Gea Elika's Blog, page 140

80 East 10th Street

12 beautiful apartments in an ideal location in the heart of the village, Eighty East Tenth is a wonderful collaboration between Parametric Development Group (PDG) and Nava Architecture. Rising just 10 stories, the building has all the benefits of a compact community – but one where SoHo and Union Square are just steps away. For the luxury family lifestyle, Eight East Tenth is hard to look past.

Architecture

 

Rendering courtesy if 80 East 10th Street

 

Designed and executed by Nava Architecture, who specializes in both design and delivery of major construction projects, Eight East Tenth is truly revolutionary. The goal of PDG and Nava was to create a modern condominium that provided all the luxury and class that exclusive residents demand in a historic, vibrant part of the city.

With that in mind, Nava designed a building that is eclectic and modern. The facade is slightly textured and beautifully curved to create depth to the metal. The dots and curved facade also pay homage to the street’s past as the epicenter of the antique book trade; the building itself is the physical manifestation of the written word.

Residences

Every single one of the 12 residences have been crafted with the utmost care and attention. Each condo has 10-foot ceilings, wide plank oak flooring, triple glazed windows to block out noise, cold, and heat, and a state of the art multi-zone heating/cooling systems. Each unit comes with an Electrolux washer/dryer.

 

Rendering courtesy if 80 East 10th Street

 

The living rooms are well-proportioned rooms with plenty of natural tones and brass fixtures. The floor to ceiling windows allow in plenty of light, and the white walls mean the living room is fresh and bright all day long. Some units also have marble fireplaces for those cold winter nights.

 

Rendering courtesy if 80 East 10th Street

 

The kitchens are stocked with luxury finishes, including custom Dada cabinetry from Italy by the Molteni Group, finished in oak, and Calacatta marble waterfall islands and backsplashes. Recessed lighting and Miele appliances, gas cooktops, and conventional and speed ovens provide the function to match the form. Dornbracht fixtures and a Blanco sink round out the fixtures.

The bedroom features floor to ceiling windows and Chevron-patterned, French style oak flooring for a textured yet refined finish. Depending on the unit, the windows either overlook the tree-lined street or the private sculpture garden.

 

Rendering courtesy if 80 East 10th Street

 

Of course, the most opulent room in the apartment is the master bath. Terrazzo floors, a freestanding Blu-Stone tub, and a glass-enclosed shower create the perfect circumstances to relax and unwind. The shower is finished with Calacatta marble slab tiles, and the whole room is fitted with Dornbracht fixtures. In units with a secondary bathroom, it’s more of the same, but with a Duravit and Laufen vanity, and porcelain tiles throughout.

 

Rendering courtesy if 80 East 10th Street

 

The powder rooms are Statuario marble floors with custom Dada vanities by the Molteni Group complete with an integrated sink.

Amenities

Amenities include an attended lobby and part-time doorman, bike storage, and a landscaped rooftop terrace. There’s also private additional storage for each unit. And then there’s the lobby.

The lobby has been expertly designed to act as decompression zone between the hectic world outside and the quiet oasis of the units inside. Featuring an interior garden with artwork by Brooklyn artist John Clement, natural materials soften the area and poured terrazzo flooring add a touch of sophistication. The lobby is completed by the concierge desk, finished with leather detailing, hardwood paneling, and floor to ceiling windows that let in plenty of light.

Availability

Of the 12 units, there are currently four currently available.

Residence 2E

One bed, 1.5 bath unit on the second floor, east side of the building with windows facing the street from the great room and internally from the master bedroom. It includes 924 square feet and is on the market for $1.95 million. It’s the only one-bedroom currently available, and one of only four total.

Residence 3W

3W is a 3-bed, 2.5 bath corner unit. With 1,831 square feet, it’s perfect for families looking for a condo with a little more room. Its final price is $4.15 million. It’s one four units like this.

Residence 4W

4W is the same layout and design specs as 3W, but is one floor higher, providing better views and a quieter home. That extra distance turns a final price tag of $4.3 million.

Residence 6

Residence 6 is a full floor unit with its own elevator access. It has 4 bedrooms and 3.5 baths and runs a cool $7.85 million. It’s also one of the only units with a private terrace. The final square footage comes in at 3,304 square feet with an additional 83 square feet of outdoor space. It’s one of two units like this.

Neighborhood

Eighty East Tenth sits at the cultural core of New York City. Right at the intersection of East Village and West Village, and around the corner from Union Square, it’s always been a cultural mecca. Long before Eighty East Tenth was there the street was called Book Row for all the antique booksellers who set up shop.

Today, you’re more likely to find the perfect flat white in one of the dozens of cafes then an antique bookseller, but the neighborhood’s appreciation of art has never wavered. Theatres, art galleries, and art schools are clustered around, rubbing shoulders with great restaurants, beautiful parks, and some of the best schools in the city.

Eighty East Tenth might not be perfect, but it’s not far off. A beautiful modern building with historic roots, Eighty East Tenth offers the dynamic urban lifestyle for the 12 lucky residents who can snag a spot.

[ 80 East 10th Street ]

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When Does it Pay to Buy an Apartment in NYC?

It’s a well-known fact that rent in New York City comes at a high price. Though signing a lease has many benefits like leaving you off the hook for property taxes and repairs, buying also offers many incentives. Living near all the excitement and uncommon professional opportunities make growing roots here worth every penny. There are also financial and emotional benefits to becoming a homeowner in New York. So, when is the right time to start thinking of buying in NYC?

