Silver Lake Area Real Estate News And Information: April 2010

 Credit Management 101: Facts, myths and how to get around them

Are you scared of your own credit report? While the exact ways with which credit scores are calculated are company secrets, there are things you can do to improve your score. Read on and find out!

Our credit scores determine if we can get something as big as a mortgage for a home to something as small as a new computer. While we have no way to find out the exact formulas used by particular banks or lending companies to compute our scores,  there are some standard  facts and myths about what will affect our credit scores.

Myths about your credit report. Relax, a credit report is not some Big Brother accounting of your life. Anything not related to credit is not in the report. This includes your savings account, personal information such as race, religion or your medical history, and information on other people you're associated with, provided you don't have any joint financial products. Employers or potential employers have no access to your report without your written consent. Other things not on your report are whether you've checked your file and if you've had declined applications (only the number of credit inquiries you've had).

What they look at. Here is an approximation of how your score is determined. Payment history accounts for 35% of your score. The lender will want to see if you have a stable record of paying your bills punctually. Also included is how much debt you have at the time of inquiry (30%). 15% of your score goes towards how long you've had established credit; the longer you've had it, the better. 10% is based on new credit. Opening new credit within six months of the credit inquiry is bad for your score. Hard inquiries or inquiries made by lenders also pull down your score. On the other hand, soft inquiries, which include you checking your own report, have no effect. It will also improve your score if the lenders see that you have and have had experience with several different types of credit (10% of score).

What helps and what hurts. Improve your credit score by regularly reviewing and correcting errors on your credit report. You're entitled to and should avail of one free annual report from each of the credit reporting agencies annually (Equifax, Experian and TransUnion) so you can better monitor your credit score.

Keep your oldest credit accounts even if you're not using them. However, remember that more than four or six credit cards can hurt your score. Additionally, always keep the balance of your cards to 25% or less of the limit and pay your bills on time! If you can't pay in full, you should at least pay the minimum.

Regulate the ratio of your debt in relation to your annual income to less than 20%. Any more than this and lenders may not give you the best rates on loans.

Keep hard inquiries to a minimum. Generally, the more hard inquiries you have, the lower your score because lenders may mistake this for you being financially strapped. This flags you as a high credit risk. However, when shopping for a loan, multiple inquiries which occur within 14 will count as a single inquiry so do your  loan shopping within a 2-week period so as not to adversely affect your score.

If you are ready to buy property, don't make any other major purchases or pay off credit cards unless recommended by your lender. Sometimes something that seems like a good idea may actually do you more harm than good.

For more information on your credit score or  The Oaks, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Credit Management 101: Facts, myths and how to get around them

Beachwood Canyon's Hollywoodland - historic neighborhood in the Hollywood Hills

Beachwood Canyon is a neighborhood of hilly, narrow streets that wind their way through the Hollywood Hills. It is found East of the 101 freeway and with the base at Franklin Avenue. The gate to the Village of Beachwood Canyon, home of the Beachwood Market, The Village Café and a small gift shop - Missouri Trader ,is located about a mile North of Franklin on Beachwood Drive. The market is notable for its glass front, designed by architect, John Lautner.

Beachwood Canyon is full of homes built in the 20's -40's but also has a smattering of newer construction, particularly the condos lining Beachwood Canyon Blvd. south of the gates. Having lived in the area, I can attest to what a great place it is to walk. The winding streets bring vistas around many corners and the lovely trees provide shade on a warm sunny day. Regardless of the number of homes in the area, it still provides the sense of being out in nature. There is even a riding stable at 3400 N Beachwood should residents or visitors care to discover the area on horseback.

If you are familiar with the area, you're also familiar with all of the signs posted saying "No Access to the Hollywood Sign".  I'm surprised that tourists aren't hit by cars when the walk out into the middle of Beachwood Dr. to snap a photo of the famous sign. Interestingly, that sign was originally erected in upper Beachwood Canyon by Los Angeles Times publisher Harry Chandler and read  "HOLLYWOODLAND" . It was actually a $21,000 billboard advertising the  500 acre upscale real estate development by the same name.

