New York penthouse sells for $88m
A lavish New York penthouse with panoramic views of Central Park has become the most expensive apartment ever sold in the city.
Russian fertiliser magnate Dmitry Rybolovlev – said to be the world’s 93rd richest man – spent $88m (£56m) buying the Central Park West pad.
It is thought to be for his 22-year-old daughter, Ekaterina Rybolovleva.
The 6,744 sq ft (627 sq m) apartment was sold by American Sandford Weill, a former head of banking giant Citigroup.
The penthouse stands atop 15 Central Park West, a landmark building designed by architect Robert Stern.
It boasts a custom-made oval bedroom, a library, gallery, chef’s kitchen and a 2,100 sq ft (195 sq m) terrace running along three sides of the building.
Sold by high-end New York real estate agents Brown Harris Stevens, the apartment is expected to net the broker a commission of $3.5m, the Wall Street Journal reported.
However, the apartment is not even thought to be the most expensive US property in Mr Rybolovlev’s portfolio. He is said to have paid closer to $100m for an investment property in Palm Beach, Florida in 2011.
The sale – which was concluded at the full asking price – is the latest example of international buyers setting the pace in New York’s elite property market.
Privately owned apartments, or condominiums, are increasingly being snapped up by wealthy overseas buyers, a spokeswoman for Brown Harris Stevens told the BBC.
“What’s slowing down in New York is the middle of the market, but the high and low end are doing very well,” she said.
More on This http://www.bbc.co.uk/news/world-us-canada-17067588
While there are numerous shortpay transactions taking place on the Westside of Los Angeles the below report from MSN supports the areas with the most foreclosures.
Foreclosure rates: 20 cities with highest filings and state-by-state rankings
The highest foreclosure rates are primarily in cities where the proceedings don’t move through the courts.
By Melinda Fulmer of MSN Real Estate
In the first quarter of 2011, all but one of the 20 highest foreclosure rate metros — Cape Coral-Fort Myers, Fla. — were in “nonjudicial” states where foreclosure proceedings don’t move through the courts. Foreclosures in these states are moving more rapidly.
California cities accounted for 11 of the 20 highest foreclosure rates. But Las Vegas retained its top spot in the quarter as the market where the most buyers who gambled on a home stood to lose.
Here are the cities with the highest rates, followed by state-by-state rankings:
20 cities with highest foreclosure rates, 2011 first quarter
|Rank||Metro||Total # of filings||% Housing units||1/every # of households||% change from Q4 2010||% change from Q1 2010|
|1||Las Vegas-Paradise, NV||26,275||3.21||31||-11.54||-7.74|
|6||Riverside-San Bernardino-Ontario, CA||29,859||2.04||49||-6.84||-27.17|
|13||Boise City-Nampa, ID||3,458||1.42||70||3.01||-10.58|
|15||Atlanta-Sandy Springs-Marietta, GA||27,250||1.26||79||-4.13||-6.48|
|16||Salt Lake City, UT||4,907||1.22||82||-0.45||-4.81|
|17||Oxnard-Thousand Oaks-Ventura, CA||3,340||1.22||82||-9.44||-15.06|
|18||Cape Coral-Fort Myers, FL||4,248||1.16||86||-34.48||-58.74|
Chart data provided by RealtyTrac
Foreclosure filings by state, 2011 first quarter
Community Events for The South Bay
Chamber of Commerce -
Manhattan Beach – www.manhattanchamber.net
Dec. 11 Used Book Sale ~
Manhattan Beach Friends of the Library
10-3pm, 1320 Highland Ave.
Every Tuesday Manhattan Beach Farmers Market
11-4pm, 13th Street and Morningside
Hermosa Beach – www.hbchamber.net
Every Friday Hermosa Beach Farmers Market ~
12-4pm, Valley Drive & 11th Street
rain or shine every Friday except December 24th and 31st, 2010
Dec. 11 Christmas Boat Parade Redondo Beach Marina 5:00-7:00pm
Snow Fest and Hermosa Beach Holiday Tree Lighting 3:00-8:00pm, Pier Plaza
Dec. 12 Fireworks Festival ~
4-8 pm, Manhattan Beach Pier
Friends of the Manhattan Beach Library seeking new volunteer members ~
For more information, Call (310) 376-2649
Botanical Garden needs volunteers ~
Each Friday Volunteers are needed to help from 9:30-11:30 am
Located in Polliwog Park on Peck Ave., N. of M.B. Blvd, Call (310) 546-1354
Enough with the doom and gloom about homeownership.
