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The Arts District | Out & About

The Arts District in Los Angeles is a vibrant and bustling neighborhood filled with art galleries, restaurants, and shops. If you’re looking to spend a day exploring this unique neighborhood, we’ve got you covered.

The Arts District | In the AM

Start Your Day with Coffee and Breakfast

To kickstart your day, head to Zinc Cafe & Market, located on Mateo Street. The cafe is known for its artisanal coffee and fresh pastries. You can enjoy your breakfast on the outdoor patio and take in the vibrant street art that decorates the walls of the surrounding buildings.

Explore the Art Galleries

After breakfast, take a stroll to the Hauser & Wirth art gallery, which features a range of contemporary art exhibitions from renowned artists. The gallery also hosts talks and events, so be sure to check their schedule beforehand. Other notable galleries in the area include the Corey Helford Gallery and the Nicodim Gallery.

Shop at the Unique Boutiques

If you’re in the mood for some shopping, the Arts District has plenty of unique boutiques to explore. Make a stop at Alchemy Works, a lifestyle boutique that features clothing, home decor, and handmade goods from local artists. Another great option is Apolis, which offers men’s clothing and accessories made with sustainable and ethical practices.

 

The Arts District | In the Afternoon

 

Grab Lunch at Wurstkuche

For lunch, make your way to Wurstkuche, a popular German-style sausage and beer hall on 3rd Street. The menu features a variety of unique sausage options, including rattlesnake and rabbit, as well as vegetarian options. Wash it down with a cold beer or cider from their extensive selection.

Visit the Arts District Brewing Company

After lunch, head to the Arts District Brewing Company for a beer tasting. The brewery features a large selection of craft beers, many of which are brewed on-site. You can also play a round of darts or shuffleboard while you sip your beer.

The Arts District | In the Evening

End the Day with Dinner at Bestia

For dinner, make a reservation at Bestia, a contemporary Italian restaurant that has earned a reputation as one of the best restaurants in Los Angeles. The menu features handmade pasta dishes, wood-fired pizzas, and an extensive wine list. Be sure to save room for dessert because Bestia’s house-made gelato is a must!

From coffee to art to beer, the Arts District in Los Angeles has something for everyone. Follow this guide to experience some of the best that the neighborhood has to offer. Whether you’re a local or just visiting, the Arts District is a must-see destination for anyone who loves art, food, and culture.

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The Best Spring Plants For Your Garden | Home Tips

While the rainy weather may suggest otherwise, Springtime has officially arrived. Spring is a season of renewal and growth, and what better way to celebrate than by filling your garden with beautiful, vibrant flowers? Here are some of the best spring flowers to plant in your home garden that will add color and fragrance to your outdoor haven.

Daffodils: 

These trumpet-shaped flowers are a classic sign of spring and come in a range of colors, including yellow, white, and orange. They are also deer-resistant and easy to grow, making them a popular choice for gardeners.

Tulips: 

spring garden

With their wide array of colors and elegant shape, tulips are a favorite for spring bouquets and garden beds alike. They come in a variety of colors and bloom midway through the season.

Hyacinths: 

One of the most fragrant spring flowers, hyacinths come in a range of pastel colors, including pink, blue, and lavender. They are also easy to grow and are perfect for planting in your borders, garden beds, or in patio pots.

Crocuses: 

spring garden

One of the earliest spring flowers to bloom, crocuses are a great way to add color to your garden as soon as the snow melts. They come in various colors and are also a favorite of bees and other pollinators.

Lilacs: 

With their signature fragrant blooms, lilacs are a beloved spring flower that ranges in color from white to pink and purple. They are a great addition to any garden and will add an elegant touch to your landscape.

Pansies: 

Known for their unique “faces,” pansies are a sweet addition to any garden and come in a variety of colors. They are also edible and can be used as a garnish for your spring salads.

Bleeding hearts: 

spring garden

With their heart-shaped blooms, bleeding hearts are romantic springtime flowers that are perfect for landscapes and cutting gardens. They come in pink, red, and white and add a touch of elegance to any spring garden.

