Up until now, we’ve been focused on real estate.  Albeit, it’s the hot topic to wax these days from CNN to local news.  Here’s what I propose, back away from your computer and get outta the house.  Throughout Los Angeles, and specifically the Hollywood neighborhood, there is a lot to do…with your neighbor.  I found Meetup.com to be a great place to start.  Once you’ve logged on, type in your zip code and presto you have several groups to choose from that’ll get you meeting new peeps.  I have a successful women’s networking group called Women In Wealth.  In 9 months we’ve grown from zero to over 200 members almost exclusively from hosting it on the site.  So, a much as we connect here, let’s get outta the house and get a little face-to-face time.

Get Away From the Computer & Out on the Streets in Hollywood is a post from: Access Hollywood Real Estate

This property was a foreclosure and became a bank owned property quickly.  At over 14,000 sq. ft. the lot has huge upside potential for investors.  Please check out www.LAforeclosureFinder.com for all Los Angeles bank owned/REO, fixer, and foreclosed properties. This property ican be previewed at 3171 Carlyle Street, Los Angeles, California 90065.

Inside/Out of a Hollywood area Foreclosure is a post from: Access Hollywood Real Estate

HOLLYWOOD

—The scenic Hollywood Lake was reopened to the public early August at the intersection of Montlake Drive and Tahoe Drive after a four-year hiatus.

Present at the trail was District 4 Councilmember Tom LaBonge and those eager to see the trail reopened for public use on Thursday morning.

The lake, which holds a large percentage of the Los Angeles water supply, was shut down in 2005 due to excess rainfall.

“The Eastern Perimeter road of the Hollywood Reservoir has been inaccessible since 2005, when landslides caused by record-breaking rainstorms forced its closure for public safety purposes. With its reopening, the roadway will once again serve the community as a recreational walking and jogging path,” Stephanie Interiano of the Los Angeles Department of Water and Power stated in a press release.

The LADWP continues to rebuild and redevelop the highly visited trail location.

The Los Angeles Council Web site stated, “The hours of operation of the East Perimeter Road have returned to the original seasonal schedule: 6:30 a.m.—7:30 p.m. through the month of August. The West Perimeter Road will remain closed due to landslide repair work.” 

The western slope repairs are scheduled to be completed by Spring 2011.

This article was republished from Valerie Fitzgerald

Hollywood Reservoir Reopens To The Public is a post from: Access Hollywood Real Estate

Yes folks,Foreclosures are here and alive in Hollywood.

Now, you might think the world has come to an end, or worse, property values have dropped dramatically (duh, they have been), but there is good news on the horizon!  At last count (per CLAW MLS 7/9/2009) there were only 5 active foreclosed single family homes in all of 90068 and 3 pending in 90028.  Compare that to Bakersfield or Lancaster where 3 out of 10 homes listed in the MLS were in foreclosure….YIKES.  Makes me glad I live in a bubble of sorts.

Having said that, most poeple feel more foreclosures are on the way.  No one knows, but what I can discuss is:

Foreclosure vs. Traditional Sale: What’s the difference?

There is a public perception that foreclosures are the better deal, and they can be…or not.  Often foreclosures, as tempting as they are since the price can be low, often require upgrading.  Anything from a major overhaul to cosmetic fixing.  And you never know until you start the dig.  Of course, getting a professional inspection is highly recommended.  In this process, the inspector will uncover major issues relating to foundation, roof, electrical, etc.  This is just the start of the process.  From here you can decide how deep you wanna dig into the process.

Other specialists?  Perhaps.  Architect…Perhaps.  All of this is to be considered while doing your due diligence on the property.  Unless you can build a team to do much of the sweat equity,  it may be too much of a project, just to save a little in the front end.

