BEVERLY HILLS COURIER | MARCH 14, 2014 Page 15
B E V E R LY H I L L S R E A L E S TAT E Residents Fight Two Cities for Neighborhood Character
NEIGHBORHOOD CHARACTER–Developers want to replace the buildings at 332-336 N. Oakhurst with a new condominium building; residents believe that it is more important to preserve the neighborhood.
By Victoria Talbot Residents living in the 300 block of N. Oakhurst Dr. are fighting to preserve the character of their neighborhood. Developers are proposing the demolition of three buildings at 332, 334 and 336 N. Oakhurst to construct a 31-unit, 5-story condominium complex. The peaceful, tree-lined street features wide, green setbacks, two-story structures and mature foliage, representing a throwback to the early 20th century. It is a peaceful enclave tucked into the eastern entrance of Beverly Hills. But the unique circumstance of the location places these buildings in between two cities. The rear of the building lies in the City of Los Angeles and the front is in the City of Beverly Hills. Residents came to the Mid City West Community Council
Planning and Land Use Committee to express opposition to the development. The buildings, said Beverly Hills Urban Planner William Crouch, were constructed around 1930. They do not fall under the normal preservation ordinance, nor do they trigger any permit delays because they are not the work of a master architect. However, said Crouch, they represent a part of a “traditional neighborhood,” and “collectively, they create a community and a streetscape.” The City of Beverly Hills was awarded an A+ by the LA Conservancy for historic preservation this week, but these buildings do not fall under any specific codes. “Preservation is about more than saving individual buildings,” said Cindy Olnick of the LA Conservancy. “It’s
also about maintaining the unique character of neighborhoods – the very qualities that drew residents to those neighborhoods in the first palce. It’s a classic example of the whole becoming more than the sum of its parts. Yet this authentic character is often chipped away one building at a time, and before you know it, it’s gone. And once it’s gone, it’s gone forever.” The proposal has yet to be brought before the Planning Commission in Beverly Hills and must be approved by both city councils. For now, the residents are building a coalition by gathering signatures and learning to empower their neighborhood working with organizations such as the LA Conservancy and the Cultural Heritage Commission in Beverly Hills.
New Rules Tighten Lending on Reverse Mortgages By Victoria Talbot In 2014 seniors may find it harder to get a reverse mortgage on the existing equity in their homes, says Michelle Scott of Luxury Property Lending in Beverly Hills. The new rules are designed to protect borrowers from overextending their personal finances by preventing participants from over-borrowing. To begin with, the old rules allowed anyone with a sizeable home equity to take out a reverse mortgage. Applicants must now undergo a detailed financial assessment to qualify. In addition, all applicants are required to consult a HUD-approved counselor before applying. Lenders are now required to review the borrowers credit history and financial situation before lending. With the old rules, participants could withdraw up to
100 percent of their equity in the first year. The new rules limit the withdrawal to 60 percent of the equity. In cases where there are upfront insurance premiums, loan origination fees or delinquent federal debts to be paid, the first-year rule can be waived. However, there are higher fees as a result. In addition, the maximum amount of home equity that can be borrowed against is reduced by 10 - 15 percent less than previous years. Reverse mortgages typically help seniors who do not have children, living on a tight budget who have family emergencies, large repairs or unexpected expenses or medical bills. The older someone is, the more equity they may have in their home, the more money they can borrow and their interest rate will be lower.
TOXIC CLEAN UP –This property has been fenced off for years because the soil is contaminated with arsenic from railroad maintenance practices. Now the State is going to clean it up.
Survey Seeks Residents’ Participation in Plans for Toxic Clean Up on Santa Monica Bl. By Victoria Talbot A survey sent out by the Department of Toxic Substances Control (DTSC) of the State of California Department of Environmental Protection is seeking input about a toxic clean up on the south side of Santa Monica Bl. between N. Alpine Dr. and N. Doheny Dr.
known as the Beverly Hills Land Company’s Lots 12 and 13. For years, the property has been fenced in because the soil is contaminated with elevated levels of arsenic and toxic herbicides. When the railroad was active, the tracks were regularly sprayed with herbicides to
keep the tracks clear of weeds, leaving the arsenic residue behind. The Union Pacific Railroad Company owned the property from 1928 through 1979. It was sold to the Beverly Hills Land Company in 1998. Now, the DTSC is preparing a draft Remedial Action
Workplan (RAW). The draft RAW will include several options for cleaning up the site. Most preferred would be removing the contaminated soil and replacing it with clean soil. The RAW options will be presented for public comment. The survey will help the DTSC connect with residents so that
they may engage in the public hearings on how the clean up will be conducted. The survey response deadline is March 21, though Mary Sue Maurer, DTSC Public Participation Specialist, said that it is a “soft deadline,” meaning they will continue to receive surveys beyond that date.