In conclusion, planting any of these stunning spring flowers is a great way to welcome the season of growth and renewal into your garden. Not only will they add color and fragrance to your outdoor haven, but they will also attract bees and other pollinators, adding to the health and vitality of your garden. So get outside, put on your gardening gloves, and let the planting begin!

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Economic Update | Week Ending March 9, 2024

Economic news this week centered around hiring, jobs, and Tech stocks. The job market remained hot, but not as hot as it appeared last month. Tech stocks that have had a giant rally this year gave up some ground this week. There was really no news that led to a slight sell-off except for Investors taking profits. Perhaps they feel that the sector has been overbought. Next week the Consumer Price Index will be released. With the Fed looking mainly at the tight labor market as inflationary, investors are waiting to see if the inflation rate will continue to tick down. The lower the inflation level and the higher the unemployment rate, the sooner the Fed will begin lowering interest rates from their 24-year high.

February hiring points to another robust month of job growth, while a downward January revision indicates that the job market is not as “red hot” as it appeared a month ago. – The Department of Labor and Statistics reported that 275,000 new jobs were added in February. That was higher than the 200,000 new jobs that analysts expected, and it marked the third straight month with job gains above 200,000 and the 38th consecutive month of job growth. January’s new jobs number was adjusted downward from 353,000 new jobs to 229,000. That was much closer to the 175,000 experts expected in January. The Department of Labor gave no explanation for such a large difference between the initial number and the revised number. The unemployment rate rose to 3.9% in February, up from 3.7% in January. While that is the highest unemployment rate in two years, unemployment is still at a level not seen since the 1960s. The Fed is looking to get the unemployment rate to the low to mid 4% range. With employers struggling to find workers, wage gains are outpacing the inflation rate. That leads to higher consumer spending which fuels inflation. Average hourly wages increased 4.3% year-over-year in February, down from 4.5% in January. Economists expected a 4.4% increase. Bond yields and mortgage rates ended the week lower. Investors and experts reported that they now feel that a rate drop by the Fed could be sooner than they thought a month ago due to the January revision, the rise in unemployment, and the slight year-over-year drop in wages.

Stock markets – The Dow Jones Industrial Average closed the week at 38,722.69, down 0.9% from 39,087.38 last week. It is up 3.7% year-to-date. The S&P 500 closed the week at 5,123.69, down 0.3% from 5,137.08 last week. The S&P is up 7.7% year-to-date. The Nasdaq closed the week at 16,085.11, down 1.2% from 16,274.94 last week. It is up 8.4% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.09%, down from 4.19% last week. The 30-year treasury bond yield ended the week at 4.26%, down from 4.33% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of March 7, 2024, were as follows: The 30-year fixed mortgage rate was 6.88%, down from 6.94% last week. The 15-year fixed was 6.22%, down from 6.26% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

Have a great weekend!
Remember that the time moves one hour forward at 2 AM on Sunday!

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Mortgage Rate Update | March 7, 2024

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of March 7, 2024, were as follows: The 30-year fixed mortgage rate was 6.88%, down from 6.94% last week. The 15-year fixed was 6.22%, down from 6.26% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

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From Adobe AI to Nikon Acquisitions and More! | Tech News

Stay connected with this week’s leading tech news headlines, from Adobe AI to Nikon Acquisitions and more! Our weekly round-up of what’s happening from across the web provides a bite-size version of the week’s news. Read on for the latest tech news!

Apple Aims to Simplify Transition from iPhone to Android Due to EU Regulations

Apple is set to introduce changes for EU-based iPhone users to align with the European Union’s new Digital Markets Act, aiming to facilitate the uninstallation of its Safari browser by late 2024 and enhance the process of transferring data to non-Apple phones by fall 2025. A compliance document from Apple highlights efforts to comply with the EU regulations, including a browser switching solution and the ability to select alternative default navigation apps by March 2025. While it remains unclear if these changes will apply globally, Apple’s initiative reflects an effort to develop more user-friendly data transfer solutions, potentially addressing gaps in current transfer tools like Google’s “Switch to Android” app, which does not support the migration of certain data types.

