West Hollywood, CA Real Estate News

By Robert Leighton
(Sotheby's International Realty)
If you're looking for a great city to relocate to that is also pet friendly, look no further than West Hollywood, California. West Hollywood is perfect for you and your pet with a great moderate climate, pet-friendly hotels, and lots of walkable streetscape. West Hollywood is home to over 1,000 dogs per square mile, showing how pet tolerant West Hollywood residents are. The city even has a law that states pet owners are to be called guardians and the pets are to be called companions. These pet policies reflect what awesome core values the city has. When visiting West Hollywood, you can find several hotels that are extremely pet friendly. Many will require a deposit, but they will supply a dog bowl and little doggie biscuits, or a kitty salmon surprise for your companion. Many of the hot...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
I subscribe to a weekly newsletter published by a Californian firm of attorneys (Adams Kessler) that specializes in Homeowner Associations and The Davis-Sterling Act. There was a question and answer in the latest newsletter that made me shake my head and think about how some people rationalize situations. QUESTION: We have a female director who is sleeping with our manager. She goes on weekend jaunts and vacations with him. Our board president allows her to remain in executive sessions when we discuss problems with the manager. This has caused problems between the manager and board members who have been critical of the manager. How do we handle this? ANSWER: The situation you described exposes your association to significant potential liability. If you were to terminate the manager's se...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Originally listed at $26,250,000 in March this year, the rare and historic Cecil B. DeMille estate is still available For Sale, but now at a reduced price of $23,950,000. Orginally built in 1913, the 11,000 sq ft house is set on over 2 acres in a gated area of Los Feliz (on DeMille Drive). The main house features 6 Beds and 10 Baths. There is also a 1,000-square-foot artist's studio as well as a pool house. According to the MLS Listing, the property has been completely restored with attention to detail. The property is listed by Brett Lawyer of Sotheby's Sunset.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Yet another famous multi-million dollar Beverly Hills mansion is up For Sale - this time it's Pickfair - the legendary estate of Hollywood icons Mary Pickford and Douglas Fairbanks Sr. and until not too long ago the home of Pia Zadora. She purchased the house in 1988 form the Los Angeles Lakers owner Jerry Buss for nearly $7 Million and subsequently sold it to Korean-born businessman Corry Hong for $17,650,000 in 2005/2006. The 25,000 sq ft mansion is set on 2.25 acres and features 17 Bedrooms, 30 Bathrooms, and according to the MLS listing, has parking for 30 cars. There's also the essential projection & media room. Hilton & Hyland is the listing Broker. The detailed MLS Listing can be seen by visiting the MLS Guest Site - Enter MLS no: 08-311111. According to the MLS, "This Villa desi...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The latest proposal to solving the current financial crisis is to create a Resolution Trust Corporation (RTC). The suggestion of such a course of action resulted in the Stock Market surging and the Dow Jones Index racing up over 400 points. Effectively, a RTC would create a market for assets that investors wouldn't normally want to buy. The Corporation would liquidate assets - primarily real-estate related assets, including mortgage loans in an orderly and rational manner. The major difficulty would be the pricing of these assets. Another important step taken by the market regulators was to limit Short Selling on stocks.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
A few day s ago I received my Social Security Statement in the mail. While reading through the 4-page document I began to think about the enormous problems facing the system - and further refelcted on the inequality and injustice of the system. Two immediate issues struck me: ISSUE # 1: The Statement/Brochure plainly states that "in 2017 we will begin paying more in benefits than we collect in taxes. Without changes, by 2041 the Social Security Trust Fund will be exhausted. We need to resolve these issues soon." One of the immediate "band-aid" solutions to the solvency crisis is to gradually delay the normal retirement age from 62 to age 67. There is a list of proposals of long term solvency provisions on the Social Security Administration website. As an independent contractor I would ...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Another famous mega-million dollar Beverly Hills Mansion is up For Sale. Samuel Goldwyn Jr. has listed his Georgian style home for $24 Million. Built in 1934, the house is owned by Samuel Goldwyn Jr., son of movie-mogul Samuel Goldwyn (Co-founder of Goldwyn Pictures). The property has never before been on the market, but was used as collateral to finance movies produced by Goldwyn Snr. According to the MLS Listing the house on Laurel Lane is set on 2 acres on a cul-de-sac behind the Beverly Hills Hotel. The home features 6 bedrooms and 5 bathrooms and includes a 35 MM projection room. Realtors might be amused to know that Zillow's Zestimate for this property is a mere $7,496,500.00. UPDATE 9/19/08 - This listing has been withdrawn from The MLS after being active for only 8 days.