**West Hollywood’s Urban Revival: New Mixed-Use Development Set to Transform 8025 Santa Monica Boulevard**

West Hollywood’s dynamic landscape is on the cusp of a thrilling transformation as the Planning Commission gives the green light for the demolition of 8025 Santa Monica Boulevard. In its place, a stunning seven-story mixed-use development is set to rise, marking a significant step towards the city’s evolving urban fabric.

**A Vision of Progress**

This ambitious project is poised to redefine urban living with 110 exquisite dwelling units, 3795 square feet of ground-floor commercial space, and a two-level subterranean garage accommodating 115 parking spaces. But what truly sets this development apart is its commitment to affordability, with 15 dedicated units catering to very low and moderate-income households. Leveraging a density bonus and concessions, this project exemplifies forward-thinking real estate.

**Meet the Visionary Behind the Project**

Douglas Vu, the project planner, spearheads this visionary undertaking. His dedication to urban progress is evident in every facet of this development. The site, formerly home to a 4000 square feet commercial bank branch building constructed in 1961 and occupied by Bank of America until 2021, now paves the way for an exciting new chapter in West Hollywood’s real estate landscape.

**A Blend of Unique Unit Types**

This development caters to diverse lifestyles with a mix of unit types, including micro studios, micro one-bedroom units, one-bedroom units, and two-bedroom units. Of the 110 units, 95 are designed as market-rate residences, while the remaining 15 are permanently affordable, ensuring that a broad spectrum of residents can call this place home.

**Design That Redefines Urban Living**

Architectural excellence is at the heart of this project. Thoughtfully designed open spaces, including a central courtyard bathed in natural light and a rooftop swimming pool with panoramic city views, enrich the living experience. With a strong focus on environmental sustainability, rainwater capture facilities and innovative ventilation solutions are seamlessly integrated into the design.

**Innovative Density and Concessions**

This project takes innovation to new heights by leveraging a density bonus of 49% along with three key concessions. These concessions add two additional stories to the building, surpassing permitted height limits by 19 feet, and eliminate the 35-foot height restriction for the rear portion adjacent to the residential zoning district. Additionally, they reduce the minimum separation between commercial and residential structures, fostering a more vibrant urban atmosphere.

**An Architect’s Perspective**

City architect Ric Abramson underscores the significance of this project as a precursor to future developments within the city. He applauds the introduction of micro living units, a lifestyle choice not previously available in West Hollywood. This innovative approach sets a precedent for the city’s growth and a more diverse housing market.

**Addressing Concerns and Shaping the Future**

During the design review process, questions and concerns surfaced, particularly regarding the design and livability of micro units. Commissioners were keen to ensure the functionality of smaller living spaces and emphasized the need for meticulous storage solutions.

**Commissioner Insights and Project Approval**

Commissioner Kimberly Copeland, Vice Chair Michael Lombardi, Commissioner Erick Matos, Commissioner David Gregoire, and Commissioner Stacey Jones all contributed valuable insights during the review process. Concerns over the viability of micro units for long-term residency, traffic egress, and parking were addressed.

Ultimately, a motion to approve the project was carried, with six commissioners voting in favor, underlining the project’s potential to enhance West Hollywood’s housing landscape. The development, while not without its challenges, represents a bold step towards a more inclusive and dynamic future for the city.

Stay tuned for updates on this exciting project as it unfolds and continues to shape the vibrant fabric of West Hollywood’s real estate market.

In recent years, the real estate market has taken us on a rollercoaster ride. From a red-hot market with record-low interest rates and frenzied bidding wars, we’ve now arrived at a point where mortgage rates have surged to levels not seen in over two decades. To put it in perspective, the average rate for a 30-year mortgage has more than doubled, climbing from a modest 3 percent in August 2021 to a substantial 7 percent in August 2023. Unsurprisingly, this surge has led to a slowdown in buying activity.

**Current Market Snapshot**

**Prices and Inventory:** The median existing-home sale price in July 2023 hit an all-time high at $406,700, as reported by the National Association of Realtors (NAR). New-construction homes weren’t far behind, with a median sale price of $436,700 in July, according to the National Association of Homebuilders (NAHB). Despite the surge in prices, the supply of homes remains limited, with existing homes showing a 3.3-month supply in July, still below the 5- to 6-month supply indicative of a balanced market.

**Days on Market:** With higher mortgage rates impacting affordability, homes are staying on the market longer. In July, the median time homes spent on the market was 20 days, a significant increase from the 14 days noted in July of the previous year.