 

Image by Michael Muraz / Flickr

 

1. When you’re sure you want to stick around.

Renting is more expensive than a mortgage. Overall, spending less per month on a place to live is ideal. You’ll also get a tax break on the interest you pay toward your mortgage.

If you’re certain you want to stay in NYC and you’re financially ready, it may be time to switch to buying. After all, it makes sense to pay less for the same kind of property, especially when you know you want to make New York your permanent home.

Mortgages stay the same year after year when they’re fixed. Therefore, in a few years, what you’re paying toward your mortgage will be “frozen in time” compared to the rising rents of properties similar to yours.

2. When you can get a good ROI.

When your purchase will give you a decent return on your investment (ROI), buying pays off financially. Whether you’re looking for your forever home or are an investor looking for another rental, you need to make sure the property in question will profit you in the long run. To make sure you’re making the right purchase, confirm that it satisfies these qualifications:

Is it in an area that has seen a steady increase in value?
Is it in a location that is appealing to others. For instance, it is convenient to amenities like the subway/public transit and local shopping?
Does it have evergreen appeal in case you plan to resell?
Is it in good condition or does it need a lot of TLC?

A property that is in great condition is generally appealing, and likely to grow in value due to its location and amenities is one to snag. On the other hand, any transaction where you’re losing money isn’t one to pursue. The best way to maximize your chances of finding the right place is to get an agent to scout out the best properties for your needs.

3. When you want to be reigning monarch of your own castle.

If you’re not happy with renting for a variety of reasons, whether it’s the lack of freedom to renovate or the intrusive inspections, becoming a homeowner can simply make you happier.

Owning your own property will give you a higher level of control in how you run your home. You also don’t have to continually renew leases and abide by certain terms (like pet restrictions, etc). Overall, if you’d be happier being the #1 person in charge of your estate, call a realtor and see what your buying options are.

Buying a home has many benefits beyond the ones we listed. If you’re interested in buying a home in NYC, contact us.

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Tracking L.A. Real Estate Price Trends – Housing Price Data

Los Angeles’ real estate market continues ablaze. Overall, the city’s median sales price was about $780,000, an 11% increase from a year ago. However, given L.A.’s large size, it is more useful to break down the recent single-family home sales price history by neighborhood, using data provided by the Multiple Listing Service (MLS).

Bel Air

This ritzy neighborhood experienced better than an 11% year-over-year increase in the second quarter. The median price reached $2.28 million versus $2.05 million in the year-ago period. There were 49 listings sold compared to 43.

 

 

Beverly Hills

Homes had a 4% appreciation in the median price, to $5.6 million from $5.38 million. This price is the highest on our list.  There were 49 units sold, a sharp rise from the 35 last year.

Beverly Hills Post Office (90210)

The zip code made famous by television shows such as Beverly Hills 90210 and the Real Housewives of Beverly Hills, experienced the sharpest price rise on our list. The median price jumped to $3.35 million from $2.39 million, an astounding 40% increase. There were 44 listings sold, an additional 8 listings versus a year ago.

Beverlywood

This cozy neighborhood’s median price was $1.47 million, a 25% increase from the $1.17 million fetched last year. Unit sales were flat, at 62. While its small population numbers about 6,000, this is increasing as larger homes are added.

Brentwood

Price appreciation lagged for this high end, classic L.A. neighborhood. However, it was up 3% to $3.03 million. Sold listings edged up to 76 from 73.

Century City/Westwood

While the majority of areas experienced a year-over-year price increase, Century City/Westwood saw a price decline. The median price edged down by 2% to $2.15 million from $2.19 million, with sold listing essentially flat, at 55 versus 54.

This data may be skewed since it is based on single-family homes. The area has attracted urban-oriented dwellers, and high-rises have been built to meet this demand. The co-op/condo market has been hot, with a 17% price increase reported earlier in the year.

Cheviot Hills/Rancho Park

These quiet upscale neighborhoods saw a modest 5% price rise, to $2.31 million from $2.2 million. The number of sold listing nearly doubled to 36 from 20.

Culver City

This was the worst performing neighborhood on our list. The median price fell to $1.11 million from $1.2 million. There were 56 listings sold, 17 fewer than a year ago.

Hancock Park

Hancock Park’s prices took a breather. The price was down 5% to $1.48 million from $1.56 million. The number of sold listing rose to 82 from 74, however.

Hollywood

The famous neighborhood saw its median price sharply increase by 22%. It was $1.22 million versus $1 million. The number of units sold was 28, up from 25.

Hollywood Hills

Prices in Hollywood Hills East were essentially flat, at $1.34 million. There were 43 units sold, a downtick from the 48 a year ago.

Los Feliz

This neighborhood was hot, with the median price rising by $300,000 to $1.75 million. Meanwhile, the number of units sold jumped to 65 from 55.

Malibu

This beachside neighborhood saw a 5% dip in the median price. The sales price fell to $2.38 million from $2.51 million. There were 47 sold listings compared to the year ago’s 60.

Marina Del Rey

This small Los Angeles neighborhood was one of the better performers. The price was $1.3 million, 23% higher than the $1.06 million fetched last year. The number of sales was flat, at 37 versus 38.

