The Real Deal Los Angeles

  • Michael Bloomberg and Donald Trump: Frenemies no more

    Former mayor and GOP presidential candidate trade barbs
    July 29, 2016 05:18PM
    Donald Trump and Michael Bloomberg

    Donald Trump and Michael Bloomberg

    From the New York website: Former mayor Michael Bloomberg spared no words Wednesday when referring to Donald Trump as insane, reckless and even a con man. Nor did the GOP presidential candidate hold back Thursday when referring to Bloomberg as a “very little guy.”

    Despite the recent vitriol, the frenemies have basically co-existed until now. [more]

  • LA’s biggest office leases of Q2

    The arts and entertainment industry were biggest signors
    July 29, 2016 04:02PM By Cathaleen Chen
    (credit: Savills Studley)

    (credit: Savills Studley)

    Office leasing activity picked up in Los Angeles in the second quarter, with a total of 5.3 million square feet — up nearly a third from Q1, according to a new Savillls Studley office leasing report. [more]

  • Homeownership rate falls to lowest level since 1965

    Roughly 63 percent of Americans own homes – down from 69 percent in 2004
    July 29, 2016 02:00PM
    Single family homes in Queens

    Single family homes in Queens

    From the New York website: The U.S. homeownership rate dropped to its lowest level since 1965, according to a new report from the Census Bureau.

    Nearly 63 percent of U.S. households owned their home in the second quarter of the year – down from 63.5 percent in the previous quarter. The rate reached a peak of 69.2 percent in 2004 but tumbled in the wake of the 2008 financial crisis amid stagnating incomes and rising home prices. [more]

  • The only private U.S. residence designed by Arata Isozaki is on the market for $5.2M

    Eric Clapton used to reside in the Venice estate
    July 29, 2016 01:00PM
    Eric Clapton and his former home at 16 Paloma Avenue (credit: Estately)

    Eric Clapton and his former home at 16 Paloma Avenue (credit: Estately)

    There may not be a white room with black curtains, but this $5.2 million Venice listing has some pretty rockin’ features.

    Marketing materials for this nearly beachside pad boast that it’s the only private residence in the U.S. designed by Arata Isozaki, the Japanese architect behind Los Angeles’ Museum of Contemporary Art and the Art Tower in Mito. [more]

  • California Love? First-time homebuyers aren’t feeling it

    The LA metropolitan area named one of the least affordable regions for newbie owners in report
    July 29, 2016 12:00PM
    Malibu beach

    Homes on pricey Malibu Beach

    There are a handful of reasons why now is the perfect time for would-be first time homeowners to take the plunge — low interest and high employment rates among them. That is, unless the house hunt is in California.

    In Bloomberg’s index of the 100 largest metropolitan areas in the U.S., there are six regions in which median income is lower than the minimum salary required for a mortgage. Five of these regions are in the Golden State, including Los Angeles, Oxnard and San Diego. [more]

  • LA real estate insiders say new LLC disclosure rules will have little impact on market

    New regulation will just line the pockets of attorneys and celebrity business managers, sources said
    July 29, 2016 10:30AM By Katherine Clarke
    Riza Aziz and

    Riza Aziz and 912 Hillcrest Road

    L.A. real estate professionals say the Treasury Department’s latest attempt to sniff out dirty money in real estate deals has missed the mark.

    The majority of agents, mortgage brokers and title insurers surveyed by The Real Deal said they expect new regulations governing the use of LLCs will do little to curb money laundering, since there are wide loopholes. Instead, the inability to hide the identity of all-cash buyers through such entities will put additional pressure on title insurers and escrow companies, minimally slow down deal flow, and put the privacy and personal information of high-net-worth individuals in jeopardy, they said.

    “It’s like we’re penalizing the good, above-board people and it’s not going to stop anything, only slow things down and put people’s personal information at risk,” said Scott Paul, president of Better Escrow Service in Burbank. “It’s intrusive and carries the potential for identity theft to occur. There’s a lot of grumbling going on.” [more]

  • New 44-unit resi complex slated for Hollywood

    Joon Ro Lee of the Lee Family Trust filed plans for five-story complex
    July 29, 2016 09:30AM By Cathaleen Chen
    The site at 747 North Western Avenue

    The site at 747 North Western Avenue

    The Lee Family Trust is planning a small apartment complex in Hollywood, The Real Deal has learned.

    The Glendale-based fund filed plans with the city for a five-story, 44-unit mixed-use complex with 7,700 square feet of retail space, planning documents show. [more]

  • Michael Bloomberg thinks Donald Trump is insane

    “I’m a New Yorker and I know a con when I see one”
    July 29, 2016 08:30AM
    From left: Donald Trump and Michael Bloomberg

    From left: Donald Trump and Michael Bloomberg

    From the New York website: Former New York mayor Michael Bloomberg tore into Donald Trump’s business record Wednesday night, and openly questioned the Republican presidential candidate’s sanity. [more]

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  • Edmunds.com parks HQ in the Colorado Center

    Car website signed a 143,000-sf lease at the Santa Monica campus
    July 28, 2016 05:00PM
    The Colorado Center at 2401-2501 Colorado Boulevard and 2400-2500 Broadway and a 2016 Corvette Z06 (credit: Business Wire, Chevrolet)

    The Colorado Center at 2401-2501 Colorado Boulevard and 2400-2500 Broadway and a 2016 Corvette Z06 (credit: Business Wire, Chevrolet)

    Edmunds.com, the car shopping website, has inked a deal to make the Colorado Center its new HQ.

    The online car review service has moved its 700 of its employees to a 143,000-square-foot space in one of the six buildings that make up the Colorado Center in Santa Monica, the L.A. Business Journal reported. [more]