When in Southern California, the barometer for your daily activities should be the weather. Trust me, living in this wonderful place for years should tell you that I’m correct. Of course, nothing is permanent in this world; most especially the weather. While try as we might predict what weather’s going to come out for the next day, it’s up to science to help us gain an advantage over our planet’s unpredictable weather.
So if we take a look at this Southern Californian weather forecast, it says that we are going to have sunny and breezy weather for the full seven days. So that’s a week of hot weather. If that doesn’t excite you, then nothing will. It’s the perfect time and weather to go to the beach. And if that’s not your thing, you can also take this time to go on a mountain adventure with some friends. Because of the dry weather, mountain trekking and camping should be a blast.
And speaking of camping, the weather is perfect for such an activity too. Whether it’s camping just right across your front lawn, or you want to make it all fancy and take your entire family or friends for a camping trip to Moro Campground, then you are most certainly going to do just that. Be prepared to stock up on food, gas, and not feed the animals when staying in the camping grounds!
Finally, this fine and sunny weather is also the perfect time to treat your kids to an amusement or theme park. Southern California is ripe with many amusement parks, pool resorts, and theme parks. Just make sure you bring food and a lot of water, an umbrella, and some hats. Remember, it’s going to be a very hot day and you’ll need to get out of the shade every so often. This is especially important for kids, who are more prone to heatstroke.
Take your pick from Knott’s Berry Farm, Adventure City, and Pacific Park to Universal Studios Hollywood, Six Flags Magic Mountain, and Disney California Adventure. If that’s not your style and you’d rather get wet, then there are a lot of water parks to choose from too. There’s Raging Water Los Angeles, Buccaneer Cove at Castle Park, and the Great Wolf Lodge Water Park. Not only will your kids enjoy it, but you and the rest of the adults as well!
Just don’t forget to bring the suntan and some decent sunblock too! – Steven Taylor, LA
So you’re ready to buy a home in Los Angeles. After many months of searching and saving enough money to afford the house of your dreams, you are finally ready.
That’s good and all, but have you thought about the kind of property that you want to buy?
With LA being a sprawling megapolis with many different types of properties, it is very easy to get confused as to what kind of home you’d like to live in. With that case in mind, let’s help you get that dream house of yours.
Checking your Budget
You’ve already established your need to buy a house. But since we’re going to decide on the kind of house that is right for you, you’ll need to rethink your budget once again. Also, buying a house in LA is no laughing matter. The city is notorious for selling the most expensive property known to man.
In fact, LA County’s median price was 650,000 for a single-family home while a condo would fetch up to $530,000. These prices are from November of 2020, so you can just imagine how much it’d cost people to buy homes in Los Angeles now.
Keep in mind that this is not to threaten you into buying a home in Los Angeles. This is simply to educate and to give people a good perspective on how much preparation and money you need to prepare for in buying a home in Los Angeles.
What Kind of Homes can I Buy in LA?
Once you’ve already determined and prepared your budget, it’s time to have a look at the kind of homes that you can buy in Los Angeles:
Duplexes/Triplexes – A property with more than one self-contained unit, this house usually has its own kitchen and bathroom. These houses are often quick to disappear since they are always snapped at once by investors. However, these homes are good options for buyers who want to buy homes with an extended family in mind. This property is also a good option for those who want to take on a renter who can help pay for the mortgage.
Single-family Homes – The classic American-style house that just sits there on its own in its own plot of land. There’s also the option of adding a white picket fence and a pool. Of course, those are sold separately!
Condos – Now we come to the more luxurious type of home. The condo is basically an apartment that you can buy. Unlike the single-family homes, the condo building and the land beneath where it stands are co-owned by everyone who each bought a unit. The amenities and upkeep of the condo are paid for by a homeowner’s association, which is funded through monthly fees paid by the residents of the condo.
Townhomes – Townhomes are often attached to neighboring units. These houses offer the space and feel of a single-family home, but they function more like condos. Residents share the ownership of the land around the homes while paying for the monthly homeowner dues.
Small-lot homes – A unique type of home that can only be seen in LA, the small-lot home look like townhouses from a distance, but they are actually more similar in function with the single-family home. The unit in small-lot homes do not touch and each unit sits on a tiny piece of land. In fact, the land is barely any larger than the small-lot home unit itself!
