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Real Estate newsletter: Hollywood eyes a comeback

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Welcome back to the real estate newsletter this week documenting a market in Southern California where a half-finished mansion made a fortune and a university set a record for the sale of its president’s mansion.

The half-finished mansion belonged to none other than NBA star Kevin Garnett, who never managed to complete the 11,000-square-foot venue that took up its picturesque Malibu area. That didn’t stop him from selling the house for $ 16 million, however.

And the record-breaking mansion was owned by the University of Southern California, which has used the famous Seeley Mudd Estate as the seat of its presidents for the past 40 years. The pandemic forced the school to make some cuts and the 14,000-square-foot home had to make way. The good news is that USC got their money’s worth, selling it for $ 25 million and breaking a price record in San Marino.

Two other properties made headlines in the past few days. On the resort’s Coronado Peninsula, a 134-year-old Victorian building resembling the iconic Hotel del Coronado went on sale a few blocks away for $ 24 million. And in the Arizona desert, action star Steven Seagal raised $ 3.55 million for his ultra-private property in a gated community with bulletproof windows and lifelike statues.

As LA’s commercial sector continues its post-pandemic thaw, many eyes are on one of the city’s most iconic neighborhoods: Hollywood. The area has seen some casualties in the last year, including the Paley Restaurant and ArcLight Hollywood, but it’s set to make a comeback as pedestrian traffic is slowly returning.

While you catch up on the latest, visit and like our Facebook page, where you can find property stories and updates all week.

Athlete passes a half-built house

The coastal property comprises three parcels of seven acres centered on an 11,000 square foot home.

(Hilton & Hyland)

Basketball Hall of Famer Kevin Garnett made $ 16 million in Malibu selling a half-finished mansion he’d been shopping around for the past three years.

That’s $ 3.9 million less than the price he was asking, but still a significant improvement over the $ 6.4 million he paid for the property in 2003.

When Garnett bought the stretch of coast, it owned a six bedroom villa. Now it houses an 11,000 square meter exhibition space that is still under construction. The structure itself is there, but Garnett left the interiors unfinished so buyers can complete it with their own personal style.

USC Presidential Mansion makes history

The seven-acre site is housed in a 14,000-square-foot American colonial mansion surrounded by extensive lawns and English rose gardens.

(Compass)

USC’s presidential mansion, which housed the university’s presidents for more than 40 years, traded for $ 25 million. That’s $ 500,000 more than the asking price, making it the most expensive home sale in San Marino history.

When the residence went on sale for $ 24.5 million earlier this year, it was the first time it hit the market. Records show that it was signed less than a month after it was recorded.

The piece of Trojan history is also a piece of American history. The property, named after its client, the Seeley Mudd Estate, sits on seven acres of land donated by US Army General George Patton and the railroad mogul Henry Huntington, who founded the Huntington Library of San Marino a few miles away.

It has served as the seat of the USC presidents since 1979, and the grassy lawns and rose gardens surrounding the 14,000-square-foot mansion have been the backdrop for many of the school’s dinners, galas, and Christmas parties.

A Victorian building from 1887

A photo of a large Victorian house with gardens and two palm trees

The Queen Anne Victorian, built in 1887, is led by an architectural staircase that spirals through four living levels.

(Brenda Sienkiewich / Model Image Media)

One of San Diego County’s finest examples of Victorian architecture can be found on the resort’s Coronado Peninsula, where 134-year-old Baby Del was sold for $ 24 million.

The 19th century residence is built in the same style as the famous Hotel del Coronado, a historic beachfront resort that bears the title of the country’s second largest wooden structure, just a few blocks away.

The Queen Anne Victorian was built by Harriett Livingston in 1887, a year before the Hotel del Coronado was built. It was in the Sherman Heights neighborhood of San Diego until 1983 when architect Christopher Mortenson picked it up and trucked it to its current location near the beach in Coronado by truck and barge.

One of the largest private estates on the peninsula, it has been declared a San Diego Historic Landmark and has a land tax reduction under the Mills Act.

