Friday, November 18, 2011

Touring the American Apparel Factory in Downtown Los Angeles, the Largest Garment Manufacturing Facility in North America -- "Made in Downtown LA -- Vertically Integrated Manufacturing"

American Apparel Warehouse - Largest Garment Manufaturing Facility in North America (© earthtoandrea)
Part of the fun of being a commercial broker is seeing the range of businesses that operate in the Los Angeles area and the buildings that house them.

We've seen all size and type of industrial property -- from the scrappiest, junkyard dog of a used car lot in Sylmar, to the pristine, NASA-like warehouse of fine art handling shop in Santa Fe Springs.

But the industrial property that's impressed us most is the American Apparel factory at 747 Warehouse Street in Downtown Los Angeles, the largest garment production facility in North America.  (Special thanks to Creative Director Iris Alonzo for giving us the tour.)

Why is this operation so impressive? It's not just the sheer enormity of it -- 342,000 sq ft, a staggering 7.9 acres of interior square footage -- with miles and miles of aisles of garments in all states of fabrication. It's that it's a real, under-one-roof design, manufacturing, and distribution facility -- right here in America! right here in the center of the second largest city in the USA!

On one side of the expansive building, the youthful (and hard-working) design and marketing staff are generating the content that is manufactured on the other side by a legion of hard-working sewers, cutters, pattern makers, and leather workers. This is the non-finance economy in action -- people are employed, machines are purchased and operated, and materials are consumed: a product is made.

If this country has any economic future, we need more American Apparels Whatever you think of the controversial company, Dov Charney's apparel business employs thousands of people in Los Angeles from all segments of the wealth spectrum. Food is put on tables; livelihoods are earned, improving lives for the many, in neighborhoods across the city.

Wednesday, November 16, 2011

Legendary Venice Compound of Legendary Actor Dennis Hopper for Sale In Venice for a "Medium Cool" $5,750,000

Inside the Dennis Hopper Compound
This is a post by Luke Jones.  As a film fan and Venice resident, the Hopper Compound at 330 Indiana Avenue, Venice, always had an air of mystique, glamour, edge and avant garde about it. Even though I would see the frail Mr Hopper in my local gym, so obviously in the grip of his illness, he still shone through as a giant in the world of free-thinking, creative, artistic driven Hollywood; the bad boy of Tinseltown who ended up as the unofficial mayor of Venice!

Not until today did I actually have the opportunity of setting foot inside this remarkable, sprawling masterpiece of a home. There is so much that makes this property unique, magical and exquisite.  Firstly, it’s enormous and comprises of five separate dwellings across a 15,000 sq ft lot – there is the master house which was designed by Architect Brian Murphy, there is the guest cottage which is an original, vintage, craftsman cottage that dates back the early 1900’s and then there are the three condominiums designed by Frank Gehry.

All, except the guest cottage, have huge living spaces, garage and vaulted and exposed wooden frame ceilings. It’s almost impossible to list the number of different styles, designs and materials used in this home but somehow it manages to work effortlessly and creates a natural flow that, whilst labyrinthine, also makes sense.

The main entrance is a small, almost innocuous doorway at 330 Indiana Avenue, that leads through to a reception area that flows through to the main artists exhibition space. Beyond this is a large 3-car garage. Off to the left of the main space is a long, verdant yard with a lap pool and patio area. It is out here on the lawn that you’ll find the quaint little guest cottage that, painted white with the original Craftsman design, sticks out amongst all the modernist metal, concrete, steel and unpainted woodwork that makes up the rest of the buildings. But, even so, it seems to fit in.

It’s clearly a guest cottage or a pool house and – even though it’s about the size of my entire home, it would probably fit quite snugly inside the main living room of the master house.  Back inside the master house, you’ll take a wooden stairway up to the main living quarters. This was Dennis’s crash pad. With a galley way looking down into the main exhibition space, this spacious, minimalist and yet cosy floor is entirely open plan with wrap-around terraces, skylights and floor-to-ceiling windows. It is from this side of the master house that you can access the three condos on the lot via a gangway connecting the properties. All of these condos are designed by Frank Gehry and have his signature vaulted ceilings, mixture of concrete, wood and steel and all feature large open plan spaces. Naturally, there is an abundance of bathrooms and all three condos have access to their own roof decks.

So, it’s hard not to use too many superlatives when describing this property. However, it would be remiss of me not to pass on some of the obvious eccentricities of this home – for a start, it’s going to be tough to maintain and heat. With so much wood and so much outdoor space, you’ll have to be wary of termites. With so many windows, joins, nooks and crannies you’ll need to be careful of leaks and damp. With so much open plan space, ventilation and high ceilings, this place could be very expensive to heat and with sharp edges, galley walkways, and staircases with no banisters or backing, this would be a hazard for small children.

However, if you’re looking to live in one of the coolest neighborhoods in the world, in a sprawling compound designed by some of the coolest architects of the 20th century, that was previously owned by one of the coolest cats ever to make and create art through filmmaking, then this is it. I’ve got to say, this is one of the best perks of my job – being able to wander around amazing homes like this and then share it with you. If I had to sum it up in just a few short words, I’d say that it’s unique, spacious, private, passionate and welcoming. The legend of Dennis Hopper will surely live on in this extraordinary compound. For more information, contact either Jamie or myself at The Adner Group at Keller Williams Hollywood Hills.

