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Real Estate newsletter: A billionaire buyer revealed

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Welcome back to the real estate newsletter hot on the heels of a mystery that is being solved.

Reporters and readers alike have been trying to find out who paid $ 25 million for San Marino’s famous USC presidential mansion, and records eventually revealed that the buyer was Chinese billionaire Tianqiao Chen. It makes a lot of sense as the philanthropist recently donated $ 115 million to Caltech for neuroscience research and the university dedicated a new 150,000-square-foot facility to him that opened just a mile from home earlier this year.

It’s still a good time to sell, and this week some celebrities tested their luck in the risky and rewarding real estate market. Charlie’s Angels star Shelley Hack managed to sell her Santa Monica Craftsman for $ 11.43 million – or $ 2.58 million more than her asking price.

Actress Helen Mirren and director Taylor Hackford are hoping for similar success in Hollywood Hills, where their colossal 6.5-acre estate is on the market for $ 18.5 million. If the power couple gets their prize, it will be one of the most expensive sales the posh neighborhood has seen this year.

If you don’t believe me about the seller’s market, believe the data. The numbers are in for June, and the average home price in Southern California rose to $ 680,000 last month. It’s an all-time high that breaks a record that stood for all … 31 days.

Some news on what’s to come: Researchers at UC Berkeley released a new report on a California legislature bill that would allow more dense house construction in single-family homes. The study says the bill that the state Senate passed would spur the state’s housing supply, but likely wouldn’t lead to the mass redevelopment that skeptics fear.

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

Billionaire buys USC house

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

(Compass)

When the USC presidential mansion broke a record in San Marino in early July with a $ 25 million sale, it was initially unclear who the buyer was. Real estate records now show it was bought by Tianqiao Chen, a Chinese billionaire with deep philanthropic ties to the community.

It was purely a fact how he first came to the area. While he was watching the news, he and his wife Chrissy watched the story of a Caltech scientist who helped a paraplegic man use his mind to control a robotic arm and grab a beer.

Shortly thereafter, the couple flew to Pasadena to meet the scientist – a trip that led Chen to give Caltech $ 115 million for neuroscience research, one of the greatest gifts the university had ever received. In 2016, he founded the Tianqiao and Chrissy Chen Institute for Neuroscience at Caltech with a three-story, 150,000-square-foot facility on campus dedicated to the couple earlier this year.

If he ever visits, he will have to walk a short distance as his home is about a mile from the facility.

Actress gets a lot to ask

The 1 acre property includes a 99 year old craftsman, one bedroom guest house and rustic barn surrounded by gardens.

The 1 acre property includes a 99 year old craftsman, one bedroom guest house and rustic barn surrounded by gardens and fruit trees.

(Noel Kleinmann)

In the latest example of the Southern California seller market, Charlie’s Angels actress Shelley Hack sold her Santa Monica Craftsman for $ 11.43 million – or $ 2.58 million more than she asked for.

Hack and her husband, director Harry Winer, walk away with a huge win. Not only did they bring in significantly more than their original $ 8.5 million price tag, but they also paid just $ 1.6 million for the property in 1988.

The secluded property is about a mile from the ocean in Santa Monica’s North of Montana neighborhood. On half a hectare there is a 99 year old main house, a guest house with one bedroom, a rustic barn and a well-tended garden with terrace and pool, surrounded by gardens and fruit trees.

Electricity pair will either sell or lease

The 6.5 hectare area includes a main house, a guest house and an apartment with nine bedrooms on 10,200 square meters.

The 6.5 hectare area includes a main house, a guest house and an apartment with nine bedrooms on 10,200 square meters.

(Marc Angeles)

Space is tight in Hollywood Hills, but not on the sprawling hillside of actress Helen Mirren and director Taylor Hackford. The power couple’s long-standing estate, which spans 6.5 acres at the base of Runyon Canyon Park, is for sale for $ 18.5 million.

If you’re planning a shorter stay, you can also rent it for $ 45,000 per month.

At 6.5 acres, it is the second largest property currently available in Hollywood Hills. To put the relative size into perspective, only three properties on the market in the star-studded neighborhood occupy more than 3 acres.

