Real Estate Fact Sheet: $ 160 Million Mansion Chasing History

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Welcome back to the real estate newsletter. As house prices continue to break records, one hedge fund manager sees just how far he can go.

Bruce Kovner, an investor who is also the chairman of the board of the Juilliard School, ran through the grounds of Carpinteria. to the market this week for $ 160 million. This makes it the most expensive real estate currently available in California. (Technically, this modest one-story house Vallejo is estimated at $ 400 million as of August 19, but I’m going to chalk it up to a clerical error – although I respect the ambition.)

If Kovner gets his price tag, it will be the second-largest home sale the state has ever seen, just after the $ 165 million Amazon co-founder Jeff Bezos paid for the famous Warner Estate in Beverly Hills last year.

Michelle Pfeiffer, meanwhile, has gotten her price at the Palisades. She turned over a French-style estate for $ 25 million.which is $ 2.75 million more than she paid for it last year.

Another major roster has emerged in Lone Star State, where former Rockets star Tracy McGrady is asking for $ 8 million for his estate is 24,000 square feet. The Texas-sized court includes a full-size indoor basketball court, movie theater, games room, hairdresser, gym, elevator and private pool with waterslide.

It continues to be a seller’s market at all ends of the spectrum as July data showed that the median home price in Southern California soared to a record high of $ 681,750. – barely breaking the previous record of $ 680,000 set in June.

One antidote to housing shortages is currently being discussed in Sacramento, where housing bill will allow you to place up to four new units on one site. Despite its significance, the bill represents a relatively conservative attempt in a string of unsuccessful attempts by California lawmakers to increase housing density.

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The most expensive real estate in California

The Carpinteria is comprised of two custom homes with a total area of ​​14,000 square feet.

Spread across 22 oceanfront cliff acres, the Carpinteria Estate includes two custom homes totaling 14,000 square feet.

(Jim Barch)

The most expensive residential real estate in California is not located in Los Angeles County or the Bay Area, but in the modest beach town of Carpinteria. In a small oceanfront community, a 22-acre site known as the Loon Point Sanctuary just went up for sale for $ 160 million.

The titanic price tag makes this property the most expensive property to sell in the state, ahead of it, according to the Multiple Listing Service. retreat for 135 million dollars for capture at Woodside and $ 115 million glass mansion listed in Malibu.

If it gets its price tag, it will become the second largest home sale in California ever. The current crown belongs to Jeff Bezos, who paid $ 165 million at David Geffen’s famous Beverly Hills estate last year.

The Carpinteria complex is owned by Bruce Kovner, an investor and hedge fund manager who is chairman of the board of the Juilliard School. Spread over 22 acres of coastal cliffs, this stunning estate was built over 14 years and consists of five lots.

A domineering couple overturns a French-style estate

Built in 2019, this French-style manor house blends modern and Old World elements on over 10,000 square feet.

Built in 2019, this French-style manor house blends modern and Old World elements on over 10,000 square feet.

(Anthony Barcelo)

Michelle Pfeiffer spent a short time at Pacific Palisades, but successfully. A year and a half after buying the French-style estate for $ 22.25 million, the actress and her husband, television producer David E. Kelly, sold it. for the full asking price of $ 25 million.

Newly built when they bought it, the 10,000-square-foot mansion spans a third of an acre overlooking the fairways of the Riviera Country Club golf course.

According to the list, the three-story home showcases “Old World charm intertwined with modern sensibility.” This design palette is best conveyed in the living room, where rustic beams and a rough stone wall complement the sleek interior and exterior space, framed by pocketed doors.

An NBA star tries to walk past a decorated house

The luxurious complex includes two houses, a basketball court, a hairdresser and a private pool with a slide.

The luxurious complex includes two houses, a basketball court, a hairdresser and a private pool with a slide.

(TK Images)

Tracy McGrady’s Texas Mansion, like his basketball career, is well-framed. The former Rockets star has just listed a luxury home with lots of amenities in a suburb of Houston for $ 8 million.

McGrady, a seven-time Olympic champion who was inducted into the Basketball Hall of Fame in 2017, has owned the property since his time at the Rockets. Covering two acres in the city of Sugar Land, it includes a main house and a guest house, which together make up nearly 24,000 square feet.

The Texas-sized home is perfect for a 6’8 ” basketball player, has double-height ceilings, large toilets, and a full-size indoor basketball court with hairdresser and spa. Laundry facilities also include a games room, movie theater, gym, lift and private pool with waterslide.

Housing prices hit a new all-time high

House for sale in Manhattan Beach

House for sale in Manhattan Beach.

(Jay L. Clendenin / Los Angeles Times) #

In July, home prices in Southern California set another record, although the pace of growth slowed as some homebuyers grew weary of the rate wars that have shaped the market for the pandemic. by Andrew Khoury.

The average selling price in the six-arrondissement region – the point at which half of the homes sold for more and half for less – reached $ 681,750 in July. This is 17.5% more than a year earlier, but below the 20% increase recorded since April.

Sales were up nearly 10%, according to DQNews, a real estate agency that released data on Wednesday.

The housing market was red-hot from last year, when the pandemic unleashed several forces that boosted demand, including the desire for more floor space and minimal interest rates.

Demolition of housing in Sacramento

According to Senate Bill # 9, up to four new housing units may be permitted on a single property in certain areas.

Under Senate Bill 9, up to four new housing units could be allowed on a single property in certain areas that are currently only zoned for individual homes.

(Jarrod Wallier / San Diego Union Tribune)

Legislation permitting the construction of new multi-unit housing in some California communities is the most significant housing bill in Sacramento this year, although its impact on the state’s housing crisis is likely to be limited. – writes Ari Plakhta.

Senate Bill 9, dubbed “Duplex Law”, represents the most conservative attempt by Sacramento lawmakers in recent years to take the most conservative of a series of unsuccessful measures to increase housing density in single-family neighborhoods. Experts believe that recent legislative changes will further undermine its housing potential.

Despite the political might of its author, Senate Pro Tem President Tony Atkins (Democrat from San Diego), strong opposition from groups whose resistance has helped thwart more ambitious past efforts raises questions about the Legislature’s ability to address the state’s housing shortage if the law will be passed. in short, when lawmakers postpone the annual 10 September.

SB 9 will accommodate up to four new housing units on a single lot in certain areas that are currently only zoned for single homes, but how a property owner can get between one and four is a bit tricky.

What we read

Home Depot serves as a benchmark for the housing market as business growth means more people are building and renovating homes. The company thrived during the pandemic, but its latest profit and loss statement was very different from estimates, which could indicate a downturn in housing. CNN Business has a story of its own.

In his latest video titled “How the US Made Affordable Housing Illegal” Vox analyzed how exceptional zoning rules keep affordable housing from people who need it in cities across the country. Worth seeing.



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