Adobe Introduces Generative AI Capabilities of Firefly in the Latest Express Mobile Application

Adobe has unveiled a new Adobe Express app for mobile devices, extending the creative, editing, and Firefly-powered generative AI functionalities of its desktop version to iOS and Android users. Available in beta, this app offers free access to features like generative fill and text-to-image effects, enabling users to create social media posts, posters, and website banners, with the added advantage for Creative Cloud members to access and edit Photoshop and Illustrator files directly on their mobile devices. While the app is currently free, Adobe plans to transition its premium features to a subscription model post-beta. The beta version promotes collaborative workflows across devices, though not all smartphones are supported, and iOS users face beta access restrictions. This mobile integration of Firefly AI positions Adobe Express competitively against platforms like Canva, offering a consolidated design solution on mobile platforms.

Nikon to Purchase American Camera Maker RED

Nikon is set to acquire RED Digital Cinema, a leading digital cinema camera manufacturer. While financial details remain undisclosed, the acquisition will see RED becoming a fully integrated subsidiary under Nikon. This strategic move aims to bolster Nikon’s presence in the professional digital cinema market, leveraging RED’s advanced cinema camera technology, including its unique image compression and color science. RED’s impressive portfolio, featuring work on major Marvel films, acclaimed nature documentaries, and popular TV shows, underscores the brand’s industry impact. RED, founded in 2005 with about 220 employees and based in Foothill Ranch, California, also made a brief foray into the smartphone sector in 2018 with the RED Hydrogen One.

Target to Introduce Unlimited Expedited Shipping Service, Competing with Amazon Prime

Target is rolling out Target Circle 360, a subscription service priced at $99 per year. The service also offers free, unlimited delivery and expedited shipping on online orders. Target’s service is set to launch on April 7, with an early bird price of $49 until May 18. The service also provides free two-day shipping and same-day delivery for orders over $35. Target Circle 360 is essentially an enhancement and rebranding of existing services. Subscribers will also gain access to the Shipt Marketplace for free delivery from additional stores. 

Meta Details Integration of WhatsApp’s Encrypted Conversations with External Services

With the EU’s Digital Markets Act (DMA) now in effect, Meta is outlining how WhatsApp and Messenger will maintain end-to-end encryption. Likewise, they are also seeking to ensure interoperability with third-party chat services as mandated. Although Meta is required to prepare for service interoperability within three months of a request, actual public deployment may take longer. Initially, this interoperability will support individual chats and file sharing. In addition, the plans to extend to group chats and calls. Third-party services must agree to certain conditions. 

Meta Introduces ‘Lying Down Mode’ for Quest 2 and Pro VR Headsets

The latest v63 software update for Meta’s Quest 2 and Pro VR headsets introduces a “lying down mode.” The feature enables users to comfortably use their headsets while reclining. Of course, the feature’s comeback is celebrated for enhancing accessibility. Activation is simple via the Experimental Settings in the headset menu. The update also launches Quest Cash, a payment system for the Meta Quest store. There’s no confirmation yet on whether the anticipated Quest 3 headsets will feature this accessibility option.

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Weekend Events | March 8 – March 10

Enjoy all that the weekend has to offer with our round-up of events happening from March 8 through March 10. From art on display to kite festivals and more, we have you covered! See what’s happening in your neck of the woods below!

Los Angeles Weekend Events | March 8 – March 10 

Jean-Michel Basquiat: Made on Market Street

When: March 7 – June 1, 2024 

Where: Beverly Hills

What: Were you captivated by last year’s Basquiat exhibition in Downtown Los Angeles and left craving for more? Make your way to Beverly Hills, where Gagosian is set to showcase 50 seldom-seen pieces by Jean-Michel Basquiat. These works, created in Los Angeles, hail from the artist’s prolific period at his Venice studio from 1982 to 1984.

