Topping out is a key milestone of the construction progress, occurring when a project completes its vertical rise. The luxurious W Hollywood Hotel & Residences has just completed its topping out, celebrating in true Hollywood fashion.
The W Hollywood Hotel & Residences is the first branded residence of its kind in the city of Los Angeles. It will provide hotel, retail and luxury for-sale residences located at 6520 Hollywood Blvd., fronting a full city block of the famous thoroughfare from Vine to Argyle.
The dramatic topping out ceremony for the W Hollywood Hotel & Residences, included an awe-inspiring performance by professional aerial acrobats unfurling celebratory banners from the rooftop, as well as appearances by late-night talk show host Jimmy Kimmel and Los Angeles Mayor Antonio Villaraigosa. The topping out ceremony marks the timeline of the project's completion, due to open in November of 2009.
"There will be only one W Hollywood when it opens in November of 2009 and we are proud to demonstrate our commitment to this unique project by celebrating a key construction milestone," said Marty Collins, president and CEO of Gatehouse Capital. "Let there be no doubt; Hollywood loves a comeback, and today's celebration confirms that the most anticipated comeback of 2009 will be the return of sophisticated, glamorous lifestyle to Hollywood & Vine at the completed W Hollywood."
Developed by Gatehouse Capital in partnership with HEI Hotels & Resorts, the $350 million development will offer a world-class lifestyle opportunity boasting lush landscaping, engaging art installations, striking design features and thoughtful living spaces, creating a lifestyle environment like no other residential property in Los Angeles.
The W Hollywood will have the best features that W Hotels around the world are known for, including chic design, luxury finishes, modern art, exclusive restaurants and premium service. Its location in the heart of Hollywood, at the nexus of the world's most famous intersection gives the luxury accommodation the bonus of dramatic views and premier nightlife, in every aspect from the hotel to the residential enclave featuring 143 exclusive residences paired with the Whatever/Whenever® services and amenities of the adjacent 305-room W Hollywood hotel.
In addition to being built for luxury living, the W Hollywood is being built using eco-conscious construction methods, according to LEED specifications. "Hollywood and Vine is one of the world's most famous intersections and now it's making a Hollywood comeback with the W Hollywood Hotel and Residences," said LA City Council President Eric Garcetti, whose district includes Hollywood. "When complete, the W Hollywood will be the landmark eastern gateway to our renewed Hollywood Entertainment District. This new project is registered for LEED certification with sustainable design, easy access to mass transportation, use of low impact design and construction techniques and a host of new technologies designed to conserve and reduce energy and natural resource consumption."
"The Hollywood and Vine project brings good-paying jobs, transit-oriented development, affordable housing, and economic growth to the heart of our City," said Mayor Villaraigosa. "It is a sign of our ongoing commitment to smart investments across the LA landscape, and it will add yet another star to our 'walk of fame'."
Saturday, March 21, 2009
W Hollywood Hotel & Residences Celebrates Topping Out
Thursday, February 26, 2009
Obama'S Address Urges Nation To Move Forward
If nothing else, Obama's address to Congress was a much needed band aid applied to the wounds of the American public, along with a kiss on the forehead, and the promise that "things will be better tomorrow".
He acknowledged that the economy was in crisis and he was aware of the challenges that every American was facing. His message was built around hope and the promise that "We will rebuild, we will recover, and the United States of America will emerge stronger than before."
He described the country's current economic situation as the result of a combination of factors that occurred over a series of years, preceding the market collapse:
- The high cost of healthcare
- Inadequate education standards that have prevented graduates from competing in global economy
- Poor planning for future needs of the country
- Irresponsible lending practices
- Living beyond our means at an individual and government level
His plan of attack works to reverse these wrongs, take steps to prevent them from reoccurring, and eventually create a stronger, healthier nation going forward. In part, the recovery plan includes the following goals:
- Increase job creation by reinvesting in education, health care, solar powered construction industry, mass transit, and law enforcement
- Stimulate the real estate market by providing assistance to lenders
- Offer housing plan designed to assist millions of homeowners threatened with foreclosure
- Hold banks accountable for all monies received. Among other stipulations, they are expected to provide evidence that the funding is increasing lending accounts.
