24-Acre Chino Land Sells for $12 Million

Mike Maniscalchi, SIOR and Tony Maniscalchi, SIOR of Stevenson Real Estate Services represented the seller in this 24.63-acre transaction.  Source: Costar.com. For full story, click here: http://www.costar.com/News/Article/24-Acre-Chino-Land-Sells-for-$12M/135875.  They also represented the seller in the sale of an industrial building at 1000 North Lake Street in Burbank for $1.395 Million.  Click here for more information: http://bityurl.com/799c89.

Pasadena No Smoking Ordinance

Starting January 1, 2013, it will be unlawful to smoke in any common area, patio, balcony, or inside a unit within any multi-family building (defined as two or more units.)  Effective January 1, 2012, property owners/managers must post No Smoking signs in the common areas of their building. For full story, click here: http://www.movingmountainsdesign.com/pasadena-no-smoking-ordinance-effective-january-1/.
By: Stevenson Real Estate Services

2012 New Real Estate Laws

SB 837: Sellers Disclosing Water-Conserving Plumbing Fixtures SB: NHD Companies Disclosing Mining Operations AB 771: No Fee Bundling for HOA Disclosures SB 510: Brokers Designating Managers SB 706: Strengthening DRE Enforcement SB 53: DRE Issuing Citations and Fines SB 53: Reporting Broker-Owned Escrows and Securities Qualification Exemptions AB 1424: DRE Suspending Largest Tax Delinquents SB 6: Agents Handling Appraisal Issues SB 221: Increasing Small Claims to $10,000 SB 4: (more…)

Beaconomics Quarterly Economic Forecast

U.S. Forecast: Bruised But Still Optimistic. California Economy Poised For Continued Growth, But Will Be S-L-O-W. Full Forecast: http://bityurl.com/bf34b9.

Summer Rally In CRE Pricing Follows Strong First-Half Performance

Larger transactions reach highest level since the Great Recession and smaller, less expensive deals see largest year-over-year increase in six years http://bityurl.com/de8afd. Also, Land Sales Rise for First Time in Seven Years http://bityurl.com/1bad64. Source: Costar.com.

Shopping Center SOLD For $7,000,000

Alex Vasquez of Stevenson Real Estate Services represented the buyer in the sale of a neighborhood center anchored by Ralphs at 506-560 S. Workman Mill Road in Avocado Heights, CA. The center is 64,414 square feet on 7.13 acres. This was an all cash deal with a quick close. For more information, please contact Alex at 818-956-7001, X 37.

Cities Prepare to Pay State to Keep Redevelopment Agencies

California cities are hoping a lawsuit filed will be successful in halting legislation to end redevelopment making payments to the state unnecessary. Lawmakers voted to eliminate California’s 400 redevelopment agencies. With the state facing a severe budget deficit, lawmakers determined that the tax dollars agencies use to promote community redevelopment should be directed to other needs. To read more, click here: http://bityurl.com/a5ab13

Glendale: A New Plan for South Brand Boulevard

The South Brand Boulevard Specific Plan adopted by Council in 1992 replaced conventional zoning districts. Since the plan has been in effect, it has been generally viewed by businesses as an obstacle for development in the area. In response, Staff prepared a report to repeal the South Brand Specific Plan and replace it with a set of conventional zoning standards to better complement the neighborhood. To read more, click here: http://www.bityurl.com/9617a2

Acquiring Multiple Replacement Properties In A 1031 Exchange

Selling one property and acquiring several replacement properties in a tax deferred exchange can have significant advantages over a simple trade of one income property for another. The article in the following link describes some of those advantages and certain tax rules relating to exchanges involving multiple replacement properties. http://www.bityurl.com/440be0

Rising Prices Signal Gains In Commercial Real Estate Demand

In an analysis of commercial real estate sales completed through June of this year, investors showed a sharpened appetite for commercial property, with increasing demand pushing prices up in the second quarter, according to the latest release of the CoStar Commercial Repeat Sale Indices (CCRSI). For full storyclick here: http://www.bityurl.com/652723