Co-ops – Co-ops are still around in LA, but not nearly as much compared in other cities, like New York. These units are similar to condos, except that buyers don’t technically own their units. Instead, what the buyers own are shares in an association that are run by a very powerful board that often vets potential residents.
Vacant Lots – Finally, you have vacant lots. It is possible to buy land and then build your very own house in Los Angeles, but there are rules and permits that you have to check and follow. Also, the process of building your own house can be very costly.
Whatever kind of home you’ve decided to buy, always remember to check with an engineer on local building codes. If you’ve decided to get a co-op, a townhouse, or a condo, check in with your local homeowner’s association for more information and for help regarding issues with your unit.
As for those who managed to buy a single-family home or vacant lot, always make sure to check on building permits and regulations before you start with any construction to avoid issues.
As one of the world’s high-profile real estate brokers, Steven Taylor of LA, has been asked time and again where the world’s most expensive neighborhood is. While there are certainly a lot of rich neighborhoods all over the world, Steven Taylor only knows one place in the United States that has some of the richest neighborhoods in the world.
And that place is Steven Taylor’s very own Los Angeles!
Why is Los Angeles so Expensive?
There are a lot of answers to this question, but to keep it simple, the reason why Los Angeles is so expensive is that the area is already well developed and it houses some of the biggest industries in the United States.
The movie industry practically lives in Los Angeles and it is giving the city so much in taxes that Los Angeles is one of the wealthiest cities not just in the United States, but also in the world as well! In 2018 alone, Hollywood earned $69.9 billion. And it’s already 2021.
Apart from the movie industry, there are also a lot of start-ups and technology companies that are also starting to move in and stay. Steven Taylor should know since most of his biggest clients are always involved in the technology sector. And in case we’ve forgotten, Silicon Valley is also close to Los Angeles.
The success of Silicon Valley drove the price for real estate in Los Angeles because the CEOs and their staff started purchasing houses near Los Angeles, thus that event more than raises the standards of living in the area.
The Top 5 Most Expensive Neighborhoods in Los Angeles
So, without further ado, Steven Taylor introduces you to the 10 most expensive neighborhoods in Los Angeles. We’ll place useful information too, such as the exact price as of today, why it’s really expensive, and why it’s a neighborhood that one might want to live in someday if you ever hit the lottery!
Beverly Park – $32.5 M
A gated community in the Beverly Crest area of Los Angeles, Beverly Park is well-known for being the residential neighborhood for Hollywood’s biggest celebrities. Therefore, we can just imagine the exact amount of money that we need to have if we ever want to consider living in this neighborhood!
Encinal Bluffs – $29.5 M
A beachfront neighborhood in Western Malibu, just a little bit near the Ventura County line, Encinal Bluffs is one of the many secluded and tranquil claves that dart all over Los Angeles. And since the property itself is beachfront and is located in one of the wealthiest neighborhoods, it’s only natural that the price tag for Encinal Bluffs is at a cold and crisp $29.5 M.
This is the ultimate neighborhood to live in if you’re looking to spend your past time enjoying summer late-night parties at the beach.
Serra Retreat – $23.3 M
Another gated community, Serra Retreat is located on the landslide of the Pacific Coast Highway, near Malibu Creek. Because of its location, Serra Retreat is a favorite among wealthy people who want to build their dream home near an area where there are trees, shrubs, and a wonderful view of the Pacific Ocean.
With that hefty price tag, the Serra Retreat is one neighborhood that is set for people with a huge budget. But the natural scenery makes it worth the price.
Holmby Hills – $27.2 M
The neighborhood of Holmby Hills is just a few blocks east of UCLA and the Los Angeles Country Club. It is also one of the three areas that complete the Platinum Triangle, the other two being Beverly Hills and Bel Air.
And because it is one of the Platinum Triangle, Holmby Hills sports massive estates that have 10,000+ square foot mansions. And these mansions are, of course, the stuff that we all love to dream about. We are talking about mansions like the Playboy Mansion, Carolwood Estate, and the Spelling Manor.
