Monday, June 30, 2014

Anti Ellis Bill is Dead!! The "Escape Hatch" is still open.

The bill to stop the Ellis act is dead... for this year.  Sen. Mark Leno has halted his pursuit of state legislation that would undermine a landlord's right to leave the rental housing industry.

Leno, D-San Francisco, has given up on Senate Bill 1439 after its rejection in the Assembly Housing and Community Development Committee last week. The bill took aim at the Ellis Act, a landmark 1985 law that bars local governments from making property owners stay in the apartment business.

Leno told the San Francisco Chronicle on Tuesday that he'll probably try to resurrect the bill in 2015.  "I'm very committed to this," he said in the article.

The Housing and Community Development Committee voted down SB 1439 by a 4-3 vote on June 18, leaving little chance for Leno to keep the bill afloat this year. The bill would force many rental property owners in San Francisco to wait at least five years before removing their units from the market - even if losing money month after month.

While the bill would have applied only to San Francisco, it could have statewide ramifications. Los Angeles and Santa Monica has already expressed interest in pursuing legislation similar to SB 1439.

Before the Ellis Act, rent-controlled cities - Santa Monica in particular - were forcing landlords to stay in business, even if they were losing money or experiencing other hardships. The Ellis Act has blocked this type of government intrusion, providing a veritable escape hatch for owners who can no longer thrive - or even survive - in rent-controlled communities.  All the owner in California owe a debt of gratitude to The California Apartment Association (CAA) for their tireless work to defeat this bill.

Keith Lambert

Call us at Lambert Investments Inc. to learn more.

Monday, April 21, 2014

Totally revamped a top end unit... Is it worth it?

Not long ago we did a unit make over and the rent went up approx $300 per month over the similar unit next door rented just 6 months prior.  (area of 18th Street and Montana Ave in Santa Monica)

Now we are taking a top unit to the top level of fix up.  Not just a high end paint job.  A full NEW Kitchen.

Granted it is a top floor unit with high ceilings and some Ocean Views.  But the kitchen will be getting a MASSIVE investment in counter topps and back splash in granite.  AND all appliances upgraded to really good equipment with black and Stainless Steel!

$4k in appliances.  $4k in granite.  Substantial labor time to fix and upgrade much of the apartment.  AND of course the new high end paint and New Carpet.

Well?   What will the rent change be?  What is the payback on this massive investment?

If the last rent was $2650 per month with nice amenities what will this even nicer unit bring?
(area is Euclid Street half way between Montana Ave and Wishire Blvd. in Santa Monica)

I'll post more on this project.


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