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BUSINESS
February 11, 2011 | David Lazarus
There's an e-mail going around warning that anyone who sells their home after 2012 "will pay a 3.8% sales tax on it" to help fund President Obama's healthcare reform law. "Oh, you weren't aware this was in the Obamacare bill?" says the e-mail, which is being forwarded by many people but the origins of which remain a mystery. "Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either. " The e-mail was called to my attention by Chino resident Ken Burton, who wanted to know whether it was legit.
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CALIFORNIA | LOCAL
February 10, 2011 | George Skelton, Capitol Journal
It was a big, early test for Gov. Jerry Brown. And he passed with an "A. " He opted for prudence rather than expedience. Brown essentially walked out of escrow Wednesday on arguably the worst real estate deal the state of California had ever conjured up. It was a transaction authorized by a wimpy Legislature ? trying to avoid deeper spending cuts and higher taxes ? and negotiated by the Schwarzenegger administration. Former Gov. Arnold Schwarzenegger ? a play now, pay later type of guy ?
BUSINESS
February 3, 2011 | By Roger Vincent, Los Angeles Times
Two Playa Vista office buildings have changed hands, marking one of the largest commercial property sales in Los Angeles County in recent years. The buildings, rented mostly by Fox Interactive Media, were purchased by a J.P. Morgan-managed investment fund from developer Lincoln Property Co. and its partner ASB Capital Management. The price wasn't disclosed but real estate experts familiar with property values in Playa Vista said the buyers paid nearly $300 million. Lincoln started work in 2007 on a campus called Horizon at Playa Vista intended to appeal to young information-industry workers.
BUSINESS
October 27, 2010 | By Roger Vincent, Los Angeles Times
CB Richard Ellis Group, the world's largest commercial real estate brokerage, on Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad. Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a 360% increase in profit to $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
BUSINESS
July 28, 2010 | By Roger Vincent, Los Angeles Times
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, reported a return to the black in the second quarter as revenue rose in nearly all its business lines around the world. Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009. The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.
CALIFORNIA | LOCAL
April 11, 2010 | By Kim Christensen
With just four days left to raise enough money to preserve a 138-acre patch of land next to the Hollywood sign, Serena Irani was happy do her part. "I'm going to sell these to save the peak," the 10-year-old said Saturday, showing off a tray of cupcakes she had helped her mom bake the night before. If only she could have charged $200,000 apiece for them. Facing a $2.8-million gap in the $12.5 million needed to buy Cahuenga Peak from a group of Chicago investors, neighborhood associations and the Trust for Public Land rallied for the final push with live music and a bake sale at Lake Hollywood Park, beneath the landmark sign.
CALIFORNIA | LOCAL
March 18, 2010 | By Tony Barboza
The state has rejected all seven bids for the Orange County Fairgrounds in its first attempt to sell off state property and landmarks to help reduce California's budget shortfall. Bids for the 150-acre Costa Mesa site came in far below expectations. In a letter to Gov. Arnold Schwarzenegger on Wednesday, state Department of General Services Acting Director Ronald Diedrich said it would "not be in the best interest of the citizens of California" to accept the bids. However, state officials vowed to continue looking for a buyer.
CALIFORNIA | LOCAL
February 11, 2010 | By Maeve Reston
With Los Angeles facing a $212-million shortfall, City Controller Wendy Greuel called on City Council members Wednesday to give up their district's share of funds collected from the sale of city properties to help rebuild budget reserves. In an audit, Greuel found that over the last 12 years, property sales and franchise fees from the miles of pipelines under city streets have generated almost $25 million that has been diverted into real property accounts controlled by council offices.
CALIFORNIA | LOCAL
January 30, 2010 | By Margot Roosevelt
The Crystal Cathedral, the Garden Grove megachurch, is laying off 50 workers, selling surplus property and may pull its "Hour of Power" television show in up to eight markets because of a precipitous drop in contributions. The 7,000-member church also has canceled its "Glory of Easter" pageant, a popular reenactment of the life and death of Jesus Christ, which sold tens of thousands of tickets each year. "This cuts to the heart of our ministry," said spokesman John Charles. "It is sad news."
BUSINESS
January 19, 2010 | By Cyndia Zwahlen
Scroll the more than 7,000 small businesses for sale on a statewide website and Frenchy's Bistro & Wine Bar pops up alongside the flower shops, manufacturers and other companies that are listed like so many used cars. Like everything else in this down market, they're going cheap. Frenchy's owner and chef Andre Angles, who opened his Long Beach restaurant 14 years ago, is asking $250,000 -- less than he'd prefer -- and may end up financing part of the sale just to get a deal done. The story is similar statewide.
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