John Williams Spotlight

When: Until May 19, 2024

Where: DTLA

What: In the ongoing multi-year tribute to John Williams by the LA Phil, attendees can experience “A Century of Film” from February 2 to 4. This event, conducted by David Newman, will feature a selection of pieces from several of Williams’ scores, including Indiana Jones and Close Encounters, alongside music from Batman, The Godfather, Back to the Future, Lawrence of Arabia, and other iconic films.

Luna Luna: Forgotten Fantasy

When: Through Spring 2024

Where: Boyle Heights

What: In the summer of 1987, Germany hosted a unique carnival where traditional rides were embellished with art from Salvador Dalí, Jean-Michel Basquiat, Keith Haring, David Hockney, Sonia Delaunay, and many others. After that summer, this distinctive carnival disappeared, tucked away in storage for years. Recently, however, Luna Luna has been resurrected in Los Angeles. Thanks to the efforts of several art world collaborators and Drake, the carnival has been meticulously restored and reassembled. It is now open for visitors in a Boyle Heights soundstage until the spring of 2024.

 

Westside and Beach Communities Weekend Events | March 8 – March 10 

Festival of the Kite

When: March 10

Where: Redondo Beach

What: This delightful and free festival pays homage to the rich history and playful spirit of kites. Witness hundreds of kites soaring high or participate by bringing your kite—contests include categories for the highest flying kite, best handmade kite, and youngest kite flyer. You’ll also have the chance to assist in launching a massive 25-foot wide kite. The pier buzzes with a variety of unexpected activities throughout the day, ranging from a hot dog eating contest to dance performances.

Nowruz Celebration

When: March 10 

Where: Westwood 

What: This delightful and free festival pays homage to the rich history and playful spirit of kites. Witness hundreds of kites soaring high or participate by bringing your kite—contests include categories for the highest flying kite, best handmade kite, and youngest kite flyer. You’ll also have the chance to assist in launching a massive 25-foot wide kite. The pier buzzes with a variety of unexpected activities throughout the day, ranging from a hot dog eating contest to dance performances.

The Mean Girls Experience L.A.

When: Until April 21, 2024 

Where: Santa Monica

What: Get ready to immerse yourself in a Mean Girls-inspired adventure in Santa Monica where you might just hear some “you can’t sit with us!” exclamations. With each ticket, you’ll enjoy a meal consisting of an entree and side (such as the “Stab” Caesar salad and cheese fries) in a cafeteria-style atmosphere. Additionally, you’ll have access to the Cool Mom Bar and numerous photo opportunities, including Regina’s bedroom mirror, the Burn Book, and the talent show stage.

 

San Fernando Valley Weekend Events | March 8 – March 10 

Empowered Voices: International Women’s Day Panel

When: March 8

Where: REI | 1900 Empire Avenue Burbank

What: Join Wondery Outdoors and REI in commemorating International Women’s Day at our exclusive panel discussion on Friday, March 8th, at REI Burbank. Dedicated to making the outdoors a safe space for femme and nonbinary individuals, this event will engage you in meaningful conversations with community leaders and organizers from Lagartijas, Black Girls Trekkin’, Sending in Color, and Brown Girls Climb. Hear them narrate their experiences and offer valuable perspectives on outdoor adventure and empowerment.

Irrigation Troubleshooting: a Maintenance Walk and Talk with Erik Blank

When: Until March 8 

Where: Theodore Payne Foundation – Pergola | 10459 Tuxford St. Sun Valley

What: Maintaining an irrigation system is as crucial as caring for the plants themselves! Join us for an informative session that covers various irrigation challenges and their maintenance strategies over time. Using real-life examples from the Theodore Payne Foundation gardens, you’ll discover different irrigation techniques, their role in garden management, and practical tips for troubleshooting to ensure they remain effective.