 



 

Santa Monica

Housing prices were robust, rising 5% to $2.35 million from $2.19 million. There were 70 listing sold, in-line with the year-ago total of 69.

Silver Lake

This is the lowest price neighborhood on our list, with a median price of $892,500, and the only area that is priced below $1 million. Despite this, the price fell 4%, although the number of listings sold rose sharply to 120 from 87.

Sunset Strip/ Hollywood Hills West

Sunset Strip/Hollywood Hills West median price grew 5% to $1.95 million, about $100,000 higher than last year. The volume also increased nicely, to 122 units versus 100.

Pacific Palisades

This wealthy community had a healthy 27% price appreciation. The median price crossed the $3 million thresholds, to $3.2 million, about $700,000 more than a year ago. The number of listing sold was flat, at 71.

Venice

Venice realized a 21% increase, with the median price reaching $2.2 million. The sales price was $1.8 million last year.

West Los Angeles

The price of a median home slipped to $1.16 million from $1.22 million on steady sales volume. There were 34 listings sold compared to 32 a year ago.

West Hollywood

Home to many creative types, this area saw the price slip a bit. The median price was $1.58 million, down from $1.62 million. The units sold rose by four, to 35, however.

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Creating a Greener Home in a Concrete Jungle

The world’s population is growing, which means that we need to manage our resources more mindfully. If everyone does their part to reduce their energy usage and waste production, we can make the world a more sustainable place. It may seem easy to do green things like making compost heaps when you live in a bucolic paradise, but how can you make your home greener in a concrete jungle?

Reuse and recycle.

Make it easy to sort your trash so you can return what would be a waste to the recycling centers. It takes just a few seconds to sort between recyclable and non-recyclable waste when you have a good system in place.

To be more organized in this department, you can purchase a two-sided trash bin. Or, you can simply use a cardboard box as a disposable storage for your recyclable products. Taking out your recycling becomes even easier because you don’t have to take home any containers at all.

Reusing products that can’t be recycled is also good practice. Some plastics, like the ones used for some yogurt containers, are either difficult or impossible to recycle. However, repurposing them to serve as small seedling pods for your indoor herb garden is a good way to make the most of these items and to keep them out of landfills.

Purchase biodegradable or recyclable products.

Every purchase we make will eventually produce waste. Even when it comes to the small things, you can be conscious to choose products that are recyclable or biodegradable. For example, K-cups, Styrofoam, and baby squeeze pouches are more examples of products that are difficult to recycle. Cutting down on or finding alternatives to these purchases can help the environment.

For example, there are brands of coffee pods that use biodegradable packaging like San Francisco Bay Coffee. There are also ways to make your own baby food and package it in reusable pouches. Infantino’s Fresh Squeezed baby food maker, for instance, can be used with renewable silicone baby food pouches instead of disposable plastic pouches.

Be smart with utility usage.

Since many power sources are still coming from sustainable sources, you’re contributing to greenhouse gas emissions as you use more energy at home. Consider curbing your electricity or gas usage by using these methods.

Turn down your heating and cooling. According to energy.gov, temperature control contributes to almost half (48%)of the typical utility bill. This means that the more you spend, the more energy is used to keep your home comfortable.
Install thermal curtains to keep your home insulated against extreme temperatures.
Use a programmable thermostat to keep your apartment at 78 degrees in the summer or at 72 in the winter. Programming temperatures to be higher in the summer and lower in the winter when you’re not home will also lower your energy usage.
Change your incandescent light bulbs to LED or CFL lights to cut down on energy waste.
If your home runs on electricity, cooking with a crockpot is more energy efficient than an oven.

 

Honorable mention: Tesla solar power tiles

Though orders are still being placed and the technology is still being refined, Tesla solar powered tiles hold incredible green power potential for homeowners. Be on the lookout for this upgrade that will change the topography of energy, providing everyday people with an emission-free energy source.

Making just a few adjustments to your life can make your abode in the city an environmentally-friendly zone. When we all do our part, the world will be a greener place

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Understanding Mortgage Loan Amortization

A discussion on how your loan amortizes may not seem exciting, but we promise to keep the math light. The upshot is that a basic understanding of your mortgage payment, and the breakdown between interest and principal, could result in a cumulative savings of thousands of dollars for you.

The mortgage payment

When you apply for a mortgage, your monthly payment typically consists of principal, interest, taxes, and insurance. For a fixed rate mortgage, your interest rate does not change for the life of the loan. This means the first two components will not increase or decrease. Taxes and insurance can change, typically upward, which is why your monthly payment will not be the same over time.

The national 30-year mortgage rate was 3.83%, according to Freddie Mac. In New York City, it was around 3.79%, based on other sources. There are several online mortgage calculators, or you can choose to build your own using a program such as Excel to figure out your mortgage payment.

 

 

Using a hypothetical example, let’s say you decide to purchase a $750,000 property and place a 20% down payment. Your loan is $600,000. Therefore, your monthly payment (principal and interest) is $2,795.74, assuming a 3.8% rate and a 30-year mortgage.

If you plan on taking out a 15-year mortgage, the average rate is 3.15%. Your monthly payment jumps to $4,186.91. While this is a substantial increase over your payment for a 30-year mortgage, keep in mind you will pay a lot less interest, as we will demonstrate.

