Articles Tagged with ''Los Angeles''

HUD, City of Los Angeles reach "landmark" settlement in accessible housing dispute

LA to pay "hundreds of millions" to improve accessibility for disabled residents
The Department of Housing and Urban Development reached a settlement with the City of Los Angeles Friday that will put an end to a years-long battle over the city’s obligation to provide accessible housing for the disabled. According to the "landmark" agreement, the city will pay what will eventually amount to hundreds of millions of dollars to enhance handicap accessibility for residents living in its low-income housing.
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“Beverly Hillbillies” mansion in LA gets a $50 million price cut

Asking price slashed to $195 million for 11-bedroom French Neoclassical mansion
After eight months on the market at $245 million, the Los Angeles estate known as Chartwell just got $50 million taken off its asking price. As of Monday, it’s priced at $195 million. There are 11 bedrooms, 18 full bathrooms, and a 12,000-bottle wine cellar. The house is set on more than six acres with manicured gardens and water fountains.
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This is how public transportation is transforming California's housing market

The share of L.A. County listings mentioning transit-related keywords has doubled since 2013
It's spring home-buying season and thousands of prospective buyers have taken to California's housing market. Although many factors will influence their purchasing decisions, new data from Trulia indicates that the percentage of Los Angeles homebuyers searching for homes near public transportation is on the rise.
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City of Los Angeles sues developer for PACE loan fraud

Claims unlicensed contractor bilked low-income homeowners out of $1.4 million
Los Angeles contractor Eco Solar Home Improvement and affiliated companies defrauded low-income homeowners by convincing them to take out clean energy loans they could not afford and then abandoning their projects, the city of Los Angeles alleged in a lawsuit filed recently. The case brings to light the glaring potential for abuse of the increasingly popular PACE program, which is not regulated as heavily as other financial services.
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Singapore real estate giant CapitaLand enters U.S. multifamily with $835 million acquisition

Buying 16 Class-B properties in Seattle, Portland, Los Angeles, and Denver
With rents continuing to rise with little sign of slowing, multifamily real estate in the U.S. is beginning to draw some serious international investor interest, as one of Asia’s largest real estate companies is planning a U.S. invasion of its own. Singapore’s CapitaLand announced Tuesday that it is entering the U.S. multifamily market with an $835 million acquisition of 16 apartment communities in Seattle, Portland, Los Angeles, and Denver.
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Los Angeles hit record multifamily investment activity this year

From June 2017 to June 2018, the City of Angels logged $10 billion in apartment building sales
In the last year, multifamily investment activity in Los Angeles hit its highest level ever. According to a CoStar report and an article by The Real Deal, there were $10 billion in apartment building sales from June 2017 to June 2018 with a record average sale price of $275,000.
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Lenders beware of these new fraud schemes in California

Fannie Mae issues fraud alert for Los Angeles area
Fannie Mae issued a fraud alert to mortgage lenders in Southern California, saying it identified several employment entities that appear to be fictitious. The GSE issued a list of potentially fake employers in the area, and warned lenders to be cautious.
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Los Angeles now tops San Francisco as least affordable housing market

San Francisco falls to No. 2 after 19 consecutive quarters
For the first time in five years, San Francisco fell from its spot as No. 1 least affordable housing market in the U.S. It’s replacement, another Californian city, holds a median home price significantly lower than San Francisco’s $1.18 million, however its median incomes are unable to keep up with its growing prices.
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Los Angeles prepares to reopen Section 8 housing list after 13 years

City expects up to 600,000 applicants
Los Angeles will soon open its Section 8 waiting list for a two-week registration period for the first time since 2004. This time, analysts expect a surge of 600,000 applicants will register for the limited spaces, and even the few selected could be left waiting in line for the next decade to receive their voucher.
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