July 29, 2010 Hollywood, CA - It's a sticky subject.  Changing the terms of a borrowing agreement that you signed.  You may or may not have been aware of the details, and now those details and the property values brought down by foreclosures and short sales are making you lose sleep at night.  You want a loan modification, but the process seems so complicated. So where do you turn?  The radio spews lawyers' commercials who you  know are  going to charge a huge up front fee with no guarantee...  There's the government agencies where each person gives you different advice.                                                    Could it be time to tackle the loan modification... yourself.  If you're like me, a do it yourself - er, then you probably have at least started to gather all kinds of ... 07/29/2010

Weren't we promised twenty cents of the dollar deals with this greatest Recession since the Great Depression?  Why aren't I seeing the Daily Foreclosure List in my email box presenting multitudes of opportunities? Though it's obvious in the San Fernando Valley as I've driven around with clients trying to purchase a bank owned foreclosure home that there IS a shadow inventory as evidenced by all of the vacant homes.... this is not so evident in Hollywood. The entire Hollywood real estate market is beset by only around 20% bank involved sales in the past six months, meaning a foreclosure or short sale property.  We've studied other markets that are at 40% or worse. There are certain longitudes and latitudes that one needs visit to see lots of this foreclosure inventory in Los Angeles and ... 07/28/2010

July 27, 2010 Hollywood, CA – McEveety and Associates just got a short sale closed with Bank Of America, arguably the toughest of all banks to succeed with. In the daily conversations of agents and agencies that work the short sale side of the street there is a common phrase heard when it is disclosed that Bank of America is the lender involved in your short sale.  That phrase can be “That’s too bad”… or “Ouch”. Things have changed for Bank of America as they are realizing that even in Hollywood, a short sale will get them more money than a foreclosure and this is making things easier. Even though most lenders are letting home owners walk away from the short sale owing nothing it was a stickier situation getting Bank of America to close these deals in a timely manner.  The previous shor... 07/27/2010

July 26, 2010 Hollywood, CA – Recent data shows 80% - Amazing.  That is the number of home owners who enter into foreclosure after falling behind by only one payment.                             There is an emotional roller coaster that happens when one gets into financial trouble. And it's no wonder that as things get a little crazy, people might get wrapped up in a spiral and see foreclosure as an inevitability, knowing little about the short sale solution. Even self starters who have navigated the loan modification process for many months, all the while trying to keep their financial ship afloat, find after the long struggle that if they will not get the recast of their loan, they often just give up. And what they don’t know is that there are so many benefits of a short sale versus a... 07/26/2010

Hollywood, CA - Having dinner the other night with a long time family friend, a successful Contractor in Los Angeles who has done projects large and small, he commented that he agreed that a rising tide would lift all boats. Even with the gentrification happening in Hollywood these days, I was thinking of the future of real estate in Los Angeles over the next few years, claiming that short sale homes would become more common, not only because the banks have figured out the net gain of the short sale versus a foreclosure, but also because there is more and more economic news that points that way. Though the tax credits the government handed out did do some stimulating, the long term benefits are not going to outweigh the fallout of having to pay for that stimulus. We were talking about t... 07/23/2010

Hollywood, CA – There is a new trend in Hollywood and it spells reality for the new face of the short sale.  It seems that the court house will be the new territory for the paparazzi looking for candid shots of celebrity financial crises. Rapper-turned-actor Alvin "Xzibit" Joiner has “joined” the ranks of the short sale sellers in Hollywood.  This is a tale of the long road from purchasing your dream home to the realities of a tightening economy, the forestalled loan modification and the eventual acceptance that a short sale is the way forward. What makes a lender say yes to a short sale?  Why would a bank agree to settle for less than a borrower owes?  In the case of any borrower, even a famous one, it is about spread sheets and actual debt rather than potential earning. If your home l... 07/23/2010

Hollywood, CA –  I love Ving Rhames.  That guy rocks.  Mission Impossible.  Pulp Fiction.  He’s an awesome actor and a good guy to boot, based on the two interviews I’ve seen.  It is unfortunate that the Rhames family has had to sell two homes in the last two months for a loss, and it points to the fact that the short sale is going main stream. The thing about being a Hollywood Realtor is that it has taken some time for the realities that have plagued other parts of the country to rear their ugly heads in the previously untouched paradise of tinsel town.  And with that, the huge amount of short sale information available can perplex someone who’s never done one before.  Horror stories abound that talk about the many months that buyers and sellers involved in a short sale may have to wai... 07/22/2010

