Real Estate Fact Sheet: Billionaire Buyer Revealed

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Welcome back to the real estate newsletter that comes right after the mystery is revealed.

Reporters and readers tried to find out who paid the $ 25 million for the famous presidential mansion in San Marino, and reports finally revealed that the buyer was Chinese billionaire Tianqiao Chen. This makes a lot of sense as the philanthropist recently donated $ 115 million to the California Institute of Technology for neuroscience research, and the university gave him a new 150,000-square-foot facility that opened just a mile from home earlier this year.

It’s still a great time to sell, and several celebrities have tried their luck in the high-risk, high-return real estate market this week. Charlie’s Angels star Shelley Huck did just as well, selling her Santa Monica master for $ 11.43 million, $ 2.58 million more than she requested.

Actress Helen Mirren and director Taylor Hackford are hoping for the same success in the Hollywood Hills, where their colossal 6.5-acre plot is selling for $ 18.5 million. If the power couple gets their price tag, it will be one of the most expensive sales in this posh neighborhood this year.

If you don’t believe me about the seller’s market, trust the data. Figures are expected in June and the average home price in Southern California soared to $ 680,000 last month. This is a record-breaking record, breaking the record for everything … 31 days.

Some news on what might happen in the future: Researchers at the University of California at Berkeley have released a new report on a California Legislature bill that will allow for denser homes in single-family areas. The study says the bill passed by the state Senate will spark a spike in housing supply in the state, but likely won’t trigger the massive renovation that skeptics fear.

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Billionaire buys a house at USC

The 7-acre center is housed in a 14,000-square-foot American Colonial mansion surrounded by expansive lawns.

The 7-acre center is housed in a 14,000-square-foot American Colonial mansion surrounded by expansive lawns and English rose gardens.

(Compass)

When the USC presidential mansion set the San Marino record sold for $ 25 million in early July, it was initially unclear who the buyer was. Real estate records are currently displayed it was bought by Tianqiao Chen, a Chinese billionaire with deep philanthropic ties to the local community.

The way he first got to the area was pure coincidence. While watching the news he and his wife Chrissy saw the story a California Institute of Technology scientist helping a paralyzed person use his thoughts to control the robotic arm and grab a beer.

Shortly thereafter, the couple flew to Pasadena for a meeting with the scientist – a trip that resulted in Chen donating $ 115 million to Caltech for neuroscience research, one of the biggest gifts the university has ever received. In 2016, he founded the Tianqiao and Chrissy Chen Institute of Neuroscience at California Institute of Technology, along with a three-story 150,000-square-foot facility on a campus dedicated to the couple earlier this year.

He will have a short commute to work if he ever visits him, because his house is about a mile from the institution.

The actress gets way over asking

The half-acre estate includes a 99-year-old craftsman, a one-bedroom guest house and a rustic barn surrounded by gardens.

The half-acre estate includes a 99-year-old craftsman, a one-bedroom guest house, and a rustic barn surrounded by gardens and fruit trees.

(Noel Kleinman)

In the last example Southern California Vendor MarketCharlie’s Angels actress Shelley Huck sold her Santa Monica master for $ 11.43 million – or $ 2.58 million more than she requested.

Hack and her husband, director Harry Weiner, leave at a huge profit. Not only did they bring in significantly more than their original asking price of $ 8.5 million, but they paid just $ 1.6 million for the property in 1988.

The secluded complex is located about a mile from the ocean in the Santa Monica area north of Montana. The half-acre square features a 99-year-old main house, a one-bedroom guest house, a rustic barn, and a well-kept backyard with terrace and pool surrounded by gardens and fruit trees.

Power couple will sell or rent

The 6.5-acre site houses the main house, guest house and apartments, which are combined into nine bedrooms on an area of ​​10,200 square feet.

The 6.5-acre site houses the main house, guest house and apartments, which are combined into nine bedrooms on an area of ​​10,200 square feet.

(Mark Angeles)

In the Hollywood Hills, space is valuable, but not on the vast hillside where actress Helen Mirren and director Taylor Huckford live. A longtime property of the power couple that occupies 6.5 acres at the foot of Runyon Canyon Park, put up for sale at a price of $ 18.5 million.

If you are planning a shorter stay, it can also be rented for $ 45,000 per month.

At 6.5 acres, this is the second largest property currently available in the Hollywood Hills. By comparison, there are only three estates on the market in the stellar district covering over 3 acres.

According to the list, since the house was built over a century ago, there have only been four owners – all known: Man Squaw actor Dustin Farnum, writer Mark Hellinger, Perry Mason producer Gail Patrick and Mirren & Huckford, who acquired estate in the 1980s.

SoCal house prices break another record

Signboard

Average home price in Southern California rose to $ 680,000 in June.

(San Diego Union Tribune)

The Southern California real estate market reached another historic peak in June. with house prices skyrocketing to yet another historic highthough analysts are seeing last year’s marginal proposal wars starting to subside.

The median home price in June at $ 680,000 surpasses the previous record of $ 667,000. installed in may, according to figures released Tuesday by news company DQNews. This represents a 22.5% increase from June 2020, when the market in the six-district region slowed significantly as sellers pulled homes from the market due to COVID-19 home orders.

Since then, as a result of a sharp rise in house prices for 11 consecutive months, average house price increases have been in double digits.

Experts take into account many factors: the fast-growing market for millennial buyers, growing demand for premises as more people work from home, and ultra-low mortgage rates that are attracting wealthy investors who compete with the middle class for limited housing stock.

Housing law in perspective

The new law will allow most parcels, now zoned for just one home, to have up to four units.

The new law will allow most parcels, now zoned for just one home, to have up to four units.

(Willis Allen Estate)

A bill pushing through the California Legislature to allow denser housing in single-family areas is likely to spark a surge in housing supply in the state, but so-called zoning is likely not to trigger a massive redevelopment, according to a published report. Wednesday.

Andrew Khoury and Ari Plakhta write that the study of the Center for Housing Innovation. Turner at the University of California, Berkeley, offers the most detailed analysis of the potential impact of Senate Bill 9, which places up to four homes on most single-family lots and stimulates much-needed new housing. …

According to David Garcia, director of policy at the Turner Center, who supports the bill, “Because of how the whole will be built, the study has shown that a huge number of single-family plots across the state will not receive new development.” Senate President Pro Tem Tony Atkins (Democratic Republic of San Diego).

SB 9 has passed the state Senate and is expected to be reviewed by the Assembly Appropriations Committee by August 27. If approved, it will go to the final vote in the assembly, and then to the table of Governor Gavin Newsom. A Terner Center study found that the bill would make it worthwhile to build a total of 714,000 new homes, and take years to build – if ever, as not all homeowners will want to sell or develop their property. …

What we read

USC is in the midst of sales. After unloading the presidential mansion, the school is offering another home in the Hollywood Hills for $ 4.25 million. according to House Beautiful… Designed by Frank Lloyd Wright, this stunning dwelling is listed on the National Register of Historic Places.

If you are applying for a home, the likelihood that other applicants will not live there increases. They can be an investor, a hedge fund, or even a hedge fund, according to NBC Newswho reported that investment groups are buying up homes across the country thanks to their incomparable financial strength.



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