Real Estate Fact Sheet: 1890s Water Tower Gets New Life

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Welcome to the real estate newsletter, your weekly window into the most exciting housing market in the country – at least in my professional opinion. Where else could a 19th century water tower turn into pirate steps of retreat from the Pacific Ocean?

The local attraction was by far the most interesting list of the week. Built in the 1890s and reimagined many times since then, the 87-foot building in Sunset Beach is losing its life as a luxury Airbnb rental and looking for a permanent resident (ideally someone willing to spend $ 4.95 million).

In early June, there was some unrest in the San Fernando Valley: the rapper Polo G spent about $ 5 million on a mansion in Chatsworth with a complete garage. He joins Swae Lee, YG, and DJ Mustard in a neighborhood that is fast becoming a haven for hip-hop stars.

In Los Feliz, a 101-year-old home with a past filled with celebrities is up for sale for $ 15 million. Best known for being the former residence of comedian W.C. Fields in the 1940s, it has housed several actors since then, and is currently owned by Dodgers co-owner Bobby Patton.

Looking for a summer project? Beware: The cost of lumber is skyrocketing to the point where even a picnic table can overwhelm your budget. Lumber suppliers mistakenly assumed that demand would fall during the pandemic, and their miscalculation leads to the fact that prices are twice or even three times higher than last year.

So building a house may be out of the question. But what about buying it for $ 1? Personal finance columnist Liz Weston spoke about the pros and cons of buying a parent’s house for money, as well as the tax obligations that will surely follow. There is no such thing as a free home.

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Local attractions for sale

The 1890s Water Tower on Sunset Beach, converted into an apartment building, is located next to the beach.

First built in the 1890s and rebuilt many times since then, the tower features four floors of pirate-themed living spaces with breathtaking views.

(Sheldon / Ivester Creative Inc.)

On Sunset Beach stands one of California’s quirky homes: An 87-foot structure that serves both as an adornment for passers-by on the Pacific Coast Highway and a reminder in an era of rapid renovation that some things are worth saving.

The famous water tower dates back to the 1890s when it served steam engines cruising the California coast. It is now being drawn for $ 4.95 million.

Towering over sand-dug houses near the Seal Beach / Sunset Beach border, this striking residence has become a favorite of locals in the decades since it was built, but it has a turbulent past.

Another rapper lands in Chatsworth

The 11,000-square-foot home features a swimming pool, tennis court and individual garage for 14 cars.

The 11,000-square-foot home features a swimming pool, tennis court and individual garage for 14 cars.

(Neue Focus)

Chatsworth becomes hip-hop haven with musicians like Swae lee, YG and DJ mustard settled there in recent years. Rapper Polo G was the last to arrive in the suburb of San Fernando Valley; he just shelled out $ 4.885 million for a Mediterranean-style location in the Indian Falls Estates gated community.

Covering nearly 2 acres, this property has yearned for the market since it was built in 2018. Records show it was first put up for sale for $ 6.2 million, and was most recently offered for $ 5 million before being bought by Polo G, whose real name is Taurus Bartlett. up.

The place is full of amenities, but what really sets it apart is the garage. Adjacent to the house is a standard two-car garage and a custom guesthouse-sized garage in the back with 14-foot doors and room for 14 cars.

Dodgers owner offers a historic estate

Built in 1920, the Italian residence was owned by comedian W.C. Fields and actress Lily Tomlin.

Built in 1920, the Italian residence was owned by comedian W.C. Fields and actress Lily Tomlin.

(Todd Goodman / LA Light Photography)

Hollywood History is available in Los Feliz, where the W.C. estate is located. Fields – a 101-year-old Italian-style mansion where the comedian of the same name lived in the 1940s – just hit the market for $ 15 million.

The architectural gem, built in 1920, has been home to many celebrities since Fields, including Pay It Forward actor Gary Wernz and Grace and Frankie star Lily Tomlin. Today it is owned by Bobby Patton, Texas oil tycoon and co-owner of the Los Angeles Dodgers. Records show that he purchased the property for $ 7 million in 2013.

The Green Residence occupies two-thirds of an acre in Laughlin Park, a gated enclave home to the likes of Angelina Jolie, Casey Affleck, Emma Roberts and Kristen Stewart.

Where is the whole forest?

Carlos Guido works on a construction site with contractor Chris Williams in San Marino.

Carlos Guido works on a construction site with contractor Chris Williams in San Marino.

(Jason Armond / Los Angeles Times) #

The cost of common goods has shaken summer plans, and it’s not about gas: skyrocketing lumber prices are making new homes, renovations, and even simple picnic tables significantly more expensive. by Andrew Howry, Carly Olson and Andrew Mendes

Sometimes bills exceed estimates by thousands or even hundreds of thousands of dollars. In the most extreme cases, projects stop abruptly as prices spiral out of control.

Analysts say prices are likely to remain high for a long period due to the COVID-19 pandemic. When the coronavirus began to spread in the United States last year, lumber suppliers assumed demand would fall and halted production accordingly. Distributors followed suit, stopped buying lumber and sold off inventory.

House for $ 1

In a recent article columnist Liz Weston answered the question about the pros and cons of free takeover of the parental home.

Dear Liz: My father-in-law died recently. My mother-in-law is not healthy enough to live alone. My husband has a brother and sister who would like my husband and I to buy my relatives’ big old house for $ 1, take care of my mother-in-law 24 hours a day, 7 days a week, and make updates for 60 years. and repairs in the house. I see many flaws in this scheme, but I do not see any positive aspects. Is there a way this deal can work for us and not just other siblings?

Respond: The plus is that you will be the owner of the house. While the house may not be in great shape, it appears to be an asset with some value. Whether it has enough value to be worthwhile and whether you want to acquire it that way are open questions. (Click here to learn about taxes and the hardships of permanent care.)

What we read

Can the national real estate market cool off? Or at least a little less hot? Washington Post analyzed data from Realtor.com and Redfin and found that house prices are still rising, but at a slower pace than in recent months.

Place, place, location. When looking for a home, be sure to check if it is within arm’s reach of the rides. In The Know looked at a beach house in Delaware that went viral thanks to a giant swinging ship that appears to be jumping a few feet from the house.



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