Brett Arends explains why owning a home is a good thing.
By BRETT ARENDS
Enough with the doom and gloom about homeownership.
Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up.
After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?”
But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home.
1. You can get a good deal. Especially if you play hardball. This is a buyer’s market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We’re four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it’s mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You’ll never catch the bottom. It doesn’t really matter so much in the long haul.
Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.
2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.
3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains–if any–when you sell. Sure, you’ll need to do your math. You’ll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.
4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You’ll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. “You can tell the ones that have been bought,” said my local guide. “They’ve painted the front door. It’s the first thing people do when they buy.” It was a small sign that said something big.
5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you’re better off buying.
6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, especially if you’re young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.
RECENT PRICE REDUCTION TO $11,995,000 MAKES 2408 THE STRAND, THE BEST VALUE ON THE BEACH!
Last week, we effectuated a reduction that is $4,505,000 lower than the original list price. The current price is the LOWEST price per square foot for land on the market today. In doing a simple and quick analysis, we were able to determine that 2408 The Strand in Hermosa Beach is now by far the most aggressively priced home. If you take all of the current listings on the Strand, the numbers are pretty compelling. See below:
“Competition”: sq. footage: $/sq.ft Projected Value of 2408 The Strand
3500 The Strand 3670 $2,452/ft $18,713,995
3124 The Strand 2731 $2,196/ft $16,764,689
1534 The Strand 2396 $2,086/ft $15,926,540
1540 The Strand 4199 $1,846/ft $14,086,210
2666 The Strand 4914 $1,679/ft $12,813,186
2408 The Strand 7632!! $1571/ft $11,995,000 *actual price!
If you haven’t already seen 2408 The Strand–YOU SHOULD. It is “the Quintessential Beach House.” Originally built in the early 1900’s by the Doheny family, this 5172 square foot home has incredible appeal and charm. The ocean views are stunning from every room, while preserving the privacy inside. The main house has five large bedrooms, three and one half bathrooms and two beach showers. There is 1000 square feet of living space including four additional bedrooms and one bathroom over the large three car garage. The main value of this property is however in the enormous piece of land. The lot is more than twice the size of an average Strand lot, spanning twice the width and one and a half times the depth. The size of the lot is 7632 square feet including two separate buildable lots of approximately 30 x 129 feet, making it one of the largest single lots on the Hermosa Strand. It can and will also be sold (if buyer(s) desire) as two separate lots to build custom or for speculation. Please contact Lauren Forbes for details or to schedule a private showing at 310-901-8512 or email@example.com
|Alhambra CFM||Alhambra||Los Angeles||Sunday||8:30 AM||1:00 PM|
|Atwater Village CFM||Atwater Village||Los Angeles||Sunday||10:00 AM||2:00 PM|
|Bellflower CFM||Bellflower||Los Angeles||Monday||9:00 AM||1:00 PM|
|Beverly Hills CFM||Beverly Hills||Los Angeles||Sunday||9:00 AM||1:00 PM|
