Actual Property publication: TV titan shatters report in Hancock Park

Welcome again to the Actual Property publication. That is my fifth yr overlaying L.A.’s luxurious market, and I can’t recall a extra torrid tempo to begin a brand new yr.

Celebrities and billionaires throughout Southern California began closing offers that had been within the works for months and even years. It’s nearly as if their collective new yr’s decision was to make my first week of 2022 as busy as doable.

TV powerhouse Shonda Rhimes set the tone by promoting her 99-year-old mansion in Hancock Park for $21 million. It’s the costliest sale the Wilshire neighborhood has ever seen, however that wasn’t even the largest deal of the week.

That title belongs to Paul Allen, the late Microsoft Corp. co-founder. His prized piece of land, sprawling throughout 120 undeveloped acres atop a ridge in Beverly Crest, lastly offered for $65 million — far shy of the unique price ticket of $150 million, however nonetheless a mammoth sum for what is actually a stretch of grass and grime.

The Weeknd determined to get in on the motion as properly. A number of months after dropping a cool $70 million on a mega-mansion in Bel-Air, he listed his full-floor penthouse in Westwood for $22.5 million. If he will get his value, it’ll rank among the many priciest condominium gross sales ever in Southern California.

However sufficient about exorbitant value tags. This week, The Occasions took at a have a look at a West Hollywood tree home that’s not even in the marketplace — as a result of with a home this cool, who would need to promote it? The Seventies hideaway is the experimental dwelling of late architect Bernard Choose, and the wood construction, engulfed in eucalyptus timber and crammed with African masks, occupies a hillside so steep, it was as soon as considered unbuildable.

This week additionally introduced excellent news for each patrons and renters. For patrons, there’s a brand new state mortgage aid program providing to pay $80,000 value of mortgage, property tax and insurance coverage payments for certified candidates. The Occasions dived into the small print of apply.

For many who don’t personal, hire hikes received’t be allowed for many L.A. tenants till 2023, persevering with an emergency ordered signed by Mayor Eric Garcetti in March 2020. Renters are rejoicing, however landlords are saying the freeze places them in a decent spot.

Whereas catching up on the newest, go to and like our Fb web page, the place you’ll find actual property tales and updates all through the week.

Value report in Hancock Park

Inbuilt 1923 by Elmer Gray, the dramatic villa additionally comes with a guesthouse, pool, spa, cabana and secret backyard throughout over an acre.

(Cameron Carothers / Carothers Photograph)

Shonda Rhimes — the TV powerhouse behind “Gray’s Anatomy” and “Scandal” — simply set a report in Hancock Park, promoting her 99-year-old mansion for $21 million. It’s the priciest sale ever recorded within the tony Wilshire neighborhood.

Paradoxically, the report as soon as belonged to Ted Sarandos, the Netflix CEO who introduced Rhimes to the streaming service in 2017 with an enormous improvement deal. He set the all-time excessive in 2015 when he paid $15.95 million for the lavish mansion of Antonio Banderas and Melanie Griffith.

Rhimes, who’s been shopping for and promoting properties in Hancock Park for years, bought the property from “Everyone Loves Raymond” actress Patricia Heaton for $8.8 million in 2014, data present. She first listed it for $25 million final summer time earlier than trimming the value to $23 million in October.

It’s simple to see why the house set a report. The compound spans over an acre and combines two parcels on a nook lot. On the middle sits a three-story mansion in-built 1923 by Elmer Gray, the prolific architect behind the Beverly Hills Resort and Huntington Artwork Gallery.

Empty land sells for $65 million

Enchanted Hill, a prized development site owned by late Microsoft co-founder Paul Allen, spans 120 acres in Beverly Crest.

Enchanted Hill, a prized improvement web site owned by late Microsoft co-founder Paul Allen, spans 120 acres in Beverly Crest.

(Hilton & Hyland)

On high of a ridge in Beverly Crest, a 120-acre property owned by late Microsoft Corp. co-founder Paul Allen has offered for $65 million — a deep low cost from its authentic price ticket of $150 million.

The prized piece of land is without doubt one of the largest undeveloped properties within the space. Floating above the town, taming the tough canyon panorama with pristine stretches of grass, it’s simple to see the way it earned the nickname Enchanted Hill.

The identify stretches again to the Nineteen Twenties, when the property was owned by screenwriter Frances Marion and silent movie star Fred Thomson. Their neighbor, Hollywood actress Greta Garbo, is credited with coining the Enchanted Hill phrase that caught for a century.

Marion and Thomson commissioned famed California architect Wallace Neff to construct a house on the property, and Neff designed a Spanish Colonial Revival-style gem that stood for many years till Allen purchased the property for $20 million in 1997 and razed it shortly afterward.