- Health care and Social Security reform
- Tax cuts for 95% of working families. Those making over $250,000 a year will see fewer tax breaks.
- Remove tax breaks for work contracted out overseas.
- Double the country's supply of renewable energy in the next three years and support research to develop new technologies.
With credit being the basis for the whole economy, this recovery plan is based on giving the public the confidence to get off the fence and purchase that new home or car they've been putting off.
Obama goes on to state,"That is why this administration is moving swiftly and aggressively to break this destructive cycle, restore confidence, and re-start lending."
He emphasized the analogy that out of every tragedy comes something positive, and sited the example of a town in Greensburg, Kansas that was destroyed by a tornado.
"The tragedy was terrible," said one of the men who helped them rebuild. "But the folks here know that it also provided an incredible opportunity."
Recently, The Wallstreet Journal reported that the combination of declining home prices and low interest rates in many markets, are making it more attractive to own a home than rent. Green Street Advisors, a real estate firm in Newport Beach, California, reported that in the last 18 years, mortgage payments averaged between 26 and 66% more than rent. By the end of 2008, the average monthly rent for the key 50 metropolitan areas was $1,045, compared to the after-tax mortgage payments of $1,300 – a difference of only 24% more than rent payments.
If interest rates fall to 4.5%, which a number economists are predicting, then mortgage payments would only be 14% higher than rent payments.
American's have been so overwhelmed by this crisis, that many, unfortunately, can't see the opportunities that may be sitting in front of them. Obama's recovery plan may not solve all the nation's problems, but it may provide the boost that American's need to get back in the ring.
By: Adam Robinson
Monday, January 19, 2009
The New Road to Home Ownership
For many a beautiful family, a large yard in a good neighborhood and home ownership are still part of the American Dream. It's time for this to stop being a dream and become reality. With lending institutions tightening there lending requirements it all but seems impossible for the dream of many to become reality. But there are choices, options and other avenues for a person to pursue. That option being Lease Optioning a home.
What is Lease Option? A lease option provides a way for many people to become home owners in today's market. A lease option allows a person to obtain there piece of the American Dream without having to qualify for traditional lending up front.
Here's how it works. You find a real estate investor with a home to sell that fits your needs and criteria. Once you have viewed the property and agreed to terms on the home you would then pay an option fee. This option fee is paid because you are asking the seller to take his/her home off the market to sell so that you may lease the property until you can get enough money for a down payment or work out whatever credit issues you may have prior to purchasing. Your lease term is agreed upon by you and the seller. The other terms should be established at this time such as monthly lease payments, purchase price, extensions, penalties and any other issues you or the seller may have.
There are some Pros and Cons to purchasing a home on lease option terms, let's review them.
Pros:
1. You can enjoy the pride of home ownership right away
2. You lock in your purchase price today even if the home is worth more when your lease term is up and you must purchase.
3. You gain property appreciation which equals equity
4. It's easier than dealing with banks
5. If you have credit issues that prevent you from getting traditional financing this gives you time to work out those issues (a good seller should be able to assist in this area)
6. Your option fee and any rent credit can go towards your down payment reducing the amount of out of pocket expenses you will have when getting traditional financing Cons:
1. If for any reason you decide not to or you can't purchase the home when the lease term is up then you would forfeit your option fee payment.
2. You discover that the property has major defects that were hidden
When looking to purchase a home in this manner we suggest knowing who you are doing business with, getting a home inspection, and understanding all the terms of the transaction.
