Show The Salt Lake Tribune Sunday March 15 1938 F10 Advertising supplement produced by the Newspaper Agency Corporation Commercial real estate in Los Angeles is rising up from the ashes I 'I By Neal Tqgun The Wall Street Journal to projects valued at $227 million that are under construction he expects to begin work on another $332 million worth of buildings by this summer Financing of the second phase of the Water Garden is being provided by Colony Capital Inc a Los Angeles private real --estate investment fund Mr Snyder has also gained funding from Equity Office Properties Trust a Chicago real estate investment trust led by financier Sam Zell Equity is financoffice project ing a 585000 square-foin Burbank Calif that Mr Snyder is developing for it In effect Mr Snyder has made a giant bet that the Los Angeles market will continue to rebound But some wonder if it is a shrewd bet John Cushman a broker in Los Angeles estimates Mr Snyder will need annual rents of $35 a square foot to justify his Burbank office project compared with average rents today of less than $30 a square foot in the area Getting such rents in the Burbank project which is across the street from the NBC studios could be problematic In 1994 a California thrift foreclosed on seven acres in Santa Monica Calif where developer Jerome Snyder planned to build the second phase of an ornate office park called the Water Garden That was our baby recalls Mr with a pronounced Snyder a Brooklyn accent My stomach hurt for months Now Mr Snyder is once again developing plans on that same parcel for the very same office project in part because he is tenacious but also because he knows how to adapt During his long career Mr Snyder has built homes renovated office buildings and built shopping centers Jerry's definitely a survivor says Richard Ziman chairman of Arden Realty Inc a Beverly Hills Calif real estate investment trust Indeed JH Snyder Co the Los Angeles private paitnership Mr Snyder heads has emerged as one of the most active developers in Southern California In addition ot real-esta- te tenant-representati- Growth- Home Buying Season is Hero -- How Much Home Can You Buy? HOTLINE y SLC 547-153- 9 Mortgage for You Ideal Mortgage Services Company 101 Salt Lake City UT First Reliance Mortgage is offering to the general public a free booklet entitled Finding the Right This is a free service made available by 670 E 3900 South - The booklet really helps people get a better idea of what to expect when looking for a mortgage in todays 263-997- 5 stated Ron Holmes market New Home? down par mo Colony West 968-655- 6 Quail Run 3906 S 2305 W 4800 W Shadow Mountain 7110 S 5100 W 280-162- 0 Georgetown W 6200 S 4590 I Is PEI only Bmm! 968-650- on PHA Bristol Ridg yr till MM at 8 79 real-esta- Buying a home in todays market is a lot different than it was 6 or 7 years ago Holmes continues te - located in distant locations that required increased commuting adding to an already troubled transportation situation What can Utah learn from this? Although our demand for housing is modest compared to what the California situation is we in Utah still have time for state government cooperation in planning for the growth Ignoring the growth that is pushing up housing costs and put us in a four-yefreeway trauma will only make things worse Lengthy processing time for building permits in existing developed subdivisions already approved by planning and zoning departments is costly mismanagement The thud quarter figures tell us that in the Salt Lake City-Ogdarea the median family incomes of $47700 is only enough to buy 441 percent of the homes on the market based on the median home sales price The median home sales price is now ar en jomraro What to look for in a mortgage and how to find it How to estimate how much house you can honestly afford What are Points and other mortgage terms you need to understand Ail about fixed-rat- e and adjustable-rat- e convertible mortgages and the pros and cons of each Why you must understand all the terms and conditions of your mortgage What lenders look for in assessing your qualifications for a mortgage Why needing a large is a thing of the past and how that benefits you u V- - Currently many of our community leaders and residents in these cities are pushing for low density housing including large houses on large building lots rattier than high density Blaming builders for the problem wont solve it it only confuses the issue We cant ignore the real people behind the aHteabmitiwrgN()::C03mtoaiKa- - shows you: HEW 14-sto- iy $155000 "Finding the Right Mortgage for You" 900 loan amount steal Mr Snyders associates say it was a bold move at a time when pundits were saying that California wouldnt need any new office buildings for another decade In the meantime Mr Snyder struggled with what to do with other undeveloped sites One day partner Clifford Goldstein proposed using a vacant office site on Wilshire Boulevard for a supermarket I said Get out of my office Mr to We were recalls Snyder going build a office building there But after looking at the rents a supermarket would pay Mr Snyder swallowed his pride Within a couple of years his company successfully built eight supermarkets Mr Snyder says the financing agreement with Colony Capital should allow him to accelerate his pace of developments since he wont have to line up investors for