Beverly Hills is getting yet another hotel. The owners of 9900 Wilshire Blvd., Wanda Group are planning to add a hotel to the $1 billion condo complex called One Beverly Hills. The number of originally planned condos will be reduced to accommodate the new hotel which will be next to the Beverly Hilton Hotel and under construction Waldorf Astoria. The number residences will total 193. The change will require the developers to go before the city again for permission, and construction completion is probably four years away. The Chinese company Wanda Group is the owner of AMC Theaters and is building the world’s largest film and television studio in Qingdao, China. They are hoping that this development will be help them get a foot in the door to Hollywood.
Affordable housing is a oxymoron in Los Angeles. The California Supreme Court has taken steps to address the problem by making it easier for cities. California is among the most expensive places to buy a home. An average home price at $440,000 is two and a half times the national average of $180,000.
The battle over restricting short-term rentals in Los Angeles continues to wage. While Santa Monica has passed an ordinance banning the rental of a home for less than 30 days unless the owner is in residence, other neighborhoods are fighting the policy. This action was shut down in Silver Lake and Venice, but the City of West Hollywood is next to watch. Malibu is allowing short-term rentals to continue, but the Mayor is authorized to issue subpoenas to companies to ensure that the property owners comply with the mandatory Transient Occupancy Tax (TOT) of 12%.
Let’s take a look how Los Angeles real estate did in 2014 and compare it to the previous year. The communities below exclude the cities of Beverly Hills, Santa Monica, West Hollywood, and Culver City, and the communities of Westwood, Brentwood and Century City which are covered separately, as is the Wilshire Corridor.
As a Chicago-area Mortgage Lender, I’ve always been asked a lot of questions regarding Taxes and Property Assessments. Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. But throughout the recent housing downturn, the topic of property taxes and assessments has cropped-up more often and has become far […]
Let’s check in on the Los Angeles real estate real estate market by neighborhood for the 2nd Qtr of 2014 and compare it to the previous Qtr. How is the inventory? How are sales going? The communities below exclude the cities of Beverly Hills, Santa Monica, West Hollywood, and Culver City, and the communities of […]