HOMES ARE SELLING FAST!

How to make a successful offer on a home!

You've found a home that you like and are ready to make a home offer on it.

Before you put your offer in writing, make sure you understand what information you should, and should not, include in the home offer.
This article will help you.

The first thing you should do is forget about the myths you've heard about making a home offer. Many people buyers believe that once they've put in an offer on a home, that they still have the liberty to shop around.

While this is true, to some extent, it's in your best interest not to make any additional offers while you still have one on the table.

A home offer made on a piece of property is a legally binding contract. Should the buyer accept your offer, you are held to the offer.

There's another big reason why you shouldn't continue to shop around after you've made a home offer on a house. If you find a home you think you like more than the one you've made an offer on and the seller accepts your home offer, you are in an unfortunate situation. You will likely regret the decision to purchase the home for as long as you live in it.

Once you make a home offer, the seller can do one of several things: accept the offer, reject it, propose a counter offer, or fail to respond. If the seller does anything except accept the offer you still have the ability to continue home shopping.

When you're making an offer on a home there are several piece of information you need to include. The selling price is one of the most obvious. You don't have to offer the seller's asking price. You can go higher or lower as you so choose. Of course, the price you offer will depend on the amount you can afford to pay.

Your home offer should concessions that you wish for the seller to make. For example, if you want the seller to pay a portion of the closing costs, this information must be included in the offer.

You have the ability to stipulate that the home offer is contingent upon certain financing criteria. This keeps you from having to purchase the property if you do not receive favorable mortgage terms.

Don't leave out home inspection contingencies. Otherwise, you could end up purchasing a home that needs major work done to it. Your offer should include something to the effect of "subject to an acceptable whole house inspection report." Of course, if you are purchasing a fixer-upper, these contingencies might vary.

Don't make the assumption that everything you see in the house will be included when you make the final purchase. This includes appliances such as stoves and refrigerators. You must clearly define what is included in the sale.

Finally, you should include the amount of earnest money that you are depositing with the home offer.

Keep in mind that your offer can easily become the sales contract for your home if it is accepted by the seller. Make sure it includes everything you would want the sales contract to include.

HAPPY MEMORIAL DAY!

4 Types Of Home Renovation: Which Ones Boost Value?

"Fix it and flip it" is a phrase often associated with real estate investing. The idea behind the concept is that the completion of a few choice remodeling projects will add significant value to the price of a home. 

With this in mind, many homeowners undertake major renovation projects before putting their homes up for sale with the idea that sprucing up the place will result in big bucks. More often than not, these upgrades fail to pay for themselves. Read on to find out how to renovate strategically and which renovations really add value to your property.

The Difference between Investors and OwnersUpdating an investment property is generally a sound strategy because successful advocates of the fix-it-and-flip-it philosophy buy run-down homes at bargain prices and save money on the repairs by doing most of the work themselves. A little sweat equity goes a long way toward making a real estate investment profitable.Investors carefully choose their remodeling projects, focusing on those that will result in the most value for the least amount of effort and cost. Part of the process includes paying attention to the other homes in the neighborhood to avoid over-improving the property. If none of the other houses in the area have crown moldings and Corian counter tops, adding these amenities is unlikely to result in a significantly higher selling price.

Owners, on the other hand, often take a less strategic approach to remodeling when sprucing up their homes prior to putting them on the market. As a result, they can end up putting significantly more money into the project than they will get back out of it when they sell.

To make the most of your remodeling projects, it pays to keep four types of projects in mind : basics, curb appeal, value added and personal preference.

The BasicsThe basic are the things that buyers expect when they purchase a home. This includes a roof that doesn't leak, functioning gutters and downspouts, a dry basement, a good furnace, solid floors, walls that are in good repair, retaining walls that work and all of the other common-sense items that you expect to find in a home.

In upscale properties, this includes air conditioning, a certain number of bedrooms, bathrooms and garages, and any other amenities that are common to the neighborhood, such as a swimming pool.