Searching For the Right Apartment Home For You
Apartment hunting can be a stressful experience, and with good reason. Not only might it require much of your time, but the process can leave you feeling frustrated, disappointed, desperate, or even overwhelmed. For your search to be as effective as possible, you need to try your best to keep stress out of the picture
Fortunately, this isn't as tough as it sounds. Here are six tips to help you find the right apartment without the stress:
1. Know what you want.
Before you venture out there to look at apartments, take the time to decide on what you want in an apartment. Ask yourself questions such as:
* How many bedrooms and bathrooms do I need?
* How much closet space do I need?
* How important is size?
* How important is location?
* Are any features -- such as a good view, crown molding, an updated kitchen, or built-in shelves -- important?
* Where will I park my car, or where can people who visit me park their cars? Where can I put my bike?
* What amenities are important to me? Do I need a doorman, laundry in the building or on the floor, or a fitness center?
* Are pets allowed?
As you ask yourself these questions, decide what your limits are. For example, if you need to live within walking distance of where you work or go to school, look at a map or actually take a walk around the area so you can decide just how far away you'll look.
Also, think about whether there may be acceptable alternatives for meeting your needs. For example, say you need a lot of storage space.
A building that offers a basement storage area to each tenant would perhaps be ideal, but it may not be necessary. If you don't need to access your stuff often, renting space in a nearby self-storage facility might do the trick.
Once you're set on exactly what you're looking for in an apartment, go hunting while keeping all your criteria in mind. Don't waste time checking out listings for apartments that won't fit the bill. For instance, if you must live with your dog, then ask a potential landlord whether she allows pets in her building, or communicate your needs to your broker early on.
2. Stay focused and don't get discouraged.
When you start feeling frustrated with your apartment search, don't despair! Instead, stay focused and keep your eye on the prize. Remember just how excited you were when you started your search, and try to visualize how happy you'll be once you find the right place.
Many apartment hunters also get discouraged when they find what they think is the right apartment only to lose out to someone who beat them with an earlier deposit. If this happens to you, tell yourself that it wasn't meant to be, and just keep at it. So many people have stories about how they missed out on their "dream apartment" only to wind up with something even better. Just think that you'll have such a story to tell one day.
3. Set realistic goals and expectations.
It's hard to find tenants who can tell you that they found the perfect apartment without much effort. Don't expect anything different for your search, and you won't be disappointed. This way, if you find an apartment immediately, great. If not, you'll just take it in stride and know that it's just a matter of time until you reach your goal.
4. Create a plan of action with your roommates.
If you're looking for an apartment with a roommate, discuss what your plan of action is. If you're both too busy to see every listing together, decide how you'll divvy things up. Perhaps you'll alternate the days each of you look at listings, or you'll each be responsible for dealing with different brokers. If only one of you sees an apartment and it passes muster, you can both return to see it again. If you're in a hot market where good apartments tend to go fast, you may decide to go together to visit the ones that strike you as the most promising.
5. Stay organized and take good notes.
Once you start to see more than a few apartments, it's easy to get them confused. Stay organized by taking good notes about your apartment hunting efforts. For example, make a chart (by hand or on your computer) that lists the following:
* an apartment's address; * the broker, owner, or tenant and their contact information; * the number of bedrooms and bathrooms; * the pros and cons; * any promises that were made; and * additional notes.
Use an accordion file to hold any brochures, advertisements, floorplans, listings, photos, or other printed material you have.
6. Ask questions.
Choosing a place to live is a serious matter, so don't be afraid to ask questions. If you don't like the answers you hear or you suspect that your broker or a landlord isn't being honest with you, move on.
If you visit an apartment with a broker and the current tenant is home, take advantage of the opportunity. Ask the tenant questions such as the following:
* Does the heat really work? * Does the apartment get too much or too little sun? * How much are the utility bills each month? * Is noise from neighboring apartments a problem? * Do you think the building and the neighborhood are safe?
Hopefully, you're already feeling less stressed just from having read these tips. If you keep them in mind as you search for your next apartment, you can look forward to a more pleasant path toward finding that perfect place you'll soon call home.
By Karma Amarande
