Somehow, I never get to be the Top Hat.
I have clients who want to own investment properties. And even though they may own several personal and vacation homes, the idea of putting all of their property investment eggs in one building basket is counter to their successful track record of spreading the risk across different assets.
Regarding real estate, individual investors generally think of the three most common property holdings: office buildings, shopping centers and apartment buildings. And the easiest of these investments to manage and understand is the apartment building — people pay rent, you subtract your expenses and voilà, there’s your net taxable income. (The CPA then works his/her magic by factoring in mortgage interest and depreciation deductions, but that’s something for the next day.)
Posted in Investment, Los Angeles, New York, Real Estate, Real Estate 101
Tagged commerical, homes, housing, investing, Investment, los angeles, prices, real estate, Spencer Krull
Enjoying my morning coffee and LA Times, NY Style.
I never thought the Treasury Department’s thresholds for reporting the people behind cash purchases of residential real estate would make me face my bi-Coastal allegiances.
Having grown up in New York, and having lived in Los Angeles for more than half of my life, I’m conflicted. I read the New York Times (electronic edition) every day. I also read the Los Angeles Times (print edition), which, jonesing for a NY experience, I fold in the manner I learned in fourth grade so as to more easily read it on the subway. [That this was taught to me in school as part of the curriculum says volumes about the veneration of The Times. But I digress…]
I identify as a New Yorker, especially when it comes to claiming unparalleled authority on topics such as bagels and pizza. Even more so, I wear the mantle of having grown up in Manhattan with unwarranted snobbery over those from Long Island or New Jersey ― unwarranted as I was simply lucky to have parents cool enough to live in the city, and did not attain that rank of my own merits. Continue reading
Posted in Investment, Los Angeles, New York, Real Estate
Tagged Beverly Hills, FinCEN, homes, housing, los angeles, money laundering, real estate, Spencer Krull, Teles Properties, west LA
Even more lights are slated to join the DTLA skyline.
LA is a city with an identity crisis, mainly because it has more identities than “Sybil.” The “city” part of LA is the downtown area that reached its glory days in the 20s and 30s, hit a decline in the post war years, laid fallow for about 50 years and began its renaissance starting in the late 90s. For what’s supposed to be the economic hub of the city, people can go their whole lives without setting foot in downtown (and truthfully, they’re missing out, but that’s a topic for another day).
Downtown has had a huge residential population boom, going from approximately 14,000 denizens to more than 50,000 over the past 15 years. The tipping point was the introduction of a name brand supermarket that allowed people who always thought it would be cool to live downtown, but were wary of the inconvenience of not being able to get the emergency carton of milk for their Sunday morning coffee, to feel more comfortable. As more units came on line (either through new construction, or the redevelopment of iconic buildings) restaurants, stores, clubs and even a Soul Cycle followed. Suddenly, downtown was a viable place to live. It may also be a victim of its own success. Continue reading
Posted in Brooklyn, Investment, Los Angeles, New York, Real Estate
Tagged Brooklyn, housing, los angeles, New York, prices, real estate, Spencer Krull
There’s a conversation that real estate agents and their clients have every four years, usually starting in July (sometimes August, and in some cases, even September) based on the question, “So, how do you think the election is going to effect the real estate market?” My stock broker tells me his clients ask him the same thing about the stock market. That said, since you may be interested in asking the question, I’ll reply with the same ever hedging answer I get from him whenever I ask about the market: “it depends.” Continue reading
Posted in election, Investment, Los Angeles, Real Estate, Uncategorized
Tagged commercial, homes, housing, los angeles, prices, real estate, Spencer Krull
Does the recovering housing market keep away investment buyers?
KPCC’s Airtalk does a great job of covering local (Los Angeles) and national issues. Yesterday’s show was about the housing market and how buyers with loans are having a hard time competing against all cash buyers. It’s a good segment. The segment is worth a listen, but if you want to hear my personal take, my call comes in around the 5:45 mark.
Click here to listen to the segment.
Here’s the other commercial I forgot to post last month. ¿Olé?
I shot this a few months ago and it looks like I never posted it. Well, here it is.