Bel Air Estates – $18.5 M
Now, who wouldn’t recognize the classy neighborhood of Bel-Air? Made famous because of Will Smith’s comedy show, Bel Air Estates is the original Bel Air neighborhood just north of the UCLA campus. The Bel Air Estates has a nice entrance that is always guarded by patrols, day in and day out. The interior of the estate supposedly has backyard pools, terraced gardens, and tennis courts.
A neighborhood comprised of mansions and large estates, it is truly a place where only royalty would want to live in.
Originally published at https://steventaylorlandlord.com on October 19, 2021.
It’s a perfect day to hit the beach. These days, those sunny Southern California days seem to be on a roll, so why not call your friends and family and hit the beach for some tan and fun under the sun? Steven Taylor, a LA native, also loves going to the beach and he’s been at it since college. If you happen to live near Southern California or you’re on your way here for a visit, then why not visit our best beaches here too?
If it’s about beaches, Southern California has a lot to offer. Of course, Steven Taylor has his own personal list of the best beaches to visit during this warm weather. So if you feel like you want to take a dip in the ocean, then here’s Steven Taylor’s personal pick on the 5 best beaches in Southern California.
Santa Monica Beach – One can’t simply miss Santa Monica Beach. It’s just 20 minutes from downtown Los Angeles and it’s possibly the most popular beach in Southern California. A lot of people visit the area and it also features an amusement park with a Ferris wheel and some kiddie rides. It’s a great place for swimming, beach volleyball, surfing, and just plain chilling under the sun.
El Matador Beach – Located in Malibu, El Matador Beach is one of the most stunning beaches in Southern California. The beach features amazing rocky formations, which gives visitors a stunning view of the entire beachfront. If you want to enjoy this beautiful beach, just bring a blanket, some food for a picnic, and find a hidden spot behind the rocky formations and enjoy your day at the beach!
Zuma Beach – Malibu seems to be lucky enough to have multiple beautiful beaches in its area. Another beach in this area is Zuma Beach. Located in Point Dume in Malibu, Zuma Beach is a popular tourist destination for surfers and annual surfing events. This is also the perfect place to fly kites, as the wind can tend to be rather strong in this area.
Coronado Beach – Coronado Beach is known for its calm ocean waters, the famous Hotel Coronado, and the Gaslamp Quarter. After a whole day of swimming and you’re hungry enough to eat a shark or a whale, visit the Gaslamp Quarter for its fancy restaurants.
Venice Beach – Venice Beach is a unique experience. Not only does it have sun, sand, and the ocean, but it also has artists, barefoot sand sculptors, and weightlifters. The beach has a skate park, an outdoor gym, some food stands and kiosks, and dozens of colorful murals. The beach is pretty much a feast for the eyes.
Steven Taylor is a LA area real estate professional and community leader who has completed over $500 million in transactions in the Southern California real estate market. Today, we are going to talk about how to market your real estate online.
In this day and age, gone were the days when you need to bring in a huge amount of capital just to market your property. Nowadays, you have Facebook, Twitter, Pinterest, and several other real estate websites that can assist newbie real estate brokers in marketing their real estate.
The only challenge here is that so many people are also doing it. How do you make your marketing campaign fresh and unique from the others?
Social Media Marketing
While the real estate market is still as huge as it ever was, with social media marketing, real estate brokers also need to develop their own style of marketing to get in new clients daily. Research from the National Association of Realtors shows that about 92% of buyers use the Internet to get information about real estate. Their research may include the property that they want to buy, the owner of the said property, and the asking price.
So if you don’t do your own marketing strategy, then you’d already lost your source of income even before you can start selling your property. Your potential buyers can just simply search for property and buy it themselves!
Setting Yourself on Social
As an experienced real estate professional, Steven Taylor, LA investor, makes sure that he has a strong social media presence not just with his potential clients, but also with people who are inquiring about the property he is selling. That should be your queue, right there.
Setting yourself up on social media should be very easy. Start with Facebook, Twitter, Pinterest, Instagram, and even Linkedin. Create your own profile, make sure you fill in all the necessary information, and don’t forget to put in a nice profile picture too.
