tuesdaythoughts

LA’s infamous Cecil Hotel goes up for sale

The Cecil Hotel — the infamous Los Angeles site of mysterious deaths and a Netflix true crime documentary — is now up for sale.

The property was developed as a luxury hotel in the 1920s but was converted to homeless housing in 2019 with $45 million in financing from the L.A. City Council. It reopened in 2021 as the Hotel Cecil Apartments.

According to the listing on LoopNet, there are 91 years remaining on the ground lease for the 601-unit housing complex.

The hotel’s history is so grim that it has inspired both real and fictionalized accounts of horror. At least 16 people have died on the premises, according to Esquire.

Perhaps the most famous case was that of a Canadian tourist, who was killed in the hotel under mysterious circumstances. In 2013, she went missing for 19 days before being found in a water tank at the roof of the hotel. The mystery surrounding the case resulted in a Netflix documentary called “Crime Scene: Vanishing at the Cecil Hotel.”

The property also housed serial killers Jack Unterwerger and Richard Ramirez (also known as the Night Stalker). Ramirez reportedly stayed in the hotel during his 1985 killing spree.

This hotel’s notoriety reportedly inspired the fifth season of television anthology series “American Horror Story.” In a 2015 interview, Ryan Murphy, the show’s creator, said that he based the season on the Cecil Hotel and the disappearance of the Canadian tourist.

The asking price for the Cecil Hotel was not disclosed.

Want a tour? Text me at 818-445-7953.

Source: The Real Deal

LA County's Property Valuation Skyrocket To $2 Trillion, Marking 13 Years Of Uninterrupted Growth.

The net value of property in Los Angeles County jumped 5.91% from last year to nearly $2 trillion, according to the county assessor's office.

It's the 13th consecutive year that the overall value of all taxable properties included in the more than 4,000-square-mile county has gone up, according to the Los Angeles County Assessor's 2023 Annual Report. The assessor's office estimates that it will collect $20 billion in property taxes to fund public services such as schools and medical care.

Pending home sales drop to lowest on record

Pending home sales fell this fall to the lowest level since 2001. Pending deals dropped 8.5% year-to-year as the National Association of Realtors index fell to 71.4, the lowest mark reported since the trade group began tracking the metric in 2001.

My Take: There will be huge pent up demand in 2024.

Source: National Association of Realtors and The Real Deal

Fannie Mae now allows 5% down payment on 2-4 unit properties... It was recently 15% - 25% down.

Fannie Mae has lowered their required down payment for owner-occupied, multi-family (2-4 unit) properties from 15% - 25% to 5%. This means you can buy a property with 5% down, live in one unit, and rent out the other 1-3 units.

The new policy took effect on November 18, 2023 and applies to several Fannie Mae mortgage types including conventional and renovation loans.

If you’ve wanted to buy a home but haven’t been able to figure out how to save enough for a down payment and meet your monthly mortgage payment requirements, your time has come.

Source: Crosscountry Mortgage

The median price of an existing home sold in October has increased 3.4% from October 2022.

The national median price of an existing home sold in October was $391,800, an increase of 3.4% from a year ago ($378,800). Prices rose in all regions of the country.

These annual price increases have been getting larger for four straight months.

Roughly 28% of homes sold above list price.

Source: CNBC

Manny Pacquiao's real estate shake-up: Watch the video!

Manny Pacquiao... what happened here?

This Mediterranean-style home has 5 bed/5.5 bath and 4,273 sq. ft. of living space.

The 2-story home features an open layout, high ceilings, a gourmet kitchen, a pool, and a spa.

Asking price: $4,500,000

Selling price: $2,000,000

Cooler monthly inflation report pushes mortgage rates even lower

Mortgage rates fell again today, 11/14/23. The average rate on the 30-year mortgage fell 18 basis points to 7.40%.

The bond market rallied after government data showed inflation was lower than expected.

Wall Street has started to lower its expectations for more Federal Reserve rate hikes ahead.

Source: Diana Olick from CNBC

Jennifer Aniston's former LA home from her Friends days: Now on the market!

Buy the home that Jennifer Aniston lived at while filming "Friends."

The property features a main residence, pool house, A-Frame guest house, a hillside bungalow, and panoramic views.

Asking price: $2,595,000

Cash Is King: 43% of Luxury Home Purchases Are Paid for in Cash, Up From 35% Last Year

Who cares about high-interest rates when you are buying your home in cash?!?

About 43% of luxury homes that sold in the third quarter of 2023 were purchased in cash, up from just 34.6% a year earlier.

By comparison, just 28% of non-luxury homes that sold were bought in cash, little changed from the third quarter of 2022.

Source: Redfin

Investment Opportunity: Tenant-Occupied Condo with Rental Income!

For a private tour call/text the listing agent, Daniel Madariaga, at 818-445-7953. For more info visit VictoryCondo.com.

15070 Victory Blvd. #103

Van Nuys, CA 91411

Located within a secure gated community, this single-level condo offers 2-bedrooms, 2-bathrooms, and a large balcony with garden views.

The primary bedroom has an ensuite bathroom with a walk-in closet. Enjoy cooking in the well-equipped kitchen, complete with stove and dishwasher.

Other features include central AC/Heat, an in-unit washer and dryer, and a gas fireplace. The unit comes with 1 gated parking spot and a private storage unit.

The complex features a pool and BBQ areas. Pets are welcome. HOA dues include the unit's water bill.

The property will be delivered tenant occupied. The tenant's lease ends on 1/31/24. Rental income is $2,375 per month.

LA County home median sale price jumps $30K.

LA County home median sale price jumps $30,000 from July to August.

U.S. Home Purchase Applications Hit 27 Year Low

Here is another sign that there are not enough homes for sale on the market.

If we had more housing inventory, we would not have this issue. I am still seeing strong buyer demand out in the field.

Revised predictions for what will happen to home prices by the end of 2023:

The original 2023 forecasts (released in late 2022) for all of these organizations called for home prices to fall.

Looks like they have all changed their tune.

Zillow said... Redfin said... Realtor.com said...

Keep in mind Zillow recently lost $880,000,000 on their failed home-flipping business... they are not the best at predicting market trends.

Where do you think home prices will go by the end of 2023?

Mortgage rates hit their highest point since 2000!

The average rate on a 30-year fixed mortgage has hit 7.48%, according to Mortgage News Daily.

Mortgage rates jumped, following a rise in bond yields driven by investors’ concerns that high interest rates and inflation will linger longer than expected.