Koreatown’s Vermont for Sale

Visitors to Koreatown will have seen the construction on Vermont Avenue and Wilshire Boulevard. The Vermont, a new high-rise apartment complex that broke ground two years ago, is now for sale by Miracle Mile based J.H. Snyder Development Co. Once completed, the new residential apartment complex will be comprised of two towers standing 23 and 29 stories and feature 464 units. The construction is estimated to have cost $200 million. In addition to residential units, the Vermont will also feature 31,500 square feet of retail space on the ground floor with Fatburger and Starbucks having taken...

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Growing Clout of Asian-American Banks in LA

Last month, East West Bancorp. announced it was acquiring MetroCorp Bancshares Inc., a Houston bank holding company and parent of MetroBank in Houston and Metro United Bank in San Diego in a $273 million deal that is expected to close early next year. East West is a Pasadena-based bank and is the largest Chinese-American bank with 118 branches, mainly in California. The acquisition would add MetroBank’s 12 branches in Houston and Dallas and Metro United’s six branches in San Diego, San Francisco, Irvine and the San Gabriel Valley to East West’s California, New York, Georgia and Washington...

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Landlords Can Show Properties on Weekends

A recent appellate court decision expanded the ability of landlords to enter their tenants’ dwellings in order to show the premises to potential purchasers. Prior to this decision, it was not clear under California law whether landlords had the right to enter their tenants’ dwellings in order to show their residential properties to potential buyers on weekends, which was the time open houses were customarily held and in which the properties could be marketed more effectively to the general public. California law limits the ability of landlords to enter their leased residential properties....

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Koreatown Real Estate Update: Residential Prices Up 62%

According to recent data from Redfin, the Mid-Wilshire area of Los Angeles has experienced some of the highest residential real estate price increases in the last year in Los Angeles.  (Data from Koreatown was included in the Refin analysis of home prices in the Mid-Wilshire area.)  In the period from June 2012 to June 2013, the price per square foot for residential real estate here increased almost 62 percent.  Currently, the median square foot price is $551 in the Mid-Wilshire area.  This places the Mid-Wilshire/Koreatown area as one of the five fastest growing neighborhoods in Los Angeles...

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Koreatown Real Estate Update: CLG Buys 39 Unit Apartment Building

On May 15, 2013, California Landmark Group (CLG), which is based in the Westwood section of Los Angeles, announced that it had closed escrow on an apartment complex in Koreatown. CLG’s press release can be found here. The $4.2 million purchase of the 39-unit complex located at 216 South Occidental Boulevard was completed rather quickly—the entire transaction only took thirteen days. According to Ken Kahan, the CLG’s CEO, who spoke about the timing of the transaction: Given the property’s location, unit count, and size we made a non-contingent offer to purchase the property prior to...

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