I feel like this is Oprah's "My Favorite Things Week", but instead of giving you the latest Dustbuster (do they even make thoseanymore) or Panini Maker, I am treating you to some of my favorite streets/neighborhoods that you may not be aware of. This is especially for the newer rich kids who haven't discovered these hidden gems of residential living in the heart of everything. Much like Nichols Canyon, Marmont Ave/Lane is a mish mash of smaller homes in the 1-2 million dollar range as well as large, architectural properties that can price at 3 million and up. The streets of Marmont lie right behind the famed Chateau Marmont, a fabled Hollywood landmark. Affairs to remember, overdose related deaths we wish to forget, and everything in between have happened at this hotel. It's a wonderful... 11/15/2009

The Famous (or infamous) Sunset Strip in West Hollywood is about to receive a $6.5 Million facelift after more than 75 years of use - $5.4 Million in city funding and $1.1 Million from the federal stimulus package. Sunset Blvd is a major arterial street serving more than 60,000 commuters on a daily basis. The Sunset Strip Beautification project which includes repaving the street, repairing sidewalks and adding landscapes and medians, is expected to take six months to complete and will commence in January 2010. I'm excited about this project because the strip is an integral part of the Los Angeles. Many well-known clubs and bars are situated on this part of Sunset Blvd, some with good stories, some with bad .... but whatever the case may be, the 'Sunset Strip" is always bustling, always... 11/12/2009

It's my opinion that the West Hollywood condo market is improving! This month there have already been a healthy number of closings with two units selling above the magical $1 Million mark and there have also been a few units in the popular price range of $600,000 - $700,000. 1100 Alta Loma Rd - $1,775,000 (Listed at $1,995,000) 8703 West Knoll Dr - $1,100,000 (Listed at $1,200,000) 935 Westbourne Dr - $678,500 (Listed at $724,000) 1010 Curson Ave - $640,000 (listed at $674,900) 8121 Norton Ave - $612,500 (Listed at $699,000) It's noteworthy that 33 of the 159 units currently listed For Sale are above $1 Million ..... representing 21% of active listings in the area.       (Statistics are obtained from The CLAW MLS and are deemed reliable but are not guaranteed) 11/11/2009

West Hollywood Condos - Market Report for October 2009 (September/August 2009) Average Selling Price: $514,000 ($523,000 / $509,560) Average List Price: $591,000 ($539,300 / $538,774) Median Price: $462,500 ($494,500 / $450,000) Total Sold in Dollars: $14,386,000 ($12,551,000 / $15,796,000) Number of Units Sold:  28 (24/31) Lowest Price Condo Sold: $235,000 ($230,000 / $299,000) Highest Price Condo Sold: $1,200,000 ($835,000 / $880,000) Average Days on the Market: 68 (107/93) (Statistics obtained from The CLAW MLS and rounded off for ease of comparison. Statistics are deemed reliable but are not guaranteed) 11/08/2009

There were  5  SFR sales in October in the  West Hollywood area, with the YTD  average at $605/sq. ft.- down 17% from the 2006 market peak of $731/sq. ft.  According to the MLS there are 72 active SFR listings, an average of 4.8 sales /month YTD which gives us an inventory of 15 months supply. REO, or bank-owned property in West Hollywood not listed with a broker is at 74 units, or an additional 15 months supply. As I have noted in previous market reports, a pipeline of 1-2 months supply of REO property is considered normal. In the West Hollywood Condo Market, there were 27 sales in October, with the YTD average at $445/sq. ft.- down 21% from the 2006 market peak of $523/sq.ft. There are 299 active condo listings, an average of 24 sales/month YTD which gives us an inventory of 12 months... 11/02/2009

Royal Lofts aboard Oasis of the Seas - Royal Caribbean Royal Caribbean has taken delivery of its newest addition to its fleet of cruise ships, "Oasis of the Seas". At an estimated cost of $1.5 Billion this is the world's biggest and most expensive cruise ships ever to set sail. The gigantic ship that is five time bigger than the Titanic and can accommodate over 6000 passengers in 2700 staterooms and suites, began its maiden voyage this week from Finland to Florida. What I found most interesting about this incredible floating resort are the modern lofts that have been incorporated into the design. The lofts look more like condos than state-rooms or cabins. According to press releases there are 25 Crown Loft Suites (737 sq ft), a number of corner Sky Loft Suites (722-770 sq ft), and the R... 10/31/2009