Pop star lists penthouse

Spanning a full story of the Beverly West boutique high-rise, the condo includes four bedrooms and seven bathrooms.

Spanning a full story of the Beverly West boutique high-rise, the condominium consists of 4 bedrooms and 7 loos.

(Jim Bartsch)

Abel Tesfaye, the pop star higher referred to as The Weeknd, is leaving vertical residing. A number of months after dropping $70 million on a Bel-Air mega-mansion, the singer-songwriter is purchasing round his Westwood penthouse for $22.5 million.

He purchased the place for $21 million in 2019, which on the time was one of many priciest condominium gross sales ever recorded in Los Angeles County. The $22.5-million price ticket would eclipse the property deal by Matthew Perry, who offered his penthouse in Century Metropolis for $21.6 million final yr.

Socialite Sweet Spelling holds the condominium report after dropping $35 million on a 15,555-square-foot spot within the Century Tower in 2010.

The Weeknd’s place is about half that at 7,950 sq. ft. It claims a whole flooring of Beverly West, a 22-story boutique high-rise that holds 35 luxurious condos overlooking Los Angeles Nation Membership.

The views aren’t restricted to the golf course, as the house takes in sweeping scenes of the town and ocean by floor-to-ceiling home windows and a balcony. The unit got here loaded with facilities when Tesfaye purchased it, however he additionally added a TV wall composed of 4 65-inch screens throughout his two-year keep.

A Seventies tree home molded by ecology

The woodsy living room in Bernard Judge's "Tree House" comes with expansive views of L.A.

The woodsy front room in late architect Bernard Choose’s “Tree Home” within the Hollywood Hills is seen on Dec. 28.

(Christina Home / Los Angeles Occasions)

Is it doable to really feel marooned in a wilderness hideaway in the midst of Los Angeles? It’s if you’re inhabiting the experimental dwelling that architect Bernard Choose constructed for himself within the Seventies, writes Carolina A. Miranda.

Set excessive on the crest on an impossibly steep hillside overlooking West Hollywood, the “Tree Home,” as it’s identified, not solely appears like stepping right into a real-deal tree home, it appears to approximate the type of a tree with its construction.

A 1977 design story within the Los Angeles Occasions journal described it as “a lark of home.”

Miranda turned intrigued by the Tree Home after writing the obituary for Choose, who died on Nov. 15 on the age of 90. As a designer, he got here of age within the wake of L.A.’s midcentury Case Examine program, dedicated to exploring low-cost housing options. Choose was thinking about these concepts, but in addition in problems with ecological sustainability.

Program gives to pay $80,000 of mortgage

A foreclosure sale sign is seen in front of a foreclosed home in Michigan in 2007.

A foreclosures sale signal is seen in entrance of a foreclosed dwelling in Michigan in 2007.

(Justin Sullivan / Getty Pictures)

Federal COVID-19 aid {dollars} have already helped greater than 140,000 California renters pay the debt they accrued to their landlords through the pandemic, writes Jon Healey.

Now, the state is providing comparable aid to certified owners who’ve fallen behind on their mortgages. The brand new California Mortgage Reduction program can pay as much as $80,000 value of mortgage, property tax and insurance coverage payments for certified candidates.

To qualify, a family should earn not more than the median earnings in its space (for instance, $118,200 for a household of 4 in Los Angeles County), and the house liable to foreclosures should be the family’s main residence. Listed below are the small print on who’s eligible, apply, when the help will begin flowing and the way lengthy the assistance will likely be accessible.

Most rents received’t increase

A car with a sign on a door reading "rent freeze now."

As of now, no hire hikes will likely be allowed for many L.A. tenants till 2023. And probably past.

(KTLA)

Because the U.S. nears the start of the third yr combating COVID-19, tenants in L.A. are receiving a profit few others have: Landlords are prohibited from elevating the price of greater than 650,000 rent-stabilized items citywide, which represents practically three-quarters of L.A.’s house inventory, writes Liam Dillon.

Beneath the foundations, landlords aren’t allowed to extend rents for a whole yr after the expiration of the emergency order signed by Mayor Eric Garcetti in March 2020, when the coverage went into impact.

As of now, no hire hikes will likely be allowed for many L.A. tenants till 2023. And probably past.

What is widely known by tenants and their advocates is lamented by landlords, who say the freeze places them in an untenable scenario.

What we’re studying

Southern California dwelling costs skyrocketed final yr, and the Bay Space adopted go well with. SFGate.com took a have a look at San Francisco’s record-breaking yr that noticed the standard dwelling promote for $1.5 million and greater than half of properties fetch greater than their itemizing value.

Actual property investing continues to be an possibility — even if you happen to don’t personal a home. CNN ran by just a few methods to get into the sport, together with actual property funding trusts and crowdfunding corporations, the place 1000’s of traders can pool cash to purchase a property.

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