Top California Homebuilder Leads Movement Toward Design-Centric Living with 70 New Homes on a Former Vacant Lot and Site of L.A.’s First Movie Studio
LOS ANGELES – September 29, 2014 – Trumark Homes, a new-generation homebuilder, is now selling homes at SL70, a new neighborhood of 70 three-story single-family homes on a previously vacant corner bordering the Silver Lake and Echo Park neighborhoods. Located on Glendale Boulevard just south of the 2 Freeway, SL70 brings design-centric housing to an up-and-coming neighborhood starved for contemporary living spaces.
“This project represents everything Trumark stands for as a new-generation builder,” said Michael Maples, principal and CEO of Trumark Homes. “The lack of new inventory, the limited development sites and the over-abundance of fixer-uppers will make these new homes in this fantastic community very attractive. Not only is the property in one of LA’s most desirable and creative neighborhoods, but it is close to employment hubs and other popular areas.”
SL70 is within a convenient commute to downtown Los Angeles and Hollywood and close to schools, public transportation, shopping and recreation. Griffith Park and Dodgers Stadium are nearby, and Silver Lake Reservoir is within walking distance. A thriving neighborhood subculture includes vintage and locally designed clothing stores, food trucks and kitschy establishments such as Cha Cha Lounge, and other great restaurants and bars. The area is prime for continued rehabilitation and growth in both residential housing and a resurgence of retail, restaurants and entertainment.
Designed to appeal to professionals who already make up a large portion of homeowners and residents in the Silver Lake/Los Feliz/Echo Park neighborhoods, SL70 reflects the neighborhood’s culture while creating a vibrant community. During the development phase, Trumark met with and filmed local neighbors and businesses, which are featured on the SL70 website.
“The unique urban design of these homes fits seamlessly with our buyers’ busy lifestyles with low-maintenance living that takes full advantage of entertaining space overlooking the downtown skyline and surrounding hillside views,” said Mark Higgins, senior vice president for Trumark Homes.
In developing the property, Trumark teamed up with long-term equity partner The Resmark Companies to bring to life the City of Los Angeles’ Small Lot Ordinance, established in 2005 to encourage infill development and a smart-growth alternative to traditional suburban-style single-family subdivisions. The ordinance allows for subdivision of underutilized land in multifamily and commercial areas into fee-simple homes with smaller lot areas, compact building footprints and reduced yard setbacks. This allowed Trumark to keep SL70 homes affordable, with prices starting in the low $600,000s.
JZMK Partners designed the contemporary homes, which range in size from 1,219 to 1,469 square-feet and have two or three bedrooms, two and a half baths, large rooftop terraces (on most floorplans), open living rooms with 10-foot ceilings, contemporary staircases, and oversized windows. Gourmet kitchens feature premium appliances, quartz countertops and contemporary European cabinetry, and bathrooms have cultured marble countertops and chrome finish faucets. All homes are pre-wired with Category 5 wiring. The well-insulated homes have energy-saving tankless water heaters and aluminum-framed windows with low-E glass and are pre-wired for future solar installations. Two-car garages include conduits for electric vehicle charging.
Unique undulation in building facades and bright pops of color make the exteriors stand out, and Trumark’s design team furnished model interiors with out-of-the-box furnishings including vintage and original pieces from local artists and consignment stores.