Foraging & Brewing with Wild Plants in the Forest

When: March 10 

Where: Reptacular Ranch | 8828 Gold Creek Road Sylmar

What: Participants will discover the art of foraging and creating their brews or herbal sodas with local ingredients in this engaging and unique class. It delves into the yeast fermentation process and explores the plants, barks, roots, and mushrooms traditionally used for crafting wild beers, medicinal herb brews, and similar concoctions for thousands of years. The class highlights how some ingredients were chosen for their flavors, while others were valued for their dream-enhancing or medicinal properties.

 

Conejo Valley Weekend Events | March 8 – March 10 

76th Annual Santa Barbara International Orchid Show

When: March 8 

Where: Earl Warren Show Grounds, Calle Real, Santa Barbara

What: The Santa Barbara International Orchid Show is set to bloom at Earl Warren Showgrounds. The show offers a day pass for $20 or a 3-day pass for $30, with children 12 and under entering free with a paying adult. This event is organized by a non-profit 501(c)(3) to spread the joy and knowledge of orchids through its annual showcase.

County Line Cars and Coffee Event 

When: March 9 

Where: The Promenade at Westlake

What: Rev up your engines and gather with your fellow car enthusiasts at The Promenade. County Line Cars and Coffee brings together a range of vehicle types for casual car comradery. Coffee and donuts will be provided by Barrett Automotive. 

A&S STEAM Carnival at CSU Channel Islands

When: March 9 

Where: California State University Channel Islands

What: The School of Arts and Sciences (A&S) STEAM Carnival is a FREE event for the public that will be held from 2 – 5 PM on Saturday, March 9, 2024, in the Central Mall of the CSU Channel Islands campus! Parking and attendance at the STEAM Carnival is FREE. We ask that you register to indicate your interest in attending this event.

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The Best Sports Bars to Check Out | L.A. Eats

From upscale to local neighborhood favorites, there is a sports bar for every type of reveler. Read on for our pick of the top choices to enjoy your favorite sporting game!

LOS ANGELES SPORTS BARS

3rd Base LA

Location: Los Angeles

Who doesn’t love an old-fashioned neighborhood bar? Catch your favorite LA team’s this season on the big screens at 3rd Base LA. Cuisine options at this LA sports bar include flatbread pizza, grilled cheese sliders, or steak and fries.

Pijja Palace

Location: Los Angeles

If you happen to be in Silverlake, you’ll want to stop at Pijja Palace. At this pizza parlor/sports bar, you can enjoy the big game on 12 screens and one of LA’s most inventive menus with Desi pizza, pasta, and wings.

 

WESTSIDE & BEACH COMMUNITIES SPORTS BARS

Firestone Walker Brewing Company – The Propagator

Location: Venice

Get to Firestone Walker early on game day and enjoy a buzzing atmosphere in the heart of Venice. For tasty bites, this westside sports bar has items like baby back ribs, fish and chips, and pizza. In addition to the food, Firestone Walker Brewing Company offers what its name suggests – beer! Try one of the brewery’s signature brews alongside your game-day meal. 

The Wood Urban Kitchen

Location: Inglewood

With indoor and outdoor seating, Wood Urban Kitchen BBQ’s vibes are always ready for LA’s sports teams. Head over to Inglewood’s ideal spot to get a drink, eat killer brisket, and enjoy the day in the home of the 2022 Super Bowl Champs.

The Firkin Pub & Grill

Location: Long Beach

Gather ‘round sports fans. The Firkin has three big-screen TVs dedicated to game day action on its private patio. Likewise, the pub and grill offer beer, wine, and great bar bites like chicken tenders.

 

SAN FERNANDO VALLEY SPORTS BARS

Idle Hour

Location: North Hollywood

At this barrel-shaped whiskey bar, enjoy simple eats like all-day wings and beer specials. Likewise, the sports bar also has whiskey, beer, and other great food options for game day!

Jalapeño Pete’s

Location: Studio City

For those who wish to opt out of bar food, you’ll find a Mexican menu of tacos galore at Jalapeno Pete’s. Enjoy taco options like al pastor to Pescado to butternut squash, with a range of tequila and mezcal offerings. 

