Tweet The mile long stretch on Wilshire Boulevard between Fairfax and La Brea Avenues receives its name in the 1920’s. The land sat barren with only a few oil rigs to make up its skyline, until founder and developer of Miracle Mile, A.W. Ross came along. Ross purchased the land in 1920, with a vision [...]
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Attention U.S. rental property owners: 1099s will be required for 2011 payments
Tweet Small Business Jobs Act enacts new provision: 1099s will be required for 2011 payments The recently enacted Small Business Jobs Act includes a provision related to reporting requirements of rental property expense payments. After Dec. 31, 2010, the new law requires those who receive rental income from real property to file 1099s with the [...]
Read more →Home Price Confusion Redux
Tweet Here we go again on home prices. Every time we get this report, we also get all kinds of questions from viewers/readers about why some media outlets report it one way and some another. So here goes: The S&P/Case-Shiller Home Price Indices report prices in the top 10 and 20 housing markets monthly, as [...]
Read more →FHA Loans Have Advantages
Tweet The Federal Housing Administration (FHA) is a mortgage funding program that helps those just starting out who would not normally qualify for a property loan from a bank or other lending company, to be able to buy a home. There are certain guidelines you must adhere to in order to be approved for an [...]
Read more →Small Business Jobs Act enacts new provision: 1099s will be required for 2011 payments
The recently enacted Small Business Jobs Act includes a provision related to reporting requirements of rental property expense payments. After Dec. 31, 2010, the new law requires those who receive rental income from real property to file 1099s with the IRS for service providers such as plumbers, painters and accountants, who receive more than $600 in payments over the course of the year. Even though the 1099 forms will not need to be issued until early in 2012, it will be necessary to begin keeping track of payment information on Jan. 1, 2011, and to collect completed w-9 forms from service providers to obtain their names, addresses and taxpayer identification numbers. Exceptions are provided for individuals renting their principal residences (including active members of the military), taxpayers whose rental income doesn’t exceed an IRS-determined minimal amount, and those for whom the reporting requirement would create a hardship (under IRS regulations).
Included in the provision is an increase in penalties for failure to file 1099s with the IRS. For further information, contact your tax accountant
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The mile long stretch on Wilshire Boulevard between Fairfax and La Brea Avenues receives its name in the 1920’s. The land sat barren with only a few oil rigs to make up its skyline, until founder and developer of Miracle Mile, A.W. Ross came along. Ross purchased the land in 1920, with a vision of a lively banking industry to help the mile get out of its slump. The legendary Desmond Building kick-started the Mile, as is was the first business and retail complex brought to the area.
The section of land Ross purchased was between La Brea and Fairfax along Wilshire, He selected the area because of its close proximity to Los Angeles’s wealthiest residential districts: Westlake, Hollywood, and Beverly Hills. He saw the development of the tract in terms of the automobile, whose popularity had grown greatly during the late teens. Ross was planning to develop a suburban shopping center. At that time, Wilshire Blvd. was a dirt road. It’s most prominent structure was a billboard which read “Wilshire Boulevard Center- A.W. Ross Development”. His friends thought he was crazy but Ross could envision the possibilities. His dream became a reality and within 25 years and mid Wilshire went from barley fields to million dollar properties.
The area became home to styles that are now known as Art Deco, Streamline Moderne, and Spanish Colonial Revival Architecture. Ross’ efforts paid off, as the area quickly became a haven for business and the arts. Boutiques and department stores line the streets and businessmen and families gladly showcased the area’s prosperity, and the area became a landmark in Angeleno culture.
Today, Miracle Mile is home to many well known companies including Spelling Productions, Variety Magazine, E! Entertainment Television, and The Screen Actors Guild. The area is also best known for Museum Row; the cluster of museums that lie on three blocks of Wilshire Boulevard: California Craft & Folk Art Museum (5814 Wilshire Blvd), George C. Page Museum/La Brea Tar Pits (5801 Wilshire Blvd), The Los Angeles County Museum of Art (5905 Wilshire Boulevard), Petersen Automotive Museum (6060 Wilshire Blvd), and Architecture and Design Museum (5900 Wilshire Blvd). The Mile also hosts a number of galleries, complementing a fair share of artistic tastes.
Farmers Market located at the tip of the Miracle Mile on the corner of Fairfax Avenue and 3rd Street (neighboring The Grove), standing complete with history, shopping, and autumn fun every October. The market came around during the beginning of LA’s reconstruction after the Depression, and offers more than 100 places to shop, eat, and an effortless way to enjoy the surrounding neighborhoods.
The district’s zip codes are 90036 and parts of 90019.
The median sales price for homes in Miracle Mile, Los Angeles for Sep 21 to Nov 21 was $905,000. Compared to the same period one year ago, the median sales price for home was $815,000 and the number of sales increased. Average price per square foot for Miracle Mile is $438.85.
Private Schools:
Westside Jewish Community Center, Shalhevet High School, Yeshiva Ray Isacohn Torath Emeth Academy, Daniel Murphy Catholic High School, Cathedral Chapel School.
Public Schools:
Miracle Mile public schools are zoned to the Los Angeles Unified School District, Board District 4. Hancock Park Elementary School, Third Street Elementary School , Wilshire Crest Elementary School, John Burroughs Middle School, Los Angeles Senior High School.
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