L.A. real estate news and insights.
Danny McBride’s duplex penthouse is for sale!
The property features panoramic views, a media room, a private outdoor terrace with a fireplace, a rooftop pool/hot tub, 24-hour staff, and secure access.
Asking price: $1,795,000
Text me for a tour at 818-445-7953.
The Federal Reserve left interest rates unchanged on Wednesday, the first time in nearly two years that the central bank paused rates over the course of two consecutive meetings.
While some have interpreted the latest pause as a sign that the Fed is nearing the end of its rate hikes, inflation remains stubbornly above the central bank’s 2 percent target, and the labor market is hotter than officials would like.
Federal Reserve Chair Powell said the strength of consumer and small business finances may have been “underestimated” as spending remains strong.
Barring any major news stories over the next 45 days, I'm anticipating a rate hike at the Fed's December meeting.
Source: The Hill
Shhhh... here is what Jennifer Lopez's house is going to sell for...
This French Country hideaway has 9 bed/13 bath, 12,817 sq. ft. of living space, and is on 8 acres.
The expansive grounds include a guest house/studio/gym, a 100-seat amphitheater, an entertainment pavilion with a full kitchen, and a private lake with a sandy beach.
‘Euphoria’ Star Hunter Schafer bought a modernist gem by Architect A. Quincy Jones.
This property has 3 bed/3 bath, 2,085 sq. ft. of living space, and is on a 9,265 sq. ft. lot.
A cocktail of high mortgage rates and high home prices has driven potential buyers to back out of deals at the highest rate in a year.
Monthly pending home sales that fell out of a contract in the US for the month of September notched 16.6%, the highest since October 2022 when mortgage rates surpassed 7%.
Of the 50 most populous metro areas analyzed, cities in Florida were found to have been hit hardest by rising deal cancellations in September. Jacksonville, Orlando, Tampa, Fort Lauderdale, and Miami all saw deal cancellations above 20% of pending home sales. At the top of the charts was Atlanta, with 24.4% of home deals that fell through.
Source: Business Insider
Mindy Kaling buys Beverly Hills fixer-upper.
This home has 6 bed/6 bath, 6,066 sq. ft. of living space, and is on a 44,549 sq. ft. lot.
The property features a champion-sized tennis court, pool, 2-car garage, gym, detached guesthouse, and separate entry and exit gates.
This is the cheapest home for sale this week in Highland Park.
Asking price: $399,000
Text me for a private tour at 818-445-7953.
John Fogerty of Creedence Clearwater Revival bought Sylvester Stallone's Hidden Hills ranch.
This home has 4 bed/8 bath, 10,460 sq. ft. of living space, and is on 2.26 acres.
The property includes a guest house, 4-stall barn stable/tack room, private riding ring, custom pool, cabana/pool house, and outdoor kitchen.
Asking price: $21,300,000
Selling price: $17,200,000
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.
Accessory dwelling units, also referred to as ADUs and “granny flats,” have been available in California only as rentals. But a new law is giving Californians the opportunity to buy and sell them as condominiums.
ADUs come in all shapes and sizes — for example, a converted garage, a small home in the backyard, or, as often seen in San Francisco, an unused portion of the main house.
Under AB 1033, which was signed into law this week, property owners in participating cities will be able to construct an ADU on their land and sell it separately, following the same rules that apply to condominiums.
Under the new law, local governments need to opt in to the ADU-as-condominium approach for it to be an option in their cities.
As with new condominiums, homeowners building ADUs must notify the local utilities, including water, sewer, gas and electric, of the creation and separate conveyance of the unit. Each property will also have to form a homeowners association to assess dues to cover the cost of caring for the property’s exterior and shared spaces, such as the driveway, a pool or a common roof.
Selling ADUs as condominiums is having success in places such as Oregon, Texas and Seattle. Sample sales for neighbor residential parcels with detached ADUs, reporting that a unit of more than 1,000 square feet sold for an average of anywhere between $500,000 to $800,000.
Source: Los Angeles Times
This year's sales tally is 41% lower than during the pandemic boom two years ago.
Source: CoreLogic
Forced to slow down construction as buyer demand plummets, builders predict lower home starts through 2023.
Single-family home starts dropped in September and were down 5.6% since the beginning of the year, the Commerce Department reported this week. Multifamily construction has dropped 13.2%.
Builders are blaming rapidly rising mortgage rates, ongoing supply chain disruptions, and affordability challenges for the rapid pullback in the new-home market. “High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” says National Association of Home Builders chairman Jerry Konter. “This situation is unhealthy and unsustainable".
Here is the most expensive townhome sold this week in Porter Ranch.
Asking price: $699,998
Selling price: $699,000
This home has 3 bed/3 bath, 1,603 sq. ft. of living space, and is on a 3,045 sq. ft. lot.
The townhome is in the guard-gated community of Northridge Estates. They have a community pool, spa, tennis courts, and playground for the residences.
Here is the cheapest home sold this week in Sun Valley.
Asking price: $599,000
Selling price: $550,000
This small cottage has 1 bed/1 bath, 513 sq. ft. of living space, and is on a 9,401 sq. ft. lot.
The property has a large lot with fruit trees and is zoned for horses.
Here is the cheapest home sold this week in North Hollywood.
Asking price: $899,000
Selling price: $850,000
This home has 2 bed/2 bath, 1,250 sq. ft. of living space, and is on a 6,623 sq. ft. lot.
The home features a remodeled kitchen, double pane windows, an enclosed patio, and original refinished hardwood flooring.
