West Hollywood, CA Real Estate News

By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
FACT vs FICTION (Copied from the No on 8 initiative) Fiction: Teaching children about same-sex marriage will happen here unless we pass Prop 8. Fact: Not one word in Prop 8 mentions education, and no child can be forced, against the will of their parents, to be taught anything about health and family issues at school. California law prohibits it, and the Yes on 8 campaign knows they are lying. Sacramento Superior Court Judge Timothy Frawley has already ruled that this claim by Prop 8 proponents is "false and misleading." Fiction: Churches could lose their tax-exemption status. Fact: Nothing in Prop 8 would force churches to do anything. In fact, the court decision regarding marriage specifically says "no religion will be required to change its religious policies or practices with regar...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The November election is profoundly important to our country. Added to the ballot in California are several propositions. I've noticed that these "Propositions" are worded in a confusing way, making it difficult for voters to decide on a clearly defined issue. Proposition 8 is no different. "Proposition 8" is also known as the "Eliminates Right of Same-Sex Couples to Marry Act". It was previously titled the "Protect Marriage Act" and has also been known as the "Same-Sex Marriage Ban." If Proposition 8 passes, it will add a new constitutional amendment to the California Constitution that will have the following text: "Only marriage between a man and a woman is valid or recognized in California." The ballot title for the measure says that Prop. 8 "eliminates the right of same-sex couples ...
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By Robert Leighton
(Sotheby's International Realty)
There will be a lot going on in and around West Hollywood , California during the whole month of October. Here are some of the things you can enjoy while here: October 15th - Cops 4 Causes. Come out to support our local Cops 4 Causes at their Comedy Uniting Communities, a great comedy event. The event will be held at the Long Beach Laugh Factory. There will be several comedians that will perform at a 7:30 p.m. show and a 9:45 p.m. show. October 18th - Rubber Ducky Regatta. Bring the entire family out to join Rick Chambers for the 6th annual Rubber Ducky Regatta at 10:00 a.m. at Castaic Lake . KCAL-9's Rick Chambers will MC the event, and all proceeds will go toward health care services for underinsured and uninsured residents. October 18th - LAPD Hiring Seminar. Come learn what it reall...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Do you ever look up at the night sky filled with hundreds of blinking stars .... and think about how far away those massive, luminous balls of plasma really are? Do you ever start thinking about the vastness of the universe and the concept of infinity?  And then suddenly your mind aches as you battle to comprehend the enornimity of this all ... and you shake your head and need to stop that thought process - much like when your computer freezes and you need to re-boot it. Well that happened to me today while I was reading about the magnitude of our country's debt. It was fascinating to read how new numerical descriptions will become more familiar as deficits and borrowings increase. Initially a big number was a Million, but not so long ago a Billion (one thousand million - 1,000,000,000)...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Oliver Stone, the maker of highly acclaimed movies such as Platoon, Born on the Fourth of July, JFK, Nixon, and Wall Street, presents his latest project, W - A chronicle on the life and presidency of George W. Bush. The Lionsgate movie is billed as a comedy, but if Bush's presidency wasn't in it's final weeks, the movie would be seen as a horror movie instead. W stars Josh Brolin as George W Bush. Josh's dad, James Brolin, played Ronald Reagan in the highly controversial 2003 CBS TV movie that ultimately got bumped from the network. I'm looking forward to seeing how Oliver Stone portrays George Bush, the most unpopular President in U.S. history.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Slowly, slowly equality and justice prevails. Buried in today's news about the further meltdown of global stock markets and the report that Sarah Palin violated ethics rules, is the liberating news that Connecticut overturned a ban on same-sex marriage. Connecticut became the third state to legalize same-sex marriage today in a 4-3 decision by the state Supreme Court. Connecticut joins California and Massachusetts, which became the first state to allow same-sex marriage in 2004. "This is a very proud day for Connecticut and a very proud day for every American who believes in the promise of equal rights for all," said Human Rights Campaign President Joe Solmonese. The fact that this news was not a huge deal in the greater scheme of today's events shows that this will not effect the core ...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The euphemistically termed "meltdown" in the financial world is really a crisis of enormous proportions. "The world's central banks launched a large coordinated attack against the widening global financial crisis, lowering short-term interest rates in unison. The emergency action, which involved the Fed, the European Central Bank, the Bank of England and others, is a sign that fears that the financial crisis could cripple the global economy are spreading rapidly" - Wall Street Journal "Fed Can't Stop the Bleeding. Global Markets Remain Strained" - Fox News "The US treasury secretary has warned some banks will still fail despite the $700bn government rescue package to shore up the financial system. The UK government has announced a package of measures aimed at rescuing the banking syste...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
