Month: September 2024

Gov. Gavin Newsom has signed a law that limits contracts between homebuyers and their brokers to 90 days. The law, Assembly Bill 2992, limits homebuyer-agent contracts required under the National Association of Realtors legal settlement to three months, the Orange County Register reported. The law goes into effect Jan. 1. The legislation imposes a time…

Los Angeles will buttress its law protecting tenants from landlord harassment. The City Council voted 12-0 to beef up the city’s anti-harassment ordinance after 13,000 complaints poured in the three years since the law was passed, with no prosecutions, the Los Angeles Times reported. The city’s Tenant Anti-Harassment Ordinance, approved in 2021, was trumpeted as…

Westside landlord Neil Shekhte has slimmed down his apartment holdings. Now he’s making cuts on the residential side.   The Bel Air Crest mansion he and his wife Margot Shekhter built traded earlier this month for $15 million. A Delaware-based LLC, managed by Margot, officially sold the estate, according to property and state records. Herbert Boeckmann…

The AIDS Healthcare Foundation, a Los Angeles landlord armed with a $10 million federal grant to promote tenant organizing, worked instead to block union organizing on Skid Row. The Hollywood-based nonprofit received a $10 million grant from the U.S. Department of Housing and Urban Development to promote tenant organizing at low-income developments across the nation,…

Stan Kroenke and Wilson Meany, owners of Hollywood Park and its SoFi Stadium in Inglewood, have signed up four new retail tenants. The 300-acre Hollywood Park leased storefronts for Mexican restaurant Martin’s Cocina y Cantina, The Meeting Spot bar and Phenix Salon Suites hair salon at 1011 Stadium Drive, the Commercial Observer reported. Hollywood Park…

If last week was any indication, it will be a busy fall for Los Angeles County’s luxury market. Signed contracts for the week ended Sept. 22 spiked nearly 42 percent from the prior seven-day period to $157.5 million in volume, according to the Eklund Weekly Luxury Report LA. Douglas Elliman’s Eklund Gomes team counted 24…

Zeal for the pyramid-shaped federal office building known as the Ziggurat in Laguna Niguel has driven up its price to $164.4 million, more than twice the auction’s starting price. The bidding war has extended the auction by the General Services Administration of the seven-story, 1 million-square-foot Chet Holifield Federal Building at 24000 Avila Road, the…

Laguna Village, a townhome community in Laguna Hills, is facing a severe insurance crisis as rising wildfire risks have drastically reduced its coverage while premiums skyrocket. Two years ago, the insurance coverage for the South Orange County complex was slashed to $5 million, from $251 million — a drop of 98 percent, despite its annual…

An orthopedic surgeon wants to replace a shuttered pool hall in Santa Monica with a three-story medical office and surgery building. Dr. Babak Samimi has filed plans to build the 23,600-square-foot building at 1901 Wilshire Boulevard, Urbanize Los Angeles reported. The single-story pool hall, built in 1938, would be demolished. Plans call for a medical…

Creative Media & Community Trust has turned the top floors of an office building in Mid-Wilshire into luxury apartments. The Dallas-based real estate investment trust, a publicly traded unit of CIM Group, converted the top two floors of the three-story building into 68 apartments at 4750 Wilshire Boulevard, with a residential entrance at 701 South…