According to the listing, there have been only four owners – all famous – since the house was built more than a century ago: “The Squaw Man” actor Dustin Farnum, writer Mark Hellinger, “Perry Mason” producer Gail Patrick and Mirren and Hackford, who acquired the property in the 1980s.

SoCal house prices break another record

A sale sign begins bidding on a house in this cartoon

The average home price in Southern California rose to $ 680,000 in June.

(San Diego Union Grandstand)

The Southern California real estate market hit another all-time high in June, with home prices hitting another all-time high, although analysts see the extreme bidding wars of last year subsiding.

The average home price of $ 680,000 in June beats the previous record of $ 667,000 set in May, according to data released Tuesday by data firm DQNews. This is a 22.5% increase from June 2020, when the market in the Six County region slowed significantly as sellers withdrew homes from the market due to COVID-19 stay at home orders.

Since then, a dramatic rebound has resulted in double-digit average house price increases for 11 straight months.

Experts attribute several factors to the rapidly growing millennial buyer’s market, the rising demand for housing as more people work from home, and extremely low mortgage rates that attract wealthy investors who compete with the middle class for limited housing.

Housing bill put in the right light

A new bill would allow most lots, now zoned for only one house, to have up to four units.

A new bill would allow most lots, now zoned for only one house, to have up to four units.

(Willis Allen Real Estate)

A bill tabled by California lawmakers to allow the construction of denser homes in single-family homes would likely spur the state’s housing supply, but the so-called top-up is unlikely to cause major renovations, according to a report released Wednesday.

Andrew Khouri and Ari Plachta write that the study by the Terner Center for Housing Innovation at UC Berkeley provides the most detailed analysis yet of the potential impact of Senate Law 9, which allows up to four houses on most single-family lots and the construction of much-needed new housing.

Because of the way the units would evolve, the study found that “the vast amount of single-family homes across the state would not see new development,” said David Garcia, policy director at the Terner Center, who supports the written bill by Senate President Pro Tem Toni Atkins (D-San Diego).

SB 9 has passed the state Senate and is expected to join the assembly’s budget committee by August 27. If approved, it will be put to the final vote in the Assembly and then to Governor Gavin Newsom’s desk. The Terner Center study found that building a total of 714,000 new homes would make financial sense and would take years to build – if it ever did, as not all homeowners want to sell or develop their own property.

What we read

USC is on a sales frenzy. After unloading their presidential mansion, the school is offering another home in the Hollywood Hills for $ 4.25 million, according to House Beautiful. The stunning residence was designed by Frank Lloyd Wright and is listed on the National Register of Historic Places.

When you bid for a house, the chances are the other competitors won’t try to live there. You could be an investor, a house flipper, or even a hedge fund, according to NBC News, which reported that investment groups are looking for homes across the country thanks to their unmatched financial firepower.

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Summit County’s real estate market is anything but easy for first-time homebuyers

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Leah Canfield, longtime resident and real estate agent for Coldwell Banker Mountain Properties, smiles outside a home in the Wellington neighborhood of Breckenridge on Saturday September 25th. Canfield recommends that first-time buyers take at least six months to find a property in the county.
Ashley Low / For the Summit Daily News

Rising prices, high inventory turns, and cash offers are all evidence that the Summit County’s real estate market has been hot for some time, but what has that done for first-time home buyers?

In the case of Dillon-based Alex Cole, it meant waiting up to seven months to find a property that met his minimum requirements and budget. Cole lived in Denver and had spent a few winters in the county before deciding to move. He was looking for a property that had to be within the county limits, within his budget, and in a quiet two bedroom area.

“It’s just been a puzzle since February,” said Cole. “I have a feeling you are starting to build your puzzle pieces. I knew it was Summit County. Now, considering my price, I had to find out exactly what area it was in? “

First, Cole said he searched Breckenridge before focusing on Wildernest and then finally Dillon Valley, where he recently bought a three bedroom, two and a half bath condo.

