Category: Local Business Scoop

Rents Already Dropping Like a Rock, Home Values to Follow

No Comments

According to an article posted the other day on the Los Angeles Fox 11 newsite at FoxLA.com, rents are already dropping in the Los Angeles region due to the effects of the Corona Virus or Covid-19. Over two weeks ago, shortly after the first stay at home order, I predicted that both rents and property values would be dropping very quickly.

The last line in their article is extremely telling:

“But for now, if your rent is not going down, you may want to talk to your landlord or look around for a better deal, because you may get it.”

Over 10 days ago, I wrote my first email asking a landlord for either a suspension of rent or a reduced rate. They came back with a “COVID-19 Hardship Consideration” form, which was obviously drawn up by the attorneys for the Southern California Rental Housing Association (and revised or drawn up, the same day 3/31/20).

This Covid-19 Hardship Consideration form, makes zero concessions except for considering to provide ‘accommodations’ for reduced rent until the eviction moratorium is lifted at which time the full amount of the rent would be due or the tenant would face eviction. They fail to recognize that due to the Stay at Home Order, many people have lost their entire incomes and in many cases, their jobs.

What landlords need to realize is that their properties are not worth the rental income they were getting even one month ago …

They are going to be finding very quickly that they will not be able to continue to charge rents like they were in 2019 and beyond. Rents will be dropping FAST and landlords should be contacting their lending institutions to get their payments deferred or contracts renegotiated. Some may choose to walk away. Many will be hearing from their tenants who will be choosing to do the same.

If you are a tenant or a landlord who needs help negotiating and coming up with creative, mutually beneficial ways to get through this crisis and stay in your home, please give me a call. I can – and want to, help.

Kilroy Realty Corporation Wins 2020 ENERGY STAR Partner of the Year Sustained Excellence Award

No Comments
Kilroy Realty logo Local Business Scoop

Kilroy Realty Corporation announced today that the U.S. Environmental Protection Agency (EPA) has for the seventh year in a row recognized KRC as an ENERGY STAR Partner of the Year. In addition, the EPA has also recognized KRC for the fifth time with its Sustained Excellence designation.

EPA’s annual ENERGY STAR Awards honor organizations that have made outstanding contributions to protecting the environment through superior energy efficiency. Since 1992, ENERGY STAR and its partners have saved over four trillion kWh of electricity, while achieving broad emission reductions, and in 2018 alone helped Americans avoid over $3.5 billion in energy costs.

Read More

Del Mar Investment Firm Cazador Acquires More Multifamily Properties in San Diego

No Comments

Cazador Investments San Diego aerialAccording to a post at SanDiegoRealEstate.re, Del Mar – based Cazador Investments, LLC has closed on five separate acquisitions across San Diego County in the last nine months, totaling 44 multifamily units and 4 commercial spaces in several desirable submarkets. Hunter Beaumont, President of Cazador, comments, “These acquisitions were each situational opportunities where we could get into strong value-add candidates in attractive areas and at a great basis. Discount to replacement cost is one of our most important metrics, and these assets were all acquired at a substantial discount to what it would cost to build them today.”

The five assets range between 3 and 22 units 

Read More

Trumark’s Wallis Ranch Named “Master Planned Community Of The Year” At PCBC 2017 Gold Nugget Awards

No Comments

Wallis Ranch Trumark CommunitiesTrumark Communities recently announced that Wallis Ranch, the 184-acre master planned community in Dublin, CA, was named “Master Planned Community of the Year” at the 54th Annual Gold Nugget Awards presented by PCBC, the largest annual homebuilding trade show in the Western United States.  The awards gala, held on Thursday, June 29, 2017, marks Trumark’s trifecta of wins for the prestigious title at the building industry’s three most esteemed annual awards ceremonies. In addition to the Gold Nugget Awards, Wallis Ranch was named “Master Planned Community of the Year” by the 2017 National Association of Home Builders’ (NAHB) Nationals Awards and the 2017 Building Industry Association (BIA) Excellence Awards.

Recognizing the best in community improvement through exceptional concepts in design, planning and development, the Gold Nugget Awards are a highlight of the annual two-day PCBC Conference held at the San Diego Convention Center, which draws more than 10,000 respected industry professionals across North America and beyond. Read More

Nomad Temporary Housing Achieves Highest Average Survey Scores in the 15th Annual 2017 Relocation Managers’ Survey

No Comments

Nomad Temporary HousingTrippel Survey & Research, LLC conducted its fifteenth annual survey to obtain evaluations from corporate relocation managers regarding their level of satisfaction with temporary housing service providers.

For the second year in a row, Nomad Temporary Housing achieved the highest average survey score, rating higher than all other national and regional temporary housing brands. Nomad is also the only brand with all survey scores in the 8 – 10 range, on a scale of 1 – 10. In addition, Nomad has also scored at the top of the Trippel survey in Net Satisfaction for 2016 and 2015. Read More

You Are a Powerhouse – Now Put It to Good Use

No Comments

Samantha DeBianchi Million Dollar Listing MiamiBy Samantha DeBianachi 

What do you do once you have broken the glass ceiling? Women everywhere are achieving far beyond what was thought possible not too long ago. For women, there is some work yet to be done, but in the business arena women are making names for themselves as serious power-players.

Once you achieve your first bout of success, you can better help others do the same. As a woman in the industry myself, I know how hard it is to defy the odds and surge beyond expectations. 

Here are some things I learned along the way that can help you achieve your goals of success: Read More

Virtua High Growth Fund Completes Sale of Kentucky Apartment Interest

No Comments

Virtua High Growth Fund (VHGF) has completed the sale of its interest in Patchen Oaks Apartments, a 192 unit apartment complex located in Lexington, Kentucky.VirtuaPartners logo

In March 2016, VHGF purchased a minority interest in the Patchen Oaks property based on an equity valuation of $1,066,428.  The apartment project was sold on April 20th with net proceeds of $4,812,188, which represents a fund level return of 317% IRR, or approximately 4.5X multiple.

“This is a strong return for our investors, even after adjusting for risk,” commented Virtua principal Quinn Palomino. “The Patchen Oaks investment is part of our high growth series of funds and syndications, which are designed to produce capital gains for our investors.” Read More

Santa Rosa Apartments in Wildomar Sells to MG Properties Group for $74.5M

No Comments

MG Properties Group San DiegoMG Properties Group, a private San Diego-based real estate investor and operator, recently announced the acquisition of the Santa Rosa Apartments in Wildomar, California.

Built in 2008, Santa Rosa offers 320 luxury apartment homes in a desirable low density two-story walk-up design. Santa Rosa is adjacent to the Inland Valley Medical Center, Kaiser Permanente, and Southern California Edison’s regional service center, and is close to shopping, Interstates 15 and 215, and a future 80-acre community college campus. The property offers an optimal mix of large one-, two- and three-bedroom floorplans that average approximately 1,000 square feet of living space and feature a garage for each apartment home.  MG Properties Group plans to perform modest interior renovations and to refresh the property’s common areas.  Read More