You wouldn’t think it, but there are definitely people out there looking for apartments right now (my property management company closed two leases yesterday, with one more signing today). So, we figured we’d continue our surveys of asking rents in different parts of LA, this time by taking a look at Studio City in the … Continue reading “Studio City Rent Survey – December 2012”
Author: Moses Kagan
Who lists property today?
Just got an MLS alert about a somewhat decent deal in Highland Park. Was considering whether it would work for any of my clients (probably not) when the thought hit me: What kind of an idiot lists a property today? To understand why I think listing something today is so crazy, you need to understand … Continue reading “Who lists property today?”
Vegas = Pedestrian Hell
I missed posting the last few days because my family and I were in Las Vegas for my sister-in-law’s wedding. Made the mistake on my first night there of attempting to walk from the Wynn (where we were staying) to Treasure Island. As the crow flies, that’s roughly 1,000 ft. This being Vegas (and me … Continue reading “Vegas = Pedestrian Hell”
Micheltorena is sold
A few days ago we closed the sale of 1516 Micheltorena, an 8 unit building in Silver Lake. Here are the relevant numbers: Bought for $954k in September 2010 Renovated for $645k Total capital outlay of $1.6MM Stabilized rent roll of $215k / year Took roughly $200k in cash out of the building while we … Continue reading “Micheltorena is sold”
Good time to buy all cash
If you have the dough to make an all cash offer on a building that’s been sitting on the market, now would be a good time to send in the offer. Why? Well, it’s pretty clear from the maneuvering in Washington that the capital gains tax rate is not going to stay at 15% next … Continue reading “Good time to buy all cash”
What’s an earnest money deposit?
Lucy read my piece yesterday and wanted to know what an earnest money deposit is. I swore up and down I had already written about it. She disagreed. Turns out she was right. Anyway, an earnest money deposit (EMD) is the money the purchase contract requires the buyer to put into escrow immediately after the … Continue reading “What’s an earnest money deposit?”
Never let a tenant use the security deposit for rent
Am helping a client close on a nine apartment building in Silver Lake tomorrow. One of the tenants has given notice of his intent to vacate at the end of this month. When I reviewed the rent statemnt in advance of closing, I noticed that the current landlord allowed the tenant to use his security … Continue reading “Never let a tenant use the security deposit for rent”
How some real estate laws explain the shootings in Echo Park
I’ve written before about how Prop 13 and rent control both slow down development. Here’s a real life example: The shootings this weekend in Echo Park, one on Mohawk and the other on Echo Park Ave. Echo Park has come a long way from its past as a real hub of gang violence in the … Continue reading “How some real estate laws explain the shootings in Echo Park”
Where’s the single family home market going?
Hadn’t really considered this question in a while, until a client asked me yesterday. Let me start out by saying that anyone who is 100% certain of the direction of any market ought to be at a hedge fund betting on their ideas. In the case of the residential housing market, I think you could … Continue reading “Where’s the single family home market going?”
If it’s such a good deal, why don’t you buy it?
I get asked this question a few times per week, so I figured I’d post my answer here so that I can just refer people and save my breath. Let’s start out by saying I fall in love with a lot of properties, many of which don’t necessarily have such great numbers on the surface. … Continue reading “If it’s such a good deal, why don’t you buy it?”