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Content Real Estate Newsletter - 7. 1

1. Market Update
2. Featured Listing
3. New & Current Listings
4. Article 1: News Corp Consolidates All Fox Interactive Employees Into New Facility, TechCru
6/30/08
5. Article 2: New office complex rising in Playa Vista, LA Times – 6/27/08
6. Article 3: California Senate passes mortgage default warning bill, LA Times – 7/3/08
Market Update
Congratulations to Bert, Nathalie & Glenn for closing escrow before the 4th of July!

It has been almost a year since the impact of the subprime crisis, which hit the news the first week in Au
2007. In the immediate months following that news release, market activities in California slowed and p
real estate sales were the lowest they had been in almost twenty years. The ‘unsold inventory index’ ju
over a 15 month supply in December 2007. Fortunately, market activities reversed course, and the amo
unsold inventory went back down to a 9 month supply. Since then, buyers began coming from the sideli
early 2008. The good news for buyers is that median home prices in California continue to adjust on a d
now stand at 30% less than what they were a year ago.

California Market Report

Month-to-
Current Period Last Period Last Year
Month Year-to-Year
Change Change
Existing Home Sales 366,720 318,830 427,110 15.0% -14.1%
Median Home Price $403,870 $413,980 $580,090 -2.4% -30.3%
Unsold Inventory Index 9.2 months 11.6 months 8.7 months -20.6% 5.7%
Median Days On Market 52.1 68.6 56.2 -24.1% -7.3%
30-Year Fixed Mortgage 5.92% 5.97% 6.16% -0.05% -0.24%
Source for statistics: California Association of Realtors, June 2008 Reporting Period
How does Playa Vista compare with the rest of the state? We are very similar to other California market s
While the overall inventory and pending sales activities are similar to the pre-subprime crisis level, the n
sold listings was less than Q2 of 2007. One of the reasons attributing to a lower average sales price is th
majority of the market activity is concentrated in the $700,000 or less price range. Interestingly, this pe
average cost per square foot is just 6% less than a year ago. However, the current $412 per sq. foot is
than the average cost per square foot in the first quarter of 2008, which was $395 per sq. foot. Could th
sign that prices are holding steady?
 Playa Vista 2nd Quarter Condo Market Statistics
Year-to-Year
2008 Q2 2007 Q2
Change
# of Active Listings: 48 52 -7.69%
# of Pending Listings: 14 13 +7.68%
# of Sold Listings: 17 25 -32.00%
Average Days on Market 65 47 +38.29%
Lowest Sold Price $500,000 $506,000 -1.18%
Median Sold Price $625,000 $707,500 -11.66%
Highest Sold Price $793,500 $1,165,000 -31.88%
Average Sold Price $626,206 $781,583 -19.88%
Average Sq. Ft. 1523 Sq. Ft. 1,771 Sq. Ft. -14.00%
Average $/Sq. Ft. $412/ Sq. Ft $441/ Sq. Ft -6.57%
If you’re interested in a particular sector or price range within this market, please let me know. I would b
to send you an evaluation and share with you my expertise and knowledge. Furthermore, I can help you
research and understand the market. This will save you time navigating through all the information repo
the media.

I would be happy to speak with you in greater detail, should you like more information on the topics disc
above, properties listed below, or more information about Playa Vista real estate.

Have a great weekend!

The Playa Vista Specialist,

Winnie Licht
Broker, Realtor ®
Coldwell Banker - Playa Vista
Diamond Society Distinction – Top 8% internationally
5450 Lincoln Blvd.,
Playa Vista, CA 90094
Direct 310-745-7468
eFax 323-375-0193
winnie@winnielicht.com

www.PlayaVistaHomeSales.com
Featured Listings
Villa Savona #407 2 bd + 2 ba +
work room

A True Urban Oasis! This light & bright, top-floor, single-

level, corner unit is located in Villa Savona, a highly
desirable 39 unit building. This one shows like a model
home & features: extra high ceilings; living room balcony
w/ endless city views; tastefully upgraded kitchen w/
Ceasarstone countertops & designer tile backsplash;
raised-panel beech wood cabinets; stainless steel
appliances; gas fireplace; lots of closet space; extra large
laundry/work room & all the Playa Vista amenities.
For details, please go to http://www.VillaSavona407.com

Shown by Appointment only

OFFERED $629,000

Carabela #110
+ 2.5 ba

This townhouse style condominium exudes th

and elegance of a traditional home. Quite loc
with only one common wall. This home has a
upgraded gourmet kitchen with Granite coun
designer tile backsplash, stainless steel applia
and eat-at island. Double sided gas fireplace
room, two patios from living room and master
bedroom, spacious master bath with luxuriou
tube, separate shower stall and built-in vanity
details, please visit http://www.Carabela110.c