Rich Kids Real Estate Group is pleased to announce the sale of 7917 Willoughby, PH7 in West Hollywood (2br/2ba - 1701 sq ft) with a purchase price of $875,000. This is one of the most architecturally dynamic units I have ever been in. Designed by famed local architect Lorcan O' Herlihy, the penthouse is a combination of white oak floors, contrasting steel framed windows, and an interior glass atrium contained in an award winning boutique condominium arrangement. I want to welcome my buyer to the Rich Kids family. Congrats RS! Rich Kids Real Estate Group + Deasy Penner = the slickest properties on the market for the next generation of buyers and sellers. 10/30/2009

  Is Mercedes really about to launch a Gullwing, hybrid SLK? Several Auto Blogs (following the lead from Auto Express) are featuring articles about a new hybrid Mercedes. Daimler Benz has a 10% investment in Tesla Motors, currently the only manufacturer of an all electric car prodcution car - so this may not be beyond the realm of reality! 10/29/2009

As the dust settles after the near collapse of the world's financial system last year, it's back to the smoke-and-mirror tricks that helped cause the crisis in the first place. I'm specifically referring to Re-Remics - "the resecuritization of real estate mortgage investment conduits". Basically this involves repackaging existing collateralized debt obligations into new products. Congressman Dennis Kucinich (D-OH) has asked Treasury Secretary Timothy Geithner to address the potential threat to the financial system posed by resecuritization of existing residential mortgage backed securities. (Read the full text of his letter). According to Dennis Kucinich's website: "The Re-remic process takes previously issued residential mortgage backed securities and collateralized debt obligations wh... 10/29/2009

Surprising Good News - The Economy Returns To Growth  Reuters - "The U.S. economy grew in the third quarter for the first time in more than a year as government helped lift consumer spending and home building." The surprisingly good news that the economy grew at an annual rate of 3.5% between July and September is worth noting as it signals the end of the worst recession in 70 years according to the Commerce Department.  It's interesting to note that today - the day on which the Obama Administration can breath a sigh of relief as a result of their efforts to stimulate the economy - also marks the anniversary of the Stock Market Crash of 1929. 10/29/2009

Why Do Banks Exist? With all the talk and controversy about bailed out banks being forced to cap the compensation to senior executives and high-risk traders, I started to think about why banks exist. Sure, banks serve the customers that utilize their services (safe-keeping of cash, paying out checks, accepting deposits and granting loans etc), but the real purpose of banks is to maximize wealth for their shareholders. A bank is a business. The only real reason banks "serve their communities" is because of the profit they intend to make off those customers. In 2006 Edward Yingling, the President and CEO of The American Bankers Association (and former top lobbyist for the Association) "urged Congress to permit the regulators to continue doing what they do best, namely, rigorously apply sa... 10/27/2009

I'm not sure why but I missed this movie when it was shown in theatres earlier this year. Fortunately I noticed it on HBO this weekend and had the opportunity of seeing it. "Outrage" is a documentary about exposing hypocritical closeted politicians who vote against gay interests in an effort to hide their own homosexuality. Obviously everyone is entitled to their privacy, but in the words of Barney Frank: "There is a right to privacy, but not a right to hypocrisy." 10/25/2009

Homeowner Association's Reserve Studies have become a critical issue when selling a condo. "A Reserve Study is a document prepared by an outside company for the administration of a property with multiple owners, such as a condominium association or Homeowner's association (HOA), containing an assessment of the state of the commonly owned property components as determined by the particular association's CC&R's and bylaws". Reserves Studies are intended to help determine how much of the monthly dues need to be set aside to provide for future expenses such as maintenance and capital improvements.  As banks continue to tighten their lending criteria, condo HOA Reserves have become a critical issue in their underwriting process. Underwriters are scrutinizing Reserves Studies like never befor... 10/22/2009

MAGIC MOUSE - The advanced new mouse from Apple As expected, Apple's newest product is impressive. I'm referring to the MAGIC MOUSE, the first mult-touch mouse that has no buttons .... the mouse itself is the button. Magic Mouse replaces Apple's previous wireless mouse. The Magic Mouse is sleek and ergonomically comfortable and connects wirelessly to a Mac. The mouse is easy to use as the functions are intuitive .... be it clicking, scrolling, or zooming.  With innovative products like this, it's no wonder that Apple's share price is at an all time record high. 10/21/2009