Leah Canfield, a real estate agent at Coldwell Mountain Banker Properties, said this was not uncommon. In fact, Canfield’s recommended buyers give themselves six months to find a property. To move the process forward, when using the Multiple Listings Service database, buyers should work closely with their agent to set realistic expectations before proceeding.

“I would recommend that you look up the MLS and get whatever has been sold in the last six months that meets your criteria and that is within your budget, and if two or three spots have been sold it means none There’s a lot out there, ”Canfield said. “That means they are looking for something that doesn’t exist.”

Cole closed his house in late September. According to the Summit County Assessor’s Office, the condominium was sold for $ 530,000.

Price is another factor that makes it difficult for first-time buyers to anchor themselves in the market. Andrea Perry, of Silverthorne, said she had lived in her family’s vacation home in Leadville for the past five years, which helped her save enough for a down payment. Even then, she said her parents had given her financial support to shut down.

“The only reason I could do this was to help my family,” Perry said. “The ability to rent a house from them and have my parents help with the down payment really made this possible, and a lot of people don’t have the resources to help them buy their first home. It’s a really difficult process. “

Perry said she was one of several offers vying for her two-bedroom, two-bathroom apartment in Wildernest. She believes it was a letter to the sellers, along with a short tender period, that influenced her decision in her favor.

“I had offered her the price and wrote a letter saying that I was a local and a first-time home buyer, and I think all of that and the short offer period were the only reasons I was actually able to get the apartment,” Perry said .

Although writing a letter worked in Perry’s favor, Canfield said it falls into a gray area and some agents will try to prevent letters from being written and received as it could lead to discrimination lawsuits.

Perry said it was difficult to find something that would work for her from the inventory available. She looked for a two bedroom apartment with a washer and dryer and found one in Wildernest. The condominium was sold for $ 549,000, according to the Summit County Assessor’s office.

Of the first-time home buyers looking to get into the county’s real estate market, the majority are already living in the county, Canfield said. Canfield said she has heard of expanding families currently renting who are sometimes interested in buying a home, but it is difficult to save enough for a down payment due to the high rental payments. Some others who currently live in a house are hesitant to sell because it is likely that their house will be eaten up much sooner than they can find a new place.

As for the cheapest inventory in the county, the latest report from the Land Title Guarantee Company points to units in the Dillon Valley. The average transaction price for a unit here is $ 382,292. However, the prices for units in traditionally cheaper areas continue to rise. Canfield said A-frame homes in Blue River used to be considered affordable, but some of them hit $ 1 million. According to the Land Title report, the average transaction price for units in Blue River is $ 747,900.

There are resources available for first-time home buyers to help them get started. In addition to various federal programs, the Summit Combined Housing Authority offers three different down payment loan programs for Summit County residents. These loans are only available for main home purchases and require a 1: 1 match of up to $ 25,000.

Rob Murphy, executive director of the Summit Combined Housing Authority, said the organization typically provides three to seven loans a year, and this year has been quiet with just one loan. Murphy said he attributed this to low interest rates and the fact that not many are aware of these programs.

Even with programs like these, both Canfield and Cole said that first-time home buyers should be patient once they begin researching the market.

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NABOR® Economic Summit experts discuss migration and regulatory patterns

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NAPLES, FL – More than 300 REALTORS®, real estate professionals and local executives interested in Collier County’s economic health and its impact on the local real estate market attended in person or virtually on the Naples Area Board of REALTORS®. part (NABOR®) ninth annual economic summit, “A View from the Top”, on Tuesday, September 7th, 2021, at the Hilton Naples. Three top economists gave a qualitative insight into the factors influencing the economy and shared their analysis of the factors influencing growth and property sales in the near future.

The data-rich hybrid event began with a welcome message from NABOR® President Corey McCloskey, followed by remarks from event sponsor BJ Cottrell, who is the managing partner of the FIRPTA Group. Longtime summit moderator Jeff Lytle set the tone of the day by assuring attendees that they would get answers to questions about the impact the pandemic is having on the economy and whether it will continue to affect the housing market.

