Dogtown Station Condo Project Update
The pricey (*still a bit overpriced in my opinion) Dogtown Station condominium project at 700 Main St. in Venice is undergoing an ownership change. The developer RAD Ventures, LLC is going to buy out its equity partner, California Public Emplpyees’ Retirement System “Calpers” after a dispute in how to handle lagging sales. RAD is also in final steps to getting a new mortgage for the project.
“Calpers would have been happy to accelerate sales and get out of the project and move on. I am more interested in taking my time,” said RAD Managing Partner Robert D’Elia, who opted to not lower prices, which range from $575 to $600 per square foot. “It’s a delicate balance between maximizing price and the cost of money.”
The $40 million dollar 35-unit project was completed in January 2009.
Dogtown has found some recent success with a marketing campaign that highlights how the units can serve both as residences and offices. Units are built with open floor plans and include rooftop patios or balconies. The high ceilings and loft layouts have attracted live-work occupants.
75 percent of buyers have said they will use the lofts as live-work spaces. Owners include artists; producers; and actors, such as Dylan McDermott, who will house his production company there.
(*Source: Full Article: Los Angeles Business Journal – Daniel Miller)
By John SkinnerMarch Sales Data for Single Family Homes + Analysis
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*The most expensive listing sold in March for $18 million, reduced significantly from its original listing price in July 2009 of $29.9 million. This 8 bedroom, 11 bath mansion sits on more 4 acres in BHPO. Even this remarkable estate shows that now is the time to buy for a steal of a deal.
*Sales were up significantly in the month of March. A large jump up in the Manhattan Beach area, but still down 50% from 2007 and the height of the market. Significant upward sales trends also in Westchester, Venice, Mar Vista, and Pacific Palisades, but again much smaller numbers than 2005 and 2007.
New Listings and Pended Sales Data for March from Malibu to Manhattan Beach
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Mortgage Rates Heading Into The Weekend
CONFORMING 30 year fixed up to $417,000
5.125% / 1 pt
5.375% / 0 pt
CONFORMING 5 year fixed up to $417,000
3.875% / 1 pt
4.125% / 0 pt
FHA 30 year fixed up to $417,000
5.125% / 1 pt
5.375% / 0 pt
FHA 5 year fixed up to $417,000
3.625% / 1 pt
4.000% / 0 pt
CONFORMING 30 year fixed up to $729,750
5.25% / 1 pt
5.50% / 0 pt
CONFORMING 5 year fixed up to $729,750
4.125% / 1 pt
4.375% / 0 pt
FHA 30 year fixed up to $729,750
5.25% / 1 pt
5.50% / 0 pt
JUMBO 30 year fixed up to $2,000,000
5.375% / 1 pt
5.625% / 0 pt
JUMBO 5 year fixed up to $2,000,000
4.375% / 1 pt
5.375% / 0 pt (note small difference on this one between 30 year fixed and 5 year at 0 pt)
Please note, this doesn’t take into account some positve adjustments for lower than normal LTV’s, or higher than normal FICO scores, or some negative adjustments for specifics such as combination of above for condos and so forth, but nonetheless, is still accurate and gives you a good idea.
(*Source: David Rubenstein, Home Services Lending)
Mortgage Rates Jump/Eyes are Turning to Investors
LA Times-The increase in mortgage rates from 4.99% last week to 5.08% this week left fixed rates at their highest level since the first week of this year, Freddie Mac economist Frank Nothaft said. Please read full article below.
MORTGAGE RATES JUMP BACK ABOVE 5%, FREDDIE MAC REPORTS
Article #2-With home prices stabilizing and an economic recovery beginning to take hold, the hope is that private investors will filter into the market. Please read full article below. AS FED’S MORTGAGE PURCHASES END, EYES TURN TO INVESTORS
Tax Credits Expire April 30th/Cali Home Prices Surge in January
LA Times-With special tax credits set to expire at the end of April, applications for loans to purchase homes are at their highest level in five months, a mortgage trade group said Wednesday. Please read full article below.
APPLICATIONS SURGE FOR HOME-PURCHASE LOANS; TAX CREDITS TO EXPIRE APRIL 30th
Article #2-A national index of home prices rose unexpectedly in January, with California cities posting strong gains. Please read full article below.
HOME PRICES IN CALIFORNIA SHOW STRONG, UNEXPECTED GAINS IN JANUARY
LAUSD Permit Battle Heating Up
Some interesting, yet vaild points brought up by County Supervisors regarding the transfer permit battle in the LAUSD.
“Supervisor Zev Yaroslavsky said students should be allowed to finish out their education at their current elementary, middle or high schools before being forced to attend an LAUSD school.”
Latest Real-Time Market Data
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