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NOTABLE SALE
$34 MILLION DEAL IN LOS ANGELES

MARKET: Los Angeles
ASSET TYPE: Single Family
SALE PRICE: $44,100,000
Address: 2940 Sandy Lane
Seller: Wendy Fletcher Dyer & Kim Fletcher

A historic San Diego beachfront home, built by Hollywood developer c.e Toberman, has set a county record with a 44.1 million sale.

NEWS
LA JUDGE ISSUES TENTATIVE RULING ON LANDLORD LAWSUIT AGAINST TENANT PROTECTIONS

ARTICLE TLDR

• A Los Angeles judge has issued a tentative ruling on a lawsuit filed by landlords against the city’s tenant protections during the pandemic, partially siding with the landlords and partially with the city.

• The judge agreed with the landlords that the rent freeze and the rent relief program are unconstitutional takings of private property without just compensation, and agreed with the city that the eviction moratorium is a valid exercise of the city’s police power to protect public health and safety.

A Los Angeles judge has issued a tentative ruling on a lawsuit filed by landlords against the city’s tenant protections during the pandemic. The lawsuit challenges the city’s eviction moratorium, rent freeze, and rent relief program, claiming that they violate the landlords’ constitutional rights and cause them financial hardship. The judge partially sided with the landlords and partially with the city. The judge agreed with the landlords that the rent freeze and the rent relief program are unconstitutional takings of private property without just compensation. The judge also agreed with the city that the eviction moratorium is a valid exercise of the city’s police power to protect public health and safety. The judge said that the city has a rational basis to impose the moratorium, given the severity of the pandemic and the risk of homelessness. The judge also said that the moratorium is not permanent and does not deprive the landlords of all economic benefit from their property. The judge invited the parties to submit further arguments on the tentative ruling before making a final decision. The lawsuit is one of the many legal battles over tenant rights in Los Angeles amid the pandemic.

NEWS
MASSIVE FIRE UNDER THE 10 SHUTS DOWN TRAFFIC AND THREATENS REAL ESTATE IN LA

• A huge fire under the 10 Freeway near downtown LA shut down traffic and threatened real estate in the area, causing air quality issues, safety concerns, property value losses, housing supply and demand imbalances, construction and development delays, insurance cost and coverage changes, and tax revenue and public service impacts.

A huge fire erupted in two pallet yards under the 10 Freeway near downtown LA on Saturday, Nov. 11, 2023. The fire spread quickly and consumed trailers, cars, and other items in storage lots. It also damaged a fire engine that got trapped in its path. The fire forced the closure of the 10 Freeway in both directions between Alameda Street and Santa Fe Avenue. Authorities said the shutdown could last for 24 hours. Caltrans engineers were on the scene to assess the damage to the freeway and determine whether it was safe to reopen. [LAist]

The fire could have a negative impact on real estate in LA, especially in the downtown area and the neighborhoods adjacent to the 10 Freeway. The fire could cause air quality issues, traffic congestion, and safety concerns for residents and businesses in the area. The fire could also reduce the attractiveness and value of properties near the fire zone, as potential buyers and renters may be deterred by the risk of future fires and the inconvenience of freeway closures. The fire could also affect the supply and demand of housing in the area, as some people may have to relocate due to the fire damage or the loss of their belongings. The fire could also affect the construction and development of new projects in the area, as the fire could delay or disrupt the delivery of materials and equipment, and the availability of workers and contractors. The fire could also affect the insurance costs and coverage for property owners and renters in the area, as the fire could increase the premiums and deductibles, and reduce the payouts and benefits. The fire could also affect the tax revenues and public services for the city and the county, as the fire could reduce the property values and assessments, and increase the expenses and liabilities.

The fire is one of the worst disasters to hit LA in recent years. It highlights the need for better fire prevention and protection measures, as well as more affordable and accessible housing options, in the city. The fire also shows the resilience and solidarity of the LA community, as many people have offered help and support to the fire victims and the firefighters. The fire is still under investigation, and the full extent of its impact is yet to be determined.

NEWS
UNCOMMON DEVELOPERS PLANS 143 APARTMENT IN INGLEWOOD

ARTICLE TLDR

• Inglewood is booming

Uncommon Developers, a Chatsworth-based builder, has proposed a new development project in Inglewood, a seaside town in Los Angeles County. The project would consist of two mixed-use buildings with 143 apartments and 18,000 square feet of retail space at 100 East Nutwood Street and 317 South La Brea Avenue. The project would replace two existing commercial buildings and would offer 18 affordable units in exchange for density bonuses. The project would be built in two phases, starting with a four-story, 31-unit building on Nutwood Street, followed by an eight-story, 112-unit building on La Brea Avenue. The project would be designed by JZA Architecture and would feature modern amenities, such as balconies, courtyards, a rooftop pool deck, and underground parking. The project would be located near the Metro’s K Line and the Frank Gehry-designed home of Youth Orchestra Los Angeles, a music education program for underprivileged children. The project is still pending approval from the city of Inglewood.