Real Estate News: Price Records Set in Los Angeles
Welcome to the real estate newsletter. The weather and the market are incredibly hot right now, and this week celebrities have been breaking price records in multiple neighborhoods.
Alyson Hannigan of “How I Met Your Mother” kicked things off in Encino, where she unloaded her architectural estate for $16 million – the highest market sale in the neighborhood’s history.
The high rating makes sense given the scope and style of the estate. Covering 7,600 square feet on three acres, the striking mansion was built by LA architect Peter Tolkin, who designed it as a series of gallery-like pavilions laden with wood, concrete and glass.
In the Downtown Los Angeles Arts District, ‘Fast and Furious’ director Justin Lin has broken another record by selling his penthouse loft for $5.5 million – by far the highest price ever in the area and one of the biggest sales in all of downtown.
Lin used the four-story loft as an office for her production studio, and the listing of photos shows just how flexible the space is. It spans 4,300 square feet and features an additional 3,600 square feet of outdoor space with floating stairs traversing a sprawling open floor plan. Single-family housing will always be the go-to option in Southern California, but Lin’s home is an example of what luxury vertical living can look like.
Another film figure – successful producer Joel Silver – is hoping for similar success in Brentwood. He has relisted his hot pink mega-mansion for $49 million, a significant discount from the $75 million he was previously asking for.
Built by Mexican architect Ricardo Legorreta, this whimsical, one-of-a-kind estate is said to be Brentwood’s third most expensive sale at $49 million behind Scooter Braun and a massage chair mogul.
The crazy week was not limited to the residential market. In the San Gabriel Valley, the Westfield Santa Anita mall sold for a staggering $537.5 million, making it the most expensive mall sale in years.
The identity of the buyer remains unclear, but a source said it was an established commercial real estate investor with other retail assets in Southern California. It’s a massive sale but not surprising; in April, Westfield’s owner said he would sell the company’s 24 US malls.
Finally, we spent some time explaining what “affordable housing” really means. It’s a term that makes the headlines in several Los Angeles Times articles each week, but how is it actually constructed? And more importantly, how can you be one of the lucky few to land an affordable unit?
Jon Healey’s story answers these questions and more.
As always, while keeping up to date with the latest news, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
The actress’ gorgeous property fetches a record price
Encino just saw one of its biggest sales ever as ‘How I Met Your Mother’ star Alyson Hannigan and her husband, actor Alexis Denisof, sold their architectural resort for $16 million.
It’s the highest paid home on the Encino market, beating Joe Jonas and Sophie Turner’s $15.2 million sale in 2021. But the record price was hit in 2019 in what’s called a off-market sale, i.e. a house changing hands outside of the Multiple Listing Service – when another Jonas brother, Nick, and his wife Priyanka Chopra quietly paid $20 million for a 20-year-old mansion 000 square feet.
Hannigan and Denisof, who both starred in “Buffy the Vampire Slayer,” doubled their money on the deal. Records show they bought the property for $7.95 million in 2016.
The popular resort is known as the Sherman Residence, and it’s unlike anything else in the San Fernando Valley market. Comprised of pavilions marked by wood, glass, and concrete, the estate has starred in numerous movies and TV shows over the years, including “Fracture,” “Fun With Dick and Jane,” “CSI: Miami,” and “Agents of SHIELD”.
Director sets new high in Arts District
Director Justin Lin just closed the most expensive deal ever for a condo in downtown Los Angeles’ arts district, selling his penthouse loft for $5.5 million.
It’s a defining sell-off for the downtown Los Angeles luxury market, which has taken a hit during the pandemic as buyers work remotely and abandon vertical living in favor of single-family homes. The sale also ranks as the priciest condo deal in downtown Los Angeles outside of the Ritz Carlton Residences at LA Live, where NBA players such as Kawhi Leonard and Lonzo Ball have purchased homes nearby. from Crypto.com Arena.
Lin, who is best known for directing five films in the ‘Fast and Furious’ franchise, bought the place ten years ago for $2.6 million from actor-director Vincent Gallo and used it as an office for his production company, Perfect Storm Entertainment. Records show he put it up for sale earlier this year for $7 million.
At 4,300 square feet, the four-story condo is larger than most single-family homes. It’s on the 7th floor of Biscuit Company Lofts, a 1925 building that once served as Nabisco’s West Coast headquarters.
Hit producer cuts price of mega-mansion
If at first you don’t succeed, slash, slash the prize. That’s Joel Silver’s strategy in Brentwood, where he’s just relisted his hot pink mega-mansion for $49 million – a 35% discount from his previous $75 million request.
Silver, the movie producer behind hit franchises such as “Die Hard” and “The Matrix,” will still make a big profit if he gets his prize. He bought the property for $3.3 million in 1988 and razed the existing structure, commissioning Mexican architect Ricardo Legorreta to build a 25,000 square foot mansion in its place.
If it sells for $49 million, it will be the third most expensive sale in Brentwood history behind Scooter Braun, who spent $65 million on a modern farmhouse last year, and the armchair mogul from massage Matt Wollman, who offloaded his fortress-like estate for $56.55 million. a few months later.
One of the brightest and boldest homes in the area, the pink complex is a perfect representation of Legorreta, whose whimsical style brought color to Mexico and the United States, including the revamp of Pershing Square In 1994.
Westfield Santa Anita sold for a fortune
Westfield Santa Anita has changed hands in one of the most expensive mall sales in years as its Paris-based owner moves to offload its US properties and retreat to Europe, writes Roger Vincent.
Unibail-Rodamco-Westfield has sold the large Arcadia indoor shopping center for $537.5 million, the French shopping center company announced.
It is the highest price paid for a US mall since 2018, according to real estate investment bank Eastdil Secured, which advised Unibail-Rodamco on the sale. That year, real estate giant Brookfield sold a 49% stake in Fashion Place near Salt Lake City for $594 million, which Brookfield’s real estate chief told investors “was a very healthy price.”
The identity of the Arcadia Mall buyer was not disclosed, but Unibail-Radamco said the new owner “is an established commercial real estate investor with other commercial assets in Southern California.”
Where to find affordable housing
Los Angeles has far too little housing, especially of the affordable variety. A 2021 study by the California Housing Partnership found nearly 800,000 low-income households in the city need low-cost housing, but affordable housing supply is short by nearly 500,000, writes Jon Healey.
Still, new affordable housing is opening every year — more than 8,200 have been added to the city’s inventory from April 2021 to March 2022, according to the city’s housing report.
But how can tenants find out about these units and how are they filled? We have answers.
What we read
“Serial home-swapping” sounds like a new HGTV show, but it’s actually an emerging trend in which remote workers swap homes to try out different cities. The BBC spoke to a few who agreed to the swap, including a New Yorker who swapped his studio for a house in Colorado and a European couple who swapped their apartment in Amsterdam for a beach house in Barcelona.
There are affordable prices, and then there are prices so cheap they seem fake affordable. MarketWatch reviewed eight homes on the market for less than $100,000 across the country and found a houseboat in Washington, a bungalow in Texas and a four-bedroom house in Syracuse, NY.