I have a deep, embarrassing, long term addiction to low price per sq ft deals. There, I admitted it. Do you know why I’m addicted? It’s pretty simple: 1. On the tenant side, buying for a really low per sq means that you can offer large apartments at relatively low, per sq ft rents and … Continue reading “What I’m a sucker for…”
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Here’s a dumb idea: Medical office in Mariachi Plaza
Per Curbed, Metro LA is considering building a giant retail / medical office plaza with a ton of parking in Mariachi Plaza in Boyle Heights. Big bureaucracies come up with stupid urban planning ideas all the time, but this one is right up there. Consider: Mariachi Plaza is a beautiful public space, well-served by public … Continue reading “Here’s a dumb idea: Medical office in Mariachi Plaza”
There’s no substitute for hustle
In our business, there is a lot of money to be made. I personally know agents who have cleared north of $1MM in gross commissions in good years. I know a guy who owns one of the midsize brokerages in LA and I think he clears $5-10MM / year. Obviously, huge asset managers like Blackstone, etc. … Continue reading “There’s no substitute for hustle”
It’s starting again…
Since January 1, we’ve started three new projects (9 units, 8 units, and 3 units). Always love to see them ripped open, so thought you would, too:
Norms is a historical landmark? Really?
There’s a big argument going on about whether the Norms Restaurant on La Cienega ought to be landmarked. The argument illustrates everything that is wrong with the manner in which historical preservation is carried out in LA. In LA, historical preservation is basically reactive. In other words, the community waits for a developer to pull … Continue reading “Norms is a historical landmark? Really?”
A well-run sale process
We’re currently participating in an interesting sale process, so thought I’d share the details. The seller and listing broker have chosen to run their process differently than most and will, I think, achieve better than average results. To understand what they’re doing differently, you first need to understand how a normal process works. In a … Continue reading “A well-run sale process”
What makes us different
Have been reflecting on the difference between brokering at Adaptive and other, “normal” brokerages. In normal brokerage, you mainly represent sellers. Your job is to present your client’s property in the best possible light and then hope someone buys it, warts and all. Success is mainly about convincing a potential seller to sell and to … Continue reading “What makes us different”
Get on the mailing list
Am going to be sending out an interesting Highland Park opportunity in the next few days. It’s a little different from our usual deals, but it’s one in which we strongly believe. So, if you are a qualified investor (eg have a net worth exceeding $1MM exclusive of your home and/or income of $200k+ for … Continue reading “Get on the mailing list”
The essential passivity of the rehabber
By far the most annoying part of my business is this: I am at the mercy of the market. We’ve got every trick in the book for maximizing the rents, and therefore the value, of apartment buildings. We can take the ugliest building in the world and turn it into the kind of place that … Continue reading “The essential passivity of the rehabber”
Termites, housing and LAHD
You might be wondering how termites and the Housing Department intersect. I’m going to tell you. First, a bit about termites: In Southern California, most structures are constructed from wood. This is because wood is cheap, durable, and holds up well in earthquakes (because it’s flexible). The main downside to wood construction, which is that wood … Continue reading “Termites, housing and LAHD”