Real Estate Fact Sheet: COVID-19 Luck Drives Real Estate Purchases



Welcome back to the real estate newsletter, which this week offers more drama than the usual luxury celebrity deals.

The juicy details come from Pasadena, where Innova Medical Group made billions during the pandemic selling questionable coronavirus tests to governments around the world. According to the Times investigationThe executives then used the proceeds to buy real estate, renting an impeccable office in Pasadena and buying luxury homes in the neighborhood for the startup’s top management, in addition to a couple of private jets.

In other news, sellers were seen in the headlines on the real estate market for the week, ready to move on. John Legend and Chrissy Teigen have put their Beverly Hills home for sale time and again over the past year and finally made a deal this week – however, 30% less than they originally wanted.

Former San Francisco 49ers coach Jim Harbaugh is hoping for luck in the Bay Area. Seven years after leaving Wolverine’s coach at the University of Michigan, he finally found time to his mansion in Atherton on the market for $ 13 million.

But enough about eight-figure homes. Since the hot market makes it difficult for people to even dream of buying a house, we took a closer look at what price can you buy for $ 400,000 around Los Angeles. There are not many single family homes on the market at this price, but there are many apartments to buy.

Commercially, the coveted sight arrives in San Gabriel, where one couple transforms a former Masonic lodge into a Grand Central Market-style restaurant hall. called Blossom Market Hall… It will open in September.

Find out about the latest news, come in and like our facebook pagewhere you can find real estate news and news throughout the week.

Exterior of the office building with the sign of Innova Medical Group

Innova Medical Group, the startup that has struck a goldmine with a rapid coronavirus antigen test.

(Irfan Khan / Los Angeles Times) #

Last year, startup executives from Pasadena began flying from Burbank to destinations around the world on a pair of newly registered Gulfstream jets, one of which was a G650 with white plush seats, polished interiors and other luxurious finishes.

Two executives associated with the same company also bought multimillion-dollar homes near the startup’s posh headquarters. And when realtors asked for proof that they could pay those prices, one of the executives handed over a bank statement stating that a $ 128 million deposit had been deposited into the company’s account from the British government.

The recipient of this huge windfall profit was Innova Medical Group, a company set up at the start of the pandemic that has become an unlikely global provider of coronavirus tests.

The domineering couple finally sold

Exterior of a modern mansion with large windows and a swimming pool

John Legend and Chrissy Teigen sold about 30% less than their original price of $ 23.95 million.

(Anthony Barcelo)

Musician John Legend and his wife, model Chrissy Teigen, just sold my post office house in Beverly Hills for $ 16.8 million about a year after they put it on the market first.

That’s about 30% less than their original $ 23.95 million price tag, but still $ 2.7 million more than they paid for it five years ago.

Last summer, the power couple moved to another area of ​​the Beverly Hills Post Office. spent $ 17.5 million on a state-of-the-art 10,700 square foot mansion a few miles west in Benedict’s canyon. The one they just sold is slightly smaller at 8,500 square feet, but still strikes with 33-foot ceilings, sculpted staircases, and a master suite complete with a “glam room.”

Former 49ers coach listed home court

The 1.3-acre estate includes a main house and a guest house, totaling over 8,500 square feet.

The 1.3-acre estate includes a main house and a guest house, totaling over 8,500 square feet.

(Zakhary Kinovsky)

Jim Harbaugh’s tenure as head coach of the San Francisco 49ers ended in 2014. Seven years later he is shopping around his home in the Bay Area for $ 13 million.

That’s roughly double the $ 6.3 million he paid for real estate in 2012, records show. Harbaugh, who played high school football nearby at Palo Alto High School, took the spot after leading the 49ers to the NFC Championship game and was named NFL Coach of the Year during his first season with the team.

The estate covers 1.3 acres in Atherton, a wealthy enclave that is home to Bay Area sports stars such as Stephen Curry and Jerry Rice, and is regularly considered one of the most expensive postal codes in the country.

What for $ 400,000 you can buy right now

2135 Bellevue Ave # 2, Los Angeles, 90026

2135 Bellevue Ave # 2, Los Angeles, 90026

(Eric Charles)

Unless you’re looking for rough land or a multi-year renovation project, $ 400,000 won’t go too far in the Los Angeles single-family market. Average home price in Los Angeles County skyrocketed to a record $ 790,000 in Juneand according to Zillow, the average home price in the city hovers around $ 882,000.

Since start-up homes cost between $ 500,000 and $ 1 million in most areas of Los Angeles, condominiums may be a more affordable route to home ownership, and there are many options in the city. look at what for $ 400,000 can be bought in five communities in Los Angeles

The food hall comes to San Gabriel

Empty food hall with high ceilings

Blossom Market Hall will open in a former Masonic lodge in the historic San Gabriel Missionary district.

(Christina House / Los Angeles Times)

Nelly and Chris Tran moved from San Francisco a few years ago. return to his hometown in the San Gabriel Valley to raise a son, who was 1 at the time, by Jean Trine While there were plenty of shopping plazas and restaurants to explore, there wasn’t much room for their son to run other than parking. The couple thought the area lacked the public meeting places they saw in other cities.

They thought that the city of San Gabriel needed a food hall, something like the Grand Central Market and Anaheim Packing House, a space that would bring different communities together through food, performance and art.

In 2018, Trans began the process of transforming a former Masonic lodge in the historic San Gabriel Missionary district into Blossom Market Hall. There were delays due to the pandemic that slowed down construction, but they never stopped work and they plan to reopen in September.

“Basically, we are creating a public space around food,” said Nelly Tran.

What we read

In the latest sign that the hot housing market may soon cool off, pending home sales fell 1.9% in June. CNBC reports… Low inventories still keep selling prices high, but the slight decline in pending sales indicates that homes are not selling as quickly as in previous months.

House outside, bunker inside. A plain brick façade makes this Dallas ad innocent enough, but inside are concrete rooms, fluorescent lamps, and two electrical grids that together create an “absolute safe home.” KPRK TV Channel 2 in Houston there is a story.


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