|Brentwood CFM||Brentwood||Los Angeles||Sunday||9:00 AM||1:00 PM|
|Burbank CFM||Burbank||Los Angeles||Saturday||8:00 AM||12:30 PM|
|Calabasas Old Town CFM||Calabasas||Los Angeles||Saturday||8:00 AM||1:00 PM|
|Canoga Park Farmers’ Market||Canoga Park||los angeles||Saturday||9:00 AM||1:00 PM|
|Carson CFM||Carson||Los Angeles||Thursday||8:00 AM||1:00 PM|
|Central Avenue Farmers’ Market – Will re-open 2010||Los Angeles||Los Angeles||Thursday||12:00 PM||5:00 PM|
|Century City CFM||Century City||Los Angeles||Thursday||11:30 AM||3:00 PM|
|Cerritos CFM||Cerritos||Los Angeles||Saturday||8:00 AM||12:00 PM|
|Chatsworth / Porter Ranch CFM||Chatsworth||Los Angeles||Saturday||9:00 AM||2:00 PM|
|Claremont Farmers & Artisans Market||Claremont||Los Angeles||Sunday||8:00 AM||1:00 PM|
|Covina CFM||Covina||Los Angeles||Friday||5:00 PM||9:00 PM|
|Crenshaw Farmer’s Market||Los Angeles||Los Angeles||Saturday||10:00 AM||3:00 PM|
|Culver City CFM||Culver City||Los Angeles||Tuesday||3:00 PM||7:00 PM|
|Diamond Bar CFM||Walnut||Los Angeles||Saturday||9:00 AM||2:00 PM|
|Duarte Farmers Market||Duarte||Los Angeles||Saturday||9:00 AM||1:00 PM|
|Eagle Rock N Roll Farmers Market||Los Angeles||Los Angeles||Sunday||9:00 AM||2:00 PM|
|East Los Angeles Farmers Market||Los Angeles||Los Angeles||Saturday||9:00 AM||2:00 PM|
|Echo Park Farmers’ Market||Echo Park||Los Angeles||Friday||3:00 PM||7:00 PM|
|El Segundo CFM||El Segundo||Los Angeles||Thursday||3:00 PM||7:00 PM|
|El Segundo Raw Inpirations Farmers Market||El Segundo||Los Angeles||Wednesday||10:00 AM||2:00 PM|
|Encino CFM||Encino||Los Angeles||Sunday||8:00 AM||1:00 PM|
|Gardena Saturday Farmers’ Market||Gardena||Los Angeles||Saturday||6:30 AM||12:00 PM|
|Gardena Wednesday CFM||Gardena||Los Angeles||Wednesday||7:30 AM||12:00 PM|
|Glendale CFM||Glendale||Los Angeles||Thursday||9:30 AM||1:00 PM|
|HVP Certified Farmers Market||Woodland Hills||Los Angeles||Saturday||9:00 AM||2:00 PM|
|Hawthorne Del Aire Certified Farmers Market||Hawthorne||Los Angeles||Saturday||9:00 AM||1:00 PM|
|Hermosa Beach CFM||Hermosa Beach||Los Angeles||Friday||12:00 PM||4:00 PM|
|Hollywood Farmers’ Market||Hollywood||Los Angeles||Sunday||8:00 AM||1:00 PM|
|Huntington Park CFM||Huntington Park||Los Angeles||Wednesday||9:30 AM||1:30 PM|
|Jack Newe’s Farmers Market||Walnut||Los Angeles||Saturday||8:00 AM||2:00 PM|
|L.A. Adams/Vermont CFM||Los Angeles||Los Angeles||Wednesday||1:00 PM||6:00 PM|
|L.A. Chinatown Farmers’ Market – CLOSED Temporarily||Los Angeles||Los Angeles||Thursday||4:00 PM||8:00 PM|
|L.A. Eagle Rock Farmers’ Market||Los Angeles||Los Angeles||Friday||5:00 PM||8:30 PM|
|L.A. Harambee CFM||Los Angeles||Los Angeles||Saturday||10:00 AM||4:00 PM|
|L.A. La Cienega Farmers’ Market||Los Angeles||Los Angeles||Thursday||3:00 PM||7:00 PM|
|L.A. Seventh & Figueroa Thursday Farmers’ Market||Los Angeles||Los Angeles||Thursday||10:00 AM||4:00 PM|
|L.A. Silver Lake CFM||Los Angeles||Los Angeles||Saturday||8:00 AM||1:00 PM|
|La Canada Flintridge CFM||La Canada Flintridge||Los Angeles||Saturday||8:00 AM||12:00 PM|
|La Verne CFM||La Verne||Los Angeles||Thursday||5:00 PM||9:00 PM|
|La Verne Saturday Farmers’ Market||La Verne||Los Angeles||Saturday||9:00 AM||1:00 PM|
|Larchmont Village CFM||Los Angeles||Los Angeles||Sunday||10:00 AM||2:00 PM|
|Lawndale Farmers’ Market||Lawndale||Los Angeles||Wednesday||2:00 PM||7:00 PM|
|Little Tokyo CFM||Los Angeles||Los Angeles||Thursday||10:00 AM||2:00 PM|
|Long Beach Downtown Farmers’ Market||Long Beach||Los Angeles||Friday||10:00 AM||4:00 PM|
|Long Beach Southeast Farmers’ Market||Long Beach||Los Angeles||Sunday||9:00 AM||2:00 PM|
|Long Beach Uptown Certified Farmers’ Market||Long Beach||Los Angeles||Thursday||3:00 PM||6:30 PM|
