 11 percent above asking price, up from 8 percent in May and 7.3 percent in June 2014.
    • The 43 percent of homes that sold below asking price sold for an average of 11 percent below asking price in June, up from 7 percent in May.
  • The share of properties receiving multiple offers was unchanged at 65 percent in June but down slightly from 66 percent in June 2014.
  • The average number of offers per property increased slightly to 2.9 from 2.8 in May and 2.7 in June 2014.
  • REALTOR® respondents reported that floor calls, listing appointments, and open house traffic all declined in June, compared with the previous month.
  • While the majority of REALTORS® (83 percent) expect better or similar market conditions over the next year, the percentage of REALTORS® who are optimistic about conditions over the coming year has been on the decline for the past six months from 62 percent in January to 44 percent in June.

Courtest of Califonia Association of Realtors

Celebs Make Secret Real Estate Deals at Sierra Towers

9255 Doheny Road., West Hollywood, California

Bordering Beverly Hills north of Sunset Boulevard sits the Sierra Towers. It’s no great that L.A.’s rich and famous (& celebrities) have long been drawn to the sexy, glass-walled condominiums at the Sierra Towers, a striking example of 1960s minimalist architecture. Former high-profile residents of the 31-story high-rise include George Hamilton, Sidney Poitier, David Geffen and music icon Sir Elton John, who owned a characteristically glammy two-unit combination on the 20th floor that he sold in 2012 for a tad more than $4.6 million. Hollywood veteran Diahann Carroll has long called the full-service building home, as have Beverly Hills socialite Nikki Haskell, rocker PJ Harvey and ever-saucy octogenarian Joan Collins who, in 2008, paid $2.7 million for her high-floor spread, owned in the mid-1990s by musicvideo sexpot Tawny Kitaen.

Implacable real estate yenta Yolanda Yakketyyak says she’s one million percent positive that at just about the same time last spring when Sharon and Ozzy Osbourne made a $4 million off-market deal for a three-bedroom spread on one of the lower floors, Sandra Bullock pulled the trigger on a completely under-the-radar multimillion-dollar purchase of a midfloor corner unit once owned by Matthew Perry, whose former “Friends” co-star Courteney Cox currently owns not one but two neighboring units on a higher floor that she surreptitiously picked up in a couple of down-low deals — one in 2011, the other in the fall of 2014 — that totaled $4.55 million.

Besides all the showbizzy sorts who inhabit Sierra Towers, there are also a slew of influential businessmen who own there, including tech tycoon-turned-philanthropist David Bohnett, shoe and handbag designer-turned-Platinum Triangle mansion developer Bruce Makowsky and Canadian magnate Robert Herjavec, an investor panelist on “Shark Tank” and a current contestant on “Dancing With the Stars,” who in January 2015 coughed up $3.15 million for his mid-floor unit. Billionaire financier Tom Gores still holds property in the building, while his brother, Paradigm Talent Agency chairman Sam Gores, sold his condo last year for $3.1 million to big-time book editor Judith Regan. Private investor and philanthropist Nicolas Berggruen — a man who used to be described in the press as the “homeless billionaire” because he lived in hotels and didn’t own a home — is rumored in property circles to have hoovered up at least seven units in the building over the past couple of years at a cost in excess of $17 million, and several real estate magpies we gabbed with swear thirtysomething Pabst Brewing Co. co-CEO Evan Metropoulos also owns at least five units, including both penthouses, one he picked up in 2010 for $10 million and the other covertly snatched just a couple of months ago for $17.2 million.

Courtesy of VanityFair

For expert representation in selling or purchasing real estate, call One Source at (818)501-5518

Huge, Fancy Sportsmen’s Lodge Redevelopment Approved

The plan to raze the charming, old-timey Sportsmen’s Lodge event center in Studio City and build the $60-million, upscale Sportsmen’s Landing shopping center (restaurants, retail, and Equinox gym) was approved by the South Valley Area Planning Commission, says the LA Business Journal. The decision has many locals miffed (there were nine appeals), and is also opposed by the holding company that owns and has owned the adjacent Sportsmen’s Lodge Hotel for decades (Weintraub just leases it). Now that the Landing’s approved, the holding company’s said they’re going to try to stop it from getting built.

The lawyer for the Ventura Boulevard Association showed up at the hearing where the project was approved. He spoke against the project, which he said failed to provide adequate parking for all the people who would flood the site. The concern was that once the Landing’s 440 parking spots filled up, overflow would eat up parking at the hotel.

Weintraub bought the four acres that encircle the Sportsmen’s Lodge Hotel in 2007. (Previous reports said he paid $51 million; the LABJ says it was more like $29 million.) Weintraub doesn’t own the hotel, but he does have a very long-term lease on it; he got the lease in 2008 and it’s not supposed to run out until 2062. However, that might be cut short.

The Ventura Boulevard Association LLC (which represents the New York family which has owned the hotel since the 1960s) is currently suing Weintraub because they claim he didn’t have the correct permits or approvals to do that recent $8-million makeover on the newly retro-cool Sportsmen’s Lodge Hotel. They’re suing to end Weintraub’s lease on the hotel.

It’s not clear how their opposition will affect the project, if at all, but that might change after the lawsuit is settle. Weintraub is hoping to get started on Sportsmen’s Landing by the end of 2015.