Southern California - Historic homes in Irvine are hard to come by. In the whole entirety of Orange County, there are less than a handful of tracts protected. Even the Eichler tracts in Orange are free to modification with the owners’ discretion.

One such home in Irvine is up for sale. Within a small gated neighborhood in Portola Springs is Lambert Ranch. The Lambert Family has owned the property at 55 Parsons Brown since 1925. It is best described as a one level craftsman home with a detached garage. Situated on 1.6 beautiful acres, it has 1,840 sqft of living space. The home has been the subject of much talk recently due to its uniqueness in the Orange area. On a clear day, you can even see Newport Beach.

However in Los Angeles, homes in the Historic Preservation Overlay Zones can affect ownership, taxes, and decisions made regarding your home. LA’s HPOZs first began in 1983 in the Angelino Heights district. After 30 years, there are over 30 of them.

According to the LA Office of Historic Preservation, home prices rise faster in these zones. Homes can also qualify for property tax reductions, decreasing the costs of home maintenance. But is your home a “contributing” or “non-contributing” member of the HPOZ? The two are subject to the same limitations but contributing members enjoy more benefits from the government.

There is a HPOZ board for each zone of 5-7 members. Minor repairs on contributing houses take about one month to approve. However there are alterations, such as changing the exterior paint swatch or window trim, it requires a formal process of approximately 3 months.

Thankfully the city provides resources and even FAQs to assist home owners’ maintenance. However, they will cite you and ask homeowners to restore property to original condition if any work is suspected to be done without permission.

You thought Irvine’s HOAs were strict…

Los Angeles, California - Still fresh off the $45million remodel of Echo Park Lake, this area has seen a tremendous rise in real estate interest. Though the lake has been part of Los Angeles history for over 150 years, residents of this generation are only beginning to realize its beauty after its renovation. Just like any other community that has seen some new changes, residents are moving out as well as in.

From September 2015 to December 2015, median home prices in Echo Park jumped $77,100 to $813,000 according to Jeffrey M at Redfin. That’s over 10% within one quarter. The change has been astronomical. Any passer by can see the gentrification too. Food stands are being displaced with coffee shops sporting reclaimed wall accents and subway tiles with contrasting grout.

Oddly enough, historically high priced areas such as Brentwood and Holmby Hills have seen 17.9% and 33% decreases, respectively, in median home price since the year before. Meanwhile, Eagle Rock, Mt. Washington, Glassell Park are selling like hotcakes.

You want to get in? Better do it quick. Torcora had its crosshairs on an property just up the street from the park in Q1 of 2015. However, we were unable to acquire this home in Q1 of 2015. Within 1 year, the estimated value has jumped over $150,000.

After decades of investment in Orange County and San Diego, we are happy to announce our acquisition of two properties in Silverlake. Chairwoman TJ and Property Management Director Christine G led the search.

"Investing in Los Angeles is so different than our properties in Irvine. There is definitely progress but evaluating future outlook in gentrifying areas look so much different than a planned community,” remarked TJ.

63 homes are planned on 2753 Waverly Dr. in the Silverlake neighborhood of Los Angeles. This plot of land overlooks Glendale, Mt. Washington and the LA River. Homes from phase 1 just completed construction and include 2-4 bedroom condominums up to 1,900 sqft.

“It’s difficult to manage risk in new ventures because that’s what they are, new opportunities. We took a look at the neighboring Echo Park, Downtown LA’s Barker lofts, single family residences near Hollywood area. This part of the city of Los Angeles is accessible to multiple suburban shopping centers within 15 minutes, even during rush hour. It is also a stone’s throw for residents commuting to downtown Hollywood, or Burbank.”

Our all in acquisition cost was approximately $1.3m for 2 units. HOA costs will be approximate $260 per month. We estimate gross rental revenue to be close to $5,600 per month.