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Norris Realty Advisors Newsletter

July 2007
In This Issue
New Faces
The Raymond Theater
Chartering Course
Appealing Appraisal
 

A New Face



Aynsley



The most recent addition to our team is Aynsley Armbrust, a native of Texas.  Ms. Armbrust recieved her BA in Art History from Southern Methodist University in Dallas.

After this, she took her exhaustive knowledge of historic art to a place that needed it greatly; working in the entertainment industry in Southern California.  This effort was to no avail; it seems the folks in the film and television industry have little use for art.  Or good taste, for that matter.
 
Ms. Armbrust's previous real estate experience includes an internship at Churchill Capital LLC in Dallas.  We are glad to have her as a part of our team! 
 
 
Visit the Norris Advisors website to read her full bio.



Quick Links

Remember, we are happy to assist you with free market information.  Please let us know of any way that we can be of service to you!

Sincerely,


Steven Norris
Norris Realty Advisors

Phone:
 
626-405-9922
 
 
 
Greetings!

Welcome to a quick update on significant recent projects we have been involved with in the first half of 2007.  
 
Raymond Theater
The Raymond Theatre 
On April 5, 1921 The Raymond Theater, which was designed by famed architect Cyril Bennett, opened with a gala vaudeville performance.  In 1948 The Raymond Theater was converted into Pasadena's premier movie house, the size of which rivaled only Grauman's Chinese Theater in Los Angeles.  Now, The Raymond Theater and an adjacent lot are being converted, by AJB Enterprises, into a mixed-use housing development.  We recently completed valuation of the Raymond for construction financing; development is currently underway. 
 
If you are interested in other historic theatres in Los Angeles, take a look at this link:
 
 
Kid Studying 
Charter Schools In Los Angeles

Charter schools have not been around for that long. In 1988, the President of the American Federation of Teachers, Albert Shanker, called for the reform of public schools by forming "Charter Schools."  A charter school was conceived as a legally and financially autonomous school.  There is to be no tuition, religious affiliation, or selective student admissions, and since the school is free from certain state laws and local regulations, the school then, theoretically, is more accountable for student performances.

Norris Advisors has been actively involved in the appraisal of numerous charter schools in Southern California over the past 24 months.  We have had the opportunity to work with charter schools and their related developers and lenders in areas that are currently struggling to provide quality education in the face of overcrowding and underperformance. Our clients have included Pacific Charter School Development, Low Income Investment Fund, the Florence Crittenden Center, the Watts Learning Center and the Alliance for College Ready Schools, to name a few.
 
While some of these schools are only a few years old, they are already producing amazing results. Take a look at the Watts Learning Center, their API scores have increased from 577 in the year 2000 to 789 for the 2006-2007 school year.
 
  Watts Learning Center Site
 
One pioneering project we were involved with was the Math & Science School. This school, which is run by the Alliance for College-Ready Public Schools, will be relocated to the campus of California State University at Los Angeles. The school will have the opportunity to involve CSULA faculty members playing an active role with students and teachers as tutors, professional development leaders, and substitute teachers.
 
There are currently more than 120 approved charter schools in the Los Angeles area and more planned to open in the next few years. Please take a minute to look at some of the web sites below to get an ides of the great things happening.
Appealing Appraisal 
9th Circuit Court of Appeals

Pasadena Courthouse
















Here is an easy valuation:  A turn of the century luxury resort, taken over by the US government at the outset of World War II for use as a military hospital, then allowed to decay for over 20 years, until beautifully restored as the home of the 9th Circuit Court of Appeals.  So, what is it worth?
 
The court is housed in what was originally the Vista del Arroyo Hotel. Built in1903, the Vista del Arroyo was used as a military hospital during World War II. In the 1980s the federal government restored the building for the Ninth Circuit Court of Appeals.  Next stop with a Federal Appeal is the US Supreme Court.  Thus far, there have been no appeals of our value estimate.