Lennox
REAL ESTATE
Home buyers and sellers may be impacted by new rules
LOS ANGELES, California — Earlier this year, the National Association of Realtors and several major real estate brokerages agreed to pay over $950 million to settle federal lawsuits claiming they forced homeowners to pay inflated commissions to sell their homes. The industry also agreed to policy changes aimed at...
New Housing Organization Announces First Development
Our Lady Queen of Angels Housing Alliance, a new Los Angeles-based affordable housing initiative, has announced its executive director and first development project. Local business, community, and philanthropic leaders joined with the Catholic Archdiocese of Los Angeles to found the organization. Our Queen of Angeles Housing Alliance will collaborate with the archdiocese and other community groups to create affordable housing.
Looking to buy a home? You may now need to factor in the cost of your agent’s commission
LOS ANGELES (AP) — Thinking of buying a home with the help of a real estate agent? You can no longer take it for granted that a seller will cover the cost of your agent’s commission. Home sellers have traditionally offered a blanket commission to a buyer’s agent when they listed their home on the market. But that will no longer be allowed as of this weekend, when various changes to U.S. real estate industry practices are set to take effect. A homebuyer may still try to negotiate such an offer from the seller. But if they decline, that would leave the homebuyer on the hook for paying for their agent’s services.
Two San Gabriel Valley Apartment Properties Sell Quickly
CBRE facilitated the sale of two multifamily communities in the San Gabriel Valley totaling 18 units. The 10-unit 1205 N. San Gabriel Ave. in Azusa sold for $2.67 million, while the eight-unit 1015 Sunset Blvd. in Arcadia sold for $3.38 million. “These two sales reflect the robust demand and growth...
WeHo may fast-track conversion of office buildings, hotels into housing
West Hollywood needs to provide 3,933 new housing units across various income levels by 2029, and to meet its goal, the city is looking to turn commercial properties across the city into residential units. The West Hollywood Planning Commission’s Long Range Planning Projects Subcommittee is set to meet on tonight...
148-Unit Affordable Housing Project Proposed Near MacArthur Park in LA’s Westlake Neighborhood
A new project in Westlake has been unveiled, as plans for a 148-unit affordable housing development have been submitted to the Los Angeles Planning Department. The proposed apartment building, located at 2400 W. 7th Street, directly across from the iconic MacArthur Park, aims to revitalize a strip mall site and provide much-needed housing for low- and moderate-income residents.
Onni Group’s Hollywood High-Rise Gets Green Light From LA City Council
In a move that promises to reshape the Hollywood skyline, the Los Angeles City Council has given the go-ahead to Onni Group’s ambitious high-rise project at 1360 N. Vine Street. The decision, reached after a spirited debate and appeals from various stakeholders, marks a significant victory for the Vancouver, BC-based developer and sets the stage for a transformation of this prime location near the iconic intersection of Sunset and Vine.
DAUM Closes $14M 1031 Deal for LA Industrial
DAUM Commercial Real Estate Services completed the sale of a 60,457-square-foot industrial building in Los Angeles. The property sold for $14.1 million. “The purchase of this asset came together very nicely for our client, a Los Angeles private investor who was looking to exit a position in one asset and roll the funds into another one through a 1031 exchange,” said Anthony Bergeman, SIOR, EVP and principal at DAUM Commercial. Bergeman and VPs Michael Chase and Krishna Shegran, all of DAUM’s Costa Mesa Office, represented the buyer.
LA housing group buys land for another Stockton Boulevard project
A housing developer already active on the redeveloping Stockton Boulevard corridor has bought another piece of land on it, with plans for a project to come. Records show an entity affiliated with CTI Housing LLC in Los Angeles bought 3723 47th St. in Sacramento, as well as neighboring parcels that front onto Stockton Boulevard north of 13th Avenue.
Grand Opening of Heritage Square South Marks a Milestone in Affordable Housing for Seniors in Pasadena
AFFORDABLE HOUSING - BRIDGE Housing, the premier nonprofit affordable housing developer on the West Coast, celebrated the grand opening of Heritage Square South today, a landmark development offering 69 units of permanent supportive housing for seniors who have previously experienced homelessness. The event was attended by an array of elected leaders, housing officials, community members, and residents, marking a significant step forward in addressing Southern California's housing crisis.
Cityview & Wafra Spend $110MM on Newly Constructed 221-Unit Multifamily Project in LA’s Silver Lake
Silva to offer highly curated amenities, 360-degree views of Los Angeles. (Editor’s Note: According to public documents reviewed by The Registry, the transaction closed on August 6, 2024 for roughly $110 million, or around $497,737 per unit. An entity affiliated with Gemdale USA was the seller of the property.)
Prang says Assessment Roll shows strong growth
It’s that time of year again when my office undertakes its most important function of the fiscal year that lays the groundwork for the property taxes that pay for vital public services: the Assessment Roll. In fact, it’s a constitutional mandate. The 2024 Assessment Role has been closed...
LA Office Market 2024: Budget-Friendly Spaces Thrive Despite Class A Challenges
The Los Angeles office market is witnessing a growing disparity between property tiers as demand for budget-friendly spaces remains steady while Class A vacancy continues to rise. A recent second-quarter 2024 report by Institutional Property Advisors shows that as of March, local vacancy rates surpassed the 20 percent threshold for the first time on record, marking a critical juncture for the market. However, there are signs of resilience within certain segments.
Boyle Heights affordable housing project sparks pushback
Boyle Heights -- An affordable housing project in Boyle Heights has some residents up in arms, with neighbors complaining about a lack of parking in the development and construction impacts. Developer Community Nest LLC has cleared the site at the southwest corner of Wabash and Evergreen avenues, which formerly held...
Business Assets for Harlow Restaurant Listed for Sale in West Hollywood
CityStreet Commercial Real Estate has posted a sale listing for the business assets of Harlowe restaurant in West Hollywood. Located at 7321 Santa Monica Boulevard in West Hollywood, Harlowe is being sold by the 1933 Group for $700,000 (business assets). The listing describes the area where Harlowe stands as a...
WeHo City Selects Sasaki Design Firm to Address Urgent Housing Issues
The City of West Hollywood has selected Sasaki design firm to help devise strategies to address urgent housing issues in the region. Sasaki’s work with West Hollywood includes a comprehensive review of the city’s current housing policy, standards, and zoning criteria to identify barriers to housing development and to propose improvements.
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