The West Hollywood Annual Halloween Parade is a must-see for those who have never been.West Hollywood became an incorporated city within Los Angeles County in 1984 and three years later the parade started.This parade is the world's largest Halloween party attended by over 450,000 people, making it the sixth largest city in California for that night.  West Hollywood has around 39,000 residents!  The parade is also Los Angeles' second largest event after the The Tournament of Roses Parade on January 1st.What started as a gay and lesbian event has blossomed into one attended by peoples from all walks of life.A one-mile stretch of Santa Monica Boulevard between La Cienega and Doheny is blocked off and the area becomes a sea of people.  Parking in the area is extremely difficult and, if you ... 10/21/2009

West Hollywood's Annual Halloween Carnaval - October 31, 2009 Santa Monica Boulevard will once again pulse with excitement when as many as 500,000 visitors are expected to flock to the famous boulevard for the notorious 2009 West Hollywood Halloween Costume Carnaval on Saturday, October 31, 2009 from 6-11pm. The City offers several events during the week leading up to the big parade including a pumpkin carving party, a youth carnaval and even a pet costume party (check out the detailed calendar). The Halloween Carnaval is a great opportunity for kids of all ages to dress up and have fun. It's all in good spirit and well organized. Parking is scarce as the event involves several street closures so I'd encourage visitors to take advantage of the shuttle service operated from the eastern b... 10/20/2009

LA's Most Expensive Condo Listing - 2055 Avenue of the Stars #PH37B, Century City - $16,500,000 In case you're curious I thought I'd share the details from The MLS about the most expensive condo currently listed in Los Angeles. The 6700 sq ft 3-Bed 4.5-Bath Penthouse is located in The Century (in Century City) in the same development in which Candy Spelling purchased a record-breaking $47 Million 16.500 sq ft Condo in 2008. According to The MLS this condo is the "Master of the Universe PH in the hottest new development". I'm not sure when The Century will be completed, but it will be interesting to see if the new owners purchased with all-cash or used mortgage finance .... stay tuned!      10/19/2009

Philippe - A New Restaurant in West Hollywood - 8284 Melrose Ave, Los Angeles, CA 90046 Prominent chef Philippe Chow (of Mr. Chow fame) has opened a new restaurant on trendy Melrose Ave in the space previously occupied by Aston Kutcher's Dolce Restaurant. The newly decorated space is stark black & white accented with red booths and bar stools. The menu is Chinese cuisine, similar to the Phillipe restaurants in Manhattan and Miami. So after reading the great reviews for Philippe's newest restaurant we were expecting an extra special dinner .... Instead we had a very ordinary meal and an extraordinarily large bill. We started with Shrimp Toast which was totally bland, and Chicken Lettuce Wraps which were uninspired and tasteless. We tried the Crispy Beef which apart from a tangy sauce, c... 10/18/2009

If you are a rich kid with no limits to what you can spend and want the ultimate in LA chic, than this is the unit and building for you. Sierra Towers is considered to be the most prestigious full service high rise building in Los Angeles. Consisting of 146 units, nestled on the border of Beverly Hills right before you hit the Sunset Strip, this loan tower stands by itself as the epitome of luxury living. The moment you pull up, well dressed valet quickly escort you into the lobby and a front desk concierge attendant is quick to greet you. With no buttons to the elevators, you must check in before you are allowed to even enter the rest of the building. Your every whim will be taken care of whether you need groceries delivered to your unit, your dog walked - basically you name it (well, ... 10/17/2009

Balloon Boy - Why all the TV Coverage? I was amazed to see the Network News coverage of the Balloon Boy story yesterday. Wolf Blitzer (for whom I have enormous respect) spent much of the time on yesterday's "The Situation Room" tracking the unmanned home-made balloon that floated across the Colorado sky. Tom Foreman worked the "Magic Wall" and various "Balloon Experts" were interviewed. MSNBC kept on with the story as did Fox News. The Colorado Sheriff was out in full force and even the Colorado Air National Guard was called out to track the Balloon and help find the missing 6-year old that was speculated to have been on board the runaway Balloon. Ariana Huffington (The Huffington Post) was preparing to to be interviewed by MSNBC on the topic of Afghanistan, but instead was asked her th... 10/16/2009