A comparison

Using the same numerical examples, over the life of your 30-year mortgage, you will have paid $406,467.88 in interest. On the 15 year mortgage, your total interest payments amount to $153,644.19. This equates to $252,823.69 less interest that you will have paid. Keep in mind, we are in a historically low-interest rate environment. At higher rates, you will have shelled out more interest to the bank.

However, not everyone can afford the extra amount every month required for a 15-year mortgage. Alternatively, you may decide you like the flexibility of having a lower payment with a 30-year mortgage. There is still a step you can take to lower your interest burden as well as shaving time off your loan.

Prepayments

You can opt to prepay your mortgage. That is, you can decide to make extra monthly payments, applying the amount to the principal balance. In New York State, there are limitations, but these apply to mortgage loans with greater than a 6% interest rate. While most lenders do not charge a prepayment penalty, you should ask your bank.

On your 30 year mortgage, very little of your initial payments pay down principal. For your very first $2,795.74 payment, only $895.74 goes towards the principal while more than double is an interest payment. Gradually, there is less interest (since the principal balance is lower), but this is a slow process. For instance, an extra $3 goes towards your principal for your second monthly payment. After roughly 12 years, you pay more principal than interest.

Prepaying allows you to lessen your interest burden while cutting down on the length of your loan. If you can manage to pay an extra $100 every month, your total interest is $377,722.91, or about $30,000 less than making your regular payment. You will also have paid off your mortgage about two years early.

If you can scrape together $200 a month to apply to your principal balance, your total interest paid is $352,978.759, and you have shortened your loan term by about three and a half years.

There is no reason you cannot make extra payments on a 15-year mortgage, although your payment is higher than a 30-year mortgage, so you have to examine your budget closer.

Concluding thoughts

Prepaying your mortgage with extra monthly payments can create large savings and give you the satisfaction of complete homeownership earlier. However, strictly from a financial perspective, there are other factors you should consider, such as the after-tax return you can receive the extra payment compared to the after-tax interest cost.

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The Complete Guide to the Best Neighborhoods in LA

Like most big cities, Los Angeles isn’t a homogeneous blob but rather is comprised of a number of neighborhoods. Each of these have their own look and feel, a result of history, architecture, and culture. Here’s our favorite 23 neighborhoods, and what you can expect to find in each one.

Bel Air

Bel Air, set in the Santa Monica Mountains, is the archetype of LA neighborhoods, immortalized as the ritzy part of town by Will Smith in The Fresh Prince. Part of the Platinum Triangle (along with Holmby Hills and Beverly Hills), it owes its status and popularity to its historically large residential lots, outrageously perfect weather, and views. It’s a haven for California elite.

 

 

Beverly Hills

Beverly Hills is where the creative types head to work and play. It’s the home of those who work in media, TV, and film. Only surpassed for star-power by Bel Air and West Hollywood, Beverly Hills is a network of high-end designer boutiques stretched along the famed Rodeo Drive, with some of the highest-value homes in the city looking down from the hills north of Sunset.  

 

 

Beverly Hills Post Office (90210)

Beverly Hills Post Office is the official name of what’s probably the world’s most famous zip code: 90210. Extremely exclusive, the neighborhood looks down from the hills onto the Beverly Hills city centre, giving it the stunning views and cool mountain breezes that drive up property values. And with a reputation for splendor, it’s no wonder that 90210 is probably the only zipcode with it’s own reality TV show.

Beverlywood

Beverlywood is a small neighborhood of just over 6,000 people. What makes Beverlywood remarkable is that it’s a planned community, and continues to hold onto it’s CC&Rs, giving it an organized, tidy suburban feel. However, times are a-changin’ for Beverlywood. Mansions are cropping up more and more, driving up property values and adding some serious stock to the original 1,354 single family homes.

Brentwood

Nestled at the base of the Santa Monica hills and overlooked by the esteemed Getty museum, Brentwood is a high-end hub in a city that loves the good stuff. Packed with farmers markets and covered in quintessentially LA homes, Brentwood combines class, sophistication, and quality for a truly unforgettable place to live.

Century City

Century City is West LA’s downtown. Tiny, dense, and fully of high-rises and skyscrapers, the diehard urban dwellers will be right at home here. And with a large chunk of the neighborhood’s official acreage dedicated to Fox Studios and Westfield Century City, it’s an even denser neighborhood to live in. Despite this, over 5,000 people call it home, along with major corporate headquarters. For apartment lovers who want to be in the thick of the action the Century City is hard to look past.

 

Image by Christophe Choo / Flickr

 

Cheviot Hills

Founded in 1924 and conveniently located between two major studios, Cheviot Hills is one of those quietly luxurious neighborhoods that tend to crop up in big cities. With low density and expansive views, it’s easy to see why Cheviot Hills remains the exclusive purview of the rich and famous.

Culver City

Culver City is a neighborhood with just enough grit to be interesting, but with enough high-class polish to be an incredible place to live. Art, venues, and restaurants all sit side-by-side for an eclectic streetscape. Restored buildings give the neighborhood some serious charm, and if you get bored, you’re right next to downtown.

Hancock Park

Hancock Park is an architectural mecca in the heart of LA. The elite, suburban, small town feel contrasts beautifully with the the fact that over 80% of the buildings in the neighborhood are protected heritage sites. Paul Williams (designed Frank Sinatra’s house), A.C. Chisholm, and John Austin (designed LA City Hall and Griffith Park Observatory) all have their work in the area. Plus, it’s an amazing place to live, with a vibrant restaurant scene including the best Korean BBQ in the city.

