Tampilkan postingan dengan label Chatsworth. Tampilkan semua postingan
Tampilkan postingan dengan label Chatsworth. Tampilkan semua postingan

Selasa, 16 Oktober 2012

Celebrity Real Estate: Former SFV Native NFL Star Sells Chatsworth Home At A Loss

[Update January 23, 2014]: The Sherman Oaks home was listed for sale at $2,795,000 on January 23, 2014 with more details and pictures here. 

[Original Post]:
Images courtesy Rodeo Realty
Former NFL Raiders running back, Justin Fargas, sold a Chatsworth home at a loss. Fargas is a native of the SFV who was born in Encino and attended Notre Dame High School in Sherman Oaks before attending USC. He was drafted by the Raiders in 2003 and played there until 2010 where he was dropped. The Denver Broncos briefly picked him up in 2010 but later released him before the start of the season. His dad is Antonio Fargas who is famous for playing "Huggy Bear" on Starsky and Hutch as well as other roles in several films and TV shows. 

The 4 Bed/2.5 Bath on 2,255 sqft on a total lot size of 7,515 sqft built in 1957 listing states:
This Beautiful Landscaped corner lot opens up to. 4 Bedrooms 2 1/2 baths. 3 bedrooms down including the Master with it's own separate dual tub and shower. . The upstairs bedroom has it's own bathroom, very spacious. Sliding glass doors lead out to a spectacular entertainers backyard with a pool and spa. Move in condition, just bring your furniture.
Fargas purchased this home on March 11, 2004 for $570,000 and sold for $500,000 on September 28, 2012. This transaction represents a loss of $70,000 not factoring in carrying costs, renovation costs (if any), commissions, and taxes. 

Its not known why Justin Fargas sold his Chatsworth home but its possible that he is trying to downsize after his retirement from the NFL considering that he recently purchased a Sherman Oaks home on July 17, 2008 for $2,295,000.



Images courtesy Prudential California Realty
The Sherman Oaks home measures 3 Beds/5 Baths on 4,892 sqft on a total lot size of 0.49 acres built in 2000. The listing states:
ATTN: ROCK STARS, HIPSTERS, ARCHITECTURAL BUFFS! ONE-OF-A-KIND LOFT-STYLE RESIDENCE. CUTTING-EDGE MODERN ON SPRAWLING PARK-LIKE GRAOUNDS. LARGE SCALE LIVING W/ ENORMOUS VOLUME/SPACE. 3+5, INCLUDING SEXY MASTER. 2-STORY LR, MEDIA, SLEEK KITCHEN & BATHS. CONCRETE FLOORS, RECESSED LIGHT, SURROUND SOUND, ART WALLS. MULTIPLE WINDOWS & TERRACE DECK OVERLOOKING VAST RESORT STYLE YARD, SURROUNDED BY MATURE TREES. SECLUDED 1+1 UNPERMITTED GH, POOL, GATED ON CELEBRITY BLOCK. A TRUE UTOPIAN SHANGRI-LA!
You can view more SFV Celebrity Real Estate here.

Kamis, 27 September 2012

Was the Orange Line Extension A Waste of Taxpayer Money?

A total of 3 passengers board the Orange Line Extension at the Chatsworth Station granted it was the end of the day on a Summer Sunday.
The 4 mile Orange Line Extension from Canoga Park to Chatsworth opened on June 30, 2012 to much fanfare and excitement with a record 16,999 riders beating the previous record of 15,629 set in June 2008. It was exciting to see the neglected and ignored old Southern Pacific Railway finally get some kind of development and attention. 

But the more I started to think about this project, I had lots of doubts about the real benefits for SFV residents who now have the option of leaving the gas guzzling SUV's behind and travel all the way from the West Valley to as far as Downtown L.A. But questions started to emerge which I will discuss below.

Southern Pacific R.R. tracks in Chatsworth. Image courtesy Terry Guy Flickr
I will start off with the positives. The Orange Line Extension converted an unused rail line that was occupied  by mostly automotive based businesses like used car lots, rental cars, and mechanic shops but also included a landscaping company, other mfg. businesses, and a lumber yard that was formerly the Canoga Park (Owensmouth) Southern Pacific Railroad Station (which had  HCM # 488 designation on May 30, 1990 but was delisted due to fire damage in 1995). The rest of the land was dirt conveniently used by the "local cowboys" for horse riding  next to the only horse zoned community in Canoga Park at Parthenia. 

