Columbia Square Hollywood Has Been Approved!

Hollywoods rebirth continues with the recreation and expansion of Columbia Square. In the heart of the "Gower Gulch" (near the corner of Sunset & Gower) is Columbia Square, a CBS studio which houses many network's local affiliates. Coming soon is an office tower, condo tower and a hotel. This project furthers the dream to keep Hollywood on the upside track.


The project is being built around the historic CBS Studios site. The studios are incorporated into the design. The condo tower is estimated to have 200 units and will be 28 stories tall. There will be a 7 story hotel and an office tower that will be 17 stories with 442,610 square feet of office space. It is also mentioned that 105,510 square feet of the existing 136,233 square foot Columbia Square complex, built in 1938, will be retained and renovated.


Notable from an historic standpoint, Columbia Square was built back in 1938 as a CBS radio studio, on the former site of the Nestor Film Company, the very first movie studio ever built in Hollywood dating back to 1910. TV didn't exist in 1938, radio was incredibly important in people's lives at the time. The Streamline Modern building was considered the largest and most cutting-edge facility in the country. It contained eight different studios, and housed L.A.'s first radio station.

Some of the most popular national programs on radio back in the 40's and 50's (the equivalent to today's hot TV sitcoms) were broadcast live from right here at Columbia Square, including the Jack Benny Show, the George Burns & Gracie Allen Show, the Edgar Bergen Show (with Charlie McCarthy), Gene Autry's Melody Ranch and the Bing Crosby Show. Later, the very first pilot episode for the classic "I Love Lucy" was filmed here.

There is expected opposition from residents, but that is the case will all new developments in this city. Once completed this project will bring in mass revenue to the city of Hollywood.

Traffic's Picking Up!

Our little condo website received over 1.2 million page views last month! Well O.K., so our website is not so little with over 350 buildings, but those stats mean that buyers are looking! This is great news "in theory" and shows that we are coming closer to a stable market.

Other important factors we have experienced lately are multiple offers and homes selling within a couple weeks of being listed. If a property is priced right, and of course in a good area, it will go! Bank Foreclosures are moving quickly and we have seen values rise over the last few months. All great signs of a recovery!

You've heard this before, and I will say it again. With rates at historic lows, now is the time to explore your options for purchasing a new home. The deals are out there like never before. Let our team help you grab one before we all look back and say "you should have bought in 2009!"

New Construction Year End Deals!

With the year coming to an end... There are a lot of new developments looking to sell off their units before the end of the year. This is great news for you that are looking to buy!

443 N. Palm Drive in Beverly Hills only has a few units left and is by far one of the best new construction buildings to be built in Beverly Hills in quite some time.

8265 Fountain offers a great Eco-Friendly mix of luxurious modern condos central to Dining, Shopping & Nightlife. Luminaire West Hollywood is selling out fast and rightfully so. The units offer amazing fit and finish and the location is outstanding.

Heading to the West Side there is the Amherst Villas, Federal Villas & Westgate Flats clearing out what they can by the end of the year too. They are priced well but we always work to negotiate the best price for our buyers.

Cash is king but there is still time to obtain financing! Call (310) 623-0289 today for a showing!

Crazy Deals in Condos!

There is no doubt we are in a buyers market. But, there are some deals out there that are definitely worth mentioning to those of you who are looking for a trophy property or maybe a great investment.

Century Woods Estates is one of the most exclusive low rise developments in Century City. This small enclave of spacious condominiums and enormous mansions is owned by Royalty and Hollywood A-list celebrities a like. This development is truly a hidden gem in the city. Currently there is a unit for sale for only $900k! Prices here range from 1.3 mil to 7.5 mil and because of the caliber of homeowner here units rarely come on the market at a fire sell price!

Century Park East is undergoing a much needed massive renovation and there are several 2 bedrooms available at rock bottom pricing! Market conditions as well as the condition of the building have brought the values down to record lows. After the renovation is complete, these units will gain instant equity in an already much desired building and location.