Adding these items to a home that lacks them doesn't add value, it merely brings the property up to the standard level of the rest of the homes in the area. Money spent on these items is unlikely to be fully recovered, but should at least result in ensuring that the home sells for a price that is comparable to other homes in the area.

Curb AppealItems that add curb appeal help the property to look good when prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help the place sell faster. Curb appeal items include a nice green lawn, attractive landscaping, fresh paint inside and out, new carpet and new appliances. If you know that a prospective buyer is due to arrive at a certain time, baking an apple pie just before the arrival is an easy way to set the stage, make your house smell good and create a warm, inviting atmosphere. 

Adds ValueThe projects that add considerable value are big favorites of fix-it-and-flip it advocates. While most of these efforts will not recoup their costs, some will come close. Projects that offer the most bang for the buck include new siding, kitchen remodeling, bathroom remodeling, new windows, decks and the addition of living space. The National Association of Realtors cites siding, kitchens and windows as some of the most beneficial projects, often recouping 80% or more of their costs during resale.

Personal PreferencePersonal preference projects are nifty items that you want but that other people may not like or be willing to pay to get. In most areas of the country, these include amenities such as swimming pools, tennis courts, hot tubs, wine cellars, basement game rooms and ponds. There's certainly no harm in adding these items to your house, but don't expect potential buyers to be willing to pay a premium to get them when you are ready to sell.

House and HomeRegardless of the project that you are considering, remember that your primary residence is not just a house, it's your home. If you plan to live there for many years to come, add amenities that you want to have regardless of their impact on resale. When it's time to sell, do the basics to get the property up to par for the neighborhood and add some curb appeal, but don't bother undertaking an extensive array of projects strictly in an effort to increase the value of the property. Even with the projects that are known to add value, the chances are good that you will spend far more money than you will get back in return.

A New Plaza and Restaurant for Downtown L.A.

The 20 Most Important Projects in Downtown in 2014

DOWNTOWN LOS ANGELES - You know that boom you heard? It was the sound of the Downtown Los Angeles development scene exploding into 2014.

Over the next 12 months, the Central City will be a hotbed of openings, groundbreakings and milestones. In every micro-community, from South Park to the Historic Core to the Arts District and beyond, area stakeholders will either be celebrating the additions or complaining about all that darn noise and traffic. That makes sense, as cranes and road closures are sprouting everywhere.
 Below is a rundown of 20 of the most important projects of 2014. It’s not close to a definitive list, however. For that, check back in February, when Los Angeles Downtown News publishes its Development section.

The Broad: Philanthropist Eli Broad’s $140 million art museum may be the most anticipated and important Downtown cultural project since the opening of Walt Disney Concert Hall in 2003. The development, being designed by the New York firm Diller, Scofidio + Renfro, is rising directly south of Disney Hall, and the honeycomb-like exterior is expected to be placed on the building in the coming months. Broad said in September that he hopes to open the museum in late 2014, though no date has been revealed. The striking structure, which will have free admission and 50,000 square feet of exhibition space, is expected to create a new tourist boom, drawing thousands of local, national and international visitors to Grand Avenue.  

Ace Hotel: Everyone in Downtown is looking forward to Jan. 6, as that is the day that the uber-hip Ace Hotel will open in the former United Artists Theatre at 929 S. Broadway. The 180-room boutique establishment will instantly be a new anchor for the southern end of Broadway, and will dovetail with the recently opened retail arrivals Urban Outfitters and Acne Studios, and provide customers for area restaurants Les Noces du Figaro and Umami Burger, among others. The project will give new life to the 1927 theater; it will include a 1,600-capacity performance space that will be christened on Valentine’s Day with a show by the English band Spiritualized.

