Set a block away from the heart of the Melrose Fashion District, the Luminaire at 928 Croft definitely stands out from the crowd of condo and apartment buildings that line the street. A bit Miami, but very much LA, the Luminaire is another example of the new style of architecture that is slowly taking over West Hollywood. The classic modern design is subtle enough that it won't intimidate those who are just starting to get into architecture, but bold enough that it will appeal to those looking for something different. One of the key elements that makes this a Hot Prop to me is the wide array of pricing and unit sizes available. A one bedroom starts at $595,000 with over 1100 sq ft, which is fairly substantial. What I have found in many of these new development projects is that the lower... 05/27/2009

The Gardens at The Getty Museum, Malibu, California Wednesday May 27, 2009 Copyright © 2009 Penn Properties.  All Rights Reserved. 05/26/2009

Sir Richard Branson is the entrepreneur I most respect and admire. He's smart, innovative, and above all, real. He doesn't have the heirs and graces and general BS adopted by the likes of Donald Trump. Branson puts his money where his mouth is and delivers. His brainchild, Virgin Atlantic, is my very favorite airline. Their fleet of aircraft are outstandingly fitted out, and whether flying coach, business or first class, each and every customer is treated with respect and care, unlike the service provided by most American airlines (and I specifically refer to the inferior customer service of American Airlines). So it's no surprise that while most airlines are reporting dismal results and forecasts of doom-and-gloom, Virgin Atlantic has reported a sharp rise in profits in the year to th... 05/26/2009

Every once in a while an immensely enjoyable movie comes along. This weekend I saw one of those kinds of movies - "Easy Virtue". Directed by Stephen Elliot (who directed the wildly entertaining "The Adventures of Pricilla, Queen of the Desert"), Easy Virtue is a thoroughly entertaining comedy which displays the sophisticated wit of Sir Noel Coward. Based on his 1924 play, the movie also features several of his well known songs ("Mad about the Boy; "Mad Dogs and Englishmen" and "Room with a View"). The soundtrack is wonderfully intoxicating and was directed by Marius de Vries, who also directed the music in Moulin Rouge.  The production was filmed entirely in the UK and is set in three magnificent stately homes. The cast is excellent and there's a terrific chemistry between them, with Je... 05/26/2009

The Supreme Court of California is set to issue a ruling that will either uphold Proposition 8 or overturn it as illegal and unconstitutional. According to "The Los Angeles Independent", a group calling itself The American Civil Responsibilities Union will announce plans to initiate a Statewide effort to recall any of the State Supreme Court justices who vote to overturn Prop 8. This group (The ACRU) is organized by Howard Garber of Orange County. The group said in a statement: "We believe homosexuality in all its manifestation is an unfortunate abnormality." The statement went on to add: "However, we wish it understood that we fully support alternative civil unions between like sexes. As registered "domestic partnerships", they should have all the state rights and responsibilities tha ... 05/25/2009

I specialize  in the Los Angeles Condo Market and I've noticed a disturbing trend in newer condo buildings that were completed and occupied between 2002 - 2007: several units in these new buildings are foreclosures and short sales. The reason is that many of the buyers who took title during the "irrational exuberance of the boom days" of the market, purchased their condos with either no-money down, or committed to creative & exotic loans offered by the banks at that time. As the economy deteriorated and the practical horrors of these loans caught up with those buyers, many soon discovered they had too much house that their money could pay for. The inevitable result was either a short sale or foreclosure. One of the most blatant examples of this is a condo that sold in 2006 for $1 Millio... 05/23/2009

Several of my previous blogs dealt with the Credit Card industry, and specifically how I thought the card issuers were hurting their customers in terms of interest rates charged, sudden modifications in credit limits, and even closing customer's accounts. On Wednesday 5/20/2009 Congress sent a bill to President Obama that makes it tougher for credit card issuers to raise fees and interest rates. This will hopefully stop the abusive practices employed by the card issuers. The arguement against this by the bank industry is that the net result could be tightened credit for all Americans. We will see in dues course. But I think this move is important because it sends a strong signal to bankers that they can no longer dictate to their customers. Customers do have rights ... customers do have... 05/22/2009