OPEN HOUSE: Sat + Sun, 7/12 + 7/13, 2pm to

OFFERED $768,000
New & Current Playa Vista Listings * denotes brand new listings ** indicates listings with recent pri
reduction
BUILDING PRICE BD/ BA SQ. FT. HIGHLIGHTS
Bridgeway Mills #4 $895,000 1Bd/3.5Ba 2,450sf End unit townhouse with attached 3-car
Tapestry II - #6 $849,990 3Bd/2.5Ba 2,140sf True townhouse with attached garage
Tapestry I - #4 $749,000 2Bd/2.5Ba 1,640sf Townhouse w/ private attached 2-car ga
Chatelaine #107* $765,000 2Bd/2.5Ba 1,808sf High end 2-story condo with park views
Paraiso #108 $709,000 2Bd/2.5Ba 1,703sf 2-story unit in the highly sought after fro
Paraiso #125* $695,000 2Bd/2.5Ba 1,703sf 2-story upgraded unit on quite street
2Bd+den/2.5B
Metro #333** $678,000 1,675sf 2-story top floor condo with Crescent Pa
a
2Bd+den/2.5B
Villa d’ Este #415** $669,990 1,669sf Top floor unit w/ hdwd throughout +high
a
Esplanade #322 $589,000 2Bd/2.5Ba 1,237sf 2-story top floor unit with courtyard view
Metro #209 $574,900 2Bd/2Ba 1,230sf South facing unit single level unit w/ vw
Waterstone #414* $360,000 1Bd/1Ba 780sf Top floor CPU unit with views of CenterP
Articles
News Corp Consolidates All Fox Interactive Employees Into New Facility
TechCrunch.com – June 30, 2008

Fox Interactive Media, the News Corp subsidiary that controls most of its online assets, has signed a 12 y
agreement for a new facility in Playa Vista . All FIM companies in Southern California will move to the
facility starting in June of 2009. For those wondering about FIM and MySpace’s future growth, this move
settle speculation. The site will house over 300,000 square feet of commercial space and is part of a dev
called Horizon at Playa Vista (a rendering of the development is above). The area is quickly becoming
media hub, with EA, Rubin Postaer and others now with offices in the area.

The internal memo from Peter Levinsohn , President of Fox Interactive Media, is below.

About a year ago, I communicated with you about our space and parking challenges, and our ultimate p
a facility that could accommodate all of our LA-area team in one location. After an extensive process, I’m
to inform you that we have found the ideal location for Fox Interactive Media’s new headquarters.

The new facility is located in Playa Del Rey (Horizon at Playa Vista http://www.horizonatplayavista.com/)
houses more than 300,000 square feet of commercial space. Playa Del Rey is the first newly-built comm
Los Angeles in over 50 years and has become a creative hub for technology companies, including EA, th
video game company in the world. The site itself should be amazing – including an exclusive gym, intern
external eating facilities, volleyball courts, and lots of green space for outdoor activities. Just beyond the
built facility will be a host of restaurants, shopping locations and living options.

FIM has experienced phenomenal success in its three-year history, and we have plans for even greater g
achievements in the coming fiscal year. Given our tremendous track record, it’s only fitting that we shou
into the single biggest real-estate transaction in Los Angeles in the last 25 years. When we move to our
facility between June of 2009 and January of 2010, not only will we enjoy the distinction of having one of
largest corporate headquarters in the LA area, but we will be housed in a state-of-the-art facility that ref
corporate identity and culture.

In the coming weeks and months, we’ll be providing you with more information about the site and the su
area. We’ll also provide a schedule for the phased move, as soon as those details have been decided.

I have appreciated your patience during the past year, as we’ve shifted groups to new locations to mana
growth and endured numerous space constraints and challenges. Soon, we will have an opportunity to c
more effectively, as well as to create a work environment that speaks to the creativity and innovation th
come to be synonymous with Fox Interactive Media.
I hope you are as enthusiastic as I am about this exciting milestone for our company.

Peter Levinsohn

New office complex rising in Playa Vista

Los Angeles Times - June 27, 2008

Tech firm Belkin International will be a major tenant in the $1.2-billion development, which is being built
acre site where Howard Hughes once ran his aviation empire.

Work has begun on the first phase of a $1.2-billion office complex in the Playa Vista development south
del Rey as the popular Westside office market remains strong in the face of the nation's faltering econom

A major tenant for the complex, Belkin International Inc., was announced Thursday by the developers, T
Speyer and Walton Street Capital. When completed at the end of next year, the new buildings will be he
for technology company Belkin.