The Hollywood Walk of Fame is celebrating it's 50th anniversary. Stars were first placed on the Walk in 1960 but did not include individual ceremonies. It was only in 1968 that the unveiling of a star's star became a media event and big ceremony. Stars are voted in once a year in June and an average of 200 nominations are received by the voting committee each year. About 20 stars are selected per year. The Walk of Fame includes five categories: Motion Pictures Television Radio Recording Live Theater/Performance The Walk of Fame recipients for the year 2011 will include Oprah Winfrey, Tina Fey, Danny DeVito, Penelope Cruz, Ed Harris, Gwyneth Paltrow, Reese Witherspoon and Melissa Etheridge. Festivities to celebrate the 50th anniversary of the Hollywood Walk of Fame will will include “Wa... 07/22/2010

  Paramount Studios is  hosting a Dink/Eat Block Party in Hollywood. Saturday July 31st, in the back lot on the New York City Streets from 3pm-7pm you can join the fun. There will be 100 different beers from well known Breweries to the more obscure. There will be R & B and ‘80's live music. There will be food from a number of trucks to mention a few of them, such as The Greasy Wiener, South Philly Experience and many more. It will have the authentic New York feel with beer and loud music without the true crazy's. Cost of Entrance: $40 from 4pm-7pm and $50 from 3pm-7pm (all you can drink, food is extra) Location: Paramount Studios 5555 Melrose Ave Hollywood, CA This is a must do event, to be able to eat drink in one of the Oldest Studios. After all this is where the Godfather Trilogy was... 07/19/2010

The Walk of Fame celebrates its 50th anniversary in 2010 and numerous events are scheduled to mark this important anniversary. The celebration, coined “Walk the Walk,” takes place on Sunday, July 25 from 11:00 a.m. to 6:00 p.m. The day-long festival is Hollywood’s “open house” with tours of iconic Hollywood theatres and studios, as well as live music, performances, movie screenings and activities for the whole family. Events have been scheduled throughout Hollywood, and many are offered for free or at a deep discount for this one day only. Four key locations – Hollywood & Highland Center including the TV Guide studio, Egyptian Theatre, Capitol Records and the Montalban Theatre – will showcase the five categories of stars: motion pictures, television, recording, radio and live theatre – ... 07/16/2010

In the Hollywood Hills Real Estate Market there is affluence.  Coupled with the draw of Southern California's climate there is the allure of the glitz and glamour that is Hollywood, both old school and new, and the vibrant enclaves of West Hollywood, and the pockets of Hollywood Hills homes that are prized. In the past couple of years a moral hazard has been defined by the mortgage holders and banks as the state of mind of a home owner who had experienced a kind of beaten down mental state with their finances, a person who had given up on paying their home loan.  This kind of thinking was little seen in the million dollar neighborhoods of Hollywood Hills or Los Feliz, or the West Hollywood Condominium towers on Doheny like the Sierra Towers, et al. When traveling abroad there is often ... 07/09/2010

7135 Hollywood Blvd, Los Angeles, CA 90046 Hollywood Versailles Tower Mid-Century high-rise condo building in Hollywood. Year Built: 1965 No. of Units: 122 Unit Sizes: 1, 2 & 3 Bedroom units Record Sale Price: $846,000 (12/28/2007) Stewart Penn - Realtor for condos, lofts & single family homes in Los Angeles, Beverly Hills, Bel Air, Santa Monica, Malibu, Brentwood, Century City, Westwood, Beverly Center, Miracle Mile, West Hollywood, Sunset Strip, Hollywood, Hollywood Hills, Hancock Park, Sherman Oaks, Studio City and throughout the greater Los Angeles area. For further information, please contact: Stewart Penn - Realtor/Broker - Los Angeles Condo Specialist 06/25/2010

Only one One unit has been recorded as SOLD at The Residences at W Hollywood, according to the CLAW MLS (6/14/2010). Originally listed at $842,787, this 1-Bed 1.5-Bath condo measuring 1355 sq ft sold for $775,000. HOA dues for this unit are $1615 per month. The MLS Listing included the following interesting remark: "A bathtub filled with your favorite champagne, no problem! Whatever you wish, a staff of more than 500 are available to cater to your every need". As at the time of this Blog there are 7 units marked as ACTIVE on The MLS ranging in price from $878,733 - $1,706,097 and 7 units marked as PENDING (in escrow) with List Prices ranging from $590,500 - $1,910,000. (Listed by Russ Felice of Sotheby's International Realty and Sold by Sara Deskins of Coldwell Banker Malibu). 06/24/2010

6253 Hollywood Blvd, Los Angeles, CA 90028 The Lofts at Hollywood & Vine Distinctive residential landmark in the heart of Hollywood. Year Built: 1929 No. of Units: 60 Unit Sizes: Studios, 1, 2 & 3 Bedroom units Record Sale Price: $846,000 (12/28/2007) Stewart Penn - Realtor for condos, lofts & single family homes in Los Angeles, Beverly Hills, Bel Air, Santa Monica, Malibu, Brentwood, Century City, Westwood, Beverly Center, Miracle Mile, West Hollywood, Sunset Strip, Hollywood, Hollywood Hills, Hancock Park, Sherman Oaks, Studio City and throughout the greater Los Angeles area. For further information, please contact: Stewart Penn - Realtor/Broker - Los Angeles Condo Specialist 06/24/2010