If your profile is up, it’s time to fluff up your social media account. What Steven Taylor does is that he puts up pictures of the property that he is about to sell or is currently selling.
In your case, take some photos of the property that you’re selling and post them on Facebook or Instagram. If you’ve managed to gain a lot of followers and friends, they’ll immediately get notified. And with that in mind, you can start selling to your followers and page fans.
But it doesn’t always have to be business. You can also pick some random shots of houses or just share amazing photos of mansions and four-story properties that you would like to market in the future. That way, you’ll gain more friends and followers for your social media page.
Social Sharing on Property Pages
Steven Taylor also makes sure to share his social media profiles to property pages that he visits on the Internet. What this does is that visitors on those property pages will click those social media buttons that were installed.
But they will only do that if they like how you sell the property. Remember, we haven’t gotten to the part where you are actually selling your property, so just chill and relax.
For now, establish your social media presence first.
Creating a Killer Business Card
Even in this age of free information and data sharing, the need for an impressive business card is still a requirement for professional real estate brokers. If you want to save money, you can just find a really nice format for a business card online and then have yours printed out.
However, you can also invest money in it by seeking the services of a professional business card maker. Steven Taylor does this and he also updates his business cards when needed.
Make Yourself Easy to Contact
You may have the best business cards and you’ve already shared your social media profile and social sharing buttons on every property site you know, but if people can’t reach you when they do need your services, then all your marketing efforts have been in vain.
Make sure to do the following before you attempt to start marketing your services:
Update your mobile phone and office phone numbers on your business cards.
Keep your Facebook and Twitter profiles active
Always check your social media profiles for any inquiries coming from visitors
Always entertain questions, especially when it has something to do with the property that you’re selling.
When scheduling online calls, make sure that you’re ready for the call at least 5 minutes before the agreed hours.
Learn to plan ahead with your schedules.
Summary
Finally, don’t treat your customers differently. There are times when a real estate broker will prefer to talk to a richer client compared to someone who has a moderate budget only because he/she will get a bigger commission with the former.
Treat every customer with respect and they’ll also do the same for you. It’s how Steven Taylor does it and it’s how you should do it if you really want to become the best real estate agent!
While Los Angeles has always been known as a foodie’s paradise, its trendy and classy restaurants weren’t exempt from the impact of the COVID-19 pandemic. There have been incredible challenges that brought the industry to a temporary halt in 2020. Something that people from all over the world aren’t used to, most especially foodies situated in L.A, restaurants had to transition to continue their business through online methods of dining. Fortunately, the gradual adjustment to the post-pandemic has brought in the good news that restaurants can accommodate on-site dining. While some had to fully close down due to the economic downfall, new restaurants have opened this 2021—some of which had been long-awaited as they were set to open last year. This list of restaurants thrives in the diverse community of Los Angeles, featuring American, Brazilian, Asian, Mediterranean, and Parisian cuisines made with California’s freshest ingredients.
Situated in Los Angeles Arts District is this artsy restaurant that combines the culture of Brazil with the touch of L.A. Brazilian chefs and business partners, Rodrigo Oliviera and Victor Vasconcellos, who aim to express the Brazilian culture with flavor, talent, kindness, and art through their cuisine. “Caboco” is a term used to define the multicultural heritage of Brazilians—hence, this restaurant features a menu that highlights the Manioc root that originally originated from the Amazon region of Brazil. Manioc root is also commonly referred to as cassava, yuca, and tapioca. Their Manioc-inspired dishes include flavors extracted from its roots such as tapioca flour, tucupi, farofa, and yuca fries. To emphasize the Amazonian taste further, fruits and wild vegetables sourced from the region are used in their dishes—including the plant Barbados Gooseberry that is termed as ora-pro-nobis, which translates to “pray for us” in Brazil. Along with their strong-flavored food are Brazil’s classic cocktails and international cocktails mixed with cachaça.
A restaurant that captivates dinners and passers-by through the interior and exterior designs from various spectacular artists of L.A to match the vibe of the Arts District. In a nutshell, Caboco brings people on a journey that allows them to get a taste of the multicultural Brazilian lifestyle and cuisine.
