Real Estate Fact Sheet: Home Prices Hit All-Time Highs

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Welcome back to the real estate newsletter, where, at the risk of sounding like a broken record, it is my responsibility to inform you again that the market is hot – really hot.

In fact, according to housing data for April, it is record-breaking hot here. House prices in Southern California soared to an all-time high last month, averaging $ 655,000. This is 20.2% more than last year; you will have to go back to the Obama presidency to see the latest growth of more than 20%.

Fear not: Los Angeles still has (relatively) affordable homes. You just have to know where to look. The average home price in Los Angeles County was $ 750,000 in April, so The Times looked at seven homes in the seven Los Angeles boroughs on the market for a little less: $ 700,000.

Some celebrity news in the San Fernando Valley: Dwyane Wade and Gabrielle Union sold their romantic hillside villa for $ 5.5 million. It’s half a million less than what they paid, but something tells me they can afford to incur losses.

Good and bad news in commercial real estate (depending on how you look at it). Good news: The Lakers are staying where they are. Rather than potentially following the Clippers’ lead and moving to a different part of the city, they extended their lease at Staples Center for another two decades.

Bad news: Skyslide has been marked for death. The glass attraction at the top of the U.S. Bank Tower will be closed as part of a $ 60 million upgrade designed to attract businesses rather than tourists. You will need to find another place to spend the money on the four second trip.

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Record April

BUT "for sale" The sign starts bidding for a house in this cartoon.

Home sales jumped 86.2% in April over the same period last year, completing a total of 25,857 deals, up from 13,889 in April 2020.

(San Diego Union Tribune)

House prices in Southern California muscular to an all-time high in April, when the real estate market got even hotter.

According to DQNews, real estate agency DQNews, the average home price in the six-arrondissement region rose 20.2% year-over-year to a record $ 655,000. That’s $ 25,000 more than the previous median. the price record was set in March. The jump of 20.2% is the first increase of more than 20% since December 2013 over the same period last year.

Home sales jumped 86.2% in April from a year ago, completing a total of 25,857 deals, up from 13,889 in April 2020. housing boom caused by pandemic and the market that was cooled by coronavirus last spring when sales died in escrow and potential sellers decided not to move.

This is the ninth consecutive month of double-digit price increases, and experts believe a number of factors, including ultra-low mortgage rates, growing demand for premises, and an emerging demographic of home buyers: millennials.

Seven blocks, seven houses

Black two-story house with stairs

This City Terrace home comes with a newly renovated main home and extra space.

(Ace Misiunas)

It’s no secret: Los Angeles historically hot real estate market cruel to buyers. As a result of the pandemic-fueled housing boom, the average home price in Los Angeles County rose to $ 750,000 in April, up 19% from last year.

Trade Wars and the dearth of sellers makes good deals difficult, but there are still many great options if you look in the right areas. The Times took a look at what about $ 700,000 can buy. right now in seven communities in Los Angeles.

Powerful couple closes the sale

Large white house with a red tile roof

The 8,650-square-foot, three-story villa is ruled by a sculptural staircase that runs through the heart of the home.

(PostRAIN Productions)

Dwyane Wade and Gabrielle Union sold at Sherman Oaks but didn’t make a profit. They have just unloaded their Mediterranean style villa. for $ 5.5 million, which is half a million less than what they paid in 2018.

They probably don’t overlook money too much. Last year, the couple lost $ 17.9 million in 17,000 square feet of exhibition space in Hidden Hills, and Wade, a three-time NBA champion, bought a share of ownership at Utah Jazz last month.

The Sherman Oaks Home covers 8,650 square feet on a private headland with stunning views of the San Fernando Valley. A private road leads to the house, followed by an architectural staircase that winds into the center of the three-story floor.

Lakers stay put

Two people walk towards the Staples Center with a welcome sign in the foreground.

A slow trickle of fans heading towards the entrance of the Staples Center for the Lakers-Celtics match on April 15.

(Myung Jung / Los Angeles Times)

Since the lease at Staples Center will expire in a few years, Lakers could follow trimmersplan, moving to another part of the city, building your own arena and saving all income, written by sports columnist David Wharton.

Instead of this defending the NBA champions decided to stay put.

The franchise will extend the lease with owner AEG for another two decades until 2041. The agreement includes a commitment to spend “nine-figure sums” on overhauls and modernization of the entire 22-year-old arena.

A team spokesperson said the renovation was key to the expansion, as was the desire to stay in the city center.

Goodbye Skyslide

A man walks down a glass slide high above downtown Los Angeles.

Members of the media take a four-second trip 1000 feet above downtown Los Angeles from the 70th floor to the 69th floor of the Bank of the United States Tower.

(Brian van der Bruegh / Los Angeles Times) #

The owner of the US Bank Tower in downtown Los Angeles will spend $ 60 million renovating and redeveloping a 73-story skyscraper that has been a prominent feature of the city’s skyline since its completion in 1989 but has worked to attract tenants in recent years. – writes commercial real estate reporter Roger Vincent.

The partial redevelopment calls for an end to the quest to become a tourist hub by ending the long-closed public observation deck and sky-high slide outdoorsdubbed Skyslide, between the two upper floors, which was launched with fanfare by the previous owner in 2016.

Four seconds of billowing smoke sliding down a glass attraction high above the city was obviously not popular with either visitors or residents of the building.

New York-based developer Silverstein Properties, which bought the building last year for $ 430 million, he hopes to make the imposing tower more attractive to creative companies that often ditch high-rise buildings in favor of newer university-like hotels with open spaces and leisure-focused amenities.

What we read

In the last section on the intersection of real estate and NFT, New York Times spoke to the co-founder of SuperWorld, a virtual reality space with 64 billion parcels of equal size covering the Earth. Users could hypothetically buy a virtual land that houses the Eiffel Tower or the Colosseum, and the company has already sold thousands of plots and the average person spent $ 2,000.

The “smart” section of the Architectural Digest has exhausted itself AirBnbs dream listand a striking group of rental properties include a North Carolina glamping dome, a UFO-style building in Joshua Tree, and the Bloomhouse: a curving whimsical space described as “part Willy Wonka, part Big Lebowski.”



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