First, Dr. Brad O’Connor, Florida Realtors® chief economist and director of industrial data and analysis, takes the stage. After Dr. O’Connor had given a comparative overview of Florida and the local housing industry, Dr. O’Connor said data showed that the Florida luxury real estate market has improved more than any other price segment over the past year. He then referred to data from the United States Postal Service (USPS) which showed that New York had the highest number of residents who moved their permanent address to Florida in 2020. The USPS data also showed that new residents came mainly from urban cities and boroughs like Manhattan, Chicago, and Boston.

The presentation by Dr. O’Connor included a historical perspective of the price data. “Prices in Florida haven’t gone down in 10 years. But while the median closing price for single-family houses has apparently stabilized in recent months, the prices for condominiums have continued to rise. “

Dr. O’Connor added, “If all of the Florida homes were on the market right now, we would have an eight month inventory.” He quickly assured the audience that the current situation of house bank defaults does not have the same qualities as it did 10 years ago due to the stricter lending rules.

Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®, announced in a virtual presentation that the “work from home” trend will outlast the pandemic and predicted that it will continue to have a major impact on where people buy a home for years to come.

With a housing shortage in America, Dr. Yun points out that rents rose 8 percent over the past year. He also predicts that rents will continue to rise as house prices are also likely to continue to rise due to our inability to meet demand. In fact, he said, “A year ago home prices were 20 percent lower, so some buyers are being priced today.” Dr. Yun also revealed that for these prospective buyers, rental payment history is used as a factor in qualifying for a mortgage.

Dr. Yun predicts that property prices will continue to rise 5 to 10 percent in Florida and potentially up to 20 percent in the Naples area.

Most recently at the summit was Dr. Elliot Eisenberg, a political economist and celebrated public speaker who was a former senior economist with the National Association of Home Builders. Dr. Eisenberg, whose style of presentation brings humor into an often banal topic, made it unmistakably clear that “the above trend growth will continue until next year”. It showed several graphs that identified consumer behavior activity during the pandemic, including the increase in retail sales when all were in quarantine and how the service sector is expected to overtake retail consumption as the preferred way to spend money now as the Consumers are less reluctant to go to their homes.

Dr. Eisenberg said, “Under normal conditions, when you exit a recession, supply and demand will collapse. But not now. ”That’s because demand has skyrocketed as people are hungry to return to pre-pandemic consumer behavior, but the influential impact of the pandemic has resulted in all production being halted – both for the retail as well as for the service sector – and production cannot keep up.

Dr. Eisenberg said the stock market has averaged 10 percent annual return for the past 10 years, but predicts the average return could decrease to about 5 percent annually over the next 10 years. Importantly for REALTORS®, he said: “Household balances are spectacular. We want to spend and consume and do, it’s just that we can’t get people to do something [goods] and service [our needs]. However, if the [pandemic] the recession began, we were forced to stay home, and forced savings were created. As a result, these forced savings saved many people $ 25,000, which is why we saw an increase in first-time home buyers in 2021. “

In conclusion, Dr. Eisenberg, he doesn’t expect the Federal Reserve to hike rates before the end of 2022 – the Fed may be forced to hike rates before it wants to. “

The Economic Summit is a joint effort by the NABOR® Board of Directors, the Media Relations Committee and the Economic Summit Task Force, led by Rick Fioretti, Chair of the Economic Summit Committee.

NABOR® thanks its event sponsor The FIRPTA Group, technology sponsor Supra, program sponsor Stuart Kaye Homes, media sponsor SWFL Home Inspections, reception sponsor DR Horton and table sponsors: Gulfshore Insurance, Law Offices of Sam Saad III, Honc Industries, Old Republic Exchange, The National Association of Hispanic Real Estate Professionals (NAHREP), Women’s Council of REALTORS®, and Keep Collier Beautiful.

NABOR® is located at 1455 Pine Ridge Road in Naples. For more information on the Economic Summit, please contact Marcia Albert at (239) 597-1666.

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What We Learned About Kylie Jenner’s Mansion From a Vogue Video

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Kylie Jenner– the reality TV star, beauty mogul and member of the Kardashian Jenner clan – recently invited Vogue magazine to their huge Los Angeles mansion to film an episode of their popular series “73 Questions”.