|Los Angeles Medical Center Certified Farmers’ Market at Barnsdall Art Park||Los Angeles||Los Angeles||Wednesday||12:00 PM||6:00 PM|
|Loyola University Farmers’ Market||Los Angeles||Los Angeles||Thursday||9:00 AM||2:00 PM|
|Lynwood CFM||Lynwood||Los Angeles||Tuesday||12:00 PM||5:00 PM|
|Manhattan Beach CFM||Manhattan Beach||Los Angeles||Tuesday||12:00 AM||4:00 PM|
|Mar Vista Farmers’ Market||Mar Vista||Los Angeles||Sunday||9:00 AM||2:00 PM|
|Melrose Place CFM||Los Angeles||Los Angeles||Sunday||9:00 AM||2:00 PM|
|Monrovia CFM||Monrovia||Los Angeles||Friday||5:00 PM||9:00 PM|
|Montrose Harvest Market||Montrose||Los Angeles||Sunday||9:00 AM||2:00 PM|
|Northridge CFM||Northridge||Los Angeles||Wednesday||5:00 PM||9:00 PM|
|Northridge Fashion Mall Farmers’ Market||Northridge||Los Angeles||Wednesday||5:00 PM||9:00 PM|
|Norwalk CFM||Norwalk||Los Angeles||Tuesday||9:00 AM||1:00 PM|
|Old L.A. CFM||Highland Park||Los Angeles||Tuesday||3:00 PM||7:00 PM|
|Pacific Palisades CFM||Pacific Palisades||Los Angeles||Sunday||8:00 AM||1:30 PM|
|Palos Verdes-Rolling Hills Estates Farmers’ Market||Rolling Hills Estates||Los Angeles||Sunday||9:00 AM||1:00 PM|
|Pasadena Victory Park CFM||Pasadena||Los Angeles||Saturday||8:30 AM||1:00 PM|
|Pasadena Villa Park CFM||Pasadena||Los Angeles||Tuesday||9:00 AM||1:00 PM|
|Playa Vista Farmers’ Market||Los Angeles||Saturday||9:00 AM||2:00 PM|
|Pomona Valley CFM||Pomona||Los Angeles||Saturday||7:30 AM||11:30 AM|
|Redondo Beach CFM||Redondo Beach,||Los Angeles||Thursday||8:00 AM||1:00 PM|
|San Dimas CFM||San Dimas||Los Angeles||Wednesday||4:30 PM||8:30 PM|
|San Pedro CFM||San Pedro||Los Angeles||Friday||9:00 AM||2:00 PM|
|Santa Clarita CFM||Santa Clarita||Los Angeles||Sunday||8:30 AM||12:00 PM|
|Santa Monica Pico Farmers’ Market||Santa Monica||Los Angeles||Saturday||8:00 AM||1:00 PM|
|Santa Monica Saturday Organic Farmers’ Market||Santa Monica||Los Angeles||Saturday||8:30 AM||1:00 PM|
|Santa Monica Sunday Farmers’ Market||Santa Monica||Los Angeles||Sunday||9:30 AM||1:00 PM|
|Santa Monica Wednesday Farmers’ Market||Santa Monica||Los Angeles||Wednesday||8:30 AM||1:30 PM|
|Sierra Madre Certified Farmers Market||Sierra Madre||Los Angeles||Wednesday||3:00 PM||7:00 PM|
|South Gate CFM||South Gate||Los Angeles||Monday||9:00 AM||1:00 PM|
|South Park Farmers’ Market – CLOSED Temporarily||Los Angeles||Los Angeles||Sunday||11:00 AM||4:00 PM|
|South Pasadena Farmers’ Market||South Pasadena||Los Angeles||Thursday||4:00 PM||8:00 PM|
|Studio City CFM||Studio City||Los Angeles||Sunday||8:00 AM||1:00 PM|
|Toluca Lake Certified Farmers’ Market||Toluca Lake||Los Angeles||Sunday||9:30 AM||2:30 PM|
|Topanga Canyon Market||Woodland Hills||Los Angeles||Saturday||4:00 PM||9:00 PM|
|Torrance Saturday Farmers’ Market||Torrance||Los Angeles||Saturday||8:00 AM||1:00 PM|
|Torrance Tuesday CFM||Torrance||Los Angeles||Tuesday||8:00 AM||1:00 PM|
|Valinda / La Puente Farmers Market||La Puente||Los Angeles||Thursday||3:00 PM||8:00 PM|
|Van Nuys CFM||Van Nuys||Los Angeles||Thursday||9:00 AM||2:00 PM|
|Venice CFM||Venice||Los Angeles||Friday||7:00 AM||11:00 AM|
|Watts Healthy Farmers’ Market||Los Angeles||Los Angeles||Saturday||10:00 AM||2:00 PM|
|Wellington Square Certified Farmers Market||Los Angeles||Los Angeles||Sunday||9:00 AM||1:00 PM|
|West Covina Farmers’ Market||West Covina||Los Angeles||Saturday||8:00 AM||2:00 PM|
|West Hollywood Monday Farmers’ Market||West Hollywood||Los Angeles||Monday||9:00 AM||2:00 PM|
|West L.A. CFM||Los Angeles||Los Angeles||Sunday||9:00 AM||2:00 PM|
|West Los Angeles Kaiser Permanente Certified Farmers’ Market||Los Angeles||Los Angeles||Wednesday||9:00 AM||1:30 PM|