Martial artist sells his dojo

A photo of a two story mansion in a desert landscape

The 12 acre property is centered on a 9,000 square foot home made of stone, copper, and glass.

(Stephen Garner)

Steven Seagal served his mission in the Arizona desert, selling 12 acres of bulletproof property outside of Scottsdale for $ 3.55 million. That’s $ 150,000 more than he asked for.

The action star martial artist – whose credits include films like “Above the Law”, “Hard to Kill”, “Driven to Kill” and “Today You Die” – owned the house for about a decade. Records show he spent $ 3.5 million on the property in 2010 and put it back on the market two years later, dangling it for sale every few years before it finally found a buyer.

The modern home is built into a hillside and is located in the gated community of Carefree Ranch Homesteads. For additional protection, the floor-to-ceiling windows are bulletproof with uninterrupted views of the surrounding valleys and mountains.

Hollywood is preparing for a comeback

A photo of a man taking a picture of a woman posing with a street performer while people walk behind them

Alex Cannon, left, of Houston, photographs his girlfriend Emilee Williams of Victoria, Texas, posing with a street performer disguised as Freddy Krueger on Hollywood Boulevard.

(Mel Melcon / Los Angeles Times)

Hours before “Hamilton” opened at the Pantages Theater last year, the performances of the Broadway hit were canceled as edicts to prevent the spread of a highly contagious new coronavirus that caused a cascade of suffering for the Hollywood neighborhood, writes Roger Vincent .

More than a year later, boom, bankruptcy, and hopes of another boom tell the story of Hollywood today as the neighborhood struggles to recover from the pandemic and its economic aftermath.

High-profile victims of the COVID era include the upscale Paley restaurant in Columbia Square on Sunset Boulevard and ArcLight Hollywood, the cinema complex that included the landmark Cinerama Dome Theater.

Many others persevered. “Miraculously, many corner shops have survived,” said Kris Larson, president of the Hollywood Partnership business improvement district.

What we read

Wondering where all the houses went? Baby boomers have a lot of them and they don’t let go. The New York Times reports that aging boomers suspicious of nursing homes hold on to their homes for much longer than their previous generation, causing inventory shortages and price hikes across the country.

Hearst Castle is still closed to the public, but if you’re dying to get inside, Airbnb offers virtual tours of the iconic property. For $ 20, a California State Park guide will take you on a 75-minute walk around the grounds, according to CBS Los Angeles.

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After busy summer, Palm Beach real estate agents scramble to find listings

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Who is knocking on the door? Who is ringing the doorbell?

If you live in Palm Beach, you might very well be a real estate agent asking if you want to sell your home.

Stories of actual door knocks and doorbells are likely to be apocryphal – but there have been plenty of emails, phone calls, and even letters in the mail sent to homeowners by realtors seeking deals in a historically tense real estate market after months of gangbuster sales.

And while intense competition among buyers has pushed prices up, many would-be sellers just don’t take the bait.

“Where are you going?” asks Douglas Elliman Real Estate’s agent Gary Pohrer, summing up the riddle the island’s real estate community faces at the start of the winter season.

Many people could easily part with their homes on the island’s rapid fire market, explains Pohrer. But they are hesitant to sell, fearing that they will not find a comparable property at a reasonable price in a city where inventory is more corked than an unopened bottle of Dom Perignon.

“A lot of brokers call each other weekly and ask, ‘What are you up to?’ And the answer is often: ‘Nothing,’ ”he says.

Agent Dana Koch of the Corcoran Group echoed Pohrer, talking about the dilemma potential sellers face.

“People just don’t know what their next landing step will be,” says Koch, “and they are afraid of being excluded from the market.”

New sales reports show that sales volume has hit a record summer high

And how did the agents get into this position? The irony is that in the 18 months since the coronavirus pandemic first hit Palm Beach headlines, they’ve sold their customers home-for-home – and condominium after condominium.

This activity means that as the new season begins, properties for sale are rare, especially waterfront properties, new homes, and recently renovated homes and condos. Newly released third quarter sales reports – issued by agencies doing business on the island – tell a lot of the story.