**Sales Activity:** The number of existing homes sold nationwide dropped by over 16 percent year-over-year in July. In contrast, sales of new single-family homes rose by 4.4 percent from June to July, based on NAHB data.

**Mortgage Rates:** As of late August, Bankrate’s national survey of large lenders reported an average 30-year mortgage rate of 7.32 percent, reaching levels unseen since 2001.

**Forecast for Mortgage Rates and Types**

NAR’s Chief Economist, Lawrence Yun, anticipates that mortgage interest rates could continue to rise, hovering around 7 percent for the remainder of this year and most of 2024. Within two years, Yun predicts the rates will begin to stabilize, returning to a range of 5.5 to 6 percent. While high rates may drive an increased interest in adjustable-rate mortgages, Yun envisions a return to the traditional 30-year fixed-rate mortgage for the majority of Americans after 2024.

**Predictions for Home Prices**

Yun foresees limited fluctuations in national purchase prices in the coming year, with minor variations of around 5 percent. The exception lies in California, where he expects a potential 10 percent decline due to the sensitivity of its market to interest rate changes. This shift is already evident in high-end areas like San Francisco, where median home prices have dropped by 9.71 percent since the previous year. Overall, Yun predicts a total price appreciation of 15–25 percent over the next five years.

Bankrate’s Chief Financial Analyst, Greg McBride, foresees low- to mid-single-digit annual appreciation in home prices over the same period, aligning with the long-term average of home prices outpacing inflation by a slight margin.

**Market Stability and the Housing Crash**

Despite some market characteristics reminiscent of a bubble, Yun believes that a housing market crash is unlikely. While he anticipates sales to reach a low point next year, with only 5.3 million units sold, he foresees a gradual increase, reaching an annual rate of 6 million units by 2027. Yun points out that even if home prices decline by 5 percent (or 10 percent in California) in the coming year, this doesn’t constitute a crash, which typically involves a one-third drop in prices. He emphasizes that a crash occurs due to oversupply, a condition not currently met with limited inventory. Yun predicts that the housing supply will find equilibrium within five years.

**Shift Towards a Balanced Market**

Yun expects the seller’s market to persist as long as housing inventory remains scarce. However, within five years, he anticipates a transition to a more balanced market, where buyer and seller advantages are more evenly distributed and vary depending on individual circumstances.

**Market Insights: Building Locations and Types**

The shift towards hybrid work schedules and less reliance on commuting is expected to bolster the suburban housing market. Growth is anticipated in areas with rising populations, including the Carolinas, Florida, Texas, and Tennessee. Notably, 50 percent of new single-family construction is occurring in the South, according to NAHB data.

In contrast, the number of single-family homes under construction decreased at the end of 2022, while multi-family home construction has been on the rise in recent years. This trend is driven by lower price points and the need for more affordable housing solutions. Nevertheless, high mortgage rates and rising building material costs are expected to stabilize the growth of the multi-family market, with a projected 8 percent decrease in new housing starts in 2023 and an additional 5 percent decrease in 2024.

**Preparing to Buy a Home**

Buying a house is a significant commitment, often requiring long-term financial planning. To prepare for homeownership by 2028, consider these strategies:

1. **Enhance Earning Power**: Seek opportunities to increase your income through job changes or negotiating for a raise.

2. **Reduce Debt**: Focus on paying down existing debts, such as credit cards, student loans, and car payments, to improve your debt-to-income ratio.

3. **Improve Credit Score**: A higher credit score can secure better mortgage rates. Pay bills on time and work to boost your credit score before home shopping.

4. **Local Market Focus**: Real estate is highly localized; concentrate on conditions in your target neighborhood. Collaborate with a knowledgeable local real estate agent to navigate the intricacies of your specific market.

In conclusion, while the real estate market has experienced significant shifts, thorough planning and market understanding can position you for success in achieving your homeownership goals.

Despite predictions of a U.S. economic recession, it has not materialized this year, though the real estate industry faces a deep, sector-specific contraction.

According to the latest report from the U.S. Bureau of Economic Analysis, the nation’s total economic output experienced an acceleration in growth, rising at a rate equivalent to 2.4 percent over a full year during the second quarter of 2023. This growth exceeded expectations of a slowdown as the economy neared recession.

Increased consumer and government spending, as well as investments in nonresidential assets and private inventory, contributed to the economic uptick. However, a reduction in exports and a declining housing industry held back further progress.

Private residential investment was nearly 19 percent lower in the second quarter compared to the same period last year, though the industry’s productivity decline has slowed in recent quarters.

