MARKET NEWS
How artificial intelligence is changing real estate investment
The Real Deal Los Angeles
Welcome to the world of AI. Last March, the online asset manager AlphaFlow launched its first so-called automated investment fund for real estate loans. Rather than tapping employees to search for investment opportunities, the company uses a computer program to sift through listings services and find mortgages to purchase based on property characteristics, borrower history, recent market data and other criteria. “We’re not ready to take our hands off [our work],” said Ray Sturm, co-founde ...
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Resolution calls for 222 units of new homeless housing in every district across LA
Curbed LA - All : Love where you live
Seven councilmembers are already on board Los Angeles City Councilmembers introduced a resolution today to commit to building at least 3,330 housing units for homeless people citywide by mid-2020. The resolution calls on the city’s 15 councilmembers to create at least 222 supportive housing units in each of their districts using Measure HHH, a $1.2-billion bond measure dedicated to building supportive housing and other services for homeless people. Seven councilmembers have commi ...
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Mansion of late Paramount exec Brad Grey listed for $78M
The Real Deal Los Angeles
The Holmby Hills estate of the late Paramount Pictures boss Brad Grey just hit the market, asking $77.5 million. The couple completed the 12,800-square-foot home less than two years ago. The Howard Backen-designed estate on Carolwood Drive includes five bedrooms, two kitchens, a gym, Pilates studio, sauna and outdoor swimming pool. In 2010, the couple paid $18.5 million for Frank Sinatra’s former home that is on the property, records show. They later unsuccessfully tried to ...
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Here are LA’s new party house rules
Curbed LA - All : Love where you live
Fines up to $8,000 for party hosts and homeowners You only need to thumb through a few pages of Hollywood Babylon to see that LA has long been home to some truly extravagant house parties, but on Wednesday, the Los Angeles City Council unanimously approved new rules meant to cut down on “loud or unruly” festivities. “These are not barbecues or family gatherings,” said Councilmember David Ryu just before the vote. “These are parties that block streets with lions and giraffes. ...
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Santa Monica has strict Airbnb laws, but few hosts follow them: report
The Real Deal Los Angeles
A report by the city of Santa Monica details the uphill battle the beachside community must wage against illegal short-term rentals, and the novel methods homeowners and tenants deploy to skirt city taxes and laws regulating them. The study says that only 187 of the 950 estimated short-term rentals in Santa Monica between June 2015 and October 2017 were licensed with the city according to its 2015 Home-Sharing Ordinance Rules. The local ordinance only allows ...
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JPMorgan Chase to tear down Midtown HQ, build massive tower
The Real Deal Los Angeles
JPMorgan Chase plans to tear down its headquarters at 270 Park Avenue and build a new, 70-story office tower in its place. The new building will stand around 1,200 feet tall, compared to the existing 52-story, 700-foot tower, the New York Times reported. It will also create around 1 million square feet of additional office space for the bank, which is the richest in the country with about $2 trillion in assets under management. The ...
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