[Image J. Emilio Flores for The New York Times]
Let's start with the fun fluff, then move into the more worrisome news - because its Monday and we care. Sorta. The NY Times takes another trip to LA, and does 36 hours in Hollywood,. Remarkably, the paper actually does a decent job of avoiding sites for celebrity hummers, opting instead for more low key spots like Square One and Cinespia at the Hollywood Forever Cemetary.
· 36 Hours: Hollywood [The New York Times]
Eli Broad and friends take another trip to New York to pitch investors there on LA's downtown development. And they brought data, lots and lots of data to dazzle Wall Street with: "a recent study...showed nearly 7,000 residential units and 32 commercial structures and public facilities have been rehabilitated or built new since 1999, with 100 projects now under construction or in the permitting or planning stages. The study found that more than $12 billion will be invested in construction in those projects." How many people actually live in downtown these days? The latest population data shows 30,000 (just nipping at the heels of Beverly Hills these days).
· Los Angeles Pitches to NY Investors Again [GlobeSt.com]
And let's end this on a totally down note. The Central Valley Business Times predicts skyrocketing real estate defaults in the West. Why such dire predictions? "As of June 22, Los Angeles County was reporting over 14,000 notices of default and more than 700 properties have actually gone to foreclosure." Yikes. The spike in defaults is attributed to the proliferation of "financial time bombs" such as high-risk mortgages and rising interest rates.
· Defaults may skyrocket in West [Central Valley Business Times]