Blue Dog Beer Tavern

Location: Sherman Oaks

If you prefer to catch the game with your furry friend, Blue Dog Tavern is the ideal sports bar for you. As one of the few dog-friendly bars in town, Blue Dog has a patio, a central indoor area to watch a match, and a great happy hour.

 

CONEJO VALLEY SPORTS BARS

Finney’s Crafthouse 

Location: Westlake Village

At Finney’s Crafthouse, take in the brick and wood-accented ambiance for an enhanced sports viewing experience. This Westlake Village spot offers global and American pub grub and craft beer to enjoy the game alongside. 

HQ Gastropub

Location: Woodland Hills

At HQ Gastropub, expect a buzzy environment with a fantastic range of beet and cocktail options. Equally great are the comfort eats in a polished, lofty setup with music & TVs to enjoy the game on.

King’s Fish House

Location: Calabasas

At King’s Fish House, you can go for seaside far with the restaurant’s extensive menu of fish and seafood options. In addition, the restaurant offers a great range of beer, wine, and cocktails to choose from.

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Dog-Friendly Hikes In Los Angeles | Out & About

Living in Los Angeles can be a hectic affair, especially for your pet. Likewise, they are very likely to be appreciative of more walk time in a beautiful and relaxing natural setting. Unfortunately, not all parks and natural areas in Los Angeles are welcoming to pets. That’s why we have compiled this list of some of the most popular dog-friendly hikes in the Los Angeles area. The bonus? They are all within driving distance of the city.

Runyon Canyon Park

    • One of the area’s most beloved dog-friendly hikes, Runyon Canyon boasts three different trails. Likewise, they consist of different lengths and elevation changes. There are plenty of areas in its 130-acre surface where your pet can run free and enjoy the natural environment. In addition, you can take in some of the most wonderful views of Hollywood. Start at Mulholland Drive and continue on to the east end of the Santa Monica Mountains in Hollywood. Keep in mind this is a very popular park so there will be plenty of other hikers and their dogs in the area.
Westridge Trail to San Vicente Mountain

    • Another one of several off-leash, dog-friendly hikes in the Los Angeles area, is the Westridge Fire Road. The trail is well known among local hikers, mountain bike riders, and nature lovers in the Brentwood area. Its 7.4-mile trail will lead you to an abandoned cold-war era defensive missile site where you can soak in the history of the place. Likewise, you can enjoy the vast scenery of the San Vicente Mountains. From there you will come upon the old lookout tower while your dog gets some enjoyable runs along the trail.
Amir’s Garden

    • A delightful one-mile hike leads you straight to a beautiful garden in Griffith Park where you can sit back and relax in two of the most amazing picnic areas you will ever find, one at the Old Zoo and the other in the garden itself, which boasts picnic tables and different varieties of foliage and greenery, making it one of the most pleasant dog-friendly hikes in Los Angeles.
Fish Canyon Narrows

    • Nestled in the Sierra Pelona Mountains on the Far West End of Los Angeles, this beautiful 10-mile trail offers views usually similar to those you can find in Utah. With 100-foot cliffs built out of eye-pleasing red rock and set only 20 feet apart, you and your pet can enjoy an adventure that features bushwacking and exploring the trail while taking in the beautiful view of Castaic Lake. The entrance can be found on Templin Highway and its remoteness lends to a more private experience.
Bridge To Nowhere

    • Another 10-mile adventure, this uniquely historic trail will lead you to an abandoned bridge that is considered to be a local treasure. With a number of fords along the way, this trail offers a variety of opportunities for swimming on a hot day, so keep in mind you will need at least 6 hours to complete the trip. Located in the East Fork of the San Gabriel River, it is suggested you bring plenty of water and a change of shoes for your hike.

Los Angeles offers a numerous selection of dog-friendly hikes that are open year-round, but, given the fact that most of these run through the wilderness and unpopulated areas, you make encounter rattlesnakes along the way, so keep an eye open for you and your pet’s safety.