Located in the heart of Venice Boardwalk, Winston House is an intimate supper club owned by Corey McGuire and Jake Matthews. A space that they define as a Home for Music will feature live music from various artists such as Ed Sheeran, Este Haim, Hozier, Justin Bieber, Kelly Clarkson, Majid Jordan, and many more. The design of this space is a powerhouse that gives off the classic American and Asian atmosphere. In terms of their menu, similar to its design, they brought in the classic American flavors combined with Chinese and Japanese ingredients—popular yet unique dishes such as Chips & Dip with Yuzu Sour Cream, Shrimp Toast with Maple Chili Glaze, Mighty Duck Tacos with Plum Sauce, and Chicken Nuggets with Sansho Salt, and etc. Of course, it doesn’t end with that, they also produced a lobby bar, Winston express, performance room, and mezzanine lounge to cater to a wide range of audiences.
An intricately designed restaurant and bar with live music, Winston House seeks to create a community space for artists and music lovers.
A newly opened restaurant in Brentwood—the second location following their spot in West Hollywood, is owned by Suzanne Goin and Caroline Styne. As they are both highly experienced chefs and foodies that are passionate about healthy sustainable food, they headline a menu that contains Mediterranean-inspired dishes. To combine their expertise, Caroline includes her finest and indulgent selection of wine while Suzanne brings in her market-driven small plates menu.
With the best tasting and looking dishes in a rustic yet classy restaurant, foodies from Brentwood and other parts of L.A. will surely have a new go-to dining spot to destress with their loved ones.
A Parisian-inspired restaurant established by Chefs Walter and Margarita Manzke emphasizes their cuisine on Paris’s quintessential bistro culture and California’s fresh ingredients. With their numerous experiences from visiting and cooking in France, they create a restaurant that embraces the roots, traditions, and techniques of French cuisine. They bring in their culinary passion along with their trained skills to the L.A. community for an authentic dining experience.
The place offers two dining spaces, Bicyclette Bistro and Bicyclette Restaurant. What’s surprising about this is that Walter Manzke designed the place himself, it features a wood-lined ceiling, wooden furniture, and pistachio-colored walls that exude refreshing energy. Diners will certainly feel as if they are immersed in Paris while having delicious dishes that play with the flavors of Parisian and Californian cuisine.
Los Angeles never runs out of beautiful destinations and exciting adventures that suit the likes of various families. With the crisis that the pandemic brought over the past year, providing children with a safe and healthy environment has been the focus of most families. It is also undeniable that the kids missed the normal way of life where they get to freely interact with their friends, roam around in the city, or have escapades in the heart of nature. With various sites back to business in L.A., coming up with family-friendly activities that bursts with adventure will no longer be a problem.
This list of activities highlights unique yet educational activities that are perfect for kids of today’s generation. A time away from the gadgets and a much-needed immersive experience are all they need to recognize the natural beauty that the Earth freely offers.
Go glamping
When planning a getaway with the family, packing the things alone may be fun but it’s undeniable that it is quite exhausting especially when the kids are too busy daydreaming or asking questions about the trip. Going camping means rearranging all the things again while building the actual tent—another task that can get stressful. Nowadays, families would rather just relax and destress without having to worry about all those ruckuses. This is when glamping comes into the picture; experiencing the great outdoors and connecting with nature on a beautiful tent that has already been set up with luxuries and accommodations similar to a hotel room. Unlike going on a camping trip, glamping means not having to stress about finding the perfect location or packing all the basic necessities.
A popular glamping site in Los Angeles is La Boheme Living. It features an urban safari tent experience in a private residence that is just a few miles away from Dodger Stadium. It is already equipped with everything from air-conditioning, comfy bed, wifi, hairdryers, shower with a heater to barbecue facilities and chimineas that can be used at all times. They also have opportunities for biking, hiking, playing tennis that will surely be well-loved and enjoyed by the kids. What makes this place even better is that they can book a personal masseuse once requested—something that most parents would appreciate at the end of a tiring day. Furthermore, the site also stated that they have free-roaming friendly cats, chickens, raccoons, and opossums that love to hang out on the porch. This unique bohemian glamping site is an experience that families will surely look forward to or even look back on when they want to unwind.