One Santa Fe: The Arts District will forever be changed, and will be much more crowded, on the late summer or fall day that the $160 million One Sante Fe opens. The Michael Maltzan-designed mega-development comes from McGregor Company, Polis Builders, Cowley Real Estate Partners, Canyon-Johnson Urban Funds Investments and Goldman Sachs Urban Investment Group. That’s quite a team, but that’s what it takes to bring a 438-unit project with nearly 80,000 square feet of retail and commercial space to market. The development, just east of SCI-Arc, will also have a 47,0000-square-foot plaza and more than 800 underground parking stalls. Get ready to start complaining about traffic and the impossibility of finding a street parking space in the Arts District.

Wilshire Grand Replacement: The replacement for the hotel on the northwest corner of Seventh and Figueroa streets won’t open for years, but on Feb. 15-16 it will be the site of what its developers claim will be the biggest cement pour in history. For more than 20 hours, 2,100 trucks will pour 21,600 cubic yards of cement into the pit, completing an 18-foot thick foundation. The development team for the $1.1 billion project spent 13 months razing the old edifice and excavating the site in preparation for the tallest building west of the Mississippi. The 900-room, 73-story hotel/office tower being developed by Korean Air, a subsidiary of Hanjin International, is scheduled to be complete in 2016. Local firm AC Martin is Korean Air’s partner on the project.

Grand Avenue Plan: Grand Avenue project watchers got a pleasant surprise in November when developer Related Cos. announced that architect Frank Gehry was back on board and is designing the two towers and plaza across the street from the Walt Disney Concert Hall. In 2014, the vision will be refined and will be paraded in front of city and county officials. Early plans call for an approximately 300-room hotel (Related is in talks with boutique chain SLS) and a 380-450 unit residential tower. Meanwhile, Related’s 19-story apartment tower south of The Broad art museum topped out in December; the building will offer 271 apartments and is slated for a late 2014 opening. 

Los Angeles State Historic Park: Downtown lovers of green space only have about six more weeks to enjoy Los Angeles State Historic Park. The whale-shaped attraction is scheduled to close in mid-February for renovations that will last a full year. The shutdown is necessary because the approximately $20 million plan calls for simultaneous excavation and construction across the property in order to save time and resources. When completed, the 32-acre facility will have restrooms, an amphitheater, parking lots and seasonal wetlands, among other improvements.
1111 Sunset: One of the most striking buildings in Downtown is just north of the urban core. Developer Linear City is wrapping up its conversion of the former Metropolitan Water District headquarters at 1111 Sunset Blvd. and should be ready for move-ins by February. Linear City paid $6.8 million for the seven-story edifice originally built in 1973 and designed by William Pereira. The project will offer 92 apartments ranging from 800-1,000 square feet. Each will have a balcony.

Marriott Tower: The $172 million Marriott Tower in South Park is scheduled to open in July. It will instantly strengthen Downtown’s tourism scene, with a 174-room Courtyard by Marriott and a 218-room Residence Inn in a 23-story building just north of the Ritz-Carlton/J.W. Marriott. The project comes from Seattle-based American Life Inc. and Portland’s Williams/Dame & Associates.

The Bloc: Retail fans will breathe a sigh of relief in the first quarter of the year, when developer Wayne Ratkovich embarks on a $160 million renovation of Macy’s Plaza. The transformation of the tired shopping center/office/hotel complex fronting Seventh Street in the Financial District is slated for completion in late 2015. The project will transform the brick fortress into a plaza with 400,000 square feet of retail and commercial space. Plans also call for 750,000 square feet of office space and a $40 million renovation of the Sheraton Hotel. 

Jia Apartments: Chinatown is getting a massive mixed-use addition in the form of Jia Apartments. The $92 million, six-story project from developer Equity Residential is set to begin move-ins on Jan. 27, according to Jia’s leasing office. The complex at 639 N. Broadway offers 280 studio, one-bedroom and two-bedroom residences, along with 18,000 square feet of retail. The design by Thomas P. Cox Architects will offer 17-foot-wide sidewalks and a pedestrian plaza. It also will create a major new southern entrance to Chinatown and provide hundreds of customers for area restaurants and businesses.