Went to the Hollywood Bowl last night: A Must Do for Anyone......Check This Out!!! Last night was opening night and the launch of the 89th season for the Hollywood Bowl.  They had 3 artists inducted into the Hollywood Bowl Hall of Fame:  world-renowned pianist Jean-Yves Thibaudet, The Carpenters, and Donna Summer. All 3 of them performed with the LA Philharmonic Orchestra. It was an AMAZING evening.  The weather was absolutely perfect. The five of us had dinner at the terrace restaurant at the Bowl, which is an experience itself.  One of the best outdoor full-service dining experiences in Los Angeles. The music was outstanding. Jean-Yves Thibaudet is a madman on the piano.  A prodigy that began performing at age 7. I'm a huge fan of The Carpenters and it was magical.  Richard Carpenter ... 06/19/2010

CNN Entertainment reports that several costumed characters who pose with tourists on the famous Hollywood Walk of Fame (outside Grauman's Chinese Theater) have been arrested. The Los Angeles Police department confirmed that Batman was arrested on Wednesday, following the arrest of Spiderman, Cat Woman and several others. "It's part of a police crackdown on unlicensed costumed characters who pose for photos with tourists near Grauman's Chinese Theater while hoping for -- but not demanding -- small tips." Struggling actors survive on the tips while pursuing their dreams of stardom. The sweep began last week Friday when police handcuffed actors dressed as Donald Duck, Cat Woman, Freddy Krueger, Mr. Incredible, and Edward Scissorhands. All is not well in Hollywood ...!!! 06/03/2010

No... that's not a misprint or a typo.  I said Hollywood Hills West Market of the Moment_Short Sales and I meant it.  But wait, you say there are hardly any short sales and besides, "Who wants a short sale anyway?  Aren't they just a really big pain?"  And I say yes... and no.  Three years ago the short sale wave peaked its' ugly head around the corner in some similar markets and got a toe hold and from there flourished.  Orange County California, most of it, and the San Fernando Valley (evidence the vacant homes lingering throughout) have already had the short sale wave roll in and bathe the market along with all the frustrations associated. And then the banks got wise.  Wachovia has streamlined the process and made 2010 the year of the successful short sale in Southern California.  Fo... 05/27/2010

Yes it's true - Using an evocative title can get some attention in the Hollywood Hills Real Estate market.  But only if you can deliver the goods.   And by the goods I'm of course relating to the "pole dance" part of this post's title. And Yes it's true - a home listed today in the Hollywood Hills West that is nothing short of a modern marvel.  Something like Tony Menaro meets Tony Montana.   It's shown in all it's glory at HollywoodDailyHomes.com and it boasts not one, but two floors of its' very own Disco.  And a Casino Room, and a private Pole Dancing room. This home sits in the excellent Wonderland School District and for the right parents - that may mean everything in their dream home.  It's one of the most unique homes ever listed that I've seen, and even the Sultan of Brunai migh... 05/24/2010

Trader Joe’s Hollywood (located at 1600 Vine Street, Hollywood, CA 90028) will be celebrating its official grand opening on Friday, May 21, 2010. There are three Trader Joe's stores in the West Hollywood area: 8611 Santa Monica Blvd, West Hollywood, CA 90069 (between San Viente and La Cienega Blvd). 8000 W Sunset Blvd, Los Angeles, CA 90046 (corner of Sunset and Crescent Heights) 7304 Santa Monica Blvd, West Hollywood, CA 90046 (between Fairfax and La Brea). Trader Joe's has an excellent choice of quality foods, meats and fresh fruit & vegetables (especially the organic fruit & vegetables). They're reasonably priced too. 05/20/2010

Hollywood Foreclosures haven't been as plentiful in the last year as say... Echo Park foreclosures, or Miami homes at a bargain price.  There is a perception that many buyers have that there are many bank owned Los Angeles homes to be found, and that's true... with an asterisk. In certain neighborhoods where there was a preponderance of Ninja loans (No Income No Job Approved) and the fallout is a rise in defaults, a noticeable array of foreclosed properties, and yet anticipation with what many are calling a shadow inventory yet to hit the market. Noticeable in many areas I've toured in the last few months are homes that appear distressed, perhaps even vacant.  Noticed more by the buyers I've been looking for Hollywood Foreclosures with...  The shadow inventory has been rumored to be "ou... 05/19/2010