SL70 is located on the site of the former Selig Polyscope Studio, which opened in 1909 as Los Angeles’ first permanent movie-making facility and was eventually surrounded by a string of other silent-film studios on Glendale Boulevard. Trumark is honoring Selig Polyscope with a mural created by internationally acclaimed muralists Cyrcle highlighting some of the films and stars from the studio and establishing streets with names such as Silent Era Drive, Polyscope Place and Tom Mix Road.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 70 single-family homes will generate an estimated $14.7 million in local income, $1.5 million in taxes and other revenue for local governments, and 227 local jobs.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $340 million of equity and funded 24 deals since the depth of the recession in 2009.www.trumark-co.com/companies
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 4,400 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue.www.trumarkhomes.com
Trumark Urban develops condos in core urban neighborhoods close to jobs, transit and local businesses. Founded in San Francisco in 2011, the new division has expanded into Los Angeles and now has 10 high-density condominium communities in process with plans in the works for more than 1,200 units for a total projected revenue in excess of $750 million.www.trumarkurban.com
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.www.trumarkco.com/commercial
About The Resmark Companies
Founded in 1995, Resmark is a leading national private equity firm focused on real estate and powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies’ divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Impact Ventures—finance, acquire, develop and manage real estate in the Western United States, including California, Washington and Arizona, as well as in other select major metropolitan markets nationwide. To date, Resmark has participated in over 170 projects encompassing more than 27,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and Chevy Chase, Maryland. For additional information, please visit www.Resmark.com
Jitters about a possible interest rate hike and the escalation of rental costs have a lot of California renters wondering, “Should I buy a home right now?” It’s not an unrealistic concern since interest rates are expected to rise from their still historic low levels. How much home you can afford at rates below 5 percent is significantly different than how much home you can afford even if rates rise just a few percentage points. According to a recent article by The Economist, a lot of people are confused about whether they should scramble onto the housing ladder. According to experts there are several reasons why it may be smart to buy now, especially if you are eyeing new construction homes in Southern or Northern California wher e rent is so high.
Clearing up of foreclosures
Experts say between 2008 and 2011, more than one third of home sales were made up of distressed homes. Some of the downsides of short sales and foreclosures include mystery maintenance problems, mildew and surprise financial problems such as liens on the properties. Buying a new construction home is one way to get on the property ladder without worrying about falling off into a money pit.
Rising cost of rent
If you just had your rent go up, you may also be asking yourself, “Should I buy a home right now?” According to a recent report by KPCC, the rental market in Southern California is extremely unaffordable. In fact, the inflation-adjusted median rent went up 25 percent between 2000 and 2012 in Los Angeles County. The downside to renting is that you aren’t building any equity for the future. Vacancy rates are low, which motivates property management companies or individual landlords to push up rents to record levels. Even if you buy a home and later decide to move, you will have an incredible income opportunity by renting out your property.
Although the market trends definitely favor buying instead of renting, the decision is highly personal. If you value a sustainable lifestyle and living in urban areas within walking distance to where you want to be, consider new construction homes in Milpitas, San Jose and Silver Lake California. Trumark Homes is known for its spectacular urban infill projects that cater to progressive people with green attitudes. For more information about buying a new construction home now, please contact us.
As a member of Generation Y born between 1980 and 1995, you may be buying a home at an older age compared to your older siblings or parents. After roughing it through the Great Recession, many Gen-Y or Millennials living in California rightfully feel they deserve to have a special first home buying experience. According to a recent report by the National Association of Realtors, Gen Y is a real estate force to be reckoned with, representing 31 percent of home buyers and 12 percent of home sellers. Gen Y or Millennials make up the largest share of first-time buyers at 76 percent. When considering tips for first time home buyers, you may be surprised to hear not everyone thinks Gen Y needs to buy a tiny resale starter home. New construction homes in Southern or Northern California are appealing choices for Millennials.
Buying new is one of the best tips for first time home buyers in the Millennial generation because it allows you to focus on building a career rather than repairing, fixing and renovating a money pit. Although some professionals earn a lot of money flipping homes, the average person rather focus on decorating a fresh new space. With all the architectural features in new homes, it’s exciting to furnish, decorate and bring life to your new construction home.
Think long term
Other great tips for first time home buyers include thinking about the future and buying a home you can grow into. According to the National Association of Realtors’ report on different generations, 6 percent of Gen-Y homebuyers purchased multi-generational homes. Multigenerational homes are ones that can house the owners as well as aging parents or older children. When buying a new construction home, look for models that include a bedroom and bathroom on the lower level in case you do need to care for aging parents. Down the road, you may want to give your college-age child space that is separate from the rest of the home.
Lock in low rate
Some financial issues to consider as first-time buyers include the down payment as well as the terms of a loan. The report showed 88 percent of recent buyers of any age financed their home purchase, but 97 percent of Millennial buyers used financing. In most cases, you can afford more home by choosing a 30-year loan with a fixed rate. As far as a down payment, you will avoid paying PMI or private mortgage insurance by coming up with a 20 percent down payment. The most important thing is to lock in a low interest rate while rates are still below 5 or 6 percent.
