Los Angeles Commissioners Approve Changes to Solar Incentive Program

Any owner in Los Angeles contemplating going solar, should act quickly to take advantage of the city's incentive's to go Green as reduced rebates go into effect Jan. 1, 2011.  The decision by the Department of Water and Power is an attempt to stretch the program's funds, totaling $318 million meant to be distributed through 2016.

It seems that the trend to work with sustainable alternatives of energy has emerged as a beast to the department.  This year alone, the applications for rebates total $70 million.  The city had only budgeted $30 million!!!  So, as you can see, the department is now concerned and has to roll back some of the steam and spread the wealth to a larger pool of people.  

The Department of Water and Power's current rebate is $3.24 for every watt installed.  A homeowner who installed a 4-kilowatt system would receive a rebate of $12,960.  As of January 1, the rebate is reduced to $2.20 per watt installed.  The same project would only garner a rebate of $8,800 as of January 1, 2011.

Reductions will continue as the utility meets goals for home-generated electricity.  We will see the rebate be reduced to $1.50 per watt then to .60 cents per watt over time.  As we are a city of progressive thinkers, I would not doubt the reductions to occur faster than anticipated.  Hence, take advantage of the $3.24 per watt rebate!  Get in while the gettin's good, folks!

WEHO ALERT! 855 CROFT FINALLY ON MARKET

Here is the latest SPF:a designed 33-unit condominium complex in West Hollywood. Again, I am a HUGE fan of the Culver City-based architectural firm, but I have some mixed feelings about this building. You may have checked out a blog or two ago regarding SPF:a's Woodbridge 12 in Valley Village? Another beautiful and simple form of architecture with the mantra of responsibility to our ecological resources.

It has taken awhile, but we are now seeing listings hit the MLS. This project has taken some time to get to the completion state. This building consists of 2 Bedroom / 2.5 Bath residences. Listings were released a little over a week ago with only one residence being featured: #206 offered for $645,ooo which includes 1,469sf of interior along with ample balconies. Originally, they were contemplating the offering at $670,000+. Things seem to be subsiding as the market truly is dictating some lower prices on these new buildings / lofts in areas such as Hollywood, West Hollywood and the Beverly Center Area.


These residences all have top of the line features and finishes. The Kitchens are outfitted with a Bertazzoni Range and Bosch refrigerator and dishwasher. Finishes include Caesarstone countertops along with full-height glass tiled back splashes that complement the sustainable Italian designed Modulocucine cabinetry. Anyone into the art of cooking would be thrilled in this chef's delight! It doesn't hurt that SPF:a has an exclusive with Modulocucine.

The handsome bathrooms are nothing less than clean and simple = inviting. Each bathroom is outfitted with responsible materials including the Caesarstone countertops, Modulocucine cabinetry and over sized floor tiles. No more grout! Each bathroom has a soaking tub and glass enclosed shower along with European fixtures. The spacious bedrooms look out onto a terrace. The most alluring aspect of these residences is the outdoor areas it provides us Southern Californians. It seems we still appreciate Mother Nature and the beauty of our City of Angels. Check out the view below.

Overall, the split floor plans work well for these two bedroom units. Who wants to be bumping walls with your room mate? By far, the Penthouses in this complex are AMAZING! With over 1,473 sf of interior space, they include over 1,000sf of outdoor terrace areas. This is where they get me. I am such a sucker for functional outdoor space.

If you have financing in the million dollar range, check out the floor plan for Penthouse 3:

HOAs run $360/mo to $435/mo and include gas, water, trash and common area. Each Residence includes two tandem parking spaces.

As always, feel free to reach me for showings or more information.

EVO Releases New Block for Sale

SPECIAL FLASH PRICES FOR EVO!!!



This just in... It seems that sales at the Uber Green building are on fire and they are now releasing additional units to the public with great incentives, including one year of HOA paid. Along with the CA Tax Credit, there could be a few deals here.


Check out the Units / Price List Below



As always, feel free to contact me if you would like more information or a showing.

SPF:architects' WOODBRIDGE 12 Coming Onto Market

As a firm, Studio Pali Fekete Architects (SPF:a) are one of the most innovative and impressive firms in Los Angeles. Based out of Culver City, CA, this dynamic duo of Zoltan Pali, FAIA and Judit Meda Fekete bring their talent, creativity and responsibility to a new project soon to hit market, WOODBRIDGE 12.





This 12 unit 4-story building has high-end design written all over it AND in it. With open floor plans and top-quality elements, this clean modern design will intrigue many. There are 5 floor plans to choose from ranging from 1,300 - 1,800 square feet. The thing about it is there are only 2 Bedroom, 2 Bath units to select from. Granted, the variety of floor plans will make everyone feel unique. The first floor units boast large outside garden areas. All units above ground level have balconies sizable enough to socialize.





