December 2012 - Loftway : Loftway

New LOFTS coming to Glendale in 2013

3 Jan 2013 · by ChrisSampaio

New LOFTS coming to Glendale in 2013

By Roger Vincent
December 15, 2012, 10:00 a.m.

An apartment complex with small units intended to appeal to young people eager to get away from roommates and parents into a place of their own is nearing completion in downtown Glendale.

The $34-million mixed-use project named Eleve Lofts & Skydeck is designed for the tastes and needs of Generation Y — people between the ages of 20 and 34, said Alan Dibartolomeo of AMF Development.

Research by the Huntington Beach company found that many young adults would prefer to live in a small place alone than to live in a larger space with a roommate, even if it costs more to do so.

AMF razed a former Circuit City electronics warehouse store on the corner of Maryland Avenue and Broadway in Glendale’s urban shopping district to make way for Eleve. It will have three underground parking levels, shops and restaurants at street level, and six stories of apartments with 208 units above the retail spaces.

The “micro” one-bedroom units will be about one-third smaller than average one-bedroom units at less than 400 square feet. There will also be “dual master” units with two bedrooms and two bathrooms.

The roof “sky deck” is intended to be an open-air social space with cabanas, barbecues, fire pits, a dog park, media center, hot and cold spas, and a “poet’s corner” that includes a piano.

Eleve will also have a fitness center and furnished business center with workstations.

“Our target audience is an environmentally conscious and technologically savvy generation made up of young renters who are delaying marriage and family in favor of careers,” said Greg Parker, chief executive of AMF.

Rents are expected to range from $1,600 to $2,800 a month when the complex opens in early spring, the company said. Eleve is the prototype for similar complexes that AMF hopes to build in other urban centers including Los Angeles, San Diego, San Francisco and Seattle.


Multiple offers

3 Jan 2013 · by ChrisSampaio

Today multiple offers are the norm. If you see a nice place, chances are that you will be in this situation. It amazes me that some agents have no experince with them.

One of my LOFTS just got in escrow last week and we had 3 offers.
This is was the scenario:

Listing Price $550,000.
1st offer: $450,000
2nd offer: $480,000
3rd offer: $525,000

The seller was not greed and we countered all of them at $530,000 and some other specific terms to each offer.

The buyer that offered $525,000 signed the offer and we had a deal.
The other two came back at $500k and $515k. 

One of the agents that did not get the LOFT got upset and said I should have called him and asked if he wanted to raise his offer. He must not be very experinced with multiple offers.

Once the counter is out and there are others competing with you, the first buyer that returns the counter signed gets the deal. There are no second chances in this game.

If you get a counter like that don’t waste time. Time is of eseence in Real Estate.

The buyer probably lost the place, because his agent was inexperience.

TIPS on Multiple offers:

1) Get an agent that knows what to do.

2) Write  a letter to the seller. Sometimes its not just numbers, feelings and emotions count. 

3) Put as much money down as you can, if you dont have it, bid higher.

4) Get an agent that has good reputation and relationships, his dealings with the listing agent can make or break the deal.

5) Your agent needs to be the listing agents new best friend.

6) Don’t believe on agents that promisse you a pocket listing or out of the market deal. This does not exist unless you are overpaying anyway. Real Estate is a bidding war and no seller is going to leave money on the table to sell it to you unless she is your Mom.

7) Act fast, the best places go on the first 3 days.

8) Have all your paperwork ready. Don’t even start looking without it.

9) Be prepared to lower contingency periods or even remove them (this can be risky).




Listings and Offers

3 Jan 2013 · by ChrisSampaio

Real Estate can be particular sometimes.

At times I list places that I think will go really fast and they will sit on the market for a month with no offers. Then one day they have three offers and buyers that are disapointed that they were not the choosen one.  I always ask them, where were you a month ago?

Its a funny phonomenon. Some buyers do not like to write offers when they know its a multi offer situation (which is the case more often today) and then there are buyers that won’t make an offer until they know there is another offer. The human mind is its funny, is like they need some validation from another buyer to motivate them.

A word of advice:

1) If you like a LOFT, make an offer right away. Even if was siting on the market for 6 months, it could go tomorrow and you might not find one that you like as much as that one again. 

2) There is no perfect LOFT. Make your “must have” and “would be nice to have” list. You can always make changes later. The most important is the building and neighborhood  all other factors can be improved.

3) Get an agent that is familiar with multiple offers. In this market its a plus. See my next post on that.

Emerson College coming next to our Gordon LOFT listings for Sale

19 Jan 2013 · by ChrisSampaio


Emerson College is building a new West Coast campus in Hollywood

The $85-million high-rise on Sunset Boulevard, a potential Hollywood landmark, will be a striking see-through structure where students will live and study the arts.

March 02, 2012|By Roger Vincent, Los Angeles Times

Construction is underway on a potential Hollywood landmark, a high-rise college on Sunset Boulevard where students will live and study the arts.

Boston-based Emerson College, which has trained many in the entertainment field, is erecting a striking see-through building that will be its new West Coast campus.