With a runtime of just over seven minutes, the video has received over 1.8 million views to date. It offers a couple of scoops for fans, including Jenner, who talks about her cravings for pregnancy, her thoughts about the funniest member of the family, and a discussion about the most boring item in her wardrobe (it’s the pajamas).

We were just happy to peek inside the chic, contemporary home that Jenner bought for $ 36.5 million last April and that she shares with her adorable daughter. Stormi. Her mother, Kris JennerShe also has a cameo in the video.

Kylie Jenner’s LA premises

(Makler.com)

As we reported, when Kylie bought the luxury apartment, the brand new build first hit the market in 2019 for $ 55 million.

With no buyers, the villa’s price fell to $ 49.5 million in February 2020. Two months later, Jenner landed a discounted deal.

The price tag for a 24 year old is astonishingly high, but she can also afford it. While she’s not technically a billionaire, she’s very close, according to Forbes magazine, which puts her net worth at $ 700 million.

A breathtaking connection

Located in the Holmby Hills area, the “extremely private, one-story modern property” provides an elegant oasis. Shielded by 12-foot stone gates that retreat into massive walls surrounding the property, Jenner can relax in her resort-like space.

On an area of ​​19,250 square meters, the layout comprises a total of seven bedrooms and 14 bathrooms. Security is built into the design, with its own guard house with its own bathroom and kitchen. Other luxurious highlights include a kitchen, two guest apartments and two additional guest suites with private terraces and entrances. A huge outdoor area has a projection screen and a home theater, a gym and a sports field for pickleball or basketball.

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Watch: Leonardo DiCaprio sells LA Tudor, which he bought from Moby

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At Casa Kylie

After Jenner opens the dark gray door and answered questions about breakfast, the camera follows her into the wide open, spacious living room.

The room is littered with comfortable sofas, a sitting area and a large potted plant. It opens to a central courtyard and connects the interior with the exterior.

“I love the energy of this house,” says Kylie.

She adds that at the moment she prefers “a night in” rather than a night out, and with this room it’s hardly a sacrifice.

After answering a few more family-oriented questions, she goes into the bar area of ​​the house, which is laid out with herringbone floor. Right next to it is the fireplace, surrounded by gray stone and flanked by sofas, ideal for cozy evenings.

Living room that opens onto the courtyard

(Makler.com)

Open kitchen

(Makler.com)

Formal dining room

(Makler.com)

Bar and entertainment area

(Makler.com)

Compared to the two-year-old listing photos, more green now adorns the living spaces.

Jenner then walks into the Instagram-enabled courtyard, which is outfitted with lawn, seating, and a pool. Stormi uses the swing.

swimming pool

(Makler.com)

Kylie then glides past the pool and we take a look at the outdoor dining area. When it comes to food, she reveals that her favorite food is sushi and that she nibbles on sweets.

Sports field and open-air cinema

(Makler.com)

Kylie then walks back into the open kitchen and family room, admitting she craves frozen yogurt and In-N-Out burgers, then ends the video.

A few adjustments to the formula

While the beauty mogul has swapped furniture for softer choices, she’s stuck with the neutral creamy palette, including what appears to be the same paint color on the walls.

The lighting seems to have been adjusted. Jenner decided to swap out some of the pendant lights and keep the sleek recessed lighting. Their modifications create a homely, but no-frills atmosphere.

It’s stuck to the floor-to-ceiling curtains, but we doubt it’s much needed. This airy connection works best as a huge space that connects indoor and outdoor spaces.

Despite being the youngest sibling in the Kenner-Kardashian family, Kylie stands out with her properties. She has carried out several real estate transactions over the past six years. In fact, she recently found a homesite at the Madison Club in La Quinta, CA, and allegedly bought a seat with the rapper for $ 13.5 million in Beverly Hills Travis Scott.

Jenner also recently launched a baby product line and swim line that she advertises to her huge following through her social media accounts. She currently has a staggering 270 million followers on Instagram.

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