|Westchester CFM||Westchester||Los Angeles||Wednesday||8:30 AM||1:00 PM|
|Westwood Farmers’ Market||Westwood||Los Angeles||Thursday||12:00 PM||6:00 PM|
|Whittier CFM||Whittier||Los Angeles||Friday||8:30 AM||1:00 PM|
|Whittier Unincorporated Farmers Market||Whittier||Los Angeles||Friday||3:00 PM||8:00 PM|
|Wilmington Farmers’ Market||Wilmington||Los Angeles||Thursday||9:00 AM||1:00 PM|
|Woodman Avenue Market||Sherman Oaks, CA||Los Angeles||Tuesday||3:00 PM||8:30 PM|
LOS ANGELES, CA – Gibson International http://www.gibsonintl.com/, a prominent real estate company serving the Westside and beach communities of Greater Los Angeles, has been selected for membership in Chicago-based Leading Real Estate Companies of the World® (LeadingRE), Scott L. Gibson, the company’s president and founder, announced today.
Gibson International joins Leading Real Estate Companies of the World®, a global network comprising 600 of the best-known local and regional real estate firms, with 5,000 offices and 150,000 sales associates in the U.S. and more than 30 other countries. Collectively, these firms sell almost 1 million homes annually in the U.S. valued at nearly $250 billion, which is more than that of any national brand or franchise.
Leading Real Estate Companies of the World® is the country’s largest network of residential real estate firms. Its network affiliates are widely recognized as the premier providers of quality residential real estate and relocation services. Leading Real Estate Companies of the World® also excels in the upper-end market.
As an affiliate of Leading Real Estate Companies of the World®, Gibson International can assist individuals purchasing or selling property in virtually any community in the U.S. or abroad with services including real estate assistance, comprehensive destination orientation programs, household goods move management and more. The membership also enhances Gibson International’s ability to assist with corporate relocation accounts through RELO Direct®, LeadingRE’s third party relocation company.
Gibson notes that selection as an affiliate of the Leading Real Estate Companies of the World® network represents another step in the development of the firm and its ability to meet the high-end real estate needs of its Los Angeles clientele.
“I credit our success and business growth to the progressive, entrepreneurial structure of our brokerage and to an outstanding team of results-oriented agents,” Gibson said. “This affiliation brings added value to the personal service-based experience our agents can offer.”
Gibson continued, “Our Westside agents and their clients have reacted very favorably to our business model, which allows agents to use advanced technology and powerful networks to their advantage. The agents joining us were specifically chosen for their sales success and professionalism with the highest integrity. This affiliation strengthens the extensive support system we offer to our team.”
Gibson International, with 65 highly qualified sales associates, was selected for Leading Real Estate Companies of the World® membership only after meeting the network’s exacting standards.
“We are delighted to welcome Gibson International to Leading Real Estate Companies of the World®,” commented Pam O’Connor, President and CEO of LeadingRE. “Their selection was based on the company’s outstanding reputation, as well as its demonstrated ability to deliver the same high quality service and reliability as our other affiliates. This level of service is the foundation of our network and is the basis for our longevity and success as one of the industry’s leading providers of real estate and relocation services.”