Meet the rescue animals at Kfar Saba Urban Farm
Locally rescued animals such as dogs, goats, chickens, tortoises, donkeys, sheep, alpacas, horses, and birds are being taken care of at Kfar Saba Urban Farm in the Winnetka neighborhood of Los Angeles. They provide a private COVID-19 safe tour where families can learn more about each of the animals. The kids would have the opportunity to interact with various animals as they gain knowledge on how to properly take care of or handle them with love and care. Of course, kids are also known to be curious about animals, hence, this is an educational experience that they would surely love and appreciate.
Explore Los Angeles County Arboretum and Botanic Garden
While Los Angeles County Arboretum and Botanic Garden are located in Arcadia, it’s only less than an hour away from Los Angeles. An earthy destination that is worth traveling to as it features a beautiful 127-acre botanical garden and historical site. The Arboretum Foundation Board and senior staff team established this arboretum with a mission to cultivate natural, horticultural, and historic resources for learning, enjoyment, and inspiration; they also have the vision to serve as a resource for environmental stewardship and education in the sciences and history. The arboretum includes plant collections from all over the world, historical architectural landmarks, wildlife sanctuary, crescent farm, and the Baldwin lake. They also hold activities such as yoga in the garden, sound baths, forest bathing, and other educational exhibitions that would certainly be enjoyed by people of all ages.
Check out SOAR: South Coast Botanic Garden
South Coast Botanic Garden added a new experience that lets people observe the life cycle of butterflies. They have an immersive pavilion that features monarchs and mimics where SOAR guides teach them more about the butterflies. They also make sure that the butterflies are well taken care of by providing them with everything that Western Monarchs love such as the milkweed, which allows them to repopulate the butterflies. In addition, they have a SOAR garden area that contains eggs and caterpillars where people can freely recognize and understand the initial stages of a butterfly. Steven Taylor
Los Angeles, known as the land of opportunities, is a paradise for real estate investors. As it is the second-largest city in the country that takes pride in its warm weather, diverse culture, and dynamic economy, it comes as no surprise that a number of people have included it in their list of best cities to move into. It remains eye-catching for prospective tenants who are searching for practicality in the so-called land of the rich and famous. With all of these in mind, the competition for real estate investments is certainly high—having a strategy that is aligned with the current pandemic situation is the key to making the right investment that can generate a great long-term return.
Like many other sectors that the COVID-19 pandemic has made an impact on, the real estate market in Los Angeles has also encountered various challenges that continue to exist today. Despite the continuous progress and developments in the business conditions for commercial real estate in Los Angeles over the years, it was not exempted from the domino effect of the pandemic. Delays and shortages in terms of project developments in the sales operation, costs estimates, and values and rates of return of existing real estate were those that had the greatest impact.
The recent survey conducted by NAIOP found that 86.6% of developers faced delays or shortages in construction supplies while some types of deal activities have doubled for office and retail properties over the last year. A decline in the leasing for existing development projects has already dropped by more than half while shortages of both construction supplies and workers were more severe than last year. Considering that the country is slowly adjusting to the post-pandemic era, they reported that all of these have remained unchanged since June 2020.
On the other hand, the recent real estate forecast in Los Angeles has shown signs that it is ready to bounce back in the market. Mastroeni (2021) reported that rental vacancies have increased by 2.5% which meant that rental rates are also down—but only by 0.4%. This may come as good news for real estate investors given the awareness that it may likely be a short-term impact. Given the remote working environment, rental vacancies were expected to rise but as L.A continues to be one of the fastest-growing cities, investors know that this will eventually decrease post-pandemic.
The Los Angeles metro area also stated that they are running on 2.2 months worth of housing inventory but it is important to point out that this is higher than the national average of 1.6 months. This simply means that despite the delays and declines in project developments, L.A can still thrive on its existing value chain while catching up on further investments. On top of that, the increase in the number of both single and multi-family housing permits can also reduce the inventory shortage in the future.
As unemployment rates are still high in Los Angeles—9.9% as of February 2021 and higher than the national average of 6.2%, investors should consider how this affects the longer rental vacancies in the area. However, it should still be noted that L.A always has its reopening plan one way or another which means that more jobs will eventually become available. It would be ideal for investors to have a strategy on how they would approach this as of the moment and in the near future.
