CITY'S GAS SHUT-OFF VALVE RULES STILL HAZY; STATE TAKING SLOW APPROACH.Byline: GREGORY J. WILCOX The transition to a new Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. city ordinance regarding the time frame for the installation of earthquake safety valves has been confusing at best. It could be cleared up this week, though, because the City Council is supposed to approve the final wording of the measure, said a spokeswoman at the Southland Regional Association of Realtors. The new rule stipulates that the valve must be installed before escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. closes, which means it's the seller's responsibility. Who pays, though, is open to negotiation. And the valve issue is also getting attention at the state level. The state's Seismic Safety Committee is evaluating the value of the various types of valves on the market and eventually could make a recommendation whether their use should be mandates throughout California. State Sen. Richard Alarcon, D-Van Nuys, is a member of that committee and dealt with the valve issue while on the Los Angeles City Council  The Los Angeles City Council is the governing body of the City of Los Angeles, California, United States. .
It's a complicated issue, he said. That's why the state has been taking a cautious approach - the valve issue has been on the state's table for nearly four years. ``We have to take the imposition of statewide regulations very cautiously. The fact is earthquakes impact communities throughout California differently,'' he said. He also offers some insight into why valves were required only when a property changes hands and not on all properties in the city. Groups representing real estate agents lobbied for the latter. ``If we had tried to impose a citywide total requirement it never would have passed,'' Alarcon said. Broker Buzz: --If what happened last month in the neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. Conejo Valley The Conejo Valley is a region spanning both Southeastern Ventura County and Northwest Los Angeles County in Southern California, United States. It was discovered in 1542 by Spanish explorer Juan Rodriguez Cabrillo, and eventually became part of the Rancho El Conejo land grant by is any indication, the San Fernando San Fernando, city, Argentina San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. Valley's residential real estate market may get off to a good start. Sales of previously owned homes in the regions, which includes Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. , Newbury Park and parts of Westlake Village, soared 33 percent last month from a year ago. The median price in that market during January was $398,530, up from $377,170 in the year-ago period. Meanwhile, condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. sales fell to 54 units from 74 units. Residential sales last month in the Conejo Valley totaled $115.8 million, up from $71.6 million a year ago. This market also saw an uptick, albeit slight, in the number of properties listed for sale. Listings increased to 471 units in January from 417 for that month in 2001. An increase in listings would be welcome news in the broader San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. market. The lament of Realtors here is that they would be selling more homes if only they had more homes to sell. The Valley figures are scheduled to be released on Monday. --The Valencia area still has some hot property. Newport Beach-based Hopkins Real Estate Group has paid $4.2 million for 7.9 acres of land in Valencia and plans to build a shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . The facility, at the northeast corner of Copper Hill Drive and Newhall Ranch Road, will be called Highridge Crossing. The project should break ground next fall and be finished by the spring of 2003. It's already 50 percent preleased. Ray Bayat, Mitch Bayat, Bert Abel and John Cserkuti of Grubb & Ellis North Los Angeles office represented the seller, The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. . --Calabasas-based ARCS Commercial Mortgage Co. L.P. has closed a $12.2 million loan for a the 294-unit The Boulevard Apartments in Phoenix. The company has 16 branches across the nation and services a portfolio of $8.5 billion representing more than 1,500 borrowers. ARCS also recently closed on a $10.64 million mortgage loan for a 320-unit complex in Marietta, Ga. |
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