Proposition 10: A Threat to All Property Owners and Investors
The Latest Buzz in Real Estate
Take a look below for hot real estate news happening in and around Los Angeles. Stay informed by reading updates the Azzi Journal in the months ahead.
Santa Monica: The Water Bill’s Surging Up
Get ready, Santa Monica! Residents in the City were flooded with notices in December regarding the City’s proposed water rate increases to go into effect March 1. The rate increase would contribute to the City’s Water Fund, providing a way to combat drought measures and eliminate dependence on imported water sources. Over the course of five years, rates are planned to increase over 70%. Stay up to date and learn more about the rate hikes on www.water.smgov.net.
The Secret is Out: Purchase Price Must Be Disclosed Effective as of January 1st, the option to file a deed with a private sales price declaration was eliminated. According to the Los Angeles Registrar, “every document subject to tax that is submitted for recordation shall show on the face of the document the amount of tax due and the incorporated or unincorporated location of the lands, tenements, or other realty described in the document” before acceptance for recording. As of this year, the sale price of properties must be revealed to the public; however, the identity of the owner can still be kept confidential by use of a trust or entity. Be sure your next deal has an adjusted deed to reflect the new requirements.
Multifamily Markets to Watch in 2015
Great news! Los Angeles, with industries growing in Silicon Beach, is expected to see the same strong rent growth in 2015 as it saw last year. Demand for multifamily housing is jumping up among Millennials, who have shifted away from home ownership. Nationally, vacancy has been at 5.8% or below since 2012, and predictions for the year ahead look optimistic. Other hot markets to watch in the U.S. include the Pacific Northwest and the Southeast. Discuss your investment portfolio with an Azzi Advisor to discuss the best times to sell or buy.
Earthquakes: Imagine America Without Los Angeles
“Would you want to make an investment that takes 20 years to get back?” asked Dan Faller, head of the Apartment Owners Assn. of California in Los Angeles. Mayor Garcetti is continuing to push for mandatory earthquake retrofits for buildings at-risk, but this time, support for his plan is picking up steam. He’s offered a number of solutions to appease opposing property owners, including tax breaks and a generous 30-year deadline to complete retrofits. Will your property need costly retrofits? Read more at NBC Los Angeles.
