RENTERS REJOICE: Consumer Price Index Drops; No (0%) Annual Rent Adjustment for 2009-2010 #realestate

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At its June 25, 2009 meeting, the Rent Stabilization Commission announced that the annual rent adjustment for West Hollywood tenants subject to the City’s Rent Stabilization Ordinance is 0% (no allowed increase) for the period beginning September 1, 2009 and ending August 31, 2010.

The 0% (no allowed increase) amount was required under the City’s Rent Ordinance, which sets the annual general adjustment by looking at the change in the Los Angeles-Riverside-Orange County Consumer Price Index for all urban consumers from May to May each year.

As of May 2009, the Los Angeles CPI, which is calculated by the Department of Labor’s Bureau of Statistics, showed a decrease of 1.82% over the May 2008 number.

West Hollywood Municipal Code Section 17.36.020 states that: “In the event that the CPI decreases, no increase or decrease in rents shall be authorized pursuant to this chapter.”

For more information about the CPI, visit the Department of Labor, Bureau of Statistics web site: www.bls.gov/cpi or call (202) 691-7000.

“No rent increases may be given to any tenants between Sept. 1, 2009 and Aug. 31, 2010.”

General Adjustment: Questions & Answers

Q. With the 0% general adjustment, can rent be raised for any tenants?

A. No. No rent increases may be given to any tenants between Sept. 1, 2009 and Aug. 31, 2010.

Q. What if the landlord missed a general adjustment in the past. Can it be taken now?

A. Since 1996, annual adjustments are available on a “use it or lose it” basis. They are forfeited if not given during the year they are available. Any post 9/96 adjustments not given have been lost.

Q. Do landlords need to give tenants any written notice even though the rent isn’t going up?

A. No notice is necessary, that is why the Department did not enclose the blank rent increase form as is the standard practice.

Q. Can rent increases be given if the effective date is before Sept. 1, 2009?

A. Only if the tenant has lived in their unit at least 12 months and at least 12 months have passed since the last rent increase, if one was given. The increase available through August 31, 2009 is 2.75%. Remember, tenants must receive at least 30 days written notice under California law for any rent increase to be legal.

Q. Why is the West Hollywood general adjustment 0% when other rent control jurisdictions allow different amounts? Doesn’t everyone look at the same CPI statistics?

A. The rent ordinance for each rent controlled district determines what CPI data is used and how the data translates into the annual adjustment. West Hollywood takes 75% of the rise in the CPI from May to May and rounds to the nearest 1/4 of 1%, unless the CPI decreases, then no increase is allowed. Los Angeles Rent Stabilization averages the monthly CPI increase from September to September each year to determine the increase allowed the following July. Los Angeles also has a minimum adjustment of 3%, even when the CPI data is below that amount. Santa Monica does an annual study of landlord expenses. CPI data is included in the study, but not relied on as the sole determiner of the increase amount.

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• The Patio Del Moro – For Lease in Weho’s Historic Harper Ave District (visionaryrealtynews.com)

The Patio Del Moro – For Lease in West Hollywood’s North Harper Avenue Historic District #realestate

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• Patio Del Moro: (1 of 2 avail. apts.) The Charlie Chaplin Apartment at 8235 Fountain Avenue:

MLS#: 09-375805

With its unique layout which includes multiple entrances and exits this unit would serve Chaplin’s needs to visit his then mistress Paulette Goddard who occupied the adjoining also two story apartments. This completely restored and fully furnished apartment boasts not only three bedrooms but a private patio with tile enhanced fountain, a living room, and fire place with plaster relief reaching to the vaulted ceilings with hand painted beams. The secondary bedroom has a Moroccan arched veranda overlooking the living room and rear patio below with daybed. The two secondary rooms have cedar closets with storage, while the master bedroom is fitted with a full walk in closet. Above the bathroom is the attic / loft with a picture window facing out on to the Hollywood Hills. No expense has been spared to make this unit charming, comfortable, private, and cozy all with silently running hidden and seamless modern amenities (remote control Mitsubishi Mr. Slims). The moment you walk in, you never want to leave. Images of Charlie’s

8235 Fountain AvenueWest Hollywood, CA Apartment $4,450/month 8235 Fountain Avenue Bedrooms 3 Bathrooms 1.0 Sq Footage 1,200 Parking 2 dedicated Pets Inquire Deposit $8,900 view detailed listing