 

Image by Dominique BARRIER / Flickr

 

Hollywood

Hollywood is arguably the most famous neighborhoods in the city. But it’s more than just a big sign. It’s where the film industry was born, where actors made it (or didn’t), where Capitol Records is headquartered in the iconic Capitol Records Tower, where tourists go to gawk, and where the famous Hollywood elite work. But beneath the surface, beyond the grasp of touristy gaud, is a neighborhood to fall in love with. Farmers markets, back-alley art galleries, plenty of pedestrian-friendly areas, and some of the best people watching in the world, it’s not a neighborhood to be written off. Hollywood’s still got some life in it, that’s for sure.

 

 

Hollywood Hills

The Hollywood Hills are a part of the Santa Monica mountains and is a relatively lightly populated part of the city, perfect for outdoor lovers. The neighborhood boasts a lake at its heart and backs right onto Griffith Park. And with Franklin Village within walking distance, bars and cool cafes are never far. Plus, ‘Hollywood’ Hills lives up to its name, with celebrities like Matthew Perry and Ben Affleck calling it home.

Los Feliz

Los Feliz is a densely populated 2.6 square mile neighborhood just north-west of Silver Lake. But don’t let that deter you. Spread across a hillside, Los Feliz is extremely diverse, not to mention being home to some seriously big names. What’s more, the neighborhood is steeped in history; Micky Mouse was born in Los Feliz, as was the original First National motion picture company’s studio (where Charlie Chaplin filmed A Dog’s Life). What’s more, the neighborhood has a number of incredible architectural gems, including Frank Lloyd Wright’s Ennis House.

Malibu

Malibu is a beachside neighborhood about 30 miles outside of downtown LA, sandwiched between low hills and the Pacific Ocean. Long known for it’s prominent surf culture, today it’s mostly modern architecture and luxury living. Houses regularly sell for north of $10 million, or $200,000 per square foot of beachfront. Malibu is also home one of the two Getty Museum’s campuses, Getty Villa.’

 

Image by Kira Laktionov / Flickr

 

Marina Del Rey

Marina Del Rey is a tiny neighborhood that packs a lot of punch, including having one of the world’s largest small watercraft harbors as its central feature. And that harbor isn’t exactly packed with fishing boats. It’s home to luxury yachts, beautiful sailboats and, yes, a fair few house boats too.

 

 

Rancho Park

Rancho Park is a blessed relief for young families who don’t want to give up the urban lifestyle, but don’t want to raise kids amongst the noise and downtown chaos of Venice or Culver City. Comprised mostly of single-family Spanish colonial and Ranch houses from the 20s, manicured trees providing a suburban feel. It’s easy to see why it’s popular with professionals looking for the next stage of their life.

Santa Monica

Santa Monica is one of the best neighborhoods in the city, if for no other reason than the 310 days of sunshine and a year-round temperature of 66 degrees. And with the incredible tidiness of Pacific Palisades to the north and gritty, counterculture real of Venice to the south, Santa Monica is the perfect middle ground for neighborhood hopping. Not that you have to – it’s classic LA, with boardwalks, laid-back attitudes, and endless boutiques.

 

 

Studio City

Named in 1927 for the Studio lot of comedy genius Mack Sennett, Studio City sits in the San Fernando Valley and is home to more organic stores and yoga studios then you can possibly need. It’s a beacon of healthy eating and healthy living among a slightly older crowd of urban elite. Unassumingly elegant and luxurious, Studio City caters to those with a taste for a high life, but can’t be bothered with the dreary tasks of keeping up with the Joneses. For refined elegance, Studio City is hard to pass up.

Silver Lake

A small section of indie culture buried in the east side, Silver Lake is a gritty (but in a good way) hangout for hipsters and trendsetters who like a slower pace. Vintage LA through and through, sometimes it seems like Silver Lake never left the 1970s. But in a good way. Walk along the wake in the morning before hitting one of endless indie cafes. And for nightlife, you can look forward to a thriving bar and restaurant scene.

Sunset Strip

Sunset Strip is among the most famous streets in the world. Just 1.5 miles long, this stretch of road is LA’s answer to Times Square. Since the beginning, Sunset Strip has had a lively and energetic nightlife, originally fueled by its exclusion from LA municipal authority (instead governed by the freer rein of the county police). From the 30s onwards, nightclubs, casinos, restaurants, and venues cropped up to serve the upper crust of LA society. Movie stars, authors, and rock bands have all frequented Sunset Strip at various times. With almost 90 years of party history, the feel of Sunset Strip is truly irreplaceable.

 

 

Pacific Palisades

For a small-town feel among the big city, you can’t look past Pacific Palisades. Mega-mansions overlook the Pacific, but you’ll still know your local barista’s first name (not to mention them knowing your usual). And with plenty of walking trails down the defining cliffs to the ocean, you couldn’t ask for a more beautiful setting. Mostly single-family homes make Pacific Palisades perfect for families, particularly due to the neighborhoods extreme tidiness and manicured appearance.