Eighth and Grand and Whole Foods: The bad news: Anyone driving north on Olive between Seventh and Eighth streets this year will be stuck in a squashed and slow traffic lane, as San Francisco-based Carmel Partners continues work on its massive 700-apartment complex. The good news: Construction will rise above street level this year as the developer moves toward its anticipated opening date in 2015. The construction also means that Downtown is getting closer to having its own Whole Foods: A 42,000-square-foot supermarket is part of the project. Other retail and commercial tenants in the project may also be announced this year. 

950 Third Street: Legendary Development and Associated Estates are on track to break ground this spring on 472 units in three buildings next to the Southern California Institute of Architecture. Dilip Bhavnani, a managing member of Legendary, said the development on the six-acre site at 950 E. Third St. in the Arts District already has city entitlements and would be comprised of five- to six-story structures. Once it starts, construction would take about three years, with a first phase of 248 units. The cost has not been finalized.

Blossom Plaza: Chinatown stakeholders this year will see a long-held dream come closer to fruition, as developer Forest City Residential West moves forward on the $95 million Blossom Plaza. The complex will feature 240 apartments (both market rate and affordable), 20,000 square feet of retail and, perhaps most importantly for area businesses, an expansive plaza that will connect pedestrians from Broadway to the Metro Gold Line. This may end up being the last full year that area visitors have to get off the Gold Line, walk down several flights of steps, then trudge up College Street to the heart of the community. Blossom Plaza is slated to open in 2015.

G12: The South Park boom continues, as Astani Enterprises and Wolff Company plan to break ground early this year on a $245 million mixed-use project. Astani and parking company L&R Group spent $29 million to acquire the property in 2012; last September, Sonny Astani announced that the three-acre site at 12th Street and Grand Avenue had been sold to the Scottsdale, Arizona-based private equity firm Wolff Company for $45 million, and that he would develop it with Wolff. The project, dubbed G12, should take two years to build; it will have 640 residential units along with 40,000 square feet of retail space, a screening room and two pools. Plans also call for 740 bike parking spaces, yet only 595 slots for cars.

Mack Urban Project: All eyes will be on South Park this year, as developer Mack Urban moves forward on a mega-plan to build a network of 1,500 residential units in buildings connected by green space and pedestrian plazas. Construction on the initial phase of the approximately $1 billion project could begin late in the year if the city approval process goes smoothly. In October Mack Urban — a new partnership that includes longtime Downtown developer Urban Partners — announced that it had scooped up six acres of land for more than $80 million. 

Medallion 2.0: Historic Core residents and workers could get some exciting new eating options this year, if developer Saeed Farkhondehpour’s Medallion 2.0 advances as hoped. The project is Farkhondehpour’s attempt to activate some underutilized retail space that never got filled when the mixed-use complex at Fourth and Main streets debuted in 2010. Now Farkhondehpour is moving toward community-serving uses — among them Big Mista’s Barbecue — instead of Toy District tenants. Also this year, expect Farkhondehpour to refine his plans for a new round of building on the site — he has discussed creating another 400 residential units and a parking structure. Farkhondehpour has said he hopes to break ground by 2015. 

Avant: South Park is a hotbed of development, and one of the biggest projects scheduled to open this year is the Avant Apartments. The first phase of the complex at 1360 S. Figueroa St. is slated for a February debut and will offer 247 units. The adjacent 193-unit second phase (at 1420 S. Figueroa St.) began construction in late April and could wrap up by the fourth quarter of 2014. The buildings offer residential units above 11,000 square feet of combined retail space. They will also establish a new residential beachhead across from the Convention Center.

Eighth and Hope Apartments: Though much of the housing development in Downtown is in buildings that are seven stories or lower, a 22-story tower is rising at Eighth and Hope streets in South Park. Atlanta-based developer Wood Partners is building the 290-unit edifice, which is slated for completion by the end of the year. The apartment complex will feature a pool deck, a six-floor garage and 5,000 square feet of ground-floor retail space. 

