On September 27, 2016, two new bills (AB 2299 and SB 1069) were approved by Governor Jerry Brown. These new state-wide laws direct California cities to allow Accessory Dwelling Units (ADU), commonly known as “granny flats” or “in-law suites,” to existing parcels zoned as single family residences and multi-unit dwellings. The New Law The law is meant to address California’s housing shortage and ease the weight of surging rent and home prices throughout the state. In a nutshell, the law now prohibits parking requirements (and other restrictions) used by cities to prevent ADUs, along with greatly reducing fees to install utilities that can sometimes reach into the tens of thousands of dollars. Up until now, the
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A new record apartment sale was made (again!) here in the South Bay. If you followed my blog back in September 2016 then you read about the record breaking Sand Section sale in Hermosa Beach (New Era for Hermosa Apartments after Record Sale). Those two incredible sales by the beach ushered in a new era for apartment buildings: huge rents and ultra low cap rates are here to stay. Now, that record Hermosa Beach Sand Section sale is influencing sales east of PCH/Sepulveda. Another flip job on four adjacent 4-unit properties at 1335, 1341, 1345, and 1351 Manhattan Beach Blvd sold for a record smashing $2,875,000 million each. All four properties were sold to one buyer for all-cash. That is $11,500,000
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After a 10-day vacation abroad, I am feeling refreshed and ready for some real estate talk! However, real estate is a fast moving game these days and it takes some time to catch up on what is going on in the local market after being absent for an extended period. Instead, I wanted to share a book I read during my vacation. What is the topic of my vacation book of choice? Demographics of course! Not your idea of vacation reading? No worries, I plan to break it down for you. The book: “Big Shifts Ahead, Demographic Clarity for Businesses” by John Burns and Chris Porter. In my opinion, this is one of the most significant books recently printed that
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