Busy summer:Palm Beach properties were “incredibly hot” in Q3, according to sales reports

Palm Beach properties continued to shoot for much of the summer, breaking a new record for third-quarter sales at $ 712 million. That comes from the latest report from Frisbie Real Estate, the team around real estate agent Suzanne Frisbie from the Corcoran Group.

Palm Beach real estate agent Suzanne Frisbie prepares quarterly sales reports for the local market using data from the Multiple Listing Service and private sales recorded at the Palm Beach County Courthouse.

But the bigger sales story is that island sales hit a record $ 3.3 billion in the first nine months of the year, according to Frisbie’s report. In contrast, total sales for 2020 as a whole were nearly $ 1 billion lower, reaching $ 2.4 billion according to Frisbie’s previous reports. In 2019, the total annual amount was $ 1.2 billion.

Strong start:Reportedly, the second quarter was a record for Palm Beach real estate

The third quarter Corcoran report, released separately from Frisbie’s analysis, predicted that high demand for Palm Beach homes would continue into the new season.

“Overall, the desire for more space, the ongoing home office trend, low interest rates, tight supply and cheap taxes continue to drive buyers into the area, which we believe will last until the end of 2021,” says the Corcoran report.

A tight market would favor sellers if they agree to sell

The busy summer only exacerbated the existing storage shortage.

“The total stock of listings fell a record rate to its lowest level in nearly a decade,” said Miller Samuel Inc. analyst Jonathan Miller in a statement accompanying the third quarter sales report issued by Douglas Elliman Real Estate.

Note that at the end of September, 37 single-family homes were being offered for sale on the local multilisting service, up from 113 at the same time last year. The same goes for condos and cooperative units in Midtown – 18 entries at the end of last month, up from 105 the year before. And on the South End, the quarter ended with 36 MLS-listed units available, up from 150 at the end of September last year.

The lack of real estate – and the undisputed sellers’ market – drove up prices for single-family homes. But the market also led to a rebound in condominium and cooperative unit sales as buyers scoured the lower end of the apartment market in search of homes, particularly in the South End.

And, as is usually the case in a seller’s market, the limited supply of single-family homes for sale drove prices to record highs in the third quarter, often in the midst of bidding wars, multiple third-quarter reports report.

Analysis by Brown Harris Stevens found that the average sales price for single-family homes in July, August and September was 17.361 million, according to Corcoran’s analysis, up 33%.

These prices came as a shock to many property developers struggling to find land suitable for speculation to develop homes.

An unusual series of high dollar deals occurred during the summer months

In addition to the unusual summer activity, there was a remarkably high number of sales in the upper price ranges, which have been closed since May 1st, the end of last season. In total, 10 sales of $ 35 million or more were documented during the warmer months. In the same period last year, only five acts were recorded in this price range.

Looking south shows the Ocean-to-Lake property at 1840 S. Ocean Blvd.  in the foreground.  The Palm Beach property was sold for a record-breaking $ 109.625 million in June, setting a record for the sale of an ocean-to-lake property in a single transaction.  Lawrence A. Moens Associates represented both the buyer and the seller.

And the three biggest sales since May 1 have been stratospheric. An estate on 1840 S. Ocean Blvd. on Billionaires Row in the South End changed hands in June for a record-breaking $ 109.63 million, setting a record for an ocean-to-lake property in Palm Beach sold in a single transaction.

Sea-to-sea record:Billionaires Row Property in Palm Beach Reaches $ 109 Million:

Down the street, an oceanfront mansion at 1341 S. Ocean Blvd. was trading for $ 95 million in May. Lawrence A. Moens Associates’ broker, Lawrence Moens, did both sides of the business on South Ocean Boulevard.

And across town in the Estate Section, the private island known as Tarpon Island in the Estate Section set a lakefront record when it was privately sold for $ 85 million in July by Premier Estate Properties as the lead for the sellers.