Tuesday, November 15, 2011

Despite Foul Economy, Los Angeles High-End Real Estate Retains Value and Surpasses Returns of S & P 500

Beverly Hills Homes (Green) Tripled in Value in 15 Years

In a gilded era, it may come as no surprise that homes in the best Los Angeles neighborhoods have retained their value better than other property types -- and even the stock market.

The median price in Beverly Hills ($2,850,000 year-to-date in 2011) is down considerably from the $3,500,000 high set in 2008, but still stands above 2005 levels.

Similarly, the 2011 median price in the Pacific Palisades ($1,650,000) is a big step down from the $2,225,000 set in 2008, but nevertheless is on par with 2004 levels.

Some property types have suffered a far worse fateWest Hollywood condos are now back to 2000 levels.

Some investments have also fared much worse.  Consider that the S & P 500 is no higher than it was in 1998!

Real estate in prime Los Angeles neighborhoods is proving to be more "blue chip" than blue chips.

Thursday, November 10, 2011

West Hollywood Home Market "In Turnaround"; Home Prices Up 13% Over 2010; Top Sale Touches $3 Million Mark; Hooray, "These Dark Days Are Over"

2011 Median Price up 13% Over 2010 -- Huzzah!
West Hollywood Home Market On the Upswing

There is such pervasive negative sentiment about real estate, one often assumes that all parts of the market are behaving in sync.  The mumble of truly ominous buzzwords -- foreclosure-short pay-bank-owned-distressed-collapse-freefall -- drowns out the news that some parts of the market are doing fine -- and even -- dare we say, are improving.  West Hollywood is one of those improving markets.

What Redfin Won't Tell You

Year to date, the median sale price in West Hollywood is up 13% over 2010 prices.

Indeed, there are foreclosures and short pays (making up 21% of the market during the past 3 months), but it should also be noted that 30% of West Hollywood sales during the same period are over the $1 million mark.

Months' Supply of Inventory in West Hollywood - Down 29% in the Past Year
Furthermore, in the last 12 months the months' supply of home inventory -- a measure of how "tight" the market is -- has declined from 6.4 months to 4.5 months.

Inventory under 6 months is considered a "Seller's Market", so Sellers -- do not hesitate to list your homes -- and Buyers, consider that making aggressively low offers won't yield results.

Let's take a look at some West Hollywood home sales from the past three months.

 1010 North Orlando Avenue - $2,900,000
1010 North Orlando Avenue on a coveted stretch of this wide, tree-lined street, sold for $2,900,000, after a brief 15 days on the market.  It has 5 bedrooms, 4.75 baths (two separate houses) on a large 12,250 sq ft lot.

346 Westbourne Drive - $1,925,000
 346 Westbourne Drive with two structures on a lot and a sparkling pool sold for $1,925,000.  There are a total of 4 bedrooms, 4 baths on a mid-sized 5,528 sq ft lot.

8916 Dorrington Avenue - $1,015,000
8921 Dorrington Avenue - $1,150,000
8916 and 8921 Dorrington Avenue show that buyers are willing to pay over $1 million to live in a  jewelbox of a house in one of West Hollywood's best neighborhoods.  Dubbed "West Hollywood West", this neighborhood consists of approximately 1,000 single family homes.

Lots in West Hollywood West are small -- both of these homes sit on 4,000 sq ft parcels.  8916 has 2 bedrooms, 1.75 baths, and a 1,286 sq ft home and sold for $1,015,000; 8921 has 2 bedrooms, 3 baths and a 2,302 sq ft home and sold for $1,150,000.

740 N Vista Street - $887,000
740 N Vista Street sold for $887,000.  Residents of West Hollywood love their pool homes, even if they're not smack in the center of town.  This 3 bedroom, 1 bath home with 1,515 sq ft sold after a brief 18 days on the market.

1236 N Fairfax Ave - $442,000
1236 N Fairfax Ave, a bank-owned property, gives us an idea of what land value is in a stretch of West Hollywood.  This dilapidated teardown with 3 bedrooms, 1 bath, 1,663 sq ft on a 6,850 sq ft lot sold for $442,000.  A lovely "condo alternative".

Thursday, November 3, 2011

Just Listed: 3481 Wonder View Place, Los Angeles 90068 - Magnificent Living in the Hollywood Hills East - Offered at $1,550,000


Adner Realty Group is pleased to present our newest listing, 3481 Wonder View Place in the Hollywood Hills.

This substantial contemporary home has 4 bedrooms and 4 baths spread across four floors.  Beautiful cherrywood floors accent the open living-dining area on the main level.

Upstairs you'll find a fabulous master suite with library, large walk-in closet, bath en suite, and fabulous, unobstructed views of the San Fernando Valley.

On the two lowest levels are three additional bedrooms, a media room, and a large, ground-floor room that can be configured to your liking.

Situated on a quiet cul de sac above Lake Hollywood, this marvelous property is close enough to the hustle and bustle of the city while still benefiting from the seclusion and tranquility of the Hollywood Hills.

Offered at $1,550,000.