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The U.S. government took control of American International Group Inc. in an $85 billion bailout to prevent the bankruptcy of the nation's biggest insurer and the worst financial collapse in history - Bloomberg.com  AIG posted losses of $18 Billion in the last year while providing insurance on more than $441 billion of fixed-income investments held by the world's biggest institutions, including $57.8 billion in securities tied to subprime mortgages. The pressing issue that I am trying to understand is why AIG needs $85 Billion to avoid bankruptcy. Not even a week ago AIG said it needed a $25 Billion lifeline, but 5 days later it appeared that they needed $85 Billion. What changed in 5 days? Did Management really know the true magnitude of AIG's troubles? While I understand AIG's core bus...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Although the current Financial Crisis on Wall Street is a complicated and intricate matter, I believe that simple "greed" is the root cause of the current mess. Stock Brokerages, Investment Bankers, as well as traditional Commercial Banks wanted to be "everything to everyone" in an attempt to make money wherever possible. The opportunity for huge profits blindsighted senior management of so many of the Financial Services companies, resulting in traditional commercial bankers and stock brokers becoming mortgage lenders. I also believe that ignorance played a major role in the enormous losses suffered by these instutions. These players weren't specialists in the products they were selling and trading in ... and then as the losees started to occur they allowed their exposure to continue. W...
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By Robert Leighton
(Sotheby's International Realty)
When weighing the benefits of where to buy your next home, most buyers think affordable is better. So, many buyers look to the suburbs to find a more affordable home. But, now with gasoline prices soaring, the commute that was once affordable is no more. Many buyers are discovering that moving to larger cities where they work is the more affordable way to go. It looks like this trend may be here to stay for awhile. Home offices are another new trend on the rise. Many people are buying, building or reconstructing homes with a home office.  Depending on your line of work, you might even be able to have the best of both worlds; working from the comfort of your home office, while living in a big city with all the conveniences you need. Living in larger cities like West Hollywood, California...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
WehoNews.com is West Hollywood's only "online weekly newspaper" - which is written, photographed and edited by West Hollywood residents and neighbors. It is is about all things West Hollywood and is a community news and information resource for the residents and businesses in West Hollywood - covering news, events, special features, profiles, entertainment & dining, as well as the arts. The "weekly newspaper" covers a variety of relevant subjects, including civic announcements, activities, a shopping and service directory, and an advertising resource for the local business community. WehoNews.com was founded by Ryan Gierach (editor in chief) three years ago and has a readership of over 8000 per week. According the WehoNews.com's media kit, "West Hollywood boasts one of the best educated...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
"The best gay bar to bring a straight friend to" - Los Angeles Magazine Ideally located at 692 N. Robertson Blvd., (between Santa Monica Blvd. and Melrose Avenue), The Abbey Food and Bar is considered one of West Hollywood's premiere gay hotspots. Originally a coffee-house, The Abbey has been expanded over the years and now has several outdoor patios, indoor lounges, a cabana area and even a dance-floor. There is a full restaurant with round-the-clock (8am-2am) service which features a menu of modern American comfort food, perfect for snacking and dining throughout the day. Despite it's expensive cocktails, the place is usually crowded. Best nights are on Thursday, Fridays and Saturdays. Saturday and Sunday afternoons are also great. With it's fun atmosphere and theatrical decor, The Ab...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Casden Properties is proposing a new development for the City of West Hollywood with construction projected to commence in 2010 and take two years to complete. Movietown Plaza, located on the east side of West Hollywood, is to be situated on Santa Monica Blvd. between Fuller Avenue and Poinsettia Place - and will replace the aging Movietown shopping center - home of the original West Hollywood Trader Joe's. The original plans evoked neighborhood criticism; local residents complained of too much mass, too much traffic descending on their streets, and too many people moving in. Revised plans received a better response when "the taller elements were shifted to the rear of the three-acre site, a new location at the front of the project for the affordable housing units for senior citizens, a...
