California Rents are Growing at Astounding Rates

California rents are growing at double the national rate leaving many landlords smiling and many renters up in arms.  LA Weekly reports on the results of the Apartment List California Rental Price Monitor and charts out the growth rate across major Los Angeles Neighborhoods.

New House? Hold the Lawn.

Proposals have been made in an attempt to conserve water here in California by only allowing one small patch of lawn for new California houses. The proposed regulation also includes plans to restrict the type of plants that will be allowed for new homes. Read more about the proposed rules and regulations, here.

Are you a property owner or an aspiring property owner? Don’t hesitate to give us a call with any questions!

“How Long Does an Eviction Take?” and Other Important Questions

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The Rad Firm, APC prides itself on staffing capable attorneys who can tackle the most abstract question but there are a few questions that plague just about every caller’s mind: 

1)   How long does an eviction take?

Multiple months without rent payments?  LAHD complaints?  Jury trials?!  Evictions can be a financial nightmare for a landlord.  As a landlord myself, I understand the stress a troublesome tenant can bring and just how important it is to get them out before they severely impact one’s bottom line.  

That said, most evictions take approximately six weeks from start to completion.  Factors to take into consideration include: 

·      Whether the tenant is represented by an attorney

·      Whether the tenant files motions

·      Whether a jury trial is requested

·      Where your case will be heard

2)   Where will my case be heard? 

In mid-2013, eviction cases were consolidated to four courts throughout Los Angeles County: Stanley Mosk Courthouse (Downtown Los Angeles), Santa Monica Courthouse, Governor George Deukmejian Courthouse (Long Beach) and Pasadena Courthouse.  This means that all of the eviction cases in L.A. County are now heard in only four courts.  

You can use the “Filing Court Locator” search tool on www.lacourt.org to see where your case will be heard.  Simply enter in the zip code of your property and the site will direct you to the proper court.

3)   What should be my first move?

Your first move, even before contacting an attorney, should be to shore up any Los Angeles Housing Department or Los Angeles Building and Safety complaints levied on the property.  If you have not yet scheduled repairs, schedule them before talking to an attorney.  Any unmade repairs can be hazardous or even fatal to your eviction case.

4)   What does “uncontested” mean?

Uncontested means that the tenant has not answered the lawsuit within the requisite amount of time provided under the law.  For instance, if the tenant is served with the complaint by personal service, the law allows them five days to answer the lawsuit.  If the tenant does not answer the lawsuit or file a motion within those five days, then the matter is uncontested and you can request a default judgment from the court.

Feel free contact us at The Rad Firm, APC with any of your landlord/tenant related questions or comment on this post to see your question appear in the blog.

Highlights from the 2013 Real Share Conference

 Real estate gurus gazed into their crystal balls on March 27, 2013 to give conference goers their predictions on the future of California real estate.  The conference was held at the Hyatt Century Plaza.  Attendees included investors, brokers, management companies, attorneys and entrepreneurs. A few key pieces of wisdom include: 

• Multifamily Property
  • Good news for those invested in these properties - this market is hot and only going to get hotter.  Panelists described how the wounded economy left a generation of young adults without the means to purchase single family homes.  These adults are expected to turn to the rental market and boost rental amounts.
  • The new crop of young adults described above are also more likely to include personalities who prefer to live in more expensive rentals in popular areas as opposed to more economical dwellings.
  • Areas to look out for: Santa Monica, Playa del Rey and any community in the area dubbed "Silicon Beach."  As technology companies move into this area, so will their tech savvy employees.

• Single Family Dwellings
  • Experts expect to see a decline in the purchase of single family dwellings in favor of living in apartments and condominiums.  While the economy is improving at a slow pace, unemployment remains high, so many are boxed out of affording mortgages in the single family housing market.

• Retail Properties
  • The internet has had a dramatic impact on retail property.  Some businesses like those who sell electronics, have been forced to desert their brick and morter stores after being undercut by online distributors like Amazon.com.  
  • The key to maintaining good vacancy levels and sales for retail clients, is to have the property manager take more of a responsibility in getting shoppers to the center and keeping them there.  VP of Caruso Affiliated, Jackie Levy, emphasized how customer experience is their primary consideration when developing properties like The Grove or Americana at the Brand.  Levy explained it is all about having events on the property, unique entertainment features like dancing water fountains, and finding the perfect combination of retailers and restaurants to keep customers on the property spending money for long periods of time.  
• Office Properties
  • The outlook for this market is still dismal.  The advent of the internet has allowed many to work from home instead of a standing office.  
  • "Build-to-Suits" like units created for medical offices are still doing fairly well and are unlikely to see a decline as their services cannot be duplicated on the internet.
  • Office dwellers are looking for developers to build horizontal properties, not vertical ones.  Sky scrapers are giving way to more modern, expansive buildings.
  • The emphasis on healthy living has found its way to the office place. Features like air filtration and shock absorbing flooring are becoming more desired and commonplace.

Real estate remains a viable industry despite the shaky economy.  Investors will have to look beyond the Cap Rates of properties to the psychological impact their investments will have on future lessees.  

For more information on the Real Share Conference, please visit: http://www.globest.com/events/