Belkin will occupy 150,000 square feet, almost half of the space in the four-building first phase of the off
campus, after it consolidates other Los Angeles-area offices.

The price of the lease was not disclosed, but a real estate expert who knows about the deal but asked no
identified because negotiations were confidential valued it at more than $100 million.

The new development is rising on a 64-acre site that includes two enormous hangars and offices where
Howard Hughes built his famous Spruce Goose airplane in the 1940s and ran his aviation empire, which
an airfield, for decades. Those buildings have been designated as landmarks and must be preserved.

Tishman Speyer plans to renovate the former Hughes buildings when it finds tenants for them, said John
senior managing director of the New York-based developer and landlord. In the meantime, the company
Spruce Goose hangars to movie and television productions. "Transformers" and its unreleased sequel we
filmed there, Miller said.

The developers hope to attract more high-tech and entertainment-industry tenants to the site where -- l
Hughes' company left the scene -- the owners of DreamWorks SKG once planned to build a studio before
collapsed in the 1990s.

The office complex designed by Gensler is expected to have more than 1.6 million square feet of new
environmentally friendly office space plus an additional 500,000 square feet of renovated space in the fo
Hughes buildings. To woo its target tenants, the developers plan landscaped gardens, athletic courts and
skateboarding park, a band shell and water features.

California Senate passes mortgage default warning bill

Los Angeles Times - July 3, 2008

The legislation, SB1137, would require lenders to give homeowners more -- and earlier -- warnings that t
loans were heading toward default.

The first major bill designed to help prevent more home foreclosures in California won final passage from
Senate on Wednesday and was sent to the governor, who was expected to sign the measure into law.

The legislation, which passed on a 32-8 vote, would require lenders to give homeowners more -- and ear
warnings that their home loans were heading toward default. The bill, SB1137, would take effect immed
it had the signature of Gov. Arnold Schwarzenegger.

The bill also gives renters more time to find a new place to live when they are being evicted because the
is losing the property.

A third provision authorizes local governments to force lenders to maintain property that is sitting empty
foreclosure.

"SB1137 will make a difference right away," said the author of the bill, Senate President Pro Tem Don Pe
Oakland).

"This legislation is an important piece of the puzzle of how to best protect California homeowners and
communities from the fallout from the nation's mortgage crisis," Perata said.

Schwarzenegger, who this year persuaded state-licensed lenders to voluntarily help homeowners get ou
under costly adjustable-rate mortgages, welcomed the Perata bill.

"This bipartisan legislation provides one more tool by giving borrowers the critical time needed before a
foreclosure to work with their lenders," Schwarzenegger said.

Schwarzenegger's approval became all but certain after protracted negotiations between Perata and his
mainly labor unions, community activists and advocates for fair lending practices -- found common grou
lobbyists for the banking and real estate industries.

The finished product, said Susan DeMars, executive director of the California Mortgage Bankers Assn., pr
borrowers with relief "without arbitrarily limiting access to credit or discouraging investments that are ne
restore liquidity to California's housing market."

Passage of the bill came just after the state Department of Corporations released its latest monthly lend
survey, which contained mixed news on the real estate front.

On the positive side, the state reported that the number of loans being modified each month to require l
payments jumped 49% from January to May, when 8,686 so-called workouts of loan terms occurred.

But that progress did little to stem the number of monthly foreclosures, which rose by about 5% to 13,62
the same five-month period.

Perata and Assembly Speaker Karen Bass (D-Los Angeles) said they hoped that Wednesday's passage of
foreclosure-prevention bill would create momentum to resurrect a handful of related measures that had
killed or watered down in the Senate two weeks ago.

Bass said she was focusing on key portions of AB1830 by Assemblyman Ted Lieu (D-Torrance).

"We are developing an effective package of bills to submit to the governor in August," Bass said.

An earlier version of Lieu's bill addressed three problems linked to sub-prime loans, which were typically
borrowers with blemished credit who couldn't qualify for traditional fixed-interest-rate loans.
It sought to prohibit stated-income loans, which allow people to qualify for mortgages without proving th
the income to make the monthly payments.

Lieu's bill also would have banned less-than-interest-only loans, whose principal increases with each mo
payment, and pre-payment penalties that make it expensive to pay off loans before they reset to a high
rate.

Mortgage bankers contend that negotiations are moving toward an agreement with Lieu and Democratic
on AB1830.

California lawmakers, they cautioned, need to be careful that any new law is in harmony with new sub-p
mortgage regulations that are expected to be issued in Washington this summer by the Federal Reserve

copyright © 2008 Winnie Licht