Lotus Garden: Affordable housing is always in demand, which makes Chinatown’s Lotus Garden apartments at 715-721 Yale St. all the more significant. The $24 million development from Affirmed Housing, which is slated for a first-quarter opening, has 60 units with studio, one-bedroom, two-bedroom and three-bedroom layouts. It will serve tenants making 30%-60% of the Los Angeles County median income. One of the coolest things about the project is its $289,000 automated parking structure. Known as the Carmatrix, the 17-stall machine lifts cars vertically and moves them horizontally, creating a space-saving, stacking effect.

Barker Block Phase Two: New condominiums have been a rare thing in recent years in Downtown, as developers have tended to open their buildings as rentals. However, developer CityView, which teamed with financial backer Blackstone, plans to begin selling units in the second phase of the Arts District’s Barker Block by the end of January. The $25 million project at the corner of Palmetto and Molino streets features 68 townhomes and lofts. Kor Group helmed development of the 241-condo first phase and will help market the new units. Many in Downtown are watching the project closely, and if the prices go high enough, other under-construction rental buildings could flip to for-sale status.

WANT TO WORK WITH THE BEST? JOIN US!

Happy Mother's Day!

LA City Councilmembers Want Blue Line Extension to San Pedro

Despite being home to the United States' busiest container port, the waterfront community of San Pedro has long been isolated from Los Angeles County's Metro Rail network. 

Two members of the LA City Council are trying to change that.  Yesterday, Councilmemembers Tom LaBonge (4th District) and Jose Buscaino (15th District) introduced a motion which requests that Metro report on the feasibility of a new light rail line connecting the Wilmington/San Pedro area to the Blue Line.  Known as the Harbor Line, the expansion concept has existed for well over two decades, appearing in several past visions of the Metro Rail system.  Although there are no immediate plans or funding available to construct the Harbor Line, the project could be incorporated into a future transportation ballot measure.  Notably, the light rail line was included in transit advocacy group MoveLA's "strawman," proposal for Measure R2.  In MoveLA's tentative plan, the Harbor Line would function as an extension of the Green and Crenshaw Lines, running south towards Wilmington before turning east to meet the Blue Line in Long Beach. 


 

Over the past several years, LaBonge has become a champion for long forgotten passenger rail

projects in different regions of Los Angeles County.  Last summer, the 4th District Councilmember authored a motion which pushes for the conversion of the San Fernando Valley's Orange Line busway to light rail.  While serving as an alternate on the Metro Board in 2010, he proposed an extension of the Red and Purple Lines east from Union Station, using existing tracks near the LA River.  That particular initiative is inching closer to realty, as Metro is now evaluating the possibility of adding one or two Arts District stations.

 

Introducing 15 New Words For Los Angeles Traffic

The Yupik people of Siberia have 40 words for types of snow. The Inuit of Northern Canada have 53. The Sami of Scandinavia have 180. But the Angelenos of Southern California, whose lives are no less affected by gridlock than northern people's are by snow, have only a few words for traffic.     

looloolag [lo͞o·lo͞o·lag]: Heavy slowdown on a freeway caused by everyone looking at the guy who flipped his car over the divider.

 suckstream [sək·strēm]: Single-lane backup on the freeway caused by one guy driving slower than the speed limit either because he's in a clunker that shouldn't be on the freeway in the first place or, you know, for no reason. Characterized by everyone else's inability to change lanes because traffic on either side is going at a normal pace. Like a slipstream, but one that sucks.

haltgeist [hôlt·gīst]: Congestion due to the freeway's natural "memory" of an accident that was actually cleaned up hours earlier. Anecdotally known as "traffic for no reason."

shortcaught [shôrt·kôt]: When you have the smart idea to take Sepulveda instead of the 405 or Cahuenga instead of the 101 and everyone else does too.

