by Greg Wasik | Oct 23, 2024 | Los Angeles Real Estate and Appraisal News
The American housing market continues to struggle, with existing home sales projected to hit their lowest levels since 1995 for two years running. Buyers remain hesitant to enter the market due to a combination of steep home prices and high mortgage rates. Data from...
by Greg Wasik | Oct 4, 2024 | Los Angeles Real Estate and Appraisal News
According to The Real Deal via the Commercial Observer, the Union Bank Plaza at 445 South Figueroa Street in Downtown Los Angeles just closed for $80 million or $114 per square feet. This selling price sets a new record low for high-rise office buildings in downtown...
by Greg Wasik | Sep 24, 2024 | Los Angeles Real Estate and Appraisal News
Recently the Irvine Company sold the Symphony Towers office building, a 34-story 530,000 SF property in downtown San Diego per The Registry Southern California Real Estate. All the way back in 2002, the Irvine Company purchased the property for $134.3 million or...
by Greg Wasik | Sep 2, 2024 | Los Angeles Real Estate and Appraisal News
The historic Yamashiro restaurant and its surrounding 7.3-acre Hollywood Mountain property have been put on the market with an asking price of $100 million. Owned by a company led by producers Elie Samaha and Steven Markoff, the Japanese-themed site has been featured...
by Greg Wasik | Jul 30, 2024 | Los Angeles Real Estate and Appraisal News
In what may be a contrarian indicators of a bottoming market according to the WSJ, the 2nd quarter of 2024 saw commercial foreclosures hit $20.5 billion, the highest level since 2015. One difference now in the distressed market compared to before is that due to the...
by Greg Wasik | Jan 21, 2024 | Los Angeles Real Estate and Appraisal News
The San Francisco Centre, a vast shopping mall in Union Square, is now face with a significant decline in its estimated value, losing nearly $1 billion. Originally appraised at $1.2 billion in 2016, the property’s worth now stands at $290 million, as reported by...
by Greg Wasik | Dec 28, 2023 | Los Angeles Real Estate and Appraisal News
The AON Center in Downtown Los Angeles just sold for $147.8 million per the Real Deal. This sales price was a 45% discount from the October 2014 acquisition price of $268.5 million ($242/SF) paid by Shorenstein Partners. The buyer is Carolwood, a LA-based investment...
by Greg Wasik | Oct 28, 2023 | Los Angeles Real Estate and Appraisal News
Homestar Financial Corporation, headquartered in Gainesville, has declared its intention to discontinue its retail mortgage lending operations. The company, which has established itself as a prominent national mortgage purchase lender, has cited the increased...
by Greg Wasik | Oct 23, 2023 | Los Angeles Real Estate and Appraisal News
The U.S. Department of Housing and Urban Development (HUD) has recently introduced a significant policy change that promises to empower homeowners and promote housing affordability. This groundbreaking alteration allows the income generated from Accessory Dwelling...
by Greg Wasik | Oct 18, 2023 | Los Angeles Real Estate and Appraisal News
California has long limited Accessory Dwelling Units (ADUs), also known as “granny flats,” to be available exclusively for rent. However, a recent legislative development, Assembly Bill 1033, has changed the game by allowing Californians the opportunity to...
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