Rebecca Chambliss

The Vue is now leasing at least 4 units which showed up on the MLS today. They are 2 bedrooms listed for lease for between $2200 and $4500 a month.

They also listed one unit for sale on the MLS for $554,204. This one is a 2 bedroom, 2 bath 1045 sf unit.

The MLS can be viewed through my website at www.RebeccaChambliss.com

I also spoke to another attorney who explained how they organize the purchase contracts to be "iron clad." That developments now use these contracts that are virtually impossible for the buyer to regain their deposit if they default.

The issue is always being sure to READ the contract and understand it so you know what you are getting into. The other issue is making sure in any real estate purchase that you have excellent single sided representation, whether that be your own Realtor, or attorney or both.

The Los Angeles city council voted almost unanimously to mandate spaying and neutering in Los Angeles. It became law last October (2008) and was passed with the assurance that all residents of the city would be able to comply because the city made free and low cost spay/neuter vouchers available to low income, disabled and senior citizens.

The law was passed with no extra funding for spay/neuter, and no funding for enforcement. The city controller, Laura Chick found after through investigation that the law should never have been passed, it was essentially unenforceable and made a mockery of "law."

Just this week, the city quietly ended the voucher program stating budget concerns left them unable to provide the promised vouchers for the rest of the year and eluded to the fact that they will not be available next year.

This leaves many low income, disabled and senior residents of the city unable to abide by the law. The surgery to alter a pet can be as high as $700. With no outside help, many of these people leave themselves open to fines up to $500, being charged with a misdemeanor and ultimately animal control can take their beloved pets away.

The L.A. city council must now undo it's wrong and repeal the mandatory spay/neuter law. It is unacceptable to mandate action which many residents simply are unable to comply with due to financial situations. Owning a pet should not be only for the elite.

I have contacted the city council and asked them to address this issue. I believe the mandatory spay and neuter law should be repealed. I encourage all residents of Los Angeles to contact their city council person and demand that the law be repealed.

In these challenging economic times, it is inhumane and unaceptable that the second largest city in the country thinks it's appropriate to mandate the residents of the city spend a large fee on complying with an uneforcable law.

UPDATE 3-14-09 Thanks to the Daily News for covering this story

And to the Associated Press for running with it. The world now knows that passing the law was a mistake.

This news has made it to outlets all over the country. It is significant National news because it shows the other cities considering MSN that it does not work. Los Angeles needs to act fast to save face and repeal this law.

As the calls and emails continue to come in asking for information about what is going on with the condos downtown, I am well overdue for an update.

The Vue has been renegotiating contracts with buyers apparently. Price and terms are both up for negotiation, I also hear they are working with a new lender who might be a little more flexible with buyers.

There are a number of people who have said they are walking away. There is an attorney negotiating with the Vue attorneys to settle with a group of buyers who are unable or unwilling to close. There are other buyers who are closing and planning to move in. I haven't seen anyone there yet but I do know they are leaving lots of lights on at night to make it appear well lived in.

I haven't seen the offering plan, but I might suggest those of you who are still somewhere between a signed contract and closing to seek it out. It should spell out the requirements of The Vue to enforce the contract, including a mminimum number of units that must be sold in order to enforce the remaining contracts. It should be on file with the state and is a public document.

Interest rates are WAY down and if you are thinking of closing, it would be a good time to get locked in. I suppose the units will need an appraisal and hopefully that will be reflected in the purchase price if they will renegotiate.

The Center Street lofts just down the way has reduced the sales price of all available units (they say there are 20 left.) They start now in the low $200s and they are offering a 4% fixed rate to new buyers. Not a bad deal at all.

The Bank Street lofts have gone to leasing them out after selling only 6 units apparently. The plan to finish the second project is to NOT finish it from what I understand.

October 24-26 we will be once again having Spay Day LA to provide free spay/neuter services throughout Los Angeles.

Oct. 1 a new ordinance making it law that pets must be spayed/neutered in Los Angeles goes into affect. Many people can not afford the surgery, especially in today's economy. Spay Day LA provides a resource to those people who want to spay/neuter their pets.

Clinics will include mobile clinics in San Pedro, N. Hollywood, and West LA and private vet clinics in Lomita, Malibu and Los Angeles.

Oct. 25 there will be a big event at the WLA city shelter that will include a spay/neuter clinic, lots of vendor booths, a special adoption event (where all animals will be already spayed/neutered and groomed on site that day to take home right away) KIIS FM will be there broadcasting and giving away tickets and prizes, you don't want to miss it.

Spay Day LA is organized by FOCAS LA in partnership with LAAS

So many interesting developments here. It appears Michael J. Rosenthal who purchased the property LESS THAN A YEAR AGO from John McCowan for $1.815 Million never really intended to keep the store open.

Although he claimed he was selling the property to "developers" he is still has full title to the property and is clearly trying to develop it himself. Not a very honest guy apparently.

Mr. Rosenthal has a very high percentage mortgage for the property, only putting $400,000 down for the purchase. Now I've dealt with some true business people in my career and most have a little more cash to put down, especially on something like a grocery store...that is if they are planning to actually make the business work.

Here's another interesting tidbit...Rosenthal purchased his primary residence just a few years ago at 12131 Ballantine in Los Alamitos, CA for just $622,000 (public record.) We're not dealing with a Bob Bisno here folks. I've got a client I am working with to purchase the neighboring property. His plan is to turn it into a recovery home for woman and children. Rosenthal and his family should be pleased.

Rosenthal is saying he will bring a lawyer into fight (His lawyer appears to be David Jimenez of Los Alamitos) if he is not allowed to build his condos...I say, bring it on. I would bet that lawyer will get mighty costly after a while and since Rosenthal has very low equity in both the McCowans site and his primary residence...It looks like it wouldn't make good fiscal sense to take on city hall.

Another thought, since commercial property taxes are kept low ($6422 per year for McCowans currently), since the building has been torn down...shouldn't the property value be reassessed? He wants residential...how about 1.25% of the current value? The tax assessor has a form to trigger reassessment.

One last thought. I know no thought was given to asbestos management when the store was torn down. I live upwind of the site and have had a cough ever since it was torn down. Anyone else?

Okay really...last thought..NYC has Gramercy park. The last privately owned park in the city that has equal ownership of the owners of the surrounding buildings. Couldn't the surrounding property owners get together and purchase the land for a private park? It would increase property values for those with ownership rights dramatically. 100 owners @ $18,000 each?