Mortgage Bankers Association chief economist, Mike Fratantoni, stated that the economy’s solid growth in the second quarter was fueled by steady consumer spending, reflecting the strength of the job market. However, the sharp drop in exports and the impact of restrictive monetary policies continue to pose challenges for the economy in the context of a weak global economy. The housing industry is gradually stabilizing, though it still faces headwinds amidst the ongoing contraction.

Have you ever struggled because of your kitchen lighting? Is it hard to read recipes or do homework at the counter? If so, it might be time to update the lighting in your kitchen space. But what are your options, and do you have to hire an electrician to help? Luckily, there are many great products, including  several you can do yourself.

Replace Your Overhead Lights

Consider swapping out your current overhead kitchen lights for a fresh look. Older incandescent bulbs do not put out as many lumens, (the measurement for light) as newer forms of light can.  They also tend to be energy hogs. So, if you have older kitchen lighting, consider replacing it with fixture that  newer CFL or LED bulbs.

Install Task Lighting

Consider adding task lighting if the lighting is dim over the spaces where you work the most. A light over your counter or stove can help you see better when cooking. As an added benefit, more light also enables you to keep things cleaner.

Use LED Strips or Pucks

If you don’t want to invest in light installation, many fabulous DIY options are available now. You can buy inexpensive LED strips or Puck Lights that are easy to install. Most of these lights can be installed with adhesive designed to be removable. You can even play with colored lighting to change the mood.

Use Reflective Surfaces

Another tip for maximizing the lighting in your kitchen is to use reflective surfaces. For example, stainless steel appliances reflect more light than white or black appliances. Chrome fixtures are also a good option for maximizing your lighting. You can even hang a mirror instead of art in your kitchen to help reflect light throughout the room.

Welcome to our latest blog post, where we dive into the vibrant real estate market of West Hollywood. Known for its luxurious properties, world-class amenities, and vibrant lifestyle, West Hollywood continues to captivate both homebuyers and investors alike. In this article, we will explore the latest trends and opportunities in West Hollywood’s real estate landscape, shedding light on what makes this neighborhood an exceptional place to call home or invest in.

1. Rising Demand for Luxury Properties:
West Hollywood’s reputation as a sought-after destination for luxury living has only grown stronger over the years. From opulent mansions nestled in the Hollywood Hills to modern high-rise condos along the Sunset Strip, there is a diverse range of luxury properties available to cater to the discerning tastes of buyers. The demand for these exclusive residences continues to rise, driven by the area’s premium location, upscale amenities, and proximity to renowned entertainment and dining venues.

2. High-End Condo Developments:
West Hollywood is witnessing a surge in high-end condominium developments, attracting both local and international buyers. These luxurious condos offer a combination of modern design, top-notch amenities, and breathtaking views of the city skyline. With exceptional attention to detail and a focus on creating a luxurious lifestyle, developers are continuously raising the bar in terms of quality and innovation.

3. Preservation of Historic Architecture:
West Hollywood takes pride in preserving its rich architectural history. The neighborhood boasts an array of iconic historic homes and buildings that add character and charm to the community. Renovation and restoration projects are actively taking place to ensure that these architectural treasures are preserved for generations to come. Buyers with an appreciation for history and architectural significance find themselves drawn to these unique properties.

4. Sustainable Living and Green Spaces:
As environmental consciousness grows, West Hollywood is embracing sustainable living and green spaces. The community values eco-friendly initiatives, and developers are incorporating sustainable features into their projects. From energy-efficient appliances to rooftop gardens and LEED-certified buildings, the real estate market in West Hollywood is aligning with the growing demand for environmentally friendly living options.

5. Investment Opportunities:
Investors looking for profitable opportunities will find West Hollywood an attractive market. The city’s strong rental demand, coupled with its prime location and desirable amenities, makes it an ideal choice for real estate investment. Whether it’s investing in a luxury condo for short-term rentals or acquiring a multi-unit property for long-term income generation, West Hollywood offers a promising landscape for investors seeking returns.

Conclusion:
West Hollywood’s real estate market continues to thrive, attracting buyers, investors, and those seeking a luxurious lifestyle. With its mix of luxury properties, preservation of historic architecture, emphasis on sustainability, and enticing investment opportunities, the neighborhood provides a captivating real estate landscape that caters to a diverse range of preferences. Whether you’re looking to find your dream home or explore the potential of real estate investment, West Hollywood stands as a dynamic and sought-after destination in the heart of Los Angeles.

Disclaimer: The information provided in this blog post is based on current trends and general observations. It is always recommended to consult with a professional real estate agent or advisor for personalized guidance and advice tailored to your specific needs and circumstances.