L.A. real estate news and insights.
Founder of Bird Scooters Travis VanderZanden sells his LA mansion at a BIG loss.
Original asking price: $24,995,000
Selling price: $10,775,000 – off market
This home has 6 bed/9 bath, over 10,000 sq. ft. of living space, and is on a 56,832 sq. ft. lot.
The Cecil Hotel — the infamous Los Angeles site of mysterious deaths and a Netflix true crime documentary — is now up for sale.
The property was developed as a luxury hotel in the 1920s but was converted to homeless housing in 2019 with $45 million in financing from the L.A. City Council. It reopened in 2021 as the Hotel Cecil Apartments.
According to the listing on LoopNet, there are 91 years remaining on the ground lease for the 601-unit housing complex.
The hotel’s history is so grim that it has inspired both real and fictionalized accounts of horror. At least 16 people have died on the premises, according to Esquire.
Perhaps the most famous case was that of a Canadian tourist, who was killed in the hotel under mysterious circumstances. In 2013, she went missing for 19 days before being found in a water tank at the roof of the hotel. The mystery surrounding the case resulted in a Netflix documentary called “Crime Scene: Vanishing at the Cecil Hotel.”
The property also housed serial killers Jack Unterwerger and Richard Ramirez (also known as the Night Stalker). Ramirez reportedly stayed in the hotel during his 1985 killing spree.
This hotel’s notoriety reportedly inspired the fifth season of television anthology series “American Horror Story.” In a 2015 interview, Ryan Murphy, the show’s creator, said that he based the season on the Cecil Hotel and the disappearance of the Canadian tourist.
The asking price for the Cecil Hotel was not disclosed.
Want a tour? Text me at 818-445-7953.
Source: The Real Deal
Oscar Winner Charlize Theron Is selling her Mulholland Drive home.
The home features a media room, hill and valley views, a lagoon-style pool with a spa/waterfall, and a BBQ station.
Asking price: $3,750,000– Active Under Contract
Text me for a tour at 818-445-7953.
‘Ted Lasso' actress Juno Temple buys Hollywood Hills home!
This multi-level home has 4 bed/4 bath, 3,642 sq. ft. of living space, and is on a 6,085 sq. ft. lot.
Asking price: $2,695,000
Selling price: $2,774,000
This is Encino’s most expensive sale of the year!
Award-winning DJ Zedd buys Encino mansion.
Asking price: $22,995,000
Selling price: $18,400,000
Kiefer Sutherland lists his English Tudor LA home!
This home has 2 bed/2 bath, 1,182 sq. ft. of living space, and is on a 5,849 sq. ft. lot.
Asking price: $1,825,000
Text me for a private tour at 818-445-7953.
5708 Mammoth Ave.
Valley Glen, CA 91401
-3 bedrooms + an extra room that can easily be used as a 4th bedroom or office.
-2 bathrooms
-1,600 Sq Ft
-Sparkling pool
Asking price is $1,199,995
more details, including photos and video coming soon!
Text me if you have any questions 818-445-7953.
Miles Teller is selling his modern Spanish-style Studio City home.
Asking price: $5,750,000
Text me if you want a tour: 818-445-7953.
Bret Michaels sells Calabasas home, making a profitable deal.
Selling price: $6,250,000
This 2-story home has 5 bed/8 bath, 5,950 sq. ft. of living space, and is on a 23,506 sq. ft. lot.
What’s interesting about most data reports is that they are 1 - 2 months behind. For example, the S&P Case-Shiller Home Price Index that was released today discusses sales data for February. There is no mention of what the market has been going through in March and April.
I can personally tell you that in April we are seeing multiple offers on well priced properties. In many cases homes are selling well above asking price. I would imagine that when the April Home Price Index report comes out in 2 months, it will show that the 1.3% price drop experienced in February will be a thing of the past and the numbers will turn positive. I could be wrong, but I doubt it based on what I am seeing.
Here is some data from today’s S&P Case-Shiller Home Price Index report:
Miami’s 10.8% year-over-year gain made it the best-performing city for the seventh consecutive month. Tampa (+7.7%) and Atlanta (+6.6%) continued in second and third place, with Charlotte (+6.0%) close behind.