Then, last week, Moens listed Tarpon Island at $ 125 million “as is,” and $ 210 million on a major renovation and expansion project for a 1930s home.

In the condo scene, multiple sales reports have indicated that South End condominium sales set a record for dollar volume in the third quarter. These units also sold much faster than those that closed in the same period last year, according to Sotheby’s International Realty analysis.

Realtor Linda Olsson founded and runs Linda R. Olsson Inc, Realtor, in Palm Beach.

Real estate agent Linda Olsson, of Linda R. Olsson Inc.’s sales analysis provided one reason for the surge in condominium sales during the summer.

“As single-family home prices soar, many buyers are turning to … condominiums,” Olsson wrote.

Nowadays, creativity is key to matching buyers with sellers

Amid limited housing options, real estate agent Christian Angle of Christian Angle Real Estate said finding buyers in Palm Beach requires “creativity and out-of-the-box solutions.”

Angle declined to discuss specific sales strategies.

The real estate agent Christian Angle runs Christian Angle Real Estate in Palm Beach.

In Palm Beach, however, it is not uncommon for agents to put together what are known as “chain reaction” deals, in which they match a buyer with a seller – and then move the seller to another home. In another scenario, a buyer could agree to rent the house to the owner-changing seller and give the seller time to find other accommodations.

And with limited options in MLS, such deals are often handled privately.

One sale leads to another:Bon Jovi Home Sale Triggers Chain Of Deals; latest records at $ 8.25 million

The key to any transaction, Angle added, is carefully listening to the needs of everyone involved.

“Everyone needs to feel that what is important to them is being addressed, regardless of whether they are buying or selling,” said Angle. “We had an excellent year with more sales than ever by responding to all of our customers’ needs.”

Angle also noted that in Palm Beach, more people are looking for primary homes – rather than vacation destinations – and expects this trend to continue as the new season begins.

Pohrer also mentioned the importance of creative solutions to help buyers, and part of that might just be giving them access to the market. A customer, he said, might initially buy a home or condo that is less than a dream home but will move up quickly as a result when a more suitable property comes on the market.

“This can be at least a two-step process, sometimes even three,” said Pohrer, adding that in situations like this, buyers can still enjoy the benefits of island life while browsing the market. “Palm Beach is always great. It’s a 10 out of 10. “

Pandemic has changed the priorities of buyers and sellers, the agent says

Koch, meanwhile, noted how customer priorities have changed during the pandemic. People make a point of enjoying their home rather than thinking of real estate primarily as investments that trade for a profit.

Dana Koch is an agent for the Corcoran Group in Palm Beach.

“People have re-prioritized their list of important things. And enjoying life is at the top of her list, ”said Koch.

And some house hunters in Palm Beach, Olsson said, will be looking for better properties, even if the search takes longer than they originally expected.

“The people are demanding. It is a lot of money. And they want to get what they need and what works for their family, ”said Olsson. “You are ready to wait.”

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Portions of this article were previously published on PalmBeachDailyNews.com.

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Darrell Hofheinz is a journalist for the USA TODAY Network of Florida. Help us to support our journalism. Subscribe today.

dhofheinz@pbdailynews.com

@PBDN_hofheinz

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3rd apartment complex in Anaheim shifting to workforce housing – Orange County Register

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A 265-unit apartment complex in the Anaheim Platinum Triangle was acquired by Newport Beach-based Waterford Property Co. for $ 127.3 million and is being converted into workers’ apartments.

Waterford and the California Statewide Community Development Authority will lower rents on the 1818 Platinum Triangle at 1818 S. State College Blvd.

Qualified residents must earn between 60% and 120% of the median income of the region under the middle income housing program of the CSCDA. Waterford, as the manager, expects an average rental saving of 24.5% for the tenants compared to other rental apartments in the platinum triangle. The rent increases per year are limited to a maximum of 4%.

Existing tenants who do not meet the income restrictions are allowed to stay until they move.

The Anaheim acquisition is the third in the city with CSCDA. Waterford says it has nine communities that it moved from market prices to essential housing, increasing its portfolio to 2,643 units and over $ 1.6 billion in tax-exempt bond issues.