Heading a little further East to the border of Beverly Hills and the Sunset Strip there is a $360k 1 bedroom foreclosure at the Plaza Towers on Doheny Dr. The Plaza Towers is also finalizing plans for a massive renovation. This building is one of the few high rises in the area built as condominiums and boasts one of the best roof top pools. Values are sure to increase after the building completes their upgrades.

Finally, at the other end of the Sunset Strip is the Westview Towers. Currently a homeowner is unloading 4 of their units at historically low prices! This building recently completed renovation of the pool area giving it a more modern feeling to reflect the upgrades recently done inside the building. This is definitely the time to grab one of these units as a great rental property, Pied-à-terre or residence!

If you, or anyone you know would like to take a look at any of the properties in this article contact us today at (310) 623-0289.

Buyers without agents only please!

Homebuyer Tax Credit Extended!

President Obama signed an extension and expansion of the first-time homebuyers tax credit today!

The $8,000 credit was scheduled to expire on December 1st, but will now be in effect through the end of June 2010. Homebuyers must sign a contract before April 30 and close by June 30 2010 to qualify. The income limits were also raised. Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000. This is great news for Los Angeles Residents whose incomes are above the national average.

This new bill also made more homeowners eligible to claim the credit on their taxes.

First Time Buyers Those who have not owned a home in the past three years still qualify for an $8,000 rebate. But now people who want to trade up can also qualify.

Non First Time Buyers Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

We hope to see more clients benefit from this extension and modification!

FHA Spot Approval Extended To Dec. 7th 2009!

Great News!

The deadline for FHA spot approvals for condominiums has been extended to December 7th. That gives you another month for those last minute shoppers! This is especially beneficial to those with lower down payments to work with. We must have an FHA Case number with your lender of choice by the 7th of December, however we can close after that date. If you don't have a lender please contact us for our recommendations.

What are the Requirements for Spot Approval you may ask?

• The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.

• Control of the common areas of the project must have been turned over to the unit owners association for at least one year.

• The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance.

• Individual units in the project must be owned in fee simple or be an eligible leasehold interest. The project's legal documents must provide for undivided ownership of common areas by unit owners. By virtue of this ownership, unit owners must have the right to use all facilities and unrestricted common elements.

• The project's documents should not place any legal restrictions on conveyance. Any provisions that seek to limit the free transferability of title is generally unacceptable. Such restrictions include rights of first refusal and restrictive covenants. Certain governmental or nonprofit programs designed to assist in the purchase or rental of low- or moderate-income housing are exempted from the restrictions on conveyance provisions.

• At least 90% of the units in the project must have been sold.

• At least 51% of the units in the project must be owner-occupied.

• No single entity may own more than 10% of the units in a project. "Entity" includes an individual partnership, corporation, limited liability company, limited liability partnership, joint venture, investor group or other natural or legal person qualified to hold an interest in real property. The 10% restriction does not apply when the ownership of less than three units would disqualify an otherwise eligible project.

• HUD recognized that the 10% cap on the number of units that may secure FHA insured mortgages in a given project can place a small regime at a disadvantage, since only a few units will invoke the limit. Accordingly, a two-tiered system was established. For condominium projects having more than 30 units, no more than 10% of the units may have FHA insured loans at any given time. Condominium projects consisting of 30 units or less, can have up to 20% of the units encumbered by FHA insured mortgages under the spot loan rule.

You can check to see if a building that interests you is already approved here - https://entp.hud.gov/idapp/html/condlook.cfm

12 Story Condos Approved Right Outside West Hollywood Border

The Los Angeles City Council voted to allow a 12 story condominium development just south of the Beverly Center and just outside West Hollywood.


This 95 unit development will replace 84 apartments located at the corner of 3rd Street and Wetherly Dr. Compromises were made reducing the building from 14 to 12 floors, an agreement to rent 48 units in a nearby Genton Barth-owned apartment building to Cedars-Sinai employees at a discounted rate, in addition to the 15 units already available there to hospital workers. Finally, a donation to the West Third Street Business Association for the implementation of a streetscape program and public valet program.

Project designed by RTKL.