Yearly Archives: 2011

Washington, D.C. - July 15, 2011 - (RealEstateRama) -- U.S. Senator Barbara Boxer (D-CA) today praised U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan’s announcement that the agency has awarded more than $10.5 million in federal grants to provide housing for homeless veterans in California. Grants will be distributed as 1,125 housing assistance vouchers by local housing agencies that have partnered with VA medical centers to benefit veterans all across the state.

Los Angeles, CA - July 15, 2011 - (RealEstateRama) -- The Del Rey Square Senior Housing Project is a new affordable housing community at 11976 Culver Boulevard in West Los Angeles. The project will contain 124 units (4 studios, 119 one-bedroom units and 1 two-bedroom manager’s unit) that will be targeted to households earning 60% of AMI or less. 30 of these units will be public housing units targeting senior and disabled households. The project is unique in its location on the Westside of Los Angeles, which suffers from a severe lack of affordable housing.

LOS ANGELES, CA - July 15, 2011 - (RealEstateRama) -- California home sales edged up in June, and the median price rose to its highest level since December 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

La Jolla, CA. - July 15, 2011 - (RealEstateRama) -- Bay Area home sales rose sharply last month from May to the highest level for any month since June 2010, when outgoing homebuyer tax credits gave housing demand a final boost. The median price rose slightly from May but remained below the year-ago level for the ninth consecutive month amid a sluggish move-up market and a higher share of sub-$300,000 transactions, a real estate information service reported.

La Habra, CA - July 14, 2011 - (RealEstateRama) -- The Irvine office of Lee & Associates, the nation’s largest broker-owned commercial brokerage firm, has closed on a $2.8 million REO sale of a 35,618-square-foot office property called La Habra Town Center I & II in La Habra, Calif.

Torrance, CA - July 14, 2011 - (RealEstateRama) -- Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $2 million transaction for a pair of contiguous industrial R&D units totaling 18,174 square feet at 1041 S. Placentia Avenue in Fullerton, Calif.

WASHINGTON, DC - July 13, 2011 - (RealEstateRama) -- Today, Congresswoman Lois Capps (CA-23) voted for the Flood Insurance Reform Act of 2011 (H.R. 1309), which passed the House by a vote of 406-22. The bill re-authorizes the National Flood Insurance Program for five years, and makes needed reforms to address the financial stability of the program by phasing out non-essential premium subsidies. The legislation is particularly relevant for homeowners in the Santa Maria Valley and the cities of Oxnard and Ventura. The County of Santa Barbara, the County of Ventura, and the City of Santa Maria all written letters to the Congresswoman expressing support for the legislation.

Washington, D.C. - July 13, 2011 - (RealEstateRama) -- Today, U.S. Senator Barbara Boxer (D-CA) held a press conference call to discuss her bill, the Helping Responsible Homeowners Act of 2011, which would remove barriers that have prevented millions of homeowners with non-delinquent, Fannie Mae or Freddie Mac-backed mortgages from refinancing at historically low interest rates. She also urged the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, to use its existing authority to eliminate these obstacles to refinancing.

Washington, DC - July 13, 2011 - (RealEstateRama) -- Today, the House Financial Services Committee approved legislation introduced by Rep. Ed Royce (R-CA), the "Housing Trust Fund Elimination Act." Royce’s legislation eliminates the Affordable Housing Trust Fund established in 2008 as part of the Housing and Economic Recovery Act.

Torrance, CA - July 13, 2011 - (RealEstateRama) -- The Ontario office of Lee & Associates, one of the nation’s largest commercial brokerage firms, announces the $3.1 million lease of a 172,560-square foot industrial facility in Rancho Cucamonga, Calif.