Owensmouth Southern Pacific Railroad Station circa 1915.  Image courtesy CSUN Digital Library. 
Canoga Park (Owensmouth Southern Pacific R.R. Station HCM#488. Image courtesy Valley Relics Flickr

Canoga Park Southern Pacific R.R. Station after 1995 fire. Image courtesy Terry Guy Flickr
The other positives was the creation of a walking trail adjacent to the extension that became heavily used even before the extension opened allowing for local residents to "get out" and burn some calories. Another positive is the obvious ability to take public transportation to other parts of the Valley, Hollywood, the Westside, and Downtown L.A. Another positive is that this extension created jobs and adds to the local economy. The last positive which is truly remarkable was that the project was under budget saving $62 million and was completed ahead of schedule which seems like a miracle considering other civil engineering projects that have gone wrong. 

So lets switch to the negatives which are the focal point of this post. Who actually uses this line? Was it worth the $154 million in taxpayer funding? Has local traffic increased as a result of adding this line? Have the businesses who were forced to relocate been hurt by moving? Was there another area in need of public transportation? And is this line running at a profit or breakeven?

Whenever I am at the extension sitting in my car waiting for the bus to pass by or simply waiting longer as a result of the extension, I try to count the number of passengers with respect to the time and day. While my data is very crude and informal, it seems that there are only a handful of riders during rush hour especially as you get closer to the Chatsworth station. I am not even sure if there are any riders that live in Chatsworth that use that line as Chatsworth is one of the least densest towns in the San Fernando Valley. The Chatsworth Station is fairly busy but how many riders who are boarding the Metrolink via Simi Valley, Moorpark, and all the way from Ventura are getting off and hopping onto the Orange Line when they can they continue with limited stops and faster service to Downtown and use the Red Line to connect to other parts of L.A.

Which leads to my other concern with this line is that its not fast compared to other modes of public transportation like light rail and subways. This line stops at every station as well as intersections which makes a trip from Chatsworth/Canoga Park to the NoHo Station take roughly 1 hour which can be completed in 20 minutes when driving by car.

Probably the most important concern I have regarding this project is that it cost $154 million of taxpayer funds that I believe could have been redirected to other areas of the SFV in greater need of public transportation improvements.  The ridership of this extension is expected to reach 9,000 passengers per day by 2020. So how many are riding today? Would it have made sense to wait till a later date and focus on a more crowded area like Van Nuys Blvd or Sepulveda Blvd? Also, is this line running at a profit or breakeven meaning that based on the fares collected, is it enough to pay for the operation of this extension?

So I am all in favor of public transportation, adding jobs, and beautifying the SFV, I now wonder if this effort and energy would have been better suited for another area. I realize that this project was an "easy choice" due to the defunct Southern Pacific Railway and could be readily connected to an existing line so the scope of the project was limited allowing for it to be completed relatively quickly and efficiently. I just think this project should have been completed at a later date.

This money should have gone into expanding transportation options along Sepulveda Blvd and the 405 freeway. According to a Texas Transportation Institute study conducted in 2011, the number of vehicles on the 405 freeway between the 101 and the 10 is 295,000 vehicles per day in 2010 and expected to reach 430,000 vehicles per day in 2030 making it the 3rd most congested highway segment in the U.S. With the upcoming Measure J which extends Measure R sales tax increase voted in 2008 for another 30 years to 2069, if approved, this money should be allocated to adding more transportation options along the Sepulveda Pass Corridor. And it shouldnt stop there by adding various phases to include transportation options all the way up to Santa Clarita. I would love to see a Subway run through here or some kind of light rail. I dont care how long it takes and the cost. We spent trillions and countless lives in Iraq and Afganistan, we shouldnt have any problems spending billions and 15 years adding a subway along the Sepulveda corridor.
Metro Sepulveda Pass Corridor Planning Study Concept #6. Image courtesy Metro
I have had these thoughts for quite some time and it looks like others are sharing the same vision as their is a Facebook page called Sepulveda Pass Subway (Give them a Like to get updates) which is drumming up support for this idea and expressing their ideas to The Metro who have also started to acknowledge these concepts.

Sources:

Orange Line Could Boost Valley Business by Christina Villacorte on June 23, 2012; LA Daily News