Development  of Hollywoodland began in 1923 with the syndicate owned by Harry Chandler, developer Sidney H. Woodruff  and the founder of West Hollywood, General M. H. Sherman. The L.A. Times announced this new developments as one of the most attractive residential sections of the City of Los Angeles", envisioning it as a Mediterranean Riviera in the Hollywood Hills between Lake Hollywood and Griffith Park. Architectural drawings inspired by regions of France, Italy and Spain were used to  draw east Coasters to the hillside lots where their homes would be complete in time to avoid the next harsh winter.

When originally built, the Hollywoodland sign had  was comprised of individual letters 30 feet wide and 50 feet tall and constructed out of 3x9' metal squares rigged together with scaffolding.  There was a 35' diameter dot below the sign with a perimeter of 20-watt lights to attract attention. The sign itself featured an addition 4,000 bulbs spaced 8 inches apart which blinked out "Holly", "wood", "land".  As you can see from the old photo- it would have been hard to miss this landmark sign during the day but the lights would certainly have had a dramatic effect at night. Originally intended to be taken down after just 1.5 years, the sign has endured 80+ years in various states and become a true landmark for Hollywood and a symbol of all that it has to offer.

Living in Hollywoodland defined living in the Hollywood Hills. As showy as the sign was, the developers managed to lay out homes in such a way as to create a small town charm. Hollywood Celebrities were drawn to the area then as they are now for the beauty, seclusion, views and great location. The proximity to the major studios is hard to beat. Many Hollywoodland homes have a fantasy feel to them. You'll find castles, Tudors and ivy-covered cottages right alongside Spanish and mid-century gems. Homes in the higher elevations have views over the canyon and city all the way to the ocean.   Like many areas of Los Feliz and the Hollywood Hills, Beachwood Canyon and Hollywoodland are well-loved and have loyal homeowners keeping their famous neighborhood worthy of its place in history and the well known sign in its hills. 

For more information on Hollywoodland, Beachwood Canyon,  Los Feliz, Silver Lake and surrounding areas, contact me directly at 213-215-4758  or check out my website at LApropertySolutions.com 

Or read about these other local neighorhoods:

• Moreno Highlands- Silver Lake's Prime Neighborhood
• Laughlin Park- an exclusive, gated community in Los Feliz
• The Oaks- Tree studded enclave in the hills of Los Feliz
• Elysian Heights- a neighborhood in the hills of Echo Park
• Los Angeles' Angelino Heights neighborhood- a step back in time
• Franklin Hills, an enchanting mix of 1920s' to mid-century homes.

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Beachwood Canyon's Hollywoodland- Historic Neighborhood in the Hollywood Hills

Moreno Highlands- Silver Lake's Prime Neighborhood

Moreno Highlands is the residential section of Silver Lake on the west ridge of the hill overlooking the reservoir. The area was developed in the 1920's and 1930's, originally planned by silent film star Antonio Moreno and his oil heiress wife, Daisy Canfield to recreate the feel of a tile-roofed Mediterranean Village. The  Canfield-Moreno Mediterranean-style Villa set the tone for the neighborhood. Known as "The Paramour" this  22,000-square-foot, 22-room estate with pool and separate guest houses was built in 1923 and was the weekend party house for the high society and stars of the silent film industry. The estate is now a Los Angeles Historic Cultural Monument and used mainly as a filming location. 

The Moreno Highlands has curving terraced streets providing panoramic views of the reservoir, downtown and out to the ocean depending on what side of the street a home is located. Some of the homes at the highest points afford views in every direction.  The neighborhood was built with all utilities underground so there are no overhead wires to obstruct the fabulous views. There are no sidewalks on the streets but that doesn't prevent residents from walking through the neighborhood enjoying the vistas.

Though the original design of the area was to be Mediterranean, there is a huge variation in the architectural style of homes in the Moreno Highlands.  The hill is dotted with some of the finest examples of mid-century work by renowned architects including John Lautner, Gregory Ain and R. M. Schindler.