About Gibson International: Founded in 2008, Gibson International is a high-quality real estate brokerage based in Brentwood, California. The fast-growing firm, headed by leading real estate veteran Scott Gibson, presents a unique, full-service business model, which incorporates the latest in technological advances with enhancements to help its agents achieve success and “work-life balance.” Its team of agents includes some of the most respected names in Westside real estate, and each agent averages more than 10 years of real estate sales experience. Gibson International can be reached by telephone at 310-820-0195. More information about Gibson International is available online at http://www.gibsonintl.com.
About Leading Real Estate Companies of the World®: Leading Real Estate Companies of the World® (www.LeadingRE.com) is a global real estate network comprising over 600 of the best-known local and regional real estate firms. With nearly 5,000 offices and 150,000 sales associates in the United States and more than 30 countries abroad, LeadingRE affiliates sell $250 billion in home sales, representing nearly one million transactions annually. The network has among its members the #1 market leader in 41 of the top 90 markets in sales volume, transaction sides or both – nearly double that of the closest competitor.
Editor’s Note: Scott Gibson is available for interviews to discuss the company’s performance as well as the continued 2010 outlook for residential real estate in Southern California.
Stock Market Close for the Week
WEEK IN ADVANCE
|New and existing home sales for May, due out in the coming week will inform on the depth of the post-tax credit pullback. Also, the FOMC will meet and release their policy statement Wednesday. We may see recent weakness reflected in their outlook. Another $108 billion in new supply is scheduled to hit the bond market this week as well.|
Sharon Sharp-Kelley, President
Escrow L.A., Inc.
11755 Wilshire Boulevard, Suite 2340
Los Angeles, California 90025
(310) 231-9100, fax: (310) 231-9200
~ Experience, Integrity, Professional Service
~ Independent and unaffiliated, serving you since 1993
Compounds are the hottest commodity in L.A.’s high-end real estate market, brokers say.
June 12, 2010|By Lauren Beale, Los Angeles Times
In the Middle Ages, moats were the thing. More recently, the rich have taken refuge behind tall hedges, view-obscuring walls and guarded gates.
But today’s super-wealthy, seeking even greater privacy, are increasingly buying adjacent properties as a buffer zone around their mansions. And that’s made the compound the hottest commodity on L.A.’s high-end market, real estate brokers say.
On the Westside, the growing list of compound owners includes movie industry titan Terry Semel, financier and producer Tom Gores and corporate housing kingpin Howard Ruby, founder of Oakwood Worldwide.
Divorcing Dodgers owners Frank and Jamie McCourt maintain two compounds, one in Holmby Hills and another in Malibu.
“If you don’t have a neighbor anymore, you create more privacy,” said Kurt Rappaport, co-founder of Westside Estate Agency, with offices in Beverly Hills and Malibu.
Not that the “buffer” homes are vacant. Some house family, friends, guests or staff. But these aren’t mother-in-law cottages or little guesthouses like the one Kato Kaelin holed up in at O.J. Simpson’s old place in Brentwood: Think multimillion-dollar mansions — next door, behind or even a few doors down.
The adjoining properties may be used during major fundraisers or large-scale entertaining, Rappaport said, to create more parking or as a place to stage the catering during lavish events. Some buyers have been known to tear down well-known homes for more elbow room.
Property records don’t fully capture the trend. Owners typically want the flexibility of selling the parcels individually, and so they usually don’t apply for a lot merger to create a formal compound. Still, veteran real estate agents say high-end buyers are increasingly looking to snap up adjoining properties.
“We’ve never seen this much activity going on,” said Drew Mandile, who works as a team with Brooke Knapp at Sotheby’s International Realty, specializing in Bel-Air.
Mandile and other agents said there were perhaps two or three compounds in Bel-Air 10 years ago. Today, there are at least nine.
“A decade ago, the idea of combining properties was extremely rare,” Rappaport said. “Now in the ultra high end it’s the norm to strategize about amassing multiple properties.”
Notable designs and functional living spaces
February 5th, 2010
We don’t normally blog about the designs of board games, but since Monopoly is the most famous board game of all time and has somewhat its root in different real estate “properties” we thought we would use it as a perfect way to start the weekend.
This new version of Monopoly is a special 75th anniversary version of the game and includes a number of interesting changes. The board is circular, doesn’t have paper money but debit cards instead, and when you pass go you don’t get a measly $200, but $2,000,000 to account for all the inflation and the change in real estate prices since 1935 when Monopoly was first released.
What do you think of this new design? Do you like the new look or does it disappoint? Post your comments below, @ reply your thoughts on our twitter or post them on our Facebook Fan Page!