each project In any event Mr Snyder says he has no plans to slow down Ive yet to meet my first happy retiree he says When they put me in a box is when I quit te ff President of First Reliance Mortgage 3320 S 0 1 real-esta- The market is much more aggressive This booklet educates people on how to get the mortgage thats just right for their financial needs in any market condition Visit one of our modeiel 4241 W 4100 S Royce in the garage and instead drove through the neighborhood in a Volvo station wagon banging on doors to line up support for his project It worked A lot of people in Santa Monica felt the development was a mistake But they thought Jerry was sensitive to their criticisms says Judy Abdo a former mayor of Santa Monica who wanted the city to negotiate a smaller project at the Water Garden The Water Garden 1 project was handed by financier Marvin Davis the former owner of Twentieth Century Fox But Mr Snyder couldnt find a backer for the other seven acres largely because of the collapse of values in the early 1990s California Federal Savings & Loan foreclosed on the land in 1994 after Mr Snyder and his partners were unable to make payments on a loan that had grown to $42 million including taxes and interest That same year Bob Bisno a California developer and investor bought the land for $5 million and asked Mr Snyder to join him as a partner Though it now appears like a Continued from Page FI to improve both commercial and residential developers jammed local building offices seeking construction permits Because of the understaffed building departments and no growth attitudes the mounting demand is not being met Without significant increases in home construction in California home prices in the state will continue to increase In the end the courage of local municipal officials to move to higher density housing will make the biggest difference During Californias last building boom cities that were friendly toward development were often in far-olocations Californias close-i- n communities and major cities said no to more residential development Consequently the only affordable housing was Advertisement- Getting the right Home Loan Our computer will tell you immediately how much home you may qualify for anytime 24 hrs Just input your information from your touchtone phone Also current interest rate info Pre-Qualit- because entertainment-industr- y growth has slowed Mr Cushman says It is an open question whether the markets are going to pay that he adds But Mr Snyder believes he needs rents of only $32 and $33 a square foot to make the office projects successful and insists he can achieve that at both sites Mr Snyder attended high school in Los Angeles but dropped out of the University of California at Los Angeles to remodel homes in 1949 He later became a home builder and by 1970 had constructed 40000 homes throughout the country including a project in Coronado Calif He expanded into the office market when he acquired an existing office building in the late 1970s and was told he had to buy eight acres across the street as part of the deal Mr Snyder ultimately built the Wilshlire Courtyard on the land He knows that the little things matter when it comes time to build a consensus When Mr Snyder wanted to develop the first phase of the Water Garden several years ago he left his Rolls- - YS ARM 1 demand Apptkatloni by Phon Conventional 1 tee Pa 479-226- 649-990- City f 0 Utah 9 Sat Cody 377-346- lie 29 No Utah 4 AternMlM Credit O lowest Rate ?i Sstv 779-008- 9 THE LANDING at'EegttWwaMountain of ! j This report will help make the process of getting your mortgage a Lehi mfleg little easier and Family Home ' ft 'No Selling ' - a little Holmes maintains confusing It will take you expect and what your options are To receive your free copy of "Finding the Right Mortgage for You "simply 30 toijto Rate Subject to Change Starting In Orem please call (801) 0 In Heber City please call (435) Or Toll Free: (888) 566-122- 426-950- Call for Patella mbSU-lO- m 654-997- Real Estate 374- Wanted Estate Real und umwiwlmg unw GOVERNMENT FoRFClOSlD Save up to 60 or more low or oo down payment Con 177? ext 4700 nowt 1400-60LAKE HOMES can help you chooee your design trade and price with coet ondyF U tot a new boMcttng or remodeling fob 272 3878 Reclw SELLERS $100 cash tvwy month your house remains un sow Realty 272 7656 Free 27 Color IV wevwv home purchase m BUYFRS - 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Investor lender Broker WF HELP PEOPtE FINANCE WANTEDHomes rentals notes HOME- S7 BOUGHT IN 97 Small Investor 704apr CREDIT Fair prices! owneragent FORCIOSURENOD QUICK Cash tor Any LAND tend Top Prices CONSTRUCTION 125 LOANS mi5yr oo LAND WANTED Sudweeks Development will pay top dollar for property 2 to 10 acres In size for residential planned unit developments in: Salt Lake County Utah County Davis County APARTMENTS COMMERCIAL PROPERTIES CALI FOR MORE INFORMATION (801) CAU US HR3TI EQUITY IOAN6 126 loans Free appraeal Debt consottdati) PURCHASE LOANS 100 Buy your dream homeoondo now ur money away Stop throwing and start buS&g equity ot 3 ci Newpry? LOAN- RATE INTEREST HOIUNE Catt our computer anytime 24 hrs to check went Interest rates OH Now fts Freel kteal Mortgage Services a HOW MUCH HOME COULD YOU FREE BUY? 24hr Automated System 572-417- and Cost! 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