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Los Angeles is one of our favorite markets, and one we recommend all our clients have in their portfolio. We are proud to say that our L.A. partner just sold a record breaking $70 million property in Beverly Hills — a turn-keyed spec project to a Danish investor. Prices are rising quickly in L.A., with many buyers and investors coming from the Middle East, China, and Europe.
Downtown L.A. is still in the beginning of its rebirth and opportunities there are plentiful, although perhaps difficult for outsiders to identify.
More on Los Angeles…
The folks at Sotheby’s International Realty just released a three-month analysis of high-end homes. Pacific Palisades, it says, saw a 94 percent increase in single-family home sales from October 2014 to October 2015. Frank Symons, Sotheby’s western region executive vice president, says sales in the area have been so brisk that they have actually pushed down the average selling price to only (cough) $3 million to $5 million. We’ll take two! “The revitalization of the Pacific Palisades area is clearly under way…,” he said. “Since June 2015, the Pacific Palisades market has not showed any signs of slowing down.” The other
From the LA Times: At $22.5 million, a penthouse condominium that sold last week at the Century building at 1 Century Drive was one of the priciest deals historically for the Westside community. Socialite and philanthropist Candy Spelling set the current high-water mark for the area in 2010 when she paid $35 million for the top two floors — a 15,555-square-foot residence with a private swimming pool — at the same high-rise. Found two stories below Spellings’ unit, the full-floor penthouse has four bedrooms, five bathrooms and three powder rooms in 9,343 square feet of living space. Floor-to-ceiling walls of
From The New York Times: Wilshire Grand Center, an estimated $1.2 billion mixed-use project in downtown Los Angeles, promises many things upon its 2017 completion date. At 1,100 feet, it will be the tallest building west of the Mississippi, with technology features like those to protect against earthquakes. Most notably, the center will provide this city with its first new tower-based office space in about 25 years. Yet, there is one potential feature of the project, unstated in any brochure, that looms large in the minds of downtown’s many champions: Wilshire Grand could catalyze more growth and diverse interest in
Sotheby’s International Realty today released its August 2015 Greater Los Angeles Market Update, which showed the Beverly Hills market ranking with the highest percent increase of luxury homes sold year over year during June-August 2015. Two submarkets in particular made the top five for the June-August 2015 report: Beverly Hills Post Office with an 85 percent increase and Beverly Hills proper with an 83 percent increase in single-family luxury home sales ($3 million and higher) as compared to the same time period last year. Pacific Palisades also remained a dominant luxury real estate market in summer 2015, ranking first for
Frank Gehry is said to be “quietly” working on a masterplan for the Los Angeles River in California. Prematurely announced by the Los Angeles Times, the City’s mayor Eric Garcetti has confirmed the news, saying Gehry is producing “a master plan, in the truest sense of the word,” pro bono. “To have the [Frederick Law] Olmsted of our time focusing on this, I think, is extraordinary,” Garcetti said, according to the Los Angeles Times. Beyond the expected revival of public areas, bridges, new walkways and bike paths, little details regarding the 51-mile masterplan have been release. This leaves some concerned about the scheme’s lack of public input. However, according to a
The owner of U.S. Bank Tower in downtown Los Angeles — the tallest skyscraper in the West — is building an outdoor observation deck, bar and restaurant on the top floors, part of a $50-million makeover of the 72-story building. The famous building, once packed with prestigious firms, fell on hard times in recent years and was almost half empty when it was bought in 2013. The new owner, Singapore-based Overseas Union Enterprises Ltd., is now detailing planned improvements. Built in the late 1980s as an exclusive corporate cathedral, the round, crown-topped tower faces fresh competition for tenants from recently
The luxury housing market in some of the largest, most desirable U.S. real estate markets is surging. Prices in these areas are generally exceeding expectations, and while many other aspects of the economy have been uncertain, luxury housing remains steady. The reason? According to many real estate agents: Foreign investors. Research experts also cite a strong U.S. economy and “financial volatility abroad” for the draw of foreign buyers to U.S. cities like Los Angeles, San Francisco, Miami, and New York. Los Angeles and San Francisco ranked #2 and #3 respectively nationwide for the highest price luxury home sales in the
One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million. Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighbourhood for a compound with a 74,000-square-foot (6,900-square-metre) main residence and three smaller homes, according to city records. The project, which will take at least 20 more months to complete, will exceed 100,000 square feet, including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said. Read more at National Post.
With downtown Los Angeles facing a condominium shortage, a Chinese developer has unveiled plans for a $100-million luxury high-rise residential tower near Staples Center. The building, proposed to the city Planning Commission on Thursday, would rise 37 stories at the southwest corner of Grand Avenue and 12th Street. The tower would have 126 units, which shouldn’t be hard to sell, developer Joseph Lin said. “Downtown still has a lot of potential to grow,” said Lin, managing partner of City Century, the Los Angeles subsidiary of Shanghai real estate developer ShengLong Group. Read the entire article at the
In LA, women rule the real estate market. This article profiles some of the city’s reigning high-end agents. Plus, the property photos accompanying this article are totally fab. Take a look here at LA Confidential.
If you read The Pinkwater Report you know that we like Los Angeles as a market to buy. Learn how a feisty developer from China is leading the transformation of Downtown’s skyline. Read more at the L.A. Times.
Combine always pricey Beverly Hills with the resurgence of Los Angeles as a top-tier super prime market and what do you get? The second and third most expensive streets in the U.S. – Beverly Park Circle and Beverly Park Terrace. (PS: Can you guess where the most expensive street is? Hint: it’s not in NYC.) Read more at CBS-LA
Our sources in LA tell us that luxury condo sales are through the roof, far outpacing single family homes. Our favorites are The Four Seasons project and Ian Schrager’s new project in Hollywood.
LA real estate is often celebrity driven. The top sale of the week is a Beverly Hills property which sold to action actor Jason Stratham for the full asking price of $12.995 million. Read the entire article here.
The LA rental market is tight: inventory was 16% for 2015 Q1 compared Petra Durnin, Cushman & Wakefield managing director of research for real estate brokerage, said that the office market is expected to “tighten up” some more and increase current office rents. “Looking forward, 2015 is going to be a very healthy year,” Durnin told LA Times. Just how tight is the current supply? The LA county’s average available office inventory was 16 percent for 2015 Q1, lower compared to the recorded vacancy of 18 percent in 2014Q1, says Cushman & Wakefield. With the low supply, landlords
Top LA sale for the first week of April was $13,750 for a modern, 1990 9,726 sf home in Beverly Hills. The modern tennis court estate on nearly three quarters of an acre was offered for as much as $14.995 million last year. Built in 1990, the 9,726-square-foot home is distinguished by clean lines, a grand foyer and a double-height library. An indoor/outdoor spa, an exterior pool with a waterfall and a sunken tennis court make up the grounds. Drew Fenton of Hilton & Hyland, an affiliate of Christie’s International Real Estate, was the listing agent. Michael Libow