Joseph Smolen, Geoff Boler and Lee Redmond represented the buyers and the seller UDR.

Irvine-based SB Real Estate Partners has bought ReNew Redlands, a 124-unit apartment complex in Redlands, for $ 46.2 million and renamed it Portola Redlands. The SBREP plans to spend $ 2.5 million on property improvement. (Courtesy SB Real Estate Partners)

Irvine is buying apartments in Redlands for $ 46 million

Irvine-based SB Real Estate Partners has bought ReNew Redlands, a 124-unit apartment complex in Redlands, for $ 46.2 million.

The property has been renamed Portola Redlands and the SBREP has announced that it will spend $ 2.5 million to improve the property.

The 39 year old complex features two garden style bedrooms and terraced house floor plans. Portola Redlands sits on nearly 8 acres and also has a swimming pool, picnic and BBQ areas.

The acquisition marks the first for SBREP in the Inland Empire market and is part of the company’s plan to raise more than $ 200 million in home ownership in the two-country region, Phoenix and Las Vegas markets, in the second half of 2021 to acquire.

“We are excited to enter the Inland Empire market, and the Redlands sub-market in particular, which has been one of the most offer-built areas in the country for some time,” said Srijin Bandyopadhyay, founder and executive director of SBREP.

Walker & Dunlop’s Blake Rogers and Hunter Combs represented the seller, who was not identified.

Alere Property Group in Newport Beach has purchased Saddle Ranch Business Park, a 422,000 square foot industrial warehouse complex in Norco. The terms of the transaction were not disclosed. (Courtesy Alere Property Group)

Alere buys industrial complex in Norco

Alere Property Group in Newport Beach has purchased Saddle Ranch Business Park, a 422,000 square foot industrial warehouse complex in Norco.

Alere purchased the Class A property at 3300 to 3390 Horseless Carriage Drive from CapRock Partners, also located in Newport Beach.

The terms of the transaction were not disclosed by either company.

The complex is leased from Goli Nutrition, a vitamin and nutrition company.

“The demand for modern industrial space in the Norco / Corona submarket is supported by the accessibility of Orange County,” said Alan Carmichael, Senior Vice President at Alere.

The business park comprises four buildings with a size of 81,000 square meters to 158,000 square meters. The concrete tilting structures were completed in 2019.

Brent Hughes has been promoted to Chief Operating Officer for CW Driver Companies in Pasadena. He will be responsible for the company’s operational oversight and customer satisfaction for projects across the country, including contract negotiation, staffing, scheduling, financial control, reporting and completion for all projects. (Courtesy of CW Driver Cos. And Paul Turang)

People in real estate

Brent Hughes became the chief operating officer at CW Driver Cos. promoted in Pasadena. The contractor has a myriad of projects in Orange County, including the $ 61.5 million language arts and social sciences building at Orange Coast College and a $ 25 million two-story memory care facility in Santa Ana. He joined CW Driver in 2011 and served as a project manager for the company’s San Diego office. Hughes will be responsible for the company’s operational oversight and customer satisfaction for projects across the country, including contract negotiation, staffing, scheduling, financial control, reporting and completion for all projects.

The New Home Co., based in Irvine, was named “Detached Community of the Year” at the SoCal MAME Awards 2021 for Atlas at Rise in the Great Park Neighborhoods in Irvine. (Courtesy New Home Co.)

Design milestones

The New Home Co. from Irvine received the “Detached Community of the Year” award at the SoCal MAME Awards 2021.

The SoCal MAME Awards are sponsored by the Greater Sales & Marketing Council and the Building Industry Association of Southern California.

New Home was named Detached Community of the Year for Atlas at Rise in the Great Park Neighborhoods, Irvine. The community has 38 homes that have been sold through a partnership between New Home and FivePoint, the developer of Great Park Neighborhoods.