Pomona, CA - July 13, 2011 - (RealEstateRama) -- C.W. Driver, a premier builder serving the Western U.S. since 1919, is the construction manager at-risk for a new, $40 million Student Recreation Center at California State Polytechnic University, Pomona, in the Southern California town. Funded through student body fees, the LPA Inc.-designed, 120,000-SF facility will be built by C.W. Driver to LEED Gold standards and is slated to break ground in July 2012.

WASHINGTON, DC - July 13, 2011 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced an agreement with Prospect Mortgage, LLC (Prospect) to settle allegations the California-based mortgage lender created sham affiliated business arrangements for the purpose of paying improper kickbacks or referral fees in violation of Federal Housing Administration (FHA) guidelines and the Real Estate Settlement Procedures Act (RESPA). Prospect agreed to dissolve these sham joint ventures and pay $3.1 million to resolve the complaint

La Jolla, CA - July 12, 2011 - (RealEstateRama) -- Southern California home sales last month shot up more than usual from May to the highest level for any month since June 2010, when the market got its last big boost from homebuyer tax credits. Sales of lower-cost homes, driven by investors and first-time buyers, and even high-end sales continued to outshine traditional move-up activity in middle price ranges, a real estate information service reported.

Torrance, CA - July 12, 2011 - (RealEstateRama) -- Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $4.2 million sales transaction for a 31,774-square-foot industrial building located at 1290 N. Miller Street in Anaheim, Calif.

LOS ANGELES, CA - July 11, 2011 - (RealEstateRama) -- Six Los Angeles County residents have been charged for their roles in a mortgage fraud scheme that used fraudulent loan applications and supporting documents to convince lenders to fund approximately 20 loans that resulted in approximately $4 million in losses.

Brea, CA - July 11, 2011 - (RealEstateRama) -- Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., takes a step in its strategy of investing in new Southeastern U.S. markets by selling The Brea Center in Brea, Calif. The 56,945-square-foot retail center at 719-96 Brea Blvd., sold to Gerrity Atlantic Retail Partners, LLC, for $14.5 million.

IRVINE, CA - July 7, 2011 - (RealEstateRama) -- Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that the firm is now marketing for sale a portfolio of four shopping centers in southern California in Hawaiian Gardens, Lancaster, Mission Viejo and Oxnard. Consisting of approximately 517,870 total square feet, the four properties are offered for sale unpriced and can be purchased individually or as a portfolio.

LOS ANGELES, CA - July 7, 2011 - (RealEstateRama) -- Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed a five-year, 21,062 square foot lease valued at over $2 million with Asian Pacific AIDS Intervention Team. APAIT positively affects the quality of life for Asian and Pacific Islanders living with or at-risk for HIV/AIDS by providing a continuum of prevention, health and social services, community leadership and advocacy to the Southern California region. The property is located at 1730 W. Olympic Blvd. near the major cross street of Union Avenue, adjacent to Downtown Los Angeles.

EUGENE, OR - July 7, 2011 - (RealEstateRama) -- The ever-expanding network of agents and brokers has grown larger once again, through the partnership of IDX, Inc. and Sevak Khatchadourian. IDX Broker software is now seamlessly integrated onto the website Khatchadourian hosts, creating a dynamic and thorough IDX enabled search page for the clients of Khatchadourian. California Real Estate Technology Services (CARETS) listings have never been easier to search through, thanks to the innovative IDX solution Khatchadourian has synced to his page. Thousands of detailed Beverly Hills, California listings are updated minute-by-minute to ensure that home seekers experience only the best possible online property search.

EUGENE, OR - July 6, 2011 - (RealEstateRama) -- IDX, Inc. and Chris Cooke are revolutionizing the Redwood City, California real estate search, by enabling IDX Broker software onto the website Cooke hosts. As a broker, Cooke presents area listings with ease and simplicity on his IDX enabled website. MLSListings properties are synced to the search page Cooke hosts, creating a thorough, comprehensive and dynamic online database of local listings. By integrating IDX Broker software on his website, Cooke has transformed the online real estate marketplace for his clients and his own business