Welcome back to the real estate newsletter. I bring bad news: cheap rent – the only positive effect the pandemic has had for many tenants – seems to be over.
At least that’s what the numbers show. The median rent in Los Angeles hit $ 1,717 in January and has been rising steadily since, and experts say it will return to normal – north of $ 2,000 – by the end of the year. summer.
This is the bad news. The good news (if your name is Matthew Perry and you’ve starred on the beloved 1990s sitcom “Friends”) is Southern California’s most expensive condo sale since 2015 just closed. at $ 21.6 million, a full-story residence that Perry has been trying to unload for a few years. Larger than most single-family homes, the ‘Mansion in the Sky’ spans 9,300 square feet and has four outdoor decks overlooking LA.
Two other intriguing ads hit the market this week for the first time in decades. In Malibu’s Broad Beach, a brick beach house owned by the late actor Jack Lemmon went on sale for $ 13.45 million, just over the $ 150,000 the Oscar-winning actor paid in 1971.
And in Utah, Robert Redford is seeking $ 4.9 million for a 30-acre horse ranch he has owned since 1996. In total, about 1,800 acres in Utah are owned by Redford, who reclaims land there. for half a century after opening Sundance Mountain. Seaside resort in the 1960s.
The Port of Los Angeles is undergoing a whole new development, but the cogs of the story don’t save space for the San Pedro Fish Market, a sprawling restaurant complex that can seat 3,000 people and selling around 200 tonnes of shrimp per year. If the owner gets their wish, however, the restaurant / tourist attraction will move a mile and a half north and become even larger with 5,500 seats as well as a Ferris wheel type attraction. One restaurateur compared the project to “20 cheesecake factories sitting in one place.”
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Goodbye, cheap rent
The era of pandemic rent cuts seems to be over, writes real estate journalist Andrew Khouri.
After going through much of the COVID-19 crisis as people moved to the suburbs or moved in with relatives, rents in major cities like Los Angeles, San Francisco and New York are now on the rise. And experts say prices are likely to continue to rise.
“Landlords are really keen to charge more rather than charge less,” said Rob Warnock, associate researcher with rental website Apartment List, whose data shows the median rent in Los Angeles is up 3.6%. from the bottom. He said he expects the rise to continue, taking until the end of the summer for prices in town at hit February 2020 levels – or pre-pandemic.
The mansion in the sky sells
Matthew Perry’s âMansion in the Skyâ – a Century City penthouse that spans an entire floor of the Century Tower – just sold for $ 21.6 million. It is the most expensive condo sale in Southern California since 2015.
The “Friends” star spent almost as much time selling the house as he did living in it. He shelled out $ 20 million for the viewing pole in 2017 and released it two years later at $ 35 million. Without a taker, he slashed the price to $ 27 million and then $ 23 million before closing the deal on Monday.
This is one of Southern California’s most expensive condo sales over the past decade, ranking just behind another Century Tower penthouse (accidentally found one floor below Perry’s Place) that s ‘was sold for $ 22.5 million in 2015.
The gigantic sale is a boost for the LA County vertical living market, which some have declared dead during the pandemic as buyers opted for more space and privacy. Perry’s house, however, is no ordinary condo.
Beach house built by an Oscar winner
For the first time in five decades, Oscar-winning actor Jack Lemmon’s Broad Beach home is up for grabs for $ 13.45 million.
The Southern California real estate market is a little different from where Lemmon bought the house in 1971. According to the Multiple Listing Service, he paid $ 150,000 for the waterfront property, or about $ 58 per month. square foot.
Lemmon, who was nominated for eight Oscars and won two, for âMister Robertsâ and âSave the Tiger,â died in 2001, and the house is currently owned by a trust controlled by his family.
The Old Hollywood star rebuilt the place in the late 1980s, outfitting it with a design palette of blue bricks and shingles on the outside and wood and glass on the inside. Approximately 3,300 square feet in size, it has three bedrooms, four bathrooms, a living room with a period fireplace and a solarium which also serves as a dining area.
The actor offers a slice of Utah
Robert Redford’s Utah Retreat, a 30-acre estate dubbed Horse Whisper Ranch after his 1998 western âThe Horse Whisperer,â is on the market for $ 4.9 million.
Nestled in a picturesque scene of mountains, rivers and valleys, the estate sits in the city of Charleston about 15 minutes from Sundance Mountain Resort, the ski destination the famous actor opened in the 1960s and sold last year.
Redford has been buying land in Utah for half a century and, according to the SEO agency, owns about 1,800 acres in the Sundance area. He bought this place in 1996 as a winter grazing area for his horses.
New dawn for the San Pedro fish market
Like most restaurants, San Pedro’s fish market has been beaten as COVID-19 precautions have stifled the flow of customers, but its owners expect a comeback – at least until they do. have to close their long-standing home for good. After six decades on the pier where the Ports O ‘Call tourist attraction once stood, the fish market must relocate to make way for new waterfront development, writes commercial real estate journalist Roger Vincent.
The owners want to expand the restaurant, creating one of the largest dining establishments in the United States, seating 5,500 people. Rick McCormack, a restaurant designer working on concepts for the project, compared the scale to “20 cheesecake factories sitting in one place.”
Plans call for a three-level indoor and outdoor facility with a kitchen on each floor, plenty of bars, and a large wheel-shaped attraction that would give riders a view of the harbor and San Pedro and serve as a beacon for the fish market. .
If approved by multiple government authorities, it would be about a mile and a half north at Pier 93.
What we read
As homebuyers wage bid wars for the small number of homes on the market, one group has been unusually quiet: vacationers. According to Bloomberg, flips accounted for 2.7% of US home sales in the first quarter of 2021, the lowest share since 2000.
LA has its newest landmark, and it is nestled in the hills of Silver Lake. Eastsider reports that Richard Neutra’s Reunion House, a Mid-Century style place owned for years by the Neutra family, has recently been added to the city’s list of historic monuments.