Investors should also be aware that unemployment is still relatively high in Los Angeles, which could lead to longer vacancies. As of February 2021, the unemployment rate is 9.9%, a figure that is up 5.6% since the same time last year and is significantly higher than the national average of just 6.2%. Still, as LA prepares to enter the next phase of its reopening plan, odds are that many more jobs will become available and the rate should begin to drop.
With that in mind and the fact that L.A real estate market is not the most affordable in the country, investors should concentrate on the fact that there’s still an abundance of investment opportunities for those who can afford the median price of over 700K. It is also worth noting that some neighborhoods in L.A are much cheaper and completion between buyers is lesser. Flipping houses may come to a halt but this should not prevent real estate investors from focusing their investments on rental properties instead. – Steven Taylor
Though residential real estate may not change quite as dramatically as runway fashions, it nonetheless has cycles and can quickly transform based upon sudden market variations. Navigating these unstable conditions takes knowledge, attention to detail, and not a little intrepidity.
Steven Taylor Los Angeles
Numerous factors, from overall economic health to population spatial patterns and demographics to available property characteristics, make for a complex mix that any would-be developers must be willing to handle. The rewards can be significant, both personally and financially. However, failures can be equally dramatic.
Some nonetheless plunge into this uncertain environment, like real estate developers and landlords, working to flip as well as refurbish properties for profit. Not all succeed, but those who do find much wealth in this industry. There is no one road that leads to a successful career as a real estate developer and property owner and landlord. Some industry experience or related knowledge is common, but if property development is your passion, this field is open to those willing to work hard and take chances.
Steven Taylor is one of those who has found great success in this volatile field. A successful and experienced property investor and landlord in the Southern California market, Mr. Taylor has been named as one of the region’s “30 under 30” real estate moguls. He has handled more than $500 million in property transactions and is a Principal at NEME Capitol. He also is the founder of Taylor Equities, a family company that purchases multi-dwelling structures such as apartment buildings.
He knows the real estate industry inside and out and stays current on up-to-the-minute conditions and changes. Such work can be all-consuming, but Mr. Taylor has found a way to keep his real estate work growing even as he concentrates on more personal matters and passions closer to home.
We wanted to learn even more about Steven Taylor Los Angeles real estate specialist, so we were able to ask him a few questions recently. Please see the great responses below:
What was it that inspired you to become a landlord?
The concept of passive income has always been attractive to me. My goal has been and continues to be to create a sufficient passive income on a monthly basis that will support me and my family. Also, one of the benefits of being a Landlord is that you to develop and reposition assets in emerging markets which is always fun.
You have been redeveloping apartments for a long time, how has your business model changed over the years?
Yes, you need to evolve with the market and demands of your residents, but the fundamentals remain the same. Focus on location, appreciation and deprecation.
What do you find to be the most rewarding portions of your career?
Achieving Stabilization. Once a property hits stabilization, meaning that the business plan has worked and the property is performing and its generating positive returns, there is a great sense of accomplishment.
On the other hand, what has been the most challenging project of your career?
The bureaucratic and red tape of the city permitting and approval processes can be very challenging. The inconsistencies between building inspectors and field inspectors can be frustrating and exasperating. I have personally been in several situations where I obtain a permit from the city but then the field inspector wants something entirely different which can put a project on hold until resolved.
In your expert opinion, what do you find works best when it comes to keeping an income property turning a profit?
Managing the revenue side. In my opinion, on the expense side, there are a fairly large number of fixed operational expenses which sort of handle themselves, and the variable expenses can be managed with a good budget and a good team. However, the revenue can be tricky because you constantly need to assess your competition, but if high-occupancy is constantly maintained, the property should turn a profit.
What processes do you have in place that allow you to ensure a redevelopment is running efficiently?
Like most business, real estate ownership and management is all about having the right people in place. We have several systems in place to have real-time intel on property performances, so as weekly and monthly OPEX budgets, weekly and monthly vacancy details, snapshots of expense to income ratios of each property and so on.
I am sure some projects can become stressful quickly, how do you maintain your composure under pressure?
