Living at Americana: Life above the Cheesecake Factory

Diversion: Worthwhile feature in today's paper by columnist Chris Erskine about what it's like to spend a night in the apartments above Rick Caruso's new Americana at Grand complex in Glendale. In other words, what it's like to live upstairs from the Cheesecake Factory.

Highlights: "This $400-million development isn't Greenwich Village, to be sure, Jackson Square or even Lincoln Park. Yet, Caruso's latest vision helps give L.A. the thing that everyone says is most missing: somewhere to share an evening."
More: "The new development is four city blocks. In addition to the shops and restaurants, four distinct rental apartment buildings -- almost like anchor stores -- offer floor plans ranging from lofts at $2,060 to town houses (topping $5,000). In all, there are 238 apartments. ... The Americana also boasts 100 condos, starting at $700,000 and reaching as high as $2 million. As of this month, 20% of the apartments had been rented. The condos just went on sale and figures aren't available, though the Americana says it is delighted with the initial response."

Drawbacks? Uh-huh. Live music floating up from the shopping mall until 10 p.m. No place to grab breakfast if you are an early riser. But, Erskine kinda liked it: "It's hard to be too critical of this wager on a more interesting and congenial L.A. lifestyle. It all seems so earnest, so well-intentioned. And certainly, such retail-housing combos are a trend we'll see more of soon, here and across the country."

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Americana residents Fred and Jan Cuevas. Credit: Los Angeles Times

Listing Prices in Glendale: The Trulia.com Heatmap

GLENDALE -- The Glendale "heatmap" from Trulia.com demonstrates something I learned today: Glendale is a big, diverse city. With a population of 207,000, it is the third-largest city in LA County, trailing only Los Angeles and Long Beach. Average listing prices range from $450,000 and under in the southeast portion of the city, to $1.05 million and higher, in Northwest Glendale -- a wide range. The neighborhoods, and prices, divide along The 134: north of The 134 is the more affluent part of the city, with much higher real estate prices.

The site of L. Ron Hubbard's first Church of Scientology, Glendale is home to the U.S. headquarters of Nestle and IHOP. It is also home to the largest Armenian population in the United States, estimated at 40% of the city's population, or 85,000 people. It was also the boyhood home of John Wayne, and the place where he was first called "The Duke."

Comments? Questions? Thoughts on the value of the Trulia heatmap? Use the comment function, or email story ideas to lalandblog@yahoo.com.

On the Caravan: Five Houses in Glendale

What's new on the market in Glendale -- north of the 134:

1934 Verdugo Knolls (pictured): Picket-fence, cottage-style Traditional, 3-bedrooms, 1 3/4 bath, 1,522 SF, secluded and nestled into the hills north of Glendale College. Listed at $839,000, with two offers already, one at the listing price.

1864 Verdugo Vista: Secluded 3-bedroom, 1 3/4 bath, 1,303 SF, very large deck under mature Oak trees. Originally listed at $739,000, redued to $719,000. Gerri Cragnotti's opinion: "This is a deal. Very charming little house. This will sell." (Note: she is not the listing agent).

1405 Bruce Avenue: "Romantic Courtyard" Spanish built in 1931, 3-bedroom, 2-bath, 1,619 SF on handsome, tree-lined street. $789,000. Gerri's Opinion: "This will sell right away." (She is not the listing agent).

1664 Ben Lomond Drive: 3-bedroom, 3-bath, 2,846 SF (including basement rec room) with pool in Northwest Glendale. House hasn't sold in 50 years. $949,000.

1338 Carmen Drive: 4-bedroom, 2 bath, 2,569 SF, two-story Spanish Revival in Rossmoyne. $1.169 million. Brochure says "Old world charm throughout," Gerri says: "It's a cosmetic fixer." She adds, "To redo an 80's redo is expensive. It's got potential. It's a great location."

Micro-Market Snapshot: In Glendale, If It's North of The 134 and Under $1 Million, It Sells

In Glendale's prettiest neighborhoods -- on the shade-dappled streets north of the 134, where Spanish Revivals are populated by what Realtor Gerri Cragnotti calls "studio people" -- there are signs of a slowing market, but nothing approaching weakness.

"If it's under a million in Glendale, and it's a nice house -- in move-in condition -- you will sell and you might get multiple offers," Cragnotti told LA Land this morning. "Over a million is a different story. There are 70 homes sitting on the market in the $1 million to $2 milliion range."

Why the split market? At the $1 million price tag and above, "We have a lot of people who have to sell first before they buy. So houses are sitting on the market," she says. "In the $800,000 range -- and I know this sounds ridiculous -- but you have first-time buyers who don't have to sell anything."

Example: 1934 Verdugo Knolls, a picket fenced, 3-bedroom Traditional listed two days ago at $839,000, already has a full-price offer, Cragnotti says.

In the $700,000 to $900,000 range, Cragnotti says Glendale is stealing buyers from more expensive nearby neighborhoods, notably Los Feliz, Studio City, and Pasadena. "People move here for authenticity, for the character of the neighborhoods," she says.

Read below for more from Gerri Cragnotti, including her (intense) dislike of McMansions, and why fraud is a major cause of foreclosure in Glendale.