perpendoggle [pər·pən·däg·əl]: A multi-directional snarl caused in the confusion when someone wants to make a left turn into a parking lot where the attendant has suddenly and unexpectedly blocked the entrance with a "lot full" sign. Characterized by a complete and somewhat surprising absence of sympathy from other drivers. Portmanteau for "perpendicular boondoggle."

 haute-stepping [ōt·step·ing]: Rush hour traffic on Santa Monica Boulevard as it runs through Beverly Hills, where the stoplights all change at the exact same time in some kind of Soviet-style control scheme, giving the slow progress a certain rhythm, at least.

delasia [di·LĀ·zhə]: A slowdown, usually on a residential street, caused by some guy who clearly doesn't know where he is or where he's going, but has not yet decided to pull over and look at Google Maps on his phone. 

prehonkphony [prē·HÄNGK·fə·nē]: The brief period of stillness and quiet between the moment the light turns green and the moment the guy at the front of the intersection, who has not yet realized that he can proceed, has this fact called to his attention by everyone behind him. 

buttle [bət·l]: Stoppage along an otherwise uncongested road because there are so many cars in the left-hand turn lane that the rear half of the last one is blocking the next lane over. 

starbuttle: [STÄR·bət·l]: A buttle, but on the starboard side (i.e., the stoppage is caused by someone who can't turn right because there are people in the crosswalk).

drizzillia [driz·IL·yə]: Traffic during the first 10 minutes of rain, when widespread panic grips the driving populace.

chokepoke [chōk·pōk]: When several drivers find themselves on a narrow road behind a dump truck or other large, view-blocking, frequently-stopping vehicle, and it's difficult to ascertain whether or not you'll die if you try to pass on the left. 

spiegelblock [spē·gəl·bläk]: When several cars get backed up in the right lane because someone decides to parallel park on a major thoroughfare, like Sunset for crying out loud. Named for myself, as this is my second-biggest traffic pet peeve, just after people who refuse to pull into the intersection when they're making a left.

canyononium [kan·yən·ōn·ē·əm]: Traffic in the Hollywood Hills that happens when a mudslide or broken water main blocks one or more major roads and motorists are forced to follow a labyrinthine set of detours to get from the Valley to the Westside or vice versa (except they might never actually get there because the whole thing is just bedlam). 

bullshit [bo͝ol·shit]: Freeway traffic on a Saturday.

Mixed-Use Affordable Housing Headed Towards Expo/Vermont

Although Metro's Expo Line has experienced no lack of proposed office, residential, hotel and retail developments near its Westside stations, investment has noticeably lagged in-between Culver City and Downtown LA.  Well get ready South Los Angeles: Expo/Vermont Station is finally getting some much needed TOD action.  Non-profit organizations T.R.U.S.T. South LA and Abode Communities are partnering on the redevelopment of Rolland Curtis Gardens, a 48-unit affordable housing complex located one block west of Vermont Avenue.  According to an environmental report just released by the city, plans call for the demolition of Rolland Curtis' existing buildings, followed by the two-phased construction of a mixed-use development with 140 affordable residential units and 8,000 square feet of ground floor commercial space.
Residential structures would rise five stories, flanking the southern and western sides of the project site.  Apartments are centered around a grassy courtyard which would serve as both gathering space and a children's play area (see after the jump).  The project also includes multiple community rooms, on-site laundry facilities and parking for 114 vehicles and 154 bicycles.

Commercial space would consist of a one story building stretching along Exposition Boulevard, with proposed uses including a community serving health clinic, non-profit office space, and perhaps some small business retail.  Plans also call for a small amount of surface parking for bikes and cars in the rear of the retail structure.  Buildings would be clad with materials including plaster, smooth finish concrete and metal siding.

According to a document created by the developers, the Rolland Curtis redevelopment is scheduled to begin construction in December 2015, with full occupancy expected in November 2017.  T.R.U.S.T. South LA and Abode Communities shaped the project with input from the community on a variety of subjects, including potential retail tenants, urban design, and architecture.