The $85-million tower, designed by Los Angeles architect Thom Mayne, is intended to make a statement to the community and the entertainment industry, President Lee Pelton said.

“Emerson College has a very strong brand in arts and communication, and this is an opportunity to strengthen and expand that brand in Los Angeles,” Pelton said.

The school is being built at Sunset and Gordon Street on a site that had been a parking lot for Tribune Studios. When the studios were sold in 2008, Emerson bought the parcel for $12 million from the new owner.

By 2014, the building is expected to provide housing, classrooms and training facilities for 200 students, double the number now studying in rented space on West Alameda Avenue in Burbank. Students are housed in a nearby apartment complex.

The design of the 10-story building echoes the boxiness of a mid-century office tower, but minus significant chunks of the interior; breezes will pass through the complex via an outdoor terrace.

The shape of the new building was made possible by recent advances in computer-aided design, Mayne said.

“It allows us to design much more complicated forms, closer to the way blenders and cars are done,” he said, “with softer and much more fluid language.”

The terrace, open to the sky, will include a 50-foot oak or sycamore tree among other greenery, he said. “People will wonder how that tree got up there.”

Among the buildings designed by Mayne and his Culver City firm Morphosis Architects are the Cooper Union for the Advancement of Science and Art building in New York, the Cahill Center for Astronomy and Astrophysics at Caltech and the Caltrans district headquarters in downtown Los Angeles.

Emerson College’s Hollywood outpost will have 224 rooms in which students and staff will live. There will be three levels of underground parking and a cafe and shops at street level.

At the Hollywood campus, Emerson juniors, seniors and graduate students will study for a semester intended to include internships in entertainment, media and public relations. It will offer courses during fall and spring semesters, as well as a shortened summer session.

Pelton put the full outlay for the new building at $110 million, which includes land acquisition, design and other costs.

Among Emerson alumni are talk show host Jay Leno, producer Norman Lear, and actors Henry Winkler and Denis Leary.

Emerson College’s development is another sign of the entertainment industry’s ongoing return to the neighborhood, said Victor Coleman, chief executive of studio owner Hudson Pacific Properties Inc.

In 2008, his Los Angeles company bought the former Tribune Studios for $125 million from Tribune Co., the Chicago owner of the Los Angeles Times. The property, renamed Sunset Bronson Studios, still houses Tribune’s KTLA-TV.

Hudson Pacific also owns nearby Sunset Gower Studios. Both have storied pasts as the early homes of Warner Bros. and Columbia Pictures, respectively.

“There has been a big shift among entertainment companies that want to be back in the core of Hollywood,” Coleman said. One of them is Technicolor, which in 2010 rented a new office building at Sunset Gower Studios less than a block west of the Emerson College site.

Across Sunset Boulevard from the college, preliminary work has begun by Hollywood landlord and developer CIM Group on a long-planned residential and retail complex. Next door to that, another development is being planned by Hudson Pacific, but Coleman declined to reveal details.

“Clearly the amount of energy and capital going into that area is going to make it a focal point for Sunset Boulevard and Hollywood,” Coleman said.

Toy Factory 705 Open this weekend

7 Dec 2012 · by ChrisSampaio

Our Toy Listing will be open Saturday and Sunday from 1 to 4 pm.

We're sorry, but we couldn't find MLS # 12637633 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

New Listing Toy 705 Video

5 Dec 2012 · by ChrisSampaio

Highest Rise in 2 Years

3 Jan 2013 · by ChrisSampaio
 Highest Rise in 2 Years

NEW YORK (CNNMoney) — In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index.

The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer’s tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.

This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.

The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building.

Dean Baker, the co-director of the Center for Economic and Policy Research who was one of the earliest economists to warn about the housing bubble and the trouble that lay ahead, said this recovery in the housing market should lead to some sustained housing price increases in the coming years.

“I’ve been an optimist as of late,” he said. “Some think it’ll get back to bubble prices and that’s crazy. But we’ll probably do better than inflation for the next few years, and people who have been underwater on their mortgage will get out from that, and build some equity.”

The latest rise in the Case-Shiller index was the second straight quarter of year-over-year improvement, while the monthly annual reading has climbed for four months in a row, with six straight month-over-month increases.

“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

The increases are widespread, with only two of the 20 cities tracked by index — Chicago and New York — showing modest price declines from a year earlier. The biggest rise was in Phoenix, one of the cities hardest hit when the housing bubble burst. Prices there in September were 20.4% higher than a year ago.

“Home price gains are becoming more widespread across cities, and some of the largest rebounds have been in areas that were most heavily affected during the initial housing slump,” said Cooper Howes, an economist with Barclays Capital. 

“We expect this trend to persist into next year as part of a broad-based housing recovery that includes starts, sales and prices”

Home prices are now back to where they were in early 2003, before the housing bubble inflated over the next three years before bursting. Even with the recent gain, the national index is down 28.6% from the peak level reached the first quarter of 2006.