• Patio Del Moro: (2 of 2 avail. apts.) The Paulette Goddard Apartment at 8237 Fountain Avenue:

MLS#: 09-375827

Paulette Goddard’s apartment adjoins lover Chaplin’s & is restored unfurnished with a private fountain in its courtyard, overseen by second story bedrooms. Dining room boasts a period dinette with four upholstered chairs. Picnic table under grapevines. Storage. Salon with gas fireplace. Hardwood floors & carpets throughout. Moroccan arched portals & ornamentation abound. Stairs. Juliet Balcony overlooks salon and one bedroom. Other bedroom has french door-ed balcony with Cherub sconces. Western light. Nothing spared to be comfy, cozy with silent hidden modern amenities (remote control Mitsubishi Mr. Slims). 30’s Moorish elegance. Images of Paulette’s.

8237 Fountain Avenue West Hollywood, CA Apartment $4,450/month 8237 Fountain Avenue Bedrooms 2 Bathrooms 1.5 Sq Footage 1,200 Parking 2 dedicated Pets Inquire Deposit $8,900 view detailed listing

We also have PDM listed with these Online Search Engines:

The History of Patio Del Moro

The historic Patio Del Moro (PDM) has two units vacant for your exploration: 8235 and 8237 Fountain Avenue. PDM is featured in numerous books like: Courtyard Housing in Los Angeles by Stefanos Polyzoides, Roger Sherwood, James Tice, & Julius Shulman, Red Tile Style by Arrol Gellner & Douglas Keister, Courtyards: Intimate Outdoor Spaces by Douglas Keister, Los Angeles: An Architectural Guide by Robert Winter & David Gebhard, Los Angeles Attractions by Borislav Stanic, Moth and Flame: A Benjamin Justice Novel (Benjamin Justice Novels) by John Morgan Wilson, Insight City Guide Los Angeles (Insight Guides) by Brian Bell, The Architecture of Entertainment: LA in the Twenties by Robert Winter & Alex Vertikoff and is of course listed in the National Register of Historic Places listings in Los Angeles County, California. One couldn’t be better placed, nor in better company than amongst its playful fountains, sunlight catching banana leaves, topiaries, mosaics, finishes, wrought iron railings, statues, benches, tiled steps leading to balconies, all in the shade of a minaret capped tower.

One of the best ways to show your support of the work of preservationists in the North Harper Historic District is to become a fan. And of course an even better way is to show your patronage by becoming a good tenant of buildings like PDM.

25th Anniversary Capital Project for West Hollywood ( #weho )

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In 2009, the City of West Hollywood will celebrate 25 years of cityhood. Since 1984, the City of West Hollywood has established itself as one of the most progressive and innovative cities in the country. It has also become one of the most desirable places to live, work and visit in Southern California. In celebration of this landmark, the City has embarked upon a new capital improvement project to develop premiere public facilities, parks and open space. The three major components of the “25th Anniversary Capital Project” include the implementation of Phase I of the West Hollywood Park Master Plan; development of the West Hollywood City Hall Community Service Center and Parking Project; and realization of Phase I of the Plummer Park Master Plan. As the City moves towards celebrating its first 25 years, world-class facilities that reward the community and assert permanence will help reflect the City’s dynamic legacy.

• – Preliminary Bid Opening Results: 25th Anniversary Capital Project West Hollywood Park Phase 1 and New Library Project
  (PDF format – 97kb)
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• – Subcontractor Lists from all General Contractors submitting bid packages to City
  (PDF format – 4898kb)
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• Learn More About Phase 1 of the West Hollywood Park Master Plan
  The City of West Hollywood (www.weho.org), West Hollywood Chamber of Commerce and Avenues of Arts and Design will host a special presentation for the business community on the construction of Phase 1 of the West Hollywood Park Master Plan on Tuesday, April 7, 2009 starting at 6:30 p.m. at West Hollywood Park Auditorium, 647 N. San Vicente Boulevard.
  more
• More About the 25th Anniversary Capital Project
  The 25^th Anniversary Capital Project consists of three (3) projects each located on a distinct project site within the City’s limits. The Project consists of…
  more

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Announcing Visionary Realty News: The Blog, #realestate

Visionary Realty News is now a real-time blog – not just a sometimes newsletter! AND IS MORE ROBUST THAN EVER!

Read up on current events in real estate, the U.S. market trends affecting it, and enjoying your property.