Residents of the community take pride in their homes and many have been maintained or restored to pristine condition. It is difficult to find a "fixer", though occasionally one will come on the market and be snapped up in a hurry. Homes in the Moreno Highlands come at a premium so if this is your preferred location in Silver Lake, be prepared to pay accordingly. 

There are currently only 2 homes for sale in The Moreno Highlands, one at 2423 Lanterman Terrace listed for $1,650,000 and the other at 2415 W Silver Lake Drrive listed for $1,099,000.  To see either of these properties or for more information on Silver Lake, Echo Park, Los Feliz,  and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Moreno Highlands- Silver Lake's Prime Neighborhood 

Laughlin Park- an exclusive, gated community in Los Feliz

Laughlin Park is an exclusive, gated community in Los Feliz that was rated by Los Angeles Magazine as one of the "top five" neighborhoods of Los Angeles.  Established in 1905, the enclave is secure behind five gates between Los Feliz Blvd and Franklin Avenue on the Western edge of Los Feliz. Laughlin Park was once home to many of Hollywood's rich and famous including W.C. Fields, Charlie Chaplain and Cecil B. DeMille. DeillMe's villa was built by developer Homer Laughlin who's intention was to build a neighborhood of 40 villas.  Subsequent lot divisions have brought that number to 60 homes. DeMille's villa was built on the largest, highest lot in Laughlin Park providing majestic panoramic views. Today many well-known celebrities and filmmakers are still drawn to the neighborhood with its quiet seclusion and peaceful tree shaded streets.

The Laughlin Park enclave includes the largest and most expensive homes in the Los Feliz area. The grand estates run the gamut in architectural styles from English, Mediterranean and Craftsman to Traditional and Modernist, many with remarkable city and ocean views. The area saw its share of works a number of renowned architects. Lloyd Wright figured prominently in the design of more than five Laughlin Park homes.

The Laughlin Park community remains well-cared for largely due to the effort of its voluntary homeowners association which maintains the gates and the private streets. This close knit neighborhood, like The Los Feliz Oaks, has loyal residence and shows great pride in ownership.

There are currently no homes for sale in Laughlin Park. The last sale in this exclusive neighborhood was the Antonio Moreno estate at 5180 Linwood Dr. This 8000sf home on 1/2 acre sold in October of last year for $3,475,000. For more information on laughlin Park, The Oaks, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Laughlin Park- an exclusive, gated community in Los Feliz

The Oaks- Tree studded enclave in the hills of Los Feliz

The oaks is a neighborhood of hillside homes between Beachwood Canyon and Griffith Park bounded by  Fern Dell Drive on the east and Foothill Drive to the south. The area got its name due to the majority of the neighborhood street names have the word "Oak" in them such as "Spreading Oak", "Live Oak", "Red Oak".  This neighborhood has a feeling of privacy and seclusion with its winding, hilly, tree lined streets. Many homes have canyon and city views all the way to the ocean.

The Oaks offers a mix of architectural styles with a large number of mid-century and traditional style homes built in the 1960's as well as 20's and 30's Mediterraneans with lots of square footage, big yards and views for miles. If you don't know your way around it can be easy to get lost in the winding streets, some of which end right in Griffith Park.

The Oaks is a draw to many in the Entertainment industry. In its heyday, it was home to stars like Cary Grant and Randolph Scott. The area still attracts Hollywood celebrities both in front and behind the camera. Brad Pit and Angelina Jolie have been buying homes on their street in the Oaks for their own personal compound and now own close to 1.5 acres.  But this exclusive neighborhood is not only for the rich and famous. The Oaks has a very active homeowners association and the neighborhood pride of ownership and loyalty is something not seen in many other areas of Los Angeles. It seems once someone moves to the Oaks they are unlikely to leave the neighborhood, simply moving to another home within its borders.

There are currently only 2 homes for sale in The Oaks, one at 5417 RED OAK DR  listed for $1,240,000 and the other at 5740 HILL OAK DR  listed for $2,175,000.  To see either of these properties of for more information on Los Feliz, the Hollywood Hills  and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * The Oaks- Tree studded enclave in the hills of Los Feliz