 

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What is an ADU? | Home Tips

An ADU or Accessory Dwelling Unit refers to a legal and regulatory term for a secondary apartment or house sharing a bigger primary home. Although ADU can’t be sold separately, it offers additional income or residence for additional family members.

These Accessory Dwelling Units typically have a kitchen, entrance, and living area and may be attached to a garage. However, it makes use of water and electricity from the primary house.

The cost of an ADU depends on its design, whether it is attached to the primary home or not. In addition, the price will depend on the type of building materials and size. For a property to be an ADU it must be self-sustaining; with a kitchen, living area, and sanitation services like a bathroom, working sinks, and a toilet.

How Much Does an ADU Cost?

Although the cost of HDU depends on several factors, the most important factor is whether it is attached to detached. In general, attached ADU costs real estate investors twice the cost of attached units.

The other essential cost determinants include;

  • Location of the home
  • The size of the ADU
  • The number of amenities in the Accessory Dwelling Unit
  • Number of permits required to build an ADU
  • The level of expertise required

Why are ADUs Common in California?

ADUs have become a growing trend in the last few years due to their unlimited benefits. Here are reasons why they are common in California:

An ADU Can Increase Property Value

ADUs can increase property value; thus, you don’t need to break a bank to enhance a property resale value; instead, build an attached or detached accessory dwelling unit for maximum resale value.

It’s a Home for Visitors

If your house has limited capacity, an ADU can accommodate visiting family members and friends who desire to be alone.

They reduce Living Expenses for Older Family Members and Caretakers

An ADU can accommodate an apartment’s Caretaker. Additionally, an Accessory Dwelling Unit can host older family members who may need assisted living. Instead of taking them to an assisted living facility, they can live in an Accessory Dwelling Unit within the compound.

They Can Serve as a Home Office

Working from home, an Accessory Dwelling Unit forms a perfect workspace because it is away from children and other distractors. This is perfect especially since working from home has become the new normal.

An ADU Can Be a Source of Extra Income

An Accessory Dwelling Unit is a good idea if you want a more passive income from tenants. Since tenants have their entries, living spaces, and amenities, they can live independently.

They Can Accommodate Adult Children and Graduates

An ADU can house older children and college graduates before they are stable to rent or buy their own houses.

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Economic Update | Week Ending March 2, 2024

Next Friday the Department of Labor and Statistics will release the February jobs report. Investors are eagerly awaiting what those numbers will look like. The Fed has stated that slowing job growth is their number one priority to combat inflation. It looked like job growth was slowing last year, but January’s job gains were double the amount expected. People ask, “why would the Fed want the unemployment rate to rise?” My best answer is, do you know a restaurant that’s having trouble staying open, or an accountant, attorney, or any business that they can’t find help? We have been at the lowest unemployment rate since the 1960’s for almost two years. That shortage of labor has wages rising at a much higher rate than the inflation target level. When people make more, they spend more. More competition for goods drives prices up. The Fed’s goal is to get the labor market more balanced. Having more jobs than applicants is not a sustainable labor market. After last month’s surging job growth mortgage rates increased and the Fed’s likelihood of dropping rates from their 24-year high levels became more unlikely in the coming months. If job creation slows mortgage rates will drop and the Fed will be able to begin lowering rates.

Stock markets – The Dow Jones Industrial Average closed the week at 39,087.38, down 0.2% from 39,151.53 last week. It is up 3.7% year-to-date. The S&P 500 closed the week at 5,137.08, up 1% from 5,088.80 last week. The S&P is up 7.7% year-to-date. The Nasdaq closed the week at 16,274.94, up 1.7% from 15,996.82 last week. It is up 8.4% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.25%, almost unchanged from 4.26% last week. The 30-year treasury bond yield ended the week at 4.38%, almost unchanged from 4.37% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of February 15, 2024, were as follows: The 30-year fixed mortgage rate was 6.94%, up from 6.90% last week. The 15-year fixed was 6.26%, down from 6.29% last week.

The graph below shows the trajectory of mortgage rates over the past year.


Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

 

Have a great weekend!
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