Real Estate Newsletter: Winter Brings Record Home Prices
Welcome back to the Real Estate newsletter, and happy holidays! In this festive entry, I bring you good news and bad news.
The bad news, at least for homebuyers, is that while Southern California’s ultra-competitive market has slowed slightly in recent months, the six-county area still hit an all-time high with a price tag of median sale of $ 693,500 in November. This is a jump of 16% from the previous year.
The good news is that there are still plenty of offers out there, if you know where to look. As long as you’re willing to skip LA’s hippest neighborhoods, where regular homes sell for amazing prices, pockets of LA County have plenty of quality options up for grabs hundreds of thousands of dollars less. the county median. I ran six solid options for $ 600,000.
If your budget is a little bigger, say $ 10 million, consider Pharrell William’s house in the Hollywood Hills. Desperate to sell after moving to Florida during the pandemic, the Grammy-winning artist has lowered the price of his Ridge-top compound in Laurel Canyon to $ 10 million.
Another celebrity salesman has appeared at Dana Point, where Michael Sugar – the Oscar-winning producer behind âSpotlightâ and â13 Reasons Whyâ – has put his coastal house overlooking the ocean on the market for $ 6.3 million. It’s an interesting list considering he bought the property earlier this year for $ 5.1 million and hasn’t made any changes.
We were also treated to a charming ode to LA’s newest architectural element: the party tent. Columnist Carolina A. Miranda paid tribute to the pandemic space, where Angelenos has spent the past two years eating, drinking, dancing, shopping and other things that make us feel human.
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November brings a new record
Southern California home prices jumped nearly 16% in November from a year earlier, showing how ultra-competitive the market is still despite a slight slowdown that started to take hold there was. is several months old, writes Andrew Khouri.
Some buyers abandoned the bidding wars after a particularly frenetic period last spring, but many buyers have stayed the course, pushing prices up to successive new records in recent months.
The median selling price of the region’s six counties hit a record high of $ 693,500 in November, according to data from real estate firm DQNews. This is 0.5% more than in October, and 15.6% more than in November 2020. Sales increased by 1.8% compared to the same period of the previous year.
In a year when house prices hit record highs and once cheap areas turned into million dollar neighborhoods, the Southern California market has been brutal for budget buyers.
But in a market that is cooling very slightly, good deals can be found if you know where to look. Here are six LA County homes on the market for around $ 600,000 – well below the county’s median price in November of $ 788,000.
Pharrell is a motivated salesperson
Pharrell Williams is seriously considering selling his Hollywood Hills home. The Grammy-winning artist just slashed the price of his glass-walled complex in Laurel Canyon to $ 10 million, down $ 2 million from what he was asking for last year.
He moved to Florida to self-quarantine in April, losing $ 30 million at a waterfront mansion in Coral Gables. Since then, he’s shopped at his two LA homes and sold the larger one – a 17,000 square foot mega-mansion that looks more like a supervillain’s lair than a house – for $ 14 million.
The Hollywood Hills home features the same dramatic style but on a smaller scale. Crawling atop a narrow ridge, it covers 6,100 square feet and comes with a list of amenities, including an outdoor movie theater, skate park, spa, and 70-by-1-foot infinity pool. , 5 acre.
“Spotlight” producer flips
Michael Sugar – the film and television producer behind “Spotlight,” “The Knick” and “13 Reasons Why” – has listed his Dana Point home overlooking the ocean for $ 6.3 million.
It’s a short stay for Sugar. Records show he paid $ 5.1 million for the property earlier this year.
Perched on a hill in Monarch Bay Terrace, the single story home takes full advantage of the coastal location with glass walls in almost every room. Tile floors blend with dark hardwood accents in common areas, including a living room with wet bar and fireplace sandwiched by built-in elements.
An ode to the party tent
Over the past year, columnist Carolina A. Miranda confesses that she ate enchiladas in a party tent, tested for COVID in a party tent, and attended a few real parties in party tents. Party tents became retail stores, church aisles, gymnasiums, and outdoor lounges.
Last year, as the pandemic isolated us in our respective home cocoons, designers used their AutoCAD to imagine a new world of design âsolutionsâ for the pandemic, writes Miranda. These included head-to-thigh social distancing shields and space-age safety cones for the dinner table (a phenomenon that critic Kate Wagner dubbed “Coronagrifting”).
In retrospect, it is absurd to think that architecture could have been reinvented – or even slightly redesigned – by high-end design that does not come off the drawing board. We have learned infinitely more about how to rethink the design of our buildings from the most important workhorse of the pandemic: the party tent.
What we read
Modern farms are still in vogue, but according to the Washington Post, barndos – or barn-like condominiums – are the next big thing. Hybrid wood and metal houses are inexpensive to build, easy to renovate, and may include not only a house but also a workshop, garage, horse box, or even an airplane hangar.
For the price of a teardown in LA, why not buy a historic castle in France? Forbes Global Properties drew up a list of castles, one of which was 17eManor of the century in the south of France and a 12-acre estate outside of Paris.