I read a fascinating article online today. It was titled: "The Happiest Taxes on Earth". The article went on to say that according to a survey conducted by The Organization for Economic Cooperation and Development, the happiest people on earth live in Denmark, Finland and the Netherlands.The three ranked first, second and third, respectively, in the OECD's rankings of "life satisfaction," or happiness."There are myriad reasons, of course, for happiness: health, welfare, prosperity, leisure time, strong family, social connections and so on." "But there is another common denominator among this group of happy people: Taxes." So why does paying higher taxes make for happier people? Apparently, it all comes down to what you get in return. "The Encyclopedia of the Nations notes that Denmark ... 05/19/2009

I was recently alerted to a website that's exposing "The Truth about Rockstar Energy Drink", and their hateful, anti-gay, homophobic position. The website is promoting a boycott on Rockstar on the basis that the owners of Rockstar, Russel Goldencloud Weiner (Rockstar's CEO), his father Michael Weiner (aka as Michael Savage, the conservative talk-show host & inventor of the Rockstar energy drink), and Janet Weiner (Wife and mother of Michael & Russel & Rockstar's CFO), are perpetuating intolerance, hate, and homophobia. Michael Weiner (Michael Savage) is on record having said the following: "You want me to tell you what makes me sick? When I see two puffy white males kissing each other I want to puke. When I see women kissing each other, on the lips, as lovers, I want to vomit." He's al... 05/19/2009

Last year I blogged about the ultimate electric car - the Tesla Roadster - an all-electric car that achieved over 200 miles per charge. The major drawback to that beauty was the sticker price of over $109,000 for the base model. Since I last wrote about Tesla, the company has announced the launch of the Tesla Model S - a magnificent all-electric 4-door sedan that looks not too unlike the lastest 4-door Maserati. The Tesla Model S has a base price of $49,900 and qualifies for the full $7500 US federal tax credit on battery-powered cars. Tesla CEO, Chairman and Product Architect Elon Musk, says "Model S doesn't compromise on performance, efficiency or utility ... and that it's truly the only car you need." Take a look at their website and you'll agree that this is the start of something v... 05/19/2009

WEST HOLLYWOOD CONDO REPORT: April 2009 / April 2008 I was interested to see the change in market activity for April 2009 versus April 2008 ... and the statistics presented an ugly picture! Average Selling Price: $479,000 / $691,000 - 30% decline Average List Price:  $499,000 / $716,000 - 30% decline Median Price: $429,000 / 518,000 - 17% decline Total Sold in Dollars: $6,200,000 / $18,658,000 - 66% decline Number of Units Sold: 13 / 27 - 52% decline Lowest Price Condo Sold: $285,000 / $300,000 - 5% decline Highest Price Condo Sold: $785,000 / $1,795,000 - 56% decline (Statistics extracted from The CLAW MLS and rounded off for ease of comparison) 05/18/2009

I've never been a fan of Nancy Pelosi. She always appears to have a haughty sense of moral superiority that I find most unappealing and condescending. I stopped respecting her in November 2006 when she declared that "impeachment was off the table" in respect of President George Bush. We now find Pelosi embroiled in a debate into what she knew and when she knew it regarding torture - aka "enhanced interrogation techniques". She claims that the CIA misled her and other lawmakers about the use of waterboarding and other enhanced interogation techniques some seven years ago. "Yes I am saying the CIA was misleading the Congress, and at the same time the (Bush) administration was misleading the Congress on weapons of mass destruction in Iraq, to which I said that this intelligence doesn't sup... 05/18/2009

Fleur De Lys - "The Finest Estate in America. Available by appointment to pre-qualified clients only. The property has 12 bedrooms, 15 baths, guest house on a 5.01 acres." Situated at 350 N Carolwood Drive, Los Angeles, CA 90077 - Bellair. That's all the information provided on the CLAW MLS for this extraordinary property that is co-listed by Hilton & Hyland & Coldwell Banker. I do not have clients looking for such a property, but I was neverthless curious to watch the progress of this mind-boggling listing. As of May 17th 2009 it's has been listed for 766 days and according to it's listing hostiry, there's been no change in the List Price, and it hasn't been in escrow. At $125,000,000 it sounds "reasonable" compared to Candy Spellings house which has a price tage of $150,000,000. Phot... 05/18/2009