Traditional Sale:

Even if the foreclosure is tempting as the “cheapest house on the block”, perhaps purchasing a move-in condition home is truly the better value.  Take in to consideration your experience as a freelance contractor, the money that you will be spending on mortgage before you move in, and any uncertain, unforeseen circumstance.  It can be exciting, but mind the bottom line.  So, in the end, while you’re house hunting both bargains and traditional sales, consider that a move-in condition home may be more your speed.  Perhaps purchasing an investment property and fixing it up is a better option than feeling homeless or living in dust for several months.

Overall, always consult a Realtor, who will be happy to get you the information needed to make the right decision.

REOs in Tinseltown? is a post from: Access Hollywood Real Estate

360 Views from the Ocean to the Valley in Hollywood

Venture up Bronson, just north of Franklin Avenue and at the end of this residential street is a wonderful starting point into the country’s biggest public park, Griffith Park.  Here you beign your journey to the Hollywood Sign.

Inside Griffith Park

Once you’ve found your parking spot you can choose to go on a medium or hard hike. Personally, I’ve hiked “off road” just east of the parking lots.  It’s a bit challenging to find the initial beginnings of each trail head, yet look past some of the brush and you’ll see well worn paths.

What you’ll see: Aside from the wonderful views of our grand city, you also walk past backyards of some of the neighborhoods most spectacular homes. On occasion, I’ve waived to a few neighbors who are surprised we took this bushy path.

The other more obvious trail head is next to the northern most parking lot.  Begin your quest by heading straight past a creek bed (full flowing in winter), past a ravine, round the bend towards a waterfall (again, full flowing in winter), and straight uphill for the burn of a lifetime.  I’m an avid outdoor girl and it took me a few rounds to not be winded up the first few inclines.

At the top: Once near the top of the initial climb, the trail flattens out and you begin to see the Hollywood sign.  Another 1/2 mile – mile, past the Sunset Ranch riders, you’ll come to an asphalt fork in the road.  Turn left (or north) and start your assent.  From what I know of this road, it doubles as the Parks Department access, but I bet it was the original road from the 1920s when anybody could ride there car to the top of the hill.

Is it worth it?

YES!  It’s very exciting to be standing behind the Hollywood sign.  Take lots of pictures to prove you made it to the top.

What to expect:

There may be a few other brave hikers, but most likely it’ll just be your clan.  Make sure to stop and view the “Valley side” of the hike.  You’ll gaze across Studio City, Burbank, and Forest Lawn.

Warning:

Of course, bring lots of water, possibly a jacket if it gets windy or intense sun raze.  The best hike is towards sunset, but give yourself at least 45 minutes- 1hr to get off the mountain.  When the sun goes down, the coyotes come out and few others are around.

More more details:

Check out the official Griffith Park page here

Famous Hollywood Sign Hides Wonderful Hikes is a post from: Access Hollywood Real Estate

Hollywood’s Horizon

In the last 10 years Hollywood’s Horizon has gone from dank buildings peppered with a few iconic building like the Capital Records building and the Hollywood Prespretarian Church, to what’s turning into the cityscape is should be and once wasover 50 years ago.  Currently there are over 30+ new projects slated for development from now thorugh the next 10 years.  That’s right, Hollywood’s resergence is finally here. If you’re travelling along the intrastate 101 one can easily see the W Hotel, Hollywood & Vine Project, and Broadway Building all awaiting their neighbor’s and friends to fill in the blanks. 

Economic Redevelopment

As the horizon of Hollywood changes, so does its redevelopment.  In the next few years, Hollywood will see the likes of Emerson College, a complete overhall of the land surrounding the Capital Records Building, PaliHouse.  As I sat through the monthly economic development committe meeting (once a month) at the Hollywood Chamber, its been eye opening just how flourishing Hollywood’s community will be in the next 5-10 years.  It’s very exciting to think this has come such a long way since the delapitation of the Hollywood Sign some 30 years ago.