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By Robert Leighton
(Sotheby's International Realty)
West Hollywood and surrounding areas have many great restaurants for residents and visitors to enjoy. There are over 140 dining establishments between West Hollywood and Los Angeles. You can find everything from casual or formal, to chic and trendy. It's what makes West Hollywood and surrounding areas the most diverse culinary destination. As famous chefs flock to West Hollywood in search of fame and fortune, you will find several delectable cuisines that celebrities rave about. The celebrity chef craze was started in the 1980s when Wolfgang Puck opened his famous Spago on Sunset Stip. The West Hollywood restaurant scene is a big attraction for many, especially Hollywood socialites like Robert De Niro and other big names. West Hollywood offers a wonderful blend of international and cont...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Urth Caffé is an organic coffee company that exclusively carries its own brand of premium, fresh roasted whole bean organic coffee and hand selected fine teas. Although there are Urth Caffe locations in Beverly Hills and Santa Monica, my favorite is on Melrose Avenue in West Hollywood. Place your order at the inside counter and then take a seat on the outside patio. Enjoy your meal on the terrace, taking in the good weather and watching an ecclectic array of manicured models, tanned buff bodies, movie-people, and wanna-be's too. Their coffee is magnificent and I recommend their Cafe Mocha (It's delicious, rich and creamy and served in a huge cup). The food varies from organic healthly meals - a salad with spinach, pine nuts and feta - to decadently delicious sun-dried tomato and mozzare...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
I read an interesting question on a recent Blog that I thought merits discussion: QUESTION: Our board requires that owners give their open forum topic one week in advance of the meeting, and then does not let them speak on any other issues. In other words, they have to give their topic before the board publishes its agenda. Can the board do this? Boards should not try to curtail comments or input from owners. This stringent requirement appears to be a tactic to limit participation by owners and could be contrary to the measures intended by the Davis-Stirling Act. In practice most Boards permit an Open Session at the begining of the meeting without a pre-set agenda.
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Confirming that the Mortgage Crises is far from over, Federal officials unveiled an extraordinary takeover on Sunday of troubled mortgage giants Fannie Mae and Freddie Mac, signaling the most dramatic move to date aimed at shoring up the nation's housing market - CNN Money Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing. "We examined all options available, and determined that this comprehensive and complementary set of actions best meets our three objectives of market stability, mortgage availability and taxpayer protection," Paulson said. "The move is intended to prevent major financial turmoil. Our economy and our markets will not recover until the bulk of this housing correction is behind us. Fannie Mae and Freddie Mac...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
The November Elections are crucially important to the future direction of our Country. It's time for us to "move-on" from the disastrous incompetence displayed by the Bush Administration over the last 8 years - but before we can, we need to know the facts surrounding the candidates. My biggest concern is John McCain's choice for Vice President - Sarah Palin. Not only have I blogged about how I think this choice indicates a lack of sound judgement on McCain's part, but as I learn more about the actual candidate, I discover that things are definately not what they were presented to be and some of her views are fanatical. Sarah Palin got her first Passport in 2006. What kind of interest or curiousity did the woman have about other countries, other cultures, and International Society if she...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
Comme Ca is a trendy, sleek and chic restaurant located on the cool & hip Melrose Avenue in West Hollywood. Unless you know the location, you could well pass it by. Their house cocktails are superb and I suggest "The Penicillin" - tasty concoction of scotch, lemon, honey and ginger. I like the Roasted Beet Salad to start - a light salad with warm goat cheese encrusted with pistachios and horseradish cream. For the main course I highly recommend their Paleron of Beef Bourguignon, served with carrots, and pommes puree. The macaroni and cheese is a great side dish and big enough for two or three people to share. For dessert I enjoy their Profiteroles, served with ice cream instead of cream. The wine list is fair, and pretty reasonable too - with something for every palate. My only criticis...
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By COMPASS PALM SPRINGS | Stewart Penn, COMPASS Palm Springs - Broker Associate
(COMPASS)
I recently posted a series of Blogs about politics and the candidates running in the National Elections in November this year. A fellow ActiveRainer commented, saying "No more politics". On the one hand, we're all exhausted by the constant barrage of political news, advertisements, arguements and debates - and we want to take a few steps back and close out eyes and ears to all the dissent and animosity. But unless we, "the people", stay involved with what is going on, we do not deserve the right to participate and comment about what is happening to our country. It's the responsibility of each and every citizen to stand up for what they believe is fair and just. I don't believe in remaining silent to simply maintain the status quo. People need to say what needs to be said and stand up fo...
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