Trumark Homes is a builder who draws a lot of sophisticated Millennial home buyers. For more tips for first time home buyers and information about hip, vibrant urban infill projects in Milpitas, San Jose and Silver Lake California, please contact us.
As a young family, you want a new construction home that gives you space to grow and breathe as well as family spaces for sharing time. Many of the new home floor plans for young families being constructed in Northern California set boundaries with personal retreats as well as provide flex space for family bonding and entertaining. According to an article by the Washington Post, some of the trends in newly built homes include a large great room, casual dining, family room and kitchen as the hub. A formal living room or two-story family room is no longer in demand. When touring new home models, look for a few key characteristics in the home design to suit your family’s needs.
The first floor
New home floor plans for young families often include two or three levels of living space. The first floor may have a porch, den and bedroom with bath or an optional over-sized bedroom. Having a master bedroom suite on a separate level provides privacy for out-of-town visitors, teenagers or a couple. For people who work at home, a den on the first floor may be ideal. Another option is to buy a home that has a great room and kitchen on the main floor for family time. When the children come home from school, they can sit down to relax or help cook dinner.
The second floor
The second floor of a 3-story home may be the center of the home designed for family gatherings, socializing and entertaining. Look for a floor plan that includes a kitchen that opens to the dining and living area. A deck off the living area is a bonus for entertaining. Another option is to have the some bedrooms on the second floor as well as some on a third floor.
The third floor
New home floor plans for young families often take into consideration couples with newborns or small children. A third level with a master bedroom suite as well as second bedroom with private bathroom is ideal for parents who want to keep an eye on a younger child. Other floor plans may provide bedrooms for parents on the second floor and bedrooms as well as retreat space for children on the third floor.
Part of the fun of buying a new construction home as a young family is to figure out who is going to have which bedroom. Some parents prefer to have a bedroom on the top floor, while others rather be on the lowest level near the entryway to the home. Because every family is different, builders create options.
Trumark Homes is building 43 spacious single-family new homes at Momentum at Pace in Milpitas, California. The homes range in square feet from 2,250 – 2,497 with three or four bedrooms and three and a half baths. The prices start in the mid-$900,000s.
If you are considering buying new in Milpitas, San Jose and Silver Lake, California, please contact us.
Even though you may feel as though you are being indulgent by buying a new construction home, it’s going to be better on your budget. A lot of Millennials ask their parents, “Which is better, a new home or a used home?” Because so many parents have already put tens of thousands of dollars into resale homes that were money pits, the answer is usually to buy new. For a first-time homebuyer, that bit of advice may spark the start of an exciting journey of touring new home models and choosing floor plans for the lifestyle they thought was financially out of reach.
Saving on utility costs
New construction homes are built to be more energy-efficient. A lot of California home builders, in particular, are sensitive to environmental concerns. If you have a “green attitude,” you will be interested in Trumark Homes’ urban infill projects in Milpitas, San Jose and Silver Lake, California. The homes are built with radiant barrier roof sheathing, quality insulation and tankless water heaters to help you conserve energy.
Avoiding costly renovations
Some Millennials rather get a professional opinion on the question, “Which is better, a new home or a used home?” Realtors can help you figure out how much money it would cost to renovate or update a resale home as opposed to buying new. In most cases, new construction homes are more affordable because the builder can make more cost-effective purchases of high-end contemporary plumbing fixtures, upgraded countertops, cabinetry and tile. You won’t have to renovate, replace old wiring and plumbing or worry about replacing broken appliances and worn-out HVAC systems.
Getting into the modern age
Buying new means you won’t have to spend money to get the older home wired for the new age. At Trumark Homes, we build many homes pre-wired with Cat 5 wiring in the family room, kitchen and bedooms as well as pre-wiring for phones in the master bedroom and kitchen. In terms of interior design, the styles are contemporary with white subway brick ceramic tiles for the shower walls, contemporary interior doors, cabinetry and faucets.
Buying a new home, whether it’s the first time or not, is an exhilarating experience. If you still have questions about the advantages of buying new, please contact us.