I am currently working with a "Professional Organizer" - Rosalind Lakomy, owner of  "Clearing Space" - who has been employed to help prepare a condo For Sale. The listing I have was awarded to me by the beneficiaries of a deceased estate. Rosalind is arranging for all the furniture to either be sold or stored, so that the condo is vacant when I begin marketing later this month. She is also arranging for the condo to be painted throughout, have minor repairs taken care of, and oversee the professional cleaning of the condo. My assessment is that whoever buys the condo will want to remodel and update the unit, but having a presentable product (albeit dated) will definately help yield a higher price for this property. The members of the family who have inherited the condo are all busy with...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The Westfield Century City Shopping Mall (on Santa Monica Blvd.) has recently installed a simple, yet brilliant system to assist customers find parking in the mall's parking structure. We've all seen the electronic signs that indicate how many parking spaces are open on each level, but the Westfield Mall has taken this concept further. Not only do their signs indicate the number of free spaces, but they also indicate where "disabled parking spaces" are. Now what they've added is a sensor above each parking space with a green, red or blue light to indicate if a space is taken, free, or available for disabled drivers. So when one turns down a parking aisle it is easy to see where an available parking space is by seeing the green light above a space, eliminating endless driving around the ...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
SEPTEMBER 2008 - Total Value of Condos Sold: $10,296,500 ($14,828,500) CONDOS: () Previous Month Figures Median Price: $640,000 ($544,500) Average Selling Price: $605,676 ($617,854) Average List Price: $$634,835 ($644,579) Therefore, Average Sales Price was 95.41% (95.9%) of List Price Lowest Price Condo Sold: $310,000 ($370,000) Highest Price Condo Sold: $875,000 ($1,525,000) Number of Listings Sold: 17 (24) MEDIAN SALES PRICES: August 2008: $544,500 / July 2008: $421,000 / June 2008: $585,000 / May 2008 - $519,000 April 2008 - $516,500 / March 2008 - $615,000 / February 2008 - $618,250 / January 2008 - $620,000 For further information, please contact:  Stewart Penn - Realtor/Broker - " West Hollywood Condo Specialist"
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
This week I spoke to two clients who received letters from American Express, advising that due to the large outstanding balances on their residential mortgage loans, American Express had reluctantly decided to lower the credit limits on their respective accounts. Apparently American Express apologized for this action but claimed it was decided upon after a thorough review of the client's accounts. For weeks Suzie Orman has been warning that banks would take this action to curb credit and warned that such action would have the effect of lowering individual's Fico Scores because the credit used as a percentage of the new reduced balance would increase - making the card appear "maxed out". The result of a lower Fico Score could mean higher interest charged by lenders. Many sites are now di...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The "$700 Billion Bailout Plan" - euphemistically called "The Rescue Plan" - is an instinctively wrong but practically essential step to ease the financial crisis plagueing our financial system. What is most disturbing is the fact that the House of Representatives rejected the Bill on Monday 9/29/08, which was then modified and then approved by the Senate on Wednesday 10/01/08. The tweaked Bill contains some ridiculous items not related to the Rescue Plan at all. The outrageous "Pork" (aka sweetners) items are discussed on The Taxpayers for Common Sense website: Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children: This provision will have a cost of $2 million over ten years, according to the Joint Committee on Taxation. According to Bloomberg News...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Religulous- A satirical documentary by Bill Maher- due for release in October 2008. "Religulous describes religious ideas, beliefs, or claims that are patently absurd, comical, or ridiculous." Bill Maher is one of the smartest, wittiest and on-the-mark comedians around. His weekly HBO show, "Real Time", is brilliantly funny (always provocative) and hugely entertaining while providing an open and honest forum to debate important social and political issues. He usually features controversial and opinionated guests that aren't afraid to present their views. Prior to having a show on HBO, Bill hosted the late-night television talk show "Politically Incorrect". Politically Incorrect was a late-night, half-hour political talk show that ran on Comedy Central from 1993 to 1996, and later on ABC...
