Archive for the ‘City News’ Category

Zillow.com has released its housing stats for the second quarter. Los Angeles metro-area sales were up 11% over the same quarter last year, and prices were down 35% from the 2006 market peak.

As has been true for some time, high-end sellers continue to hold homes on the market longer. Some of the higher median days that homes were listed for sale were in:

• Malibu: 153 days
• Manhattan Beach: 127 days
• Newport Coast: 120 days
• Palos Verdes Estates: 127 days
• Rolling HIlls: 146 days

The highest sale price per square foot, $707, was in Laguna Beach and was down 23% from a year ago.
The lowest per-square-foot price was $75 in Lancaster, down 41% from a year ago.   
The full Zillow report can be accessed here.

Stan Humphries, Zillow’s chief economist, said the rising sales in some markets were encouraging. But he warned: “There are still many hurdles to true market recovery. Foreclosure resales are buoying overall sales numbers, but their low prices are keeping home values down.

Reports of increasing mortgage defaults signal that foreclosures are likely to increase again and peak in mid-2010. With increasing unemployment and high rates of negative equity, we have a fertile breeding ground for even more foreclosures, which add to the already-high level of for-sale inventory that needs to be cleared before values begin to rise.”

From L.A. Times: Peter Y. Hong

Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.

New buildings in Los Angeles will be required to have low-flow faucets, toilets, urinals, shower heads and other plumbing devices under a law passed today by the City Council.

Every drop counts. Be water wise.

Officials with the Department of Water and Power said the water conservation ordinance, which is part of the city’s Green Building program, would reduce water consumption in new buildings by 20%. The measure would help building owners save money as well, said Council President Eric Garcetti.

“A waterless urinal gives you a return on your investment in the same year that it is purchased,” he said.

Water-efficient devices also will be required when property owners upgrade their plumbing fixtures, city officials said. As more fixtures are installed, “water conservation will become a way of life without people even having to think about it,” said DWP General Manager H. David Nahai.

The ordinance passed by a 13-0 vote.

From LA Times: — David Zahniser at L.A. City Hall

The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie Fitgerald has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business. Find it at Amazon.com.

Congratulations to Los Angeles architect Michael Maltzman, who was recently named a finalist for the Smithsonian/Cooper-Hewitt National Design Museum’s 10th annual National Design Awards. Maltzman, whose projects have ranged from MoMA QNS to affordable housing in downtown L.A., is currently working on the new flagship building at Pasadena’s JPL.

The Los Angeles City Council has “unanimously agreed to eliminate free parking for drivers of Toyota Prius, Honda Civic Hybrid, Honda Insight or Ford Escape Hybrid models — a privilege in place for four years — on March 1.”  According to NBC4, the move will generate $300,000 in parking fees; hybrid owners who park at meters during February will be given warnings about the end of free parking.

Do you want to come to our Academy Awards Party?

February 22, 2009 is our 10th Annual Award Celebration & Viewing Dinner, including celebrity hosts, silent & live auctions, and one of the most exclusive after-parties with performances by renowned artists.  To get your tickets, call 310-271-8421, go to www.ChildrenUnitingNations.org, or email me. 

Would you like to promote your business? 

We are still accepting items and services for our live and silent auctions.  We welcome anything from photography sessions to cooking classes, from your home in Napa to interior design consultations.   Get your name and expertise in front of hundreds of guests.

For more information, call 310-271-8421, go to www.ChildrenUnitingNations.org, or email me. 

Sponsored by The Hollywood Reporter, 93.5 The Beat FM, and Billboard Magazine.  This evening is a vital fundraising effort for Children Uniting Nations (CUN) to continue our endless commitment to our community’s most vulnerable children.  CUN primary focus is to recruit and provide mentors for youth placed in foster care through academic and relationship-based mentoring programs as well as, community involvement in social activities.