Interested in contributing to the blog? Then please
contact us.

Attention Los Angeles Locals… #photography

Ed’s Coffee Shop hosts and www.VisionaryAgents.com sponsors the debut of a local photo exhibit of warm and captivating images of Oriental keepsakes and old world goodies by its own Carlo Capomazza.

Now through May 1st. Don’t miss it! 

 

Ed’s is located at 460 N. Robertson Blvd in West Hollywood, CA.  Read reviews of Ed’s on Citysearch.

WeHo Real Estate Good News ( #weho )

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Thursday, July 31, 2008 – Real Estate By Sandy Arison, West Hollywood

This may come as a surprise, but the WeHo real estate news isn’t all bad. There is more housing inventory on the market now then there has been in a long time.

The good news for buyers is that prices continue to decline allowing for the purchase of some amazing properties that previously may have been unaffordable.

It is also interesting to see multiple bids on properties that are listed below their perceived values for the location.

I went to a few new developments this week at 1351 Havenhurst and at 1248 Laurel in West Hollywood.

The model units in both developments were beautifully done with open floor plans, state of the art appliances, top of the line fixtures, outside space and amazing architecture.

The development on Havenhurst features a landscaped public park by Katie Spitz, a nationally recognized landscape architect.

The asking price in both developments has been reduced making these new Condo/Townhouses a great deal for someone who wants to live in the lap of luxury with a great investment for the future.

There are more developments still under construction in West Hollywood. In the current housing market the buyer will have lots of choice and the opportunity to negotiate on the purchase price.

In spite of the fact that there is currently a moratorium on building in West Hollywood, developers are continuing to seek permits to build.

Carlo Capomazza, an agent at my KW office has developed a website, www.wehowego.com, which shows the locations and development status updates.

West Hollywood is a great place to live and work and continues to attract affluent buyers.

At the same time, the city must continue to be proactive in building much needed affordable housing and also consider the financial costs for residents that are being uprooted.

In the news, Congress has passed an extensive plan to relieve the devastation of the housing market by enacting legislation to help homeowners avoid foreclosure and stay in their homes.

The President has signed the bill which provides for Government backed mortgages to be made available to homeowners at risk of foreclosure at a lower cost.

The creation of a new agency will oversee Fannie Mae and Freddie Mac.

This legislation will also increase in government lending to Fannie Mae and Freddie Mac for 18 months.

In the long-term the bill provides $4 billion in block grants to communities to buy and fix up foreclosed properties.

The cap on mortgages eligible for backing by Fannie Mae and Freddie Mac will be raised to $625,500.

Read this article on the WeHO News website

 

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New $10,000 Tax Credit for New Home Buyers in California

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California lawmakers approved a new budget that included a $10,000 tax credit for home buyers, the largest home-buyer incentive ever offered in US history to date. Here’s what you need to know. The $10,000 tax credit is for any home buyers that purchase a new home between March 1, 2009 and March 1, 2010.

• This is NOT limited to first-time buyers;
• There is NO income limitation; and most importantly
• You do NOT have to pay it back, as long as you remain in the home for 2 years.

The bill, however, only set aside $100 million for this tax credit, so after 10,000 new homes are purchased, the credit is gone – so don’t wait.

The credit CAN be utilized along with the new $8,000 first-time home buyer’s credit made available by the new Stimulus Plan.

This means that if you’re a first-time home buyer, and you purchase a qualified new home in California that costs more than $200,000, you’ll get $18,000 in tax credits that you do not have to pay back, if you’re a first-time home buyer and you purchase a new home that remains your primary residence for three years.

It’s important to note that qualified home buyers will receive the tax credit, in equal amounts, over 3-years. If your tax credit is $7,500, you will receive a tax credit of $2,500 each year for three years. If your tax credit is $10,000, you will receive a tax credit of $3,333.33 each year for three years.

Finally, there is no down payment requirement to receive the $10,000 tax credit, although you will likely have a down payment requirement to secure a mortgage in today’s market, at least 3.5% if you use FHA financing. The good news is the Stimulus Plan also restored the higher maximum loan limits of $729,750 for FHA and conventional loans for 2009.

This is largest home buyer tax credit ever offered in US history, let alone California. If you have even been thinking about buying a new home in California, give us a call before it’s too late. Don’t miss out on this great opportunity to buy the new home of your dreams.

 

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