Results were different in the Pacific and Mountain time zones. Last month, four West Coast cities (San Francisco, Seattle, San Diego, and Portland) were in negative year-over-year territory. In February they were joined by four of their western neighbors, as Las Vegas (-2.6%), Phoenix (-2.1%), Los Angeles (-1.3%), and Denver (-1.2%) all tipped into negative territory.
Today’s homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they’ve found their tipping point.
The majority of potential homebuyers, 71%, say they will not accept a 30-year fixed mortgage rate over 5.5%, according to a survey done in March by John Burns Research and Consulting. The current rate, however, is around 6.4%.
If so many potential buyers, however, are saying they won’t buy unless they get a rate below 5.5%, they may be sitting on the sidelines for a while. Mortgage rates have been over 6% for nearly a year and are not expected to move much lower this year.
An April survey from U.S. News and World Report seems to corroborate these findings: It found that 66% of Americans who plan to buy a home this year said they are waiting until rates fall.
The U.S. News survey also found that 25% of homebuyers who are holding out for lower rates are waiting until they drop below 5%. Nearly two-thirds of respondents said they’ve had to reduce their housing budgets due to the current level of mortgage rates.
A new state program just launched for first-time homebuyers. The California Dream For All program provides homebuyers with financial assistance equal to 20% of a home’s purchase price. Those funds can be used for a downpayment and closing costs when purchasing your first home. The program offers first-time homebuyers in California a shared appreciation loan of up to 20% of the cost of the home. If you’re buying a $500,000 home, you’d receive 20%, or $100,000, to help with a downpayment and closing costs. Once the homebuyer sells their home at a later date, they would be required to pay back the 20% assistance, plus 20% of the home’s appreciation. If your $500,000 home sells in five years for $700,000, you’d owe 20% of $200,000 appreciation — or $40,000 — in addition to the original loan. If you sell your home and it hasn’t grown in value, you’d only pay back the original 20% loan, according to the California Housing Finance Authority,
This program is open to first-time homebuyers in California — meaning you’ve never owned a home. A first-time homebuyer is also someone who owned a home three or more years ago and sold it, according to the CalHFA. Borrowers must also plan to live in the new property they are buying. The program does not allow for non-occupant co-borrowers or co-signers. In addition to being a first-time homebuyer, borrowers must meet income requirements depending on their county. In Los Angeles County, borrowers must make under $180,000 per year.
Better hurry! The state has allocated about $300 million toward the California Dream For All program, according to State Treasurer Fiona Ma. This will provide assistance for an estimated 2,300 homebuyers in California.
Source: NBC 4 Los Angeles
Did you see the ADU?
For the general location of this Sierra Madre off-market property, in Google maps, put in "Grand View Ave. and Cañon Ave."
Text me for more info at 818-445-7953.
The Spanish-style home features wrought iron railings, arch-shaped doors, stained glass windows, and a gourmet kitchen.
Outside there are fruit trees, a gazebo, and an ADU.
Oldest home for sale in Highland Park.
Asking price: $2,800,000
The home has 4 bed/4 bath, 2,731 sq. ft. of living space, and is on a 9,605 sq. ft. lot.
Call for a private showing 818-445-7953.
This past November, Los Angeles voters backed Measure ULA, a transfer tax on big-ticket property sales that the city says will generate a new revenue stream for affordable housing projects and homelessness prevention. Known as the “mansion tax,” Measure ULA will impose a 4 percent tax on property sales above $5 million and a 5.5 percent tax on properties above the $10 million mark. The tax must be paid by the seller.
The City of Los Angeles now expects to make a lot less from its new transfer taxes than originally advertised.
Measure ULA is projected to generate up to $672 million in revenues from July 1 of this year through June 30 of next year, according to an analysis from the City Administrative Office, which conducts financial and budget analyses. The office released its report 2 weeks ago.
The new numbers are about 25 percent less than original estimates provided to voters in November, assuming about $5.1 billion less in property sales.