Each unit has a gourmet kitchen, designer baths and floor to ceiling glass. You can imagine the light in these places.







When it comes to sustainability, WOODBRIDGE 12 leads the pack. Resources such as the cement composite panels are mainly made up of the SWISSPEARL® system panels. Neither the raw materials nor the production process nor the finished products contain any dangerous substances. This has to be one of the most efficient systems on market. We are seeing it in most new modern architecture.



The building has subterranean parking, but I can't tell you at this point as to how many. Nor can I tell you what the HOAs will be.

No doubt, this is a beautifully designed conception. But let us consider the reality here. As pricing goes, an agent responded to me earlier this week and let me know they will be ready for showings soon. They will hit market listed somewhere from the Mid $500,000 range up to the $800,000 mark. It translates to anywhere from 370/sf to 450/sf. The location is pretty decent as it is close to the Studio City Golf Course and tennis Club.

The units should be ready for showings in about 3 weeks. Please let me know if you would like to see them.

If you would like to see any or all of the floor plans, let me know. Click here for contact.

Listing & Sale / Moore House / California Recovery - 6.20.2010 Newsletter/Email

Hey there!


I am trusting a good Father's Day weekend has befallen upon us all.

As business is keeping me very busy, I apologize to those who have been waiting for an update from me. Here it is! Within the email, I am touching base on a couple of stories/issues/listings. Take a quick scroll to see if there is anything here worthy of your time.

Mid-Century Condo Listing / Benedict Canyon Sale:

If you or anyone you know may be looking for a clean and gorgeous condo in a great architectural building in the West Hollywood Vicinity.

Listing:
Offered at: $499,999
MLS#10-449931
1550 N Laurel Avenue, Los Angeles, CA 90046



2/2 Condo in a great location in the heart of the Hills and Strip. The building is truly one of the finest of the 1960s. Huge covered terrace with 8' floor to ceiling sliders. Truly is an indoor/outdoor living scenario.


Recently SOLD:
Sold for: $720,000
MLS#10-442733
10037 Reevesbury Dr, Beverly Hills, CA 90210



Historic home sells for historic price! The Reeves Pillsbury hunting lodge / art studio from 1927 was purchased by some happy clients of mine. With over 1,400sf living space and a lot close to 20,000sf, this place was a steal. Amazing canyon views abound. This is a classic!


Historic Moore House at Risk of Demolition:



"...Created by Lloyd Wright, son of internationally renowned architect Frank Lloyd Wright, and cited as being “highly intact” by the Los Angeles Conservancy, the home is threatened with being demolished so that the owners, PVE native Mark Paullin and his family, can build a new, larger home on the site.

“I always thought it was kind of an odd-looking house in [comparison with other homes in] the neighborhood,” said Paullin, who bought the home about four or five years ago. “I thought people would be happy that I was looking to [rebuild] it, make it fit in more with the rest of the architecture in the neighborhood...”

To read the full story, click here .


California Recovery:

Los Angeles Times


California’s unemployment rate, currently at 12.4 percent, will not return to single-digit levels until 2012 and the state’s inland areas will continue to be impaired by excess housing inventory and state budget cuts, according to a forecast released Tuesday by UCLA’s Anderson School of Business.



MAKING SENSE OF THE STORY FOR CONSUMERS

*
California’s economic recovery is contingent on consumer shopping behavior nationwide, as retail spending drives traffic at California’s ports and logistics centers, which are both substantial employers throughout the state, the report said. However, consumers are unlikely to increase spending until businesses begin hiring again, which many economists believe will only happen gradually over time.

*
The coastal areas of the state will benefit from growth in health care, education, and technology, while inland areas will be constrained by excess housing inventory and state budget cuts, impacting rural inland areas where government workers account for a significant percentage of the workforce, according to the forecast.

*
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently issued its mid-year housing market forecast. Based on C.A.R.’s forecast, the median home price in California is expected to rise 9.1 percent this year compared with last year, while sales of existing, single-family homes will decline 4.7 percent. Rates on 30-year, fixed-rate mortgages will rise to 5.3 percent compared with 5.1 percent in 2009 and 15-year mortgages will average 4.2 percent compared with 4.7 percent last year, according to the forecast

To read the full story, please click here.

As always, if you or someone you know is looking to sell or purchase real estate, please pass my name along. Referrals are always welcomed.

I hope this has given you some food for thought. Have a terrific day!

-Steve

Steve Ward
Realtor®, SFR®
Short Sale and Foreclosure Resource
modernhomeslosangeles
Keller Williams Realty - Los Feliz

213.305.8537 direct
323.300.1000 office
323.525.0102 fax
steve.ward.la@gmail.com
http://steven.ward.la.yourkwagent.com/

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