I love what I do. I am constantly thinking about how to improve my business and how to grow my business, but even more so, I believe in work life balance. I think that if you can manage to have balance in your life, then situations that can become stressful quickly can be compartmentalized and handled appropriately.
When you first inspect a property you are interested in, what are your main point of focus?
Typically, location is a top priority in conjunction with some basic metrics like cost per unit and cost per foot. Then I’ll assess the unit conditions and the conditions of the systems of the building so that I can accurate assess the costs associated with modernizing the building.
When it comes to advertising a property, what do you find to be the most effective method?
We use all the traditional advertising channels, such as online media marketing, banners, signs and flyers. Having a well thought out and easy to use leasing website is key.
As the real estate industry changes, what resources allow you to stay up-to-date on trends?
I live and breathe real estate and feel like I have my finger on the pulse, but I read all the local trades on a daily basis as well as national publications like the WSJ.
Millions of people, both women and men, seek a successful equilibrium of their work and home lives. Mr. Taylor seems to have found that balance, one that lets him achieve business goals of creating a steady passive income to support himself and his family as well as meet personal aims of working at something he loves and challenging himself daily. Finding such stable poise is not easy in any industry, but certainly in one as potentially risky as property development and ownership.
No single real estate deal is like any other. Each is unique and brings individual challenges. Even veteran developers must continue to learn and grow if they do not want to get left behind. Professionals such as Mr. Taylor must stay current on every aspect of property acquisition and development, from the cost of modernizing older structures to patterns of urban growth.
Once properties are found, funded, and in hand, developers must focus on planning and acquire all needed permissions, licenses, and permits to move forward with renovation and construction. Entrepreneurs dealing with real estate cannot overlook important details if they want projects to move forward in a timely way. Every day that schedules are not met means money out of the developer’s pocket.
As complicated as this industry sounds, there are particular ways that professionals handle real estate transactions. The bottom line is that successful landlords and property developers such as Mr. Taylor know the industry basics, quickly learn everything they need for each deal, and take care of all aspects to ensure each project is carried out on schedule. Perhaps the most important thing winning real estate developers with flourishing businesses do is carry over the knowledge they gain from each project into successive ventures. They build on top of the firm foundation they already have to create a new, solid enterprise that will last.
Don’t be fooled by stories about those mega-mansions dotting exclusive Los Angeles neighborhoods. If you’re thinking of moving to the city, says Steven Taylor of Los Angeles, be prepared for a dash of reality. Not every home in Los Angeles is massively large with Olympic size swimming pools and yards the size of football fields
In fact, the average home size in Los Angeles metro today is actually smaller than the city’s average home just a few years ago.
Across the U.S., the medium-sized home is 2430 square feet. In Los Angeles, new homes typically come in at around 1800 feet. That’s larger than San Francisco’s 1150 sq. ft. homes, yet lags behind cities like San Diego (2728 to 3581 sq. ft.) and Las Vegas (2430 sq. ft.)
Much of the reason for LA’s smaller square footage, says Steven Taylor Los Angeles, is the densification of LA’s central area. People want to be close to the action, and the central area packs them into increasingly smaller lots and residences. For decades, new residents poured into the city from everywhere. But the growth began to slow down over the past few years. From 2018 to 2019, for example, there was actually a 0.08% decline in population.
Between July 2019 and July 2020, Los Angeles county lost 40,036 residents, the steepest loss of any other California county.
Nonetheless, says Taylor, the city has not lost its luster. Diehard Los Angeles residents still love their professional sports (Lakers and Dodgers), the diverse culture, the unmatched cuisine at the city’s many restaurants. Not least, of course, is what many regard as the best weather in the U.S. When you’re up to your ears in the snow, blizzards, hurricanes and tornados so common in other parts of the nation, LA’s moderate, balmy temperatures begin to look irresistible.
As the nation recovers from COVID, LA’s famous restaurants, night life and world-renowned attractions are springing back into life.
Add to that the lure of Hollywood and the huge film and entertainment industry, and you see why—despite recent losses over taxes and government regulations–the city is the first choice for so many of its residents.
If you want a home in what is still one of the most desirable cities in the U.S., top Los Angeles real estate pros, like Steve Taylor will tell you tha LA is the place to go!
