Developers may be wringing their hands over sky-high land prices. Shoppers may be sweating over home prices. But there’s at least one place where the state of the real estate market comes as good news the Los Angeles County Assessor’s office. The just released 2006 assessment roll showed an 11 percent increase in assessed value, with home sales making up the largest portion of that increase. The average increase in assessed value of single family homes and condominiums reassessed during the past year was a whopping $332,000 for a total of $65 billion added to the county’s assessment roll. Under Proposition 13, home values are reassessed when the property changes hands, such as through a sale. Among the cities with the highest percent change in assessed values were three locations in the greater San Fernando Valley area. Lancaster, which the report cited as the fastest growing city in L.A. County, saw values soar by 29.2 percent. “Accelerated residential new construction and strong growth in the commercial and industrial sectors continue to accommodate the rising population, which in turn helps escalate selling prices of both vacant land and improved properties,” the report noted. “Higher selling prices also resulted from an increase in apartment rents.” Second to Lancaster was its sister city Palmdale which registered a 21.1 percent increase in assessed value. Calabasas ranked No. 9 among the 10 Los Angeles cities with the greatest percentage change in values. Growth in Calabasas, which saw values rise by 13.4 percent, was aided by luxury home development, the addition of two new auto dealerships and new office development, according to the report. Builders Wanted Think you’ve got star quality? HGTV is looking for the next builder/developer team to design and construct the channel’s dream home grand prize giveaway for 2008. HGTV, which broadcasts such shows as “Cash in the Attic” and “World’s Most Extreme Homes”, has been running the promotion for the past 10 years, and past homes awarded to winners have been in Nehalem, Ore., Jackson Hole and Rosemary Beach, Fla., among others. According to the Web site, the chosen team will be required to provide the land site and should be willing to fully absorb or substantially subsidize the cost of the home construction. Willingness to work with the HGTV Dream Home Design Team to create plans and specifications is also necessary. Applications must be submitted no later than Sept. 1. RFPs, and additional information can be found at www.HGTVPro.com. Canoga Park Sale A 72,000-square-foot office and industrial park in Canoga Park has sold for $14.6 million. The Warner Business Park East, at 21120 Vanowen St., consists of 25 units. It was acquired by private investors who operate under an LLC they’ve dubbed Kids from the Valley. They have recently bought a number of properties in the area. Ron Feder, a broker with Lee & Associates LA North/Ventura, represented the buyers. The seller, another private investor, was represented by Lee’s Chris Dorland. Simi Valley Sale A 60,000-square-foot industrial building in Simi Valley was sold for $5.7 million. The multi-tenant property, at 685 E. Cochran St., is located on a 3-acre parcel. O’Neal Azonic, the buyer, was represented by Joe Jusko, a principal at Lee & Associates-L.A. North/Ventura. Newbury Park Deal A 51,000-square-foot industrial building in Newbury Park sold for $5.4 million. The building, at 770 Lawrence Drive, was acquired by the owners of Helmet House, a distributor and manufacturer of motorcycle helmets and riding gear headquartered in Calabasas Hills. Bob Flink and Bob Shafer, brokers at Lee & Associates-LA North/Ventura, represented the buyer, B-M Properties. Jim McDonald, with Group100, represented the seller, Newbury Park Associates. Single Family Action California Home Builders in Canoga Park has just completed construction on 28 homes in West Hills. The Canoga Park company built the development, The Village at Woodlake, at Woodlake and Saticoy avenues. The single family homes are priced around $1 million. California Home Builders has sold 20 of the 28 homes. The company has also just completed and sold 27 detached homes on Vanowen Street in Van Nuys. The homes sold in the range of $500,000 to $600,000. California Home Builders is also in the process of building 135 units in Sylmar, including 39 senior housing units and six low-income unit apartments for rent. Too Many Cars? Douglas Emmett is seeking approvals from the city to allow storage of up to 500 vehicles from two local auto dealerships at its Warner Center parking structures. According to a public hearing notice on the request, the landlord would like to use space at its parking structures at 21530-21850 Oxnard St.; 5921-5955 Owensmouth Ave., and 21525-21825 W. Califa St. A public hearing on the request was held on July 7.