New Home shared the award with its design partners including Dahlin Group Architecture Planning, Real Estate Design Pros for interior design, Clark and Green Associates for landscape architecture, and Paolucci Salling & Martin Communication Arts for branding and marketing communications.

Irvine-based KTGY was recognized for its design work on the Expo Walk in Los Angeles and received the SoCal MAME Award for the best design in a multi-family community. For sale.â ???? Expo Walk offered 78 row houses in Leimert Park, Los Angeles. The homes were built in a condominium by The Olson Co. (Courtesy Thomas Pellicer and KTGY)

KTGY from Irvine was also honored at the awards for its work on the Expo Walk in Los Angeles and received the SoCal MAME Award for “Best Design in a Multi-Family Community – For Sale”.

Expo Walk was designed by KTGY and offered 78 townhouses for sale in Leimert Park, Los Angeles. The homes were built in a condominium by The Olson Co.

Real estate transactions, leases and new projects, industry recruitments, new ventures and upcoming events are compiled from press releases from contributing author Karen Levin. Email articles and high resolution photos to business editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All elements are edited for reasons of clarity and length.

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Sandra Aguilar looks pretty smart right now | Real Estate

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I recently tried to remember the land use directors of the city that I know. After a dozen, I stopped counting and I’m sure I overlooked a few. The one that stands out for me and is perhaps the most overlooked is Sandra Aguilar. She saved the Santa Fe housing industry.

Appointed during Larry Delgado’s tenure in 2002, she was also fired by the same administration two years later. But not before she figured out means to avoid a building oratorio due to the availability of water.

University of California, Berkeley, trained in environmental architecture but born and raised in northern New Mexico, she brought an analytical mind to the Land Use Department. She also had little patience with day-to-day politics and came into conflict with powerful city councils who disagreed on how water and growth would shape our future.

At the time, the city was still debating how to run the water company it had bought in 1995 from the Public Service Company of New Mexico. PNM had no incentive to save water – the scarcer it got, the more it could ask for. The city also recently spent $ 1 million buying and giving away 10,000 low-flow toilets – first come, first served. The toilet giveaway had a dramatic impact on total water needs; Thousands of hectares of water have been saved.

After a drought and housing boom in the late 1990s, construction was threatened. The then councilor Patti Bushee offered an apparent compromise. Their plan was an annual allotment of water for growth. Their annual demand estimate of 112 acre feet was based on Santa Fe with an average of 600 new homes per year, with each acre foot being enough for 5.3 homes, which the new build statistics supported.

The problem was that once 600 homes were approved, it would be over by next year. Worse still, each year would look back over the past year to see if there really was enough new water from rain and snow to supply another 112 acres of feet. It wasn’t exactly a moratorium, but a metric had been set to trigger one in the future. The near future – as in the following year.

Aguilar had a different idea. She met with school friends who worked as planners in San Luis Obispo, California, and visited them to explore the recently introduced mandatory toilet replacement policy. The lightbulb went out and she brought a plan back to Santa Fe.

In collaboration with city attorney Anne Lovely, city planner Gregg Smith and city councilors David Coss, Rebecca Wurzburger and Matthew Ortiz, she designed the toilet retrofit program that dumped the water saved in the other facility she sponsored: the municipal water bank. Builders have had, and still are, taking out bank loans to get planning permission for a home.

At the time, most of the builders were in favor of the Bushee plan as it apparently nullified the moratorium demands. Plus, retrofitting toilets to get building permits was a pain in the neck and added a few thousand dollars to the cost of new homes. Boy were we wrong

Begging for 112 hectares every year without being guaranteed was a pipe dream. If it had miraculously prevailed, we would have increased our current total demand by nearly 2,000 acre-feet. Instead, we’ve grown and our total demand is 2,000 acre-feet less than we did when we retrofitted and built the water bank.

Aguilar was on the wrong side of powerful councilors, but her ideas won. Builders and the community are indebted to her. May appropriate politics always take precedence over political ingratiation.

Kim Shanahan was a Santa Fe

Green Builder since 1986 and Sustainability Advisor since 2019. Contact him at shanafe@aol.com.

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