Venice

When you picture LA, you probably picture Venice. Not only is this neighborhood extremely photogenic, it’s also an incredible gem within the city. Perpetually exciting and a hotbed of counter-culture, Venice is all the better for being slightly off-the-beaten-path. Largely a professional neighborhood, Venice has a high proportion of single folks living alone, giving the neighborhood tons of energy day and night. Venice is defined by canals (which it takes its name from) and it’s long, pedestrian-only promenade ending in the iconic Venice Pier. For the perfect lunch visit.

 

 

West Los Angeles

West LA is a relatively small, extremely diverse community in the Westside region of LA county. Stretching towards the beach community of Santa Monica on one edge and bleeding into the flats below UCLA, West LA has a relaxed, low key vibe perfect for a lingering morning coffee or a casual bite to eat. Indie theaters butt up against classic diners, and the whole neighborhood oozes a slower pace of life, while still being steps away from the goings-on of the big city.

West Hollywood

The true home to the creative genius and the epic parties that mark Los Angeles, West Hollywood has long been a high-end bohemian hotspot. Comprised of a walkable grid and plenty of dense/mixed use zoning, it’s like a slice of Greenwich Village on the East Coast.

 

 

Conclusion

LA is one of those cities with something for everyone. Whether it’s the luxury boutiques and fancy cars of West LA and Bel Air or the 1970s vintage feel of Venice, you’re sure to find a place to call home in the city of angels.

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4 Signs Your Real Estate Agent Understands Your Needs

Great real estate agents are worth every cent of their commission. When you get an expert who knows how to handle various complicated situations, you’ve found a professional who can lead you through one of the most significant purchases of your life. Here are some things to look out for.

1. Your agent is worthy of your trust.

In any real estate transaction, you need to absolutely trust the person handling all of the details. The right agent will exude a kind of confidence and character that will put you at ease. Never underestimate your intuition when it comes to people. If you click with your agent, this is a great sign that he or she can meet your needs.

The client-agent relationship is one that relies heavily on trust and thorough communication. Therefore, when you meet a real estate professional who returns your calls, looks you in the eye, and is transparent with every important piece of information, you have struck gold.

 

 

2. Communication is always prompt and clear.

The buying or selling process is often stressful because many factors are at stake. Perhaps you need to sell your home at the same time you’re buying another. Or, maybe you desperately need to buy in a certain neighborhood and the deal depends on a few events like the outcome of an appraisal or inspection. Whatever the issue, your ideal agent makes sure you understand everything as soon as it happens and gets your need for speedy and concise information.

Also, an agent who always keeps you in the loop understands how important this deal is to you. If he or she goes the extra mile to keep you informed through texts, emails, and phone calls, you have someone who values you as a client.

3. They’re on time without missing a detail.

Time is money, especially when schedules are tight. When your agent arrives to showings, listing appointments, and calls you back on time, you have a winner. An agent who shows up on time and is prepared with the information you need respects you and values your business.

You’re not just a generic face in their leads roster. Instead, you are a real person who has a busy schedule. They will also not waste your time but come to appointments with all the information you need to feel a peace of mind about the situation.

4. They stick up for your best interests, especially when it comes to your finances.

Ultimately, the agent who makes your financial well-being their top priority is your greatest advocate in a complicated transaction.

In the contract phase, there’s a negotiation period where the price of the property and other particulars are being ironed out. Your agent and the agent on the other side (whether it’s a buyer or seller) will be frequently communicating to arrive at a compromise that pleases both parties.

Of course, other agents will try their best to make more benefits for their clients at your expense. When your agent stands up for you and doesn’t budge on your non-negotiable terms, then you know you have a professional who truly understands how much a good deal means to your financial future.

An agent who respects your needs makes the real estate transaction go more smoothly. When you’re ready to buy a home, take your time to find the right agent who will be your best advocate, regardless of what happens.

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Guide to Relocating from New York to Los Angeles

Relocating from New York to Los Angeles is an exciting prospect for many, but it comes with more than a few hurdles to overcome. There are a number of tips and recommendations that Californians can offer New Yorkers when considering purchasing a home. Culturally, Los Angeles is very different than New York in regards to physical size, layout, traffic, and public transportation.

There are plenty of things to consider when choosing where in LA to move. The city of Los Angeles is 503 square miles. That’s only 200 square miles larger than New York City, but when you include LA County, that number jumps to 4,084 square miles and 10 million residents. LA is a sprawling place, and it’s not always easy to get around.

 

 

A New Yorker’s Guide to Getting Around LA

Public transportation in Los Angeles is practically non-existent by New York standards. While New Yorkers rely on the subway every day, LA abandoned its subway infrastructure decades ago in favor of its interstate highway system. Public transportation infrastructure is improving since Los Angeles was selected for the 2028 Summer Olympics and the rise of ridesharing services, but Californians still heavily rely on cars as the main mode of transportation. More importantly, though, is deciding on the neighborhood in which you’d like to live—a neighborhood that fits your lifestyle while also making areas of the city that you frequent easily accessible.

Lifestyle plays a big part of living in California. Where you live in Los Angeles not only dictates what you do and where you go but also how you live. Do you love the young hipster vibe of Brooklyn? Silverlake may be the neighborhood for you. Do you live a block off of Central Park in Manhattan? You may want to try Beverly Hills. Don’t forget that the beaches in LA are some of the best in the country. If sand and surf are what you’re looking for, you may decide on Santa Monica or Venice. Los Angeles can cater to your lifestyle, but first, you need to narrow down your options.

