The commercial real estate market in California is increasingly looking toward the future, and for many developers, that means tailoring work to the interests of Generation Z. Developers have noted that young people are interested in eco-friendly construction as well as spaces designed for higher levels of socialization. Generation Z is defined as anyone born after 1996, the generation following millennials. As older members of the generation graduate from university and move into the business world, their purchasing power and influence is on the rise.
People in California who are interested in entering the thriving commercial real estate market may want to ensure that they pay sufficient attention to the due diligence process. A buyer looking to invest in a real estate project wants to avoid being mired in a problematic site with ongoing issues or legal concerns. This means investigating the integrity of the building itself, checking for zoning compliance and adherence to environmental regulations, reviewing the title to the land and studying the records of the developer or seller.
Since California voters passed Proposition 13 in 1978, residential and commercial real estate property taxes in the Golden State have been limited. Upward reassessment of property values cannot exceed 2 percent every year, and the law caps property taxes at 1 percent of assessed value at the time of acquisition. A new initiative scheduled for the 2020 ballot would partially repeal these tax limits and expose commercial real estate to higher property taxes.
When people and businesses in California enter into a contract for a construction project, it is critical that the text be complete and accurate. By ensuring that contracts, insurance policies and other key documents spell out necessary details, investors and contractors can help to avoid costly, lengthy disputes and claims. In order to get a project started on the right foot, it is important that all parties read and understand the contract and related documents. All of the provisions, from the scope of the project to the expected timetable, should be accurate, consistent and comprehensive.
California is at the center of the American entertainment industry, and disputes involving studios, executives and performers are not uncommon. One such dispute involves the Beverly Hills-based production company Good Universe and Japanese producer Taka Ichise. Ischise produced the highly successful "Ju-on" series of horror films in Japan and also received a producer's credit when Ghost House Pictures released "The Grudge" in 2004, which was based on the "Ju-on" series.
Marilyn Monroe fans in California may be interested in learning about ongoing litigation over the copyrights held for a series of famous photographs of the star. The pictures, which are called the "Last Sitting" collection, were taken by photographer Bert Stern in 1962, and they are among the most iconic photographs that were taken of the star.