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You only need to make $400k if your kids like blueberries
Mark Palmer@MarketPalmer_
Aspiring parents – You do NOT need to earn $400k+ to afford children. This is out of touch. Don't let these headlines scare you.
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@FennyFen
Custom home builder helping friends and family rebuild the Pacific Palisades | Founder, Westward Homes
Los Angeles, CA Katılım Mayıs 2009
864 Takip Edilen1K Takipçiler
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Bill Ackman on getting through a stressful & negative period in your life…
I come back to this video so often. Any time I am in a bad spot. Worth the 2 minutes for sure.
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@CohenSite lots of developers i know have thought about it (including myself). the issue was always that there was barely any bank $ willing to lend to end consumer and rates were always +50-100bps higher than conventional. only relatively recently (i think) is there a 30yr fixed product.
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I went looking for these on Zillow today. Surprisingly, there are almost none. Seems like an obvious business model more developers should be trying.
Paul@LA_Multi_Fam
This is a TIC sale. Built as an ADU and sold by the developer for $979,000. 3BR 2BA just under 1,200 sq ft. It’s one of the reasons we’re building an SB9 plus 2 ADUs not far from it. SB9 permitting is relatively fast (we’re hoping for permits in 4 to 5 months) from purchase of the lot! And organizing a TIC structure avoids lengthy tract map issues, which can take up to 18 months in CA. Attorney puts the TIC documents together in a couple of weeks. Avoids a lot of LA rental nonsense too :)
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@alexisxrivas so you guys ever intend to develop more traditional looking housing? your designs are awesome for those in the market for a modern home but most of our clients these days want traditional styles
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Conventional homebuilding plateaus: Site labor and inspections don’t improve much with scale.
Factory systems compound: Material prices, tooling, automation, and throughput all compound the more you build.
The future belongs to builders riding those curves. That’s what we’re doing at Cover.
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@LA_Multi_Fam @nithyavraman we developed multifamily in city of LA for over a decade and probably won’t bother ever again. impossible permitting timeline, inspection hell with no recourse and when you get to the finish line a completely shifting regulatory landscape. not worth it for 5-6% yield.
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Responding to City Council member @nithyavraman
If you are a developer in LA I urge you to add to the conversation.
Paul@LA_Multi_Fam
It will impact new construction in several ways: 1. Developers don’t trust City of LA anymore. City Council is rewriting the rules every few months. Developers are thinking what’s possibly next? 2. It’s going to impact the math on RSO deals with ADU component. 👇 I am in plan check for 3 ADUs in Elysian Park on an existing 7 unit RSO property. I’m thinking to myself why the heck are we about to go borrow money and put $500K - $600K into building this thing, when you’re about to cap my knees on the existing 7 RSO units. What’s the point of the investment long term. Every piece of legislation that makes it harder to operate and make a profit in this city is a signal to developers to avoid City of LA. This is very short sighted and will absolutely hinder supply long term.
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@Storage_Venture one on the bluff and the other in the hills. the mayor passed executive order 8 in july, LADBS didn’t even know what was going on, I had to explain it to our plan checker lol
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@FennyFen Hmm.. not what we were told by city. Did you do this in the flats or way up on the hill?
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Wife’s grandmas house burned down in Palisades fire. We all live 6 hours away.
Options:
1) sell land as-is
2) build to rent (3-4 year process)
3) build to sell (3-4 year process)
Build costs around $800/ft and would need a a minimum of 4500 square ft
Sale price: 8-10m
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@Storage_Venture the 110% thing is old… as long as you adhere to current zoning code you can be expedited for as big of a house as allowed by zoning. we’ve permitted two and just started construction. took ~60 days from submit to RTI.
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@FennyFen its faster if you keep same footprint + the 10% overage allowance. We would be well over that unfortunately
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@alexisxrivas yes, which i was surprised to hear from my plumber. not a sprinkler expert but any time in the last few years i’ve had to install new it’s always required 1”
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@FennyFen Were you able to get the required pressure without upgrading?
The first lot we're building on has an old 5/8" connection.
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This is an $80M+ issue for the Palisades fire rebuilds.
No one’s talking about it yet, most projects haven’t made it to permits.
We’ve already broken ground on several homes, so we’re running into it before most.
Alexis Rivas@alexisxrivas
LADWP is billing fire victims $10K+ to reconnect water because the original lines are undersized and need to be enlarged. Today I sent this letter asking the City and LADWP to waive or reduce these charges. Families shouldn’t be punished simply for rebuilding what burned.
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@LAMultiBroker i lived there in 2010 haha, great fourplex. they tried to entitle it and the one next door to tear down and the neighborhood revolted and got it recognized historically. the owner ellis’d and it sat vacant for 5 years
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Going to be bringing out one of the prettiest multifamily properties I've listed to date in LA. Spanish Colonial Revival 4-plex in Carthay Square.
Was originally built as a 5,054 SqFt duplex in the 20s, then carved up into four units in the 40s.
I've got a hard and fast rule of not buying my own listings, but dang would I love to own this thing.
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@alexisxrivas i drive by the highlands reservoir every day and it looks completely empty still btw
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LADWP kept the Palisades reservoir empty for 9 months before the fire.
Now, they're billing fire victims $10k+ to upgrade water lines for current code whole home fire sprinklers.
The irony: those sprinklers would’ve run dry anyway.
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If you are looking for Sora app invite, comment here.
If you have a Sora app invite, give it to a person in comments.
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Do you know someone who built a new ground-up single family home in the coastal zone within the city of Santa Monica?
Send them my way! I'd love to hear how the process went for them.
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@FennyFen Haha it will be, but they do that already so I figure might as well go for it.
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LOS ANGELES SELF CERTIFICATION IS LIVE!
Who's going to be the first to submit?
John Gregorchuk@JMGregorchuk
Looks like I've got some reading to do!
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@LA_Multi_Fam send them my way, we’re breaking ground on two later this month. one is hillside, the other flat. just under $620/sf
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Was talking to an agent about the Palisades yesterday.
She said her client got a bid to build a 2,800 sq ft house at $1,000 per foot on their fire damaged lot. Flat lot.
Big developer also does design build. Pretty cookie cutter stuff.
Going for the jugular in fire zones. Not cool!
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Wild times in LA Multifamily
We have a deal listed at 6.8 GRM built in 1920's
Every buyer I have talked thinks its too expensive because the current price per unit is higher than other comps.
That's the story of LA. No Basis, No Deal
For Reference, these deals were trading at 11-12 GRM in 2021-2022.
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@JMGregorchuk i’ve never seen LADBS functioning more smoothly in my career in LA than they are right now in the palisades… tons of room for improvement still but the bar, as you know, couldn’t have been lower
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Why Im not developing fire sites:
City wont approve anything.
Homeowners just want out.
Savvy decelopers stay away from the toxic political enviornment.
Homeowners who want out cant sell at a high price.
New developers buy at a lower price and try to make it work and get crucified.
Everyone sues everyone.
Hate to break it to everyone, but the situation gets worse and worse.
Cece Woods@cecewoodsmedia
Another bombshell from @spencerpratt and I have the inside scoop on the rest of the story coming out soooooon! #palisadesfire @CAgovernor @MayorOfLA
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