 

 

Factors to Consider When Moving to Los Angeles from New York

Obviously, the price is also a major factor when buying a home. New York and Los Angeles are both expensive real estate markets, and the neighborhood you choose can be the difference between a one bedroom bungalow or a home with more room to breathe. Your dollar can stretch further living in LA, but you have to know where to look.

Time is another factor to consider when relocating from New York to Los Angeles. In the best of circumstances, time can be an added pressure. How many visits will you be making to LA to find the perfect house, and how long will you have time to look? Will you be setting up appointments in New York and then traveling to the Golden State? Have you scheduled enough time to get from appointment to appointment? If you’re traveling during rush hour, consider that most Californians have to add 45 minutes to their commute.

How to Begin Searching for a Home in Los Angeles

At this point, many people will be considering contacting a realtor. Having a person in Los Angeles who knows the area, knows the market, and knows the neighborhoods is absolutely essential. You need a person who can set appointments, efficiently manage your time, and help you find your perfect property. Unfortunately, many real estate agents are in the market to sell houses, not assist buyers. Their motivation is often clouded, and they do not always have your best interest at heart.

A buying agency, like Elika, does not have that sort of conflict of interest. We partner with agents who are unbiased because they are focused only on you and not the seller. Elika is also in the unique position of having offices in New York, plus an extensive referral network in Los Angeles. We understand the transition that New Yorkers are making when relocating to the city.

Our buying service is designed to help you track down your perfect new home. Our network agents have access to all LA real estate. They have an intimate understanding of the market that goes beyond the zip code. Due to our unique position, Elika, more than anyone else, understands the needs of New Yorkers moving to the Golden State.

 

 

Moving from New York to LA: The Process

Comparing New York to Los Angeles is like comparing apples and oranges. You’re busy getting preapproved or prequalified for a mortgage, monitoring your credit, and making travel plans to find the right home. Choosing the right agent can ease your burden and make more productive, efficient use of your time. While a real estate agent may have a competing agenda, a buyers’ agent is solely focused on the buyer.

Elika and our partners do not charge you, the buyer, for any services. Your agent is paid a real estate brokerage fee that is already built into the price of the house. No additional costs are added to the already expensive proposition of moving to Los Angeles from New York. Our job is to listen and learn about your needs. We’ll assess all your must-haves in your new LA home and connect you with a buyers’ agent who will take you through the simplified process.

As an advocate for you in the LA market, our network real estate agents curate a selection of houses on the market that will drastically shorten the time you spend house hunting. Based on factors such as neighborhood, type of property, and price range, you’ll get a customized strategy that allows you to compete for the house of your dreams in the LA market, even though you are still in New York.

There are many considerations when moving from New York to Los Angeles. Saying goodbye to your winter coat in lieu of a nice sweater, giving up your subway pass for a new convertible, and making sure that no matter what time of year it is, you may need sunscreen are all things to worry about when moving to LA. Elika can take the worry out of home buying for you and let you focus on the things that matter. And may I be the first person to say, welcome to Los Angeles.

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House Hunting? Here’s What You Should Be Asking

Buying a home is one of the biggest financial moves most people make in their lives. How do you find the right property, especially in a city as vast as New York City?

How much can I afford?

As much as you want a home, if you aren’t financially qualified, you’re going to have a tough time fulfilling this dream. Before you start looking for a home, get with a lender and discuss your current situation. Fix your credit if need be and work together to get a prequalification letter in hand.

As a result, you’ll know exactly how much your maximum loan could be. These hard numbers eliminate any properties that are out of your price range.

 

 

What do I want in a home?

When you know your maximum price, sit down and brainstorm what you want in a home. Here are the most basic questions you should answer before calling a real estate agent:

Where do you want to live? What’s the farthest you’re willing to commute?
What type of home do you want? (coop, condo, brownstone, townhouse, etc)
What is your price maximum? Minimum?

When you know what you want and are financially fit to buy, it’s now time to officially start the house hunt. However, we highly recommend you don’t do this alone.

Should I go unrepresented or find an agent?

Please don’t buy a home as an unrepresented party, especially if you’re a first-time homebuyer. Having an agent will make all the difference in landing you the home of your dreams. Buyer’s agents are well worth the commission they receive as they can save you hours of stress. They know real estate law, are familiar with the city and are experts at negotiating all the best contract terms for your sake.

Buying a home as an unrepresented party is much like walking into a rainstorm without an umbrella. A real estate agent will protect you from many mishaps like unfair contract terms. They can also rescue a deal from imploding due to fixable issues.

What if there’s nothing out there that I like right now?

Buyer’s remorse with something you can return like clothes isn’t a big deal. Homes, on the other hand, are not so easy to give back. If you visit a listing and you don’t love it, move on. The right home will speak to you. Rushing out of desperation or settling on a mediocre home will only lead to regret.

Instead, let your realtor show you the best properties that fit your needs and leave out anything that’s below the bar. We promise you that at the right time, the right property will come on the market.

What if I find my dream home?

When you fall in love, you want to do all you can to woo the person of your affection. The same goes with the home of your dreams.

Competition for affordable and quality properties in desirable areas in NYC is steep. Get your realtor to make the most enticing offer to the seller and hang tight. Trust and hope that your quick actions and your realtor’s negotiation power are going to be enough to seal the deal.