Cher's famous Italian Renaissance-Style Malibu Estate is For Sale. The Combined LA/Westside MLS indicates that the 13,126 sq ft house has been listed for $45,000,000.  The property - featuring 6 Bedrooms and 7 Bathrooms, a theatre, a gym, infinity pool &, tennis court - is set on 1.72 acres overlooking the Pacific Ocean. Cher also owns a condo in the celebrity-filled "Sierra Towers", situated on 9255 Doheny Road in West Hollywood (adjacent to Beverly Hills). Joan Collins recently purchased a 2100 sq ft condo in the same building for $2.7 Million. Sierra Towers - featured above 05/18/2009

It has been reported that McCain has only ever met Sarah Palin twice before nominating her as his running mate and candidate for the office of Vice President.  TWICE ... and on that basis he made her eligible to become one of the most powerful leaders in the world? Where does the insanity end? I think Mccain has shown how inadequate his judgement really is and how totally inept he is to assume the responsibility of the position of President of the United States of America. Did McCain believe that he could placate woman voters with this nomination? Does he believe voters are so stupid? I think McCain has insulted all Americans and undermined his own credibility. In an earlier post I stated that thus far, I know very little about Sarah Palin ... and now it appears that John McCain didn't ... 05/18/2009

Hancock Lofts - 901 Hancock Avenue, West Hollywood, CA 90069. Situated at the corner of Santa Monica Blvd. opposite the notorious Numbers Restaurant, Hancock Lofts is one of West Hollywood's newer mixed-use condo developments that is well under construction. The project involves 31 luxury 1 and 2 bedroom lofts and 2-story townhomes, with floor plans ranging from 1,000 to 1,800 sq.ft. Also included will be seven rental units, and almost 11,000 sq. ft. of retail space. Condos will feature either sealed concrete or wood floors and have a combination  of Miele and Jenn-Air appliances and include Kohler bath accessories. Prices are expected to start around $900,000 a unit. The complex will feature a private residential lobby with key card access, a secure guest entry system, and covered, gat... 05/18/2009

Los Angeles/West Hollywood is an exciting, fascinating and often mind-boggling place to live. Despite the international financial crisis and the mortgage meltdown, it appears that some condo owners continue to expect sky-high prices for their properties. Here are three examples from listings on the CLAW MLS: $3,495,000 - A 3500 sq ft one-bed condo with HOA dues of $2600 per month. Admittedly, this condo has awesome views of Los Angeles. At $1000 per sq.ft this price is "relatively good value" when compared to the almost $3000 per sq.ft Candy Spelling is paying for her 16,000 sq.ft condo in Century City. $1,850,000 - A 1320 sq.ft one-bed condo with HOA dues of $1200 per month. Again, this condo offers great northern views of the Hollywood Hills. $1,023,000 - New construction. This one-b... 05/15/2009

I've recently had an offer on a Fannie Mae owned property accepted for a buyer of mine. The experience has been interesting (to say the least), observing how the representative at Fannie Mae has responded to our offers and counter-offers. The particular property (a one-bed condo in West Hollywood) was listed in 2007 for $469,000 and after several multiple offers sold to an individual for $520,000. The owner subsequently tried to resell it at $499,000 but couldn't and the condo was eventually foreclosed on. Fannie Mae took over the property and listed it with a Broker at $399,000. They reduced the price to $365,000. At that point my buyer wrote an offer for $310,000. Fannie gave a verbal counter at $349,000 and reduced the list price to $349,000. My buyer increased his offer to $318,000.... 05/13/2009

Well, West Hollywood just keeps getting better and better.  Lindsey Horvath was unanimously voted as a new City Councilmember, filling the vacant seat left by the former Councilmember, Sal Guarriello, who passed away in April.  On Wednesday, May 13, 2009 at 6 pm, Lindsey Horvath will be sworn in as a member of the West Hollywood City Council during a special meeting at the West Hollywood Park Auditorium (647 N. San Vicente Boulevard). Ms. Horvath was already doing a great job as a contributing member of society in her position as chair of the City's Women's Advisory Board and other roles around the city.  Many West Hollywood residents are looking forward to her coming aboard the City Council to see what she will bring to the city as a member. Currently, Ms. Horvath's employment status i... 05/11/2009

Open Table is a great online site to make reservations at some of the best restaurants in most citites. The company is doing so well that it has filed with the Securities and Exchange Commission that it is seeking an initial public offering with the intention is to be listed on NASDAQ. The Open Table restaurant reservation service is now available on the i-phone as a free application. I've found this to be an extremely useful app as it takes the hassle out of making telephone reservations. Try it out and share your comments! 05/11/2009