2024 Olympics: See the flashy sports park planned for the Valley

The main strength of Los Angeles’s bid for the 2024 Olympic games has been the city’s existing infrastructure; bid leaders maintain that no permanent facilities will be constructed for the games, ensuring LA won’t end up with any wildly expensive stadiums that get used for two weeks and then sit empty for decades. But that doesn’t mean parts of the city won’t get something of an Olympics makeover, should the city be selected to host the games. Today, LA 2024, the city’s bid committee, released renderings of a brightly colored temporary sports park in the Sepulveda Basin Recreation Area that would host equestrian, shooting, and canoe events during the games. Called the Valley Sports Park, the

Not a Beautiful First Quarter GDP Growth

Economic growth numbers for the first quarter will be announced next week, and it looks like it will be a huge miss. The numbers could well be just a hair above the zero growth line. The average growth rate from 1950 to 2000 was 3.7%. President Bush’s term from 2001 to 2008 generated an average GDP annual growth rate of 2.1%, while President Obama’s term yielded 1.5%. President Trump campaigned on pulling the economy back above 3%, and will therefore be sorely disappointed. One big reason for the weak first quarter is that vehicle sales are no longer rising. After hitting over 18 million annualized vehicle sales in the final quarter of last year, the first quarter sales were 17.3 million. Th

Los Angeles ranks as the top choice in the U.S. for international real estate investors

Los Angeles is in a sweet spot in its real estate cycle that will make it one of the top choices in the world for buying property this year, a new report says. The L.A. area ranked No. 1 in North America in a survey of global real estate investors who have a combined total of $1.7 trillion to spend on property in 2017. Top choice cities for investment in other regions were London and Sydney, Australia. Overall, offices are the preferred category of real estate to buy, with warehouse distribution centers and multifamily residential buildings close behind. Shopping centers, hotels and industrial properties ranked lower in investor interest. “L.A. has been waiting for this moment for a long tim

Multifamily Market “Poised for Growth” This Year, Says Freddie Mac

Multifamily origination volume could grow to around $295bn this year, according to new data from Freddie Mac. This multi-hundred-billion dollar increase would depend on the 10-year treasury rate and whether it stays in the 2.5% range. Volume growth would also depend on the treasury rate – if it suddenly rises, it could slow down to 3%, but a positive outcome could result to 6% growth. “The multifamily market is poised for growth and record origination volumes in 2017 under either interest rate scenario. This fact underscores the underlying strength of the multifamily sector thanks to a strong labor market, demand from new households, and steady absorption rates," said Steve Guggenmos,

The Upside of Rising Rates for Commercial Real Estate Investors

After a year of strong economic performance, the Federal Open Market Committee (FOMC) voted at their year-end meeting to hike interest rates by 25 basis points. They also released projections which reveal that they intend to increase rates three more times in 2017. Although this most recent hike was long-anticipated and baked into market rates, some commercial real estate investors are concerned a higher rate environment will negatively affect them. Fears that upcoming rate hikes will be detrimental to commercial real estate are unwarranted. People all too frequently focus on interest rates, but frankly, they’re artificial. Rates are important to watch, but it’s far more important to underst

Los Angeles City Rent Stabilization – Reminders and Updates

Hopefully, if you own apartments in the City of Los Angeles and are under the L.A. Rent Stabilization Ordinance, you have already paid your building’s registration fees of $24.51 per unit which was due by February 29, 2017. Serving a timely notice, you may collect one half of those fees from your tenants. Note: You used to collect this fee in the month of June, but for 2017, it has been changed to August. Collect $12.25 Registration Fees in AUGUST The Los Angeles Rent Stabilization Division allows owners to pass-through one half of these fees ($12.25) with a 30-day notice, collectible in the month of August only. That means you MUST serve the notice of the one time annual rent increase (f

RENT CONTROL: A QUICK FIX OR LONG-TERM SOLUTION?

With rents heading upward in many cities in the U.S., municipalities have turned to rent control to contain skyrocketing rents. In California, where affordability is on the minds of residents, rent control is again up for debate as state lawmakers consider removing a huge restriction on current rent control laws. “California has had affordability problems all the way back in my lifetime, but I have never seen it this bad, particularly in Southern California,” said Joan Ling, a lecturer in urban planning at UCLA. Rent control is not unique to California. But in the Golden State, it has become a highly contentious issue within the last year — especially as lawmakers push for ways to increase a

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Anie Mayelian  (818) 915-9118 
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