For some of the best properties, there may be several buyers all submitting competitive offers. Take your agent’s advice on what should go on the contract to make your offer stand out from the others. If it’s meant to be, then you’ll have a ratified contract with your name on it!

House hunting is an exciting yet tumultuous time in anyone’s life. Make it easier by hiring a real estate buyers agent who will do his or her best to get you your dream home in NYC.

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Not so StreetEasy

When the knight in shining armor comes riding how’s one to know that he’s concealing a sword. That is the way I feel about the StreetEasy Premier agent program once a promising platform to generate leads and advocate for buyer’s agency, or at least that’s what it seemed. In a previous blog post titled ” A Premium StreetEasy Buyers Program,” we praised the launch of the product, in hindsight our positive view may have been premature. I commend StreetEasy for advocating for buyer’s representation but not at the cost of the integrity and transparency of the platform/website. Buyers interacting with the website when submitting inquiries through the contact form on a given listing are confused due to the lack of notification that they, in fact, are not contacting the listing agent but instead a buyer’s agent.

Buyers Interests

Buyers deserve representation, someone looking out for their best interest not being sold too or misadvised and StreetEasy is a great platform with the potential for greatness.

At this juncture, however, it’s nothing but a pipe dream and looks like the Zillow Group Inc a public company may only be trying to hit their quarterly earnings estimates to satisfy shareholders and analysts at the expense of real estate agents and home buyers. 

The Product

Rolling out a product on StreetEasy and charging real estate agents premium prices is just unacceptable when your platform is essentially in Beta in NYC although used nationally on Zillow. Zillow unable to achieve critical mass in New York acquired StreetEasy in 2013 and since has enjoyed a stronghold on the New York City market, at least until now.

Industry Backlash

Upon launch of the premier agent program many New York City brokerages and agents disapproved and StreetEasy went on the defense immediately. Although many have now embraced the product including myself, unfortunately, I find it leaves much to be desired. I even encouraged and incentivized my team to do the same and all have experienced the same less than acceptable results.

One would think StreetEasy would do everything in their power to listen to the feedback that not only I have provided but many other reputable agents have as well. Despite our efforts, all seem to have fallen on deaf ears. I have spoken with account executives and managers who initially were all ears, yet StreetEasy continues to demonstrate they are unwilling to at least consider any ideas and much-needed improvements that would create a positive community and experience for all, and yes, they would still likely hit their quarterly numbers by doing so. The most annoying and important point is that the platform preaches the good but falls short on execution.

Educate instead of deceiving Buyers

Incorporate a short animation, video or brief paragraph positioned clearly on the contact module educating the buyer they are reaching out to a buyer’s agent.

Difficult to imagine this would be complicated for a company that has access to some of the industry’s best engineers and marketers. A simple solution would be to title the tab “Buyer’s Agent Info.”

Why is this so hard? Why advocate for buyers then turn your back on them with a lack of transparency on whom they are contacting about a listing at the same time. Perhaps the people behind the premier agent program think it will hurt the funnel and slow lead flow hurting their bottom line.

Reality

Seasoned and passionate career Real Estate agents work very hard whether a listing or buyer’s agent. Those that can afford to commit to a 6-month program paying approx $60 per lead on average should not be put in the position of explaining their role. Why StreetEasy does not clearly disclose this role on the initial contact form that fact that you will be connected to a buyer’s agent, not the listing agent is a mystery.

Another irritating and unnecessary situation is when a buyer does not seek representation and simply wants details on a property, such as open house times, they are not given this opportunity because the listing agents details are in a greyed-out tab to the right (as seen here below) and the “Learn More” tab is somewhat misleading because it makes you feel you are completing a form to contact the listing agent. On top of this, the phone number shown is a centralized number which when called is forwarded to a participating Premier Buyers Agent, not the listing agent.

 

Image of contact form on StreetEasy

 

Buyers should have a clearly labeled choice to be represented or not at the very least know who they are contacting. I believe all should be with an experienced agent (and I may be biased being a buyer’s agent) but if they choose to go it alone this deception creates confusion and the buyer is mistreated from the moment they begin their home search on the platform. This alone in time could cause consumer backlash as well adding to headaches for listing agents and agents participating in the program alike.

In Summary

If I sound frustrated, that’s because I am, I believe StreetEasy and consumers need to hear the truth. I remember when I first started in real estate in 2001, and I was encouraged to use bait and switch marketing. On hearing this I said wait, so you want me to mislead potential clients and ruin my reputation and spread bad karma? That was the first seed planted for why I decided to become an exclusive buyers agent and have remained so for 16 years. The platform in its current state feels like a bait and switch to me on a different level.

Both personally and professionally I live my life believing in karma and doing no harm, so no harm comes back to me. For over a decade I have built and serviced a global portfolio of home buyers and investors earning their trust through honesty, hard work, and fair dealing, always looking after my client’s best interest. This is what I strongly train and teach my agents and this is why we are all successful.

Maybe only a few will read this article, but at least I have gotten this off my chest. I only hope my experience and home buyers alike could connect through StreetEasy in a fair and honest manner. The default consumer platform was once The New York Times real estate section and with the recent announcement that The New York Real Estate Board  (REBNY) is now going to distribute the RLS feed ( MLS for NY) to the Times perhaps they will restore their former glory and monetize a community for both Sellers and Buyers. Or will StreetEasy finally play fair and make urgent necessary enhancements to their new platform.

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