Southern California Apartment Rents are Expected to Continue Rising Through 2018

 

The average rent in Los Angeles County is expected to hit $1,416 a month in 2018, an 8.3% jump from last year, while in Orange County, average rents are likely to rise 9.4% to an average of $1,736, the USC Casden Multifamily Forecast said.

I-5 Corridor Improvements

There are two major improvement areas:
1. Empire Project: Magnolia Boulevard to Buena Vista Street in Burbank, and
2. Ventura Freeway (SR-134) to Magnolia Boulevard in Burbank and Glendale.  Improvements include adding carpool lanes, widening bridges, constructing new on- and off-ramps, enhancing sound walls, upgrading the storm water drainage system, a pedestrian walkway, a reconstructed overcrossing, a realignment of ramps, a new interchange and undercrossing, the elevation of railroad tracks and an improved intersection.    Summary of Improvements.

Glendale City Planner Grants Proposed Hotel an Exception to Zoning Rules

Zoning rules state that nothing in the area can be taller than three stories.  A Hampton Inn & Suites is currently under construction down the street on Colorado near Central Avenue.  The City Council has directed plans be drawn up for two boutique hotels in downtown Glendale — a 130-room Hotel Indigo and a 117-room AC Hotel.  Full Story

Hiring Experienced Broker/Agents or Interns for Commercial Real Estate

Are you self-motivated, self-directed?  Can you work with others and enjoy building new relationships?  Stevenson Real Estate Services, a 55-year old independent real estate firm headquartered in Glendale, California is offering unique opportunities to work directly with experienced, highly-successful senior Agents, learning from some of the best in our office. 
New to real estate and considering a paid internship?  Are you experienced?  Have an established book of business?
Please send your information to:
Tony Maniscalchi, SIOR, President
Stevenson Real Estate Services
Maniscalchi@sbcglobal.net

New Legislation To Replace Existing Energy Use Disclosure Law

Governor Jerry Brown signed into law Assembly Bill 802 (AB 802) which creates a new energy use disclosure program for the State of California, and replaces the existing law, Assembly Bill 1103 (AB 1103).  Full story

CA Seeks To Build One Of The World’s Largest Recycled Water Programs

Officials in Orange County say their Groundwater Replenishment System – which can treat up to 100 million gallons per day – will eventually be able to purify 130 million gallons a day for reuse. They say it is the largest such system in the world. MWD officials hope that in about a decade, their treatment plant will produce 150 million gallons per day, eclipsing their neighbors to the south.  Full Story

 

Multifamily Demand Continues to Rise, But How Will We Keep Up?

The demand for multifamily rental homes is booming.  Recently, the Urban Institute released a study that suggests 59 percent of new household formation over the next 15 years will be renters. Full Story

Metro gives approval to close two railroad crossings in Glendale

 

Metro’s board of directors agreed to move forward with a plan to close two railroad crossings along the San Fernando Road Corridor and variations of that proposal are expected to be heading to the public for community feedback by the end of the year.  Unanimous approval was given to close at-grade crossings at Doran Street and West San Fernando Road as well as Broadway and Brazil Street.  Full Story

San Fernando Leaders Confront State Officials Over Bullet Train Route

 

Three potential routes would depart Burbank Airport below grade and run largely underground for 20 miles, passing 60 feet under the 5 Freeway. They would continue under the mountains, in some cases thousands of feet below the soaring peaks, before surfacing near Palmdale.  Full Story

 

MARIJUANA & REAL ESTATE

Michele Brooke, Esq. was a speaker at Stevenson Real Estate Services.  Here were some of the topics:
Real Estate Demands Will Rise by 2016 Especially in Commercial and Industrial Zones.   The Cannabis Industry Needs Land.  What is Legal/Not Legal in Accommodating Marijuana Tenants or Buyers?  Why Sell/Lease to a Marijuana Buyer/Tenant?  CA Marijuana Laws/California Senate Bill 420 (Medical Marijuana Program Act).  Medical Marijuana Patients and Their Caregivers Need 420 Friendly Landlords.  SB 420 Marijuana Plant Limit.  Personal Marijuana Cultivation for Patients.  Full presentation: http://tinyurl.com/pdm3ukt