It has been awhile since I last wrote. I just returned from Europe and in the tourist areas of Greece, Turkey, Israel and Italy there were very little signs of a recession or slow down.
Restaurants were busy, hotels were jammed, museums had lines and things seemed very good. I ran into a friend from Los Angeles in Jerusalem and had dinner with local philanthropists Stanley and Joyce Black in Venice, Italy.
Earlier in the year, a lawyer friend and associate contacted me about listing a property in the San Fernando Valley. The property is Center BMW headquarters (for over 25 years), who are the tenants. Prior to my trip, I met with the owner, who inherited the property from his step-mother. We decided to sell the property to Center BMW, who were more than ready to be the owner of their new 30,000 sq.ft. showroom and 169,000 sq.ft. dealership. The deal was made without having to be placed on the open market! Both Buyer and Seller were happy and the transaction closed upon my return from Europe.
David Farguson, the president and new owner of Center BMW, is a really nice guy, and I suggest that you meet him personally if you want to buy or lease a new car. I know that I will get my next car from him. You can reach him at 818-907-9995. Center BMW has developed a loyal following from celebrities and “regular” people alike.
When I returned from my trip, I noticed the Downtown Los Angeles and Hollywood real estate markets were exploding. We are currently in the middle of so many deals and the future is looking very good. Again, owner/user type deals are just going crazy with easy money i.e. SBA financing at 4% interest (20-25 years amortized).
Our residential business in and around L.A is doing very well too. There are a shortage of condo's in Downtown Los Angeles and we are making many land deals for development. Laura Silver, from our office, was recently voted the best Residential Broker in Downtown by the Los Angeles Downtown News.
Another good sign about our Los Angeles economy is that the lower end housing is doing well. I met with Lori Gay of Los Angeles Neighborhood Housing and she told me that they have multiple closings daily, and multiple offers for all types of housing. NHS provides housing services to over 10,000 new home owners annually. She and NHS are amazing.
The lag in the economy is in retail rental properties. This is due to competition, people buying over the internet, and overall conservative spending on the consumer level. The biggest risk to the continued growth and prosperity continues to be government debt. This needs to be addressed on all levels: city, state and federal.
It’s good to be back and with you again.
Restaurants were busy, hotels were jammed, museums had lines and things seemed very good. I ran into a friend from Los Angeles in Jerusalem and had dinner with local philanthropists Stanley and Joyce Black in Venice, Italy.
Earlier in the year, a lawyer friend and associate contacted me about listing a property in the San Fernando Valley. The property is Center BMW headquarters (for over 25 years), who are the tenants. Prior to my trip, I met with the owner, who inherited the property from his step-mother. We decided to sell the property to Center BMW, who were more than ready to be the owner of their new 30,000 sq.ft. showroom and 169,000 sq.ft. dealership. The deal was made without having to be placed on the open market! Both Buyer and Seller were happy and the transaction closed upon my return from Europe.
David Farguson, the president and new owner of Center BMW, is a really nice guy, and I suggest that you meet him personally if you want to buy or lease a new car. I know that I will get my next car from him. You can reach him at 818-907-9995. Center BMW has developed a loyal following from celebrities and “regular” people alike.
When I returned from my trip, I noticed the Downtown Los Angeles and Hollywood real estate markets were exploding. We are currently in the middle of so many deals and the future is looking very good. Again, owner/user type deals are just going crazy with easy money i.e. SBA financing at 4% interest (20-25 years amortized).
Our residential business in and around L.A is doing very well too. There are a shortage of condo's in Downtown Los Angeles and we are making many land deals for development. Laura Silver, from our office, was recently voted the best Residential Broker in Downtown by the Los Angeles Downtown News.
Another good sign about our Los Angeles economy is that the lower end housing is doing well. I met with Lori Gay of Los Angeles Neighborhood Housing and she told me that they have multiple closings daily, and multiple offers for all types of housing. NHS provides housing services to over 10,000 new home owners annually. She and NHS are amazing.
The lag in the economy is in retail rental properties. This is due to competition, people buying over the internet, and overall conservative spending on the consumer level. The biggest risk to the continued growth and prosperity continues to be government debt. This needs to be addressed on all levels: city, state and federal.
It’s good to be back and with you again.