What’s next for Real Estate

Now that Hollywood is firmly planting itself in the redevelopment phases of one of Los Angeles’s most iconic and recognizable micro-markets, what does that mean for home values?  Well, non of us knows what the future holds, however, even in economic uncertainty the old adage what goes up must come down, holds true for our communities onsite.  Even though prices are relatively low compared to a few years ago, they aren’t rock bottom compared to many neighborhoods throughout L.A.  The Hills are still an intrinsic value simply because, well, it’s Hollywood.  People come from all over the world to visit our neighborhood.  They snap pictures of the “sign” and wish they could live in the eternal Spring we often take for granted.   So, although $1,000,000 still seems and is a lot of money to most, it is the one of the most desired and secluded neighborhoods throughout L.A.

Current CLAW MLS status as of 5/11/2009, in zip code 90068, in the last 6 months:

Active Single Family Homes: 112

Pending Single Family Homes: 18

Sold Single Family Homes: 71

Hollywood’s Skylight gets Lit Up is a post from: Access Hollywood Real Estate

The Unsightly

Like New York City’s Central Park, Hollywood is getting its version….with a twist.  With the 101 freeway barralling through so many neighborhood, its a neccesary park of our citys infrastructure.  Do we really have to look at it?  Part of it won’t be in the near future.

Green & Brown Make… 

With so little out door space and designated Park land in the “flats” of Hollywood, the city decided Hollywood Central Park  would be created.  With its near 24 acres starting from probably from Bronson exit to Western exit, this project is a street level park which is slated for an amputheatre, police sub-station, and plenty of green area for the over (est.) 80,000 residents and (est.) 21,000 children who live within 1 square mile of the 101 freeway. 

The Effect

It is estimated that preliminary costs to plan and construct the Park are estimated to be less than the cost of purchasing the raw land in the surrounding neighborhood.  Good news since there is so little raw land and many of the current above ground parking lots are already claimed for redevelopment.

Intrastate 101 to get Capped is a post from: Access Hollywood Real Estate

First Step to Getting “The Deal”

It’s a common misconception that foreclosures are a “good deal”.  With out discounting public perception that foreclosures are notoriously the “cheapest house on the block”, the banks aren’t neccesarily looking at their huge inventory as a fire sale. What’s a consumer to think?  Well, there is strategy behind putting in an offer to these over worked and at times very frustrated banks and the asset managers whom are making the decisions on which offers to even consider. In these series, we’ll go over smart strategy and down right patience with the behind the scenes of the foreclosed home purchase.

Bigger Doesn’t Always mean Better

As tempting as overbidding may be, don’t get overzelosu, you could run into appraisal problems down the road and the deal could back fire.

Don’t be a Low-Ball Larry

Although this is a buyers market, don’t be tempted to write a very low over, especially if the property just came on the market. Remember banks are just as willing to reject an offer.  Counter offers aren’t an obligation.

Constant Communication

Make sure your agent is speaking to the listing agent in case there are any new issues or time frames.  You don’t want your paperwork to be lost amongst the piles and piles of offers.

Waiting Is the Hardest Part

Doesn’t it always feel like there isn’t something for nothing?  When deciding to purchase a bank owned property, you must be patient.  In a traditional sale, buyers are used to getting an answer from the seller in a few days or less.  When dealing with the bank, it can take up to a week (or more).  Be patient, you and everyone else are feeling the same way.  It’s normal to be frustrated, just know its part of this process. 

Silver Lining

Good news is you can get a good deal, or as we say in real estate, you got the “cheapest house on the block”.  There are still good values out there they don’t require a ton of work just to make it liveable.  And you may just have those bragging rights when the economy rebounds and the real estate market is back on its feet.

Tools of the Trade

Always have a great search engine so you can get updates everyday and know which properties will be the best fit for you.  One suggestion is www.LAforeclosureFinder.com.  Happy Bargain Hunting!

The Waiting is the Hardest Part: Banks Take Longer to Make Decisions on Your Offer is a post from: Access Hollywood Real Estate