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By James Engel, KW Beverly Hills
(Keller Williams Realty Beverly Hills)
5 Links to Events in October for West Hollywood   An Evening With Jon Lovitz 16 Comics Dr John and the Lower 911 David Byrne Katerina Graham   There's so much cool stuff going on in LA that sometimes it's hard to find events just in your neighborhood. Well, we've put this blog series together to help out!    We have put this together as a series so, make sure to check back often for other regional write ups. The districts covered include Beverly Hills, Culver City, West LA, Brentwood, Westwood, Downtown, Chinatown, East LA, Little Tokyo, Westlake, Hollywood, West Hollywood, Echo Park, Los Feliz, Silver Lake, Melrose District, Melrose Heights, Beverly, Fairfax District, Miracle Mile, Mid Wilshire, Hancock Park, Park La Brea, Koreatown, Santa Monica, Venice, Malibu, Palms, Burbank, Glenda...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
It's clear that the Real Estate Market is down across the board. While it is true that the market is weaker in certain States, no-one can argue that not all price levels have been hit by this major downturn. Today while reviewing the Combined Westside/Los Angeles MLS (CLAW), I came across a million dollar price reduction for a property situated at 1401 Oriole Drive, Los Angeles, CA 90069 (part of the Hollywood Hills). "MILLION DOLLAR REDUCTION! This architectural compound designed by Robert Offenhauser is the ultimate trophy in the "Bird" streets." MLS Listing by Hilton & Hyland. This 5 Bed 6.5 Bath property was listed in February this year with a $17,500,000 price tag. Today it's been reduced by a whopping $1 Million to $16,500,000. It goes to show that every segment of the market is f...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The CLAW MLS (Combined Los Angeles / Westside MLS) has published an interesting area map of Median Sale Prices for single family homes, highlighting which areas in Los Angeles have been "hot" and which have not. (The Median Sales Price is that price at which 50% of all homes have a lower price and 50% of all homes have a higher price). The period examined is for August Year-to-date 2008, compared to the same period in 2007.  Single family homes in the Sunset Strip Area has seen zero change in the Median Sale Price ($1,547,500) while West Hollywood has experienced a 5.5% drop in the Median Sales Price ($1,100,000 to $1,040,000). When put in perspective it is evident that West Hollywood Real Estate Prices have performed extremely favorably compared to other areas of Los Angeles. However, ...
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By Stewart Penn - BRE# 01339266, Stewart Penn - Associate Broker
(Windermere Real Estate - Palm Springs)
I was watching Joy Behar on CNN's Larry King Live, when it suddenly hit me why we should all vote for McCain and Palin .... Can you imagin the Jon Stewart Show without the material provided by the Republican candidates? What would Bill Maher have to talk about on Real Time? The late night talk shows with Jay Leno and David Letterman .... what could they joke about? And let's not forget Saturday Night Live (SNL) .... especially with the recent complaint by the McCain campaign claiming the show is biased in favor of Obama and the Democrats. If voters are prepared to spend more time watching "American Idol" instead of the Presidential Debates, then in the interests of entertainment, all Americans should vote for McCain & Palin. However, if you believe that this election is truely serious -...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
With George Bush's presidential legacy shredded and in tatters, he is now trying to get the $700 Billion bailout signed off without responsible checks-and-balances in place. Bush ("The Decider") - is once again showing his utter arrogance and disdain for the American people by trying to insist that Congress approve this enormous deal without fully considering the implication, consequences and ramifications. We've seen that such behavior is normal for Bush - but it's not acceptable for the American taxpayer. America is still a democracy not a monarchy, yet Bush fails to see it this way. He still adopts the mentality that "you're either with him, or against him". Henry Paulson is proposing a plan that is beyond any acceptable measures of power. The plan had no oversight, but merely gives ...
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By James Engel, KW Beverly Hills
(Keller Williams Realty Beverly Hills)
Below is a list of the top 50 events going on in West Hollywood for the month of October according to metromix.com! Check it out! Events / Comedy Crack 'em up Thursdays Comedy Store - 8433 Sunset Blvd. - West Hollywood Join a host of comedians in the Belly Room every Thursday night at the Comedy Store. Thursdays: 9 p.m.   Bars & Clubs / Bar/Club Event Tuesdays at Seven Lounge Seven [Open during renovation except August 17-30] - 7929 Santa Monica Blvd. - Los Angeles (Fairfax District) Your Tuesday nights have just gotten Seven times better Tuesdays: 9 p.m.    Music / Blues Gospel Brunch House of Blues Sunset - 8430 Sunset Blvd. - West Hollywood Listen to live tunes straight out of the Louisiana bayou while you sample an endless buffet of Southern comfort foods.  Deeeelish! Seating times....
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
I recently discovered a great new website that I think offers Realtors, buyers and sellers, as well as landlords and tenants convenience and efficiency: it's called PayYourRent.com.  PayYourRentcom.com is a new online resource that allows tenants, property managers, and property owners to quickly and efficiently manage their rent payment and collection needs online. This new online business provides for online electronic check payments, the establishment of automatic monthly payments, online maintenance requests, and online utility connections.
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