Real Estate Fact Sheet: Home Prices Reach New All-Time Highs

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Welcome back to the real estate newsletter coming just after another historic month in the Southern California housing market.

When the average home price rose to $ 655,000 in April, it was a record that lasted just a month. May data just came in and a new benchmark was set: $ 667,000, the highest average price the six Southern California counties have ever seen.

The median (the point at which half of the homes sell for a higher price and half for less) is even more expensive for Los Angeles County at $ 775,000, but fear not, the deals still exist. They exist, scattered throughout the depths of the Multiple Listing Service, hiding behind many million dollar listings on Zillow and Redfin. We sold five homes in Los Angeles for $ 500,000.

The 99-year-old bungalow in Los Feliz was the most exciting sale of the week. Here, Charles Manson’s followers killed Leno and Rosemary Labianca in the infamous summer of 1969. But that did not stop the second buyer from shelling out $ 1.875 million for this place in three years.

It was the week of the commercial real estate revival. In downtown Los Angeles, the Broadway Theater, which introduced Angelenos to sound films a century ago, has reopened as one of Apple’s most architecturally gorgeous stores. The converted movie theater deviates from the typical minimalist Apple design, instead featuring marble steps and ceiling frescoes with unearthly skies in patches of clouds.

Moviegoers were shocked when ArcLight Cinemas announced that it would not reopen after the pandemic, but the first of its cinemas was officially renamed. Regal Cinemas announced that it will bring the Sherman Oaks Galleria complex back to life at a cost of $ 10 million.

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

Another month, another record

Signboard

Average home price in Southern California set a record in May.

(Michael Conroy / Associated Press)

Southern California house prices skyrocketed in May another all-time highalthough some data indicate a possible decline in demand, – writes real estate reporter Andrew Howry.

The average sales price in the six-county region rose a whopping 24.7% from May 2020 to a record $ 667,000 last month, according to data released Tuesday by news outlet DQNews.

The big jump in numbers from a year earlier is partly due to a sparse comparison.

The data reflects closed sales, which means that the data for 2020 covers mainly the transactions that opened escrow during March and April 2020 – the peak of the coronavirus lockdown. At the time, sales fell and price increases slowed.

Rough diamonds

Small house with grass in front
615 W. 50th St., Los Angeles, 90037

(Dennis Carlson)

The Los Angeles real estate market may be historically hot, but it still has a few deals – if you know where to look.

Here are five houses scattered around the city which sell for $ 500,000, well below the Los Angeles County average $ 775,000 in May, According to the firm DQNews.

The infamous house is for sale again

A police officer blocks the driveway while other officers search the front of Labianca's house.

A police officer blocks the driveway while other officers search the front of Labianca’s house.

(Getty images / Bettmann Archives)

Call it the sellers’ real estate market. Call it morbid curiosity. Be that as it may, the house where the followers of Charles Manson killed Leno and Rosemary Labianca in 1969. sold for $ 1.875 million.

This is the second time in three years that a house burdened with tragedy has changed hands. In 2019, it was bought by Zach Bagans, the host of the paranormal reality show Ghost Adventures, who planned to shoot his project there, but later canceled it out of respect for the Labianca family.

Bagans put it up for sale for $ 2.2 million in October and slashed the price to $ 2 million before finding a buyer in June who, according to listing agent Arto Poladyan, plans to make some changes to the 99-year-old residence.

How to sell a home with such a dark past? In this case, the combination of strategic language and assistance real estate market with a shortage of houses and an abundance of buyers.

Crazy New Apple Store in Los Angeles

On the right is a man, behind him is the ornate interior of the building.

Doo Ho Lee, Apple’s director of store design for the Americas, stands at the balcony level of the new Apple Tower Theater and event venue in downtown Los Angeles.

(Mel Melcon / Los Angeles Times)

The Broadway Theater, which introduced Angelenos to sound films nearly a century ago, opened its doors on Thursday into a completely different era of entertainment like the gilded Apple store. – writes commercial real estate reporter Roger Vincent. The tech giant strives to ensure that retail space and event venues are among the most vibrant and symbolic his emergence as a creative force in Hollywood.

Downtown Los Angeles supporters hope that the high-profile store’s debut will inspire other retailers to open in the city center, where many businesses have been hit hard by a pandemic that has killed the streets and prevented people from entering their establishments.

The Transformed Cinema is a reinforced and reimagined version of Apple’s regular store format designed to showcase the company’s diverse vision for content creation: there are many technologies to buy, but Apple is also planning programs, classes and other events featuring renowned filmmakers, musicians, and artists. …

Apple did not say how much it spent on renovating the once-abandoned Tower Theater, but it is clear that the multi-million dollar renovation was in work for more than three years and included painstaking restoration of many of the theater’s original features, such as the ceiling frescoes with an unearthly sky dotted with clouds.

ArcLight fades, Regal rises

Night view of the illuminated facades of shopping centers

View of the Sherman Oaks Galleria along Ventura Boulevard in the San Fernando Valley.

(Wally Sculidge / Los Angeles Times) #

Long, dark ArcLight cinemas at the legendary Sherman Oaks Galleria will be brought back to life in the upscale Regal Cinemas complex as cinema owners prepare to serve movie fans returning from pandemic exile email Roger Vincent and Ryan Fonder.

This is the first ArcLight division to be rebranded after the popular Pacific Theaters. announced in April that it has gone bankrupt and will not reopen its cinemas since it closed more than a year ago to comply with COVID-19 indoor restrictions.

On Friday, Regal Cinemas signed a lease with mall owner Douglas Emmett Inc. to take over vacant cinemas in Galleria and reopen them soon, real estate brokerage JLL said. The terms of the lease were not disclosed.

According to JLL real estate broker Sean Mattis, Regal was one of a dozen cinemas applying for the Galleria. It was a demonstration of investor support for the film industry, which suffered heavy losses during the pandemic when clients were trapped at home.

What we read

One-click custom home creation: this is what the two big homebuilders are proposing in their new pilot programs. CNBC reports on the latest e-commerce trends where shoppers can select, design and finance a home in one go online. Within six weeks of launch, one company saw 1,500 shopping cart entries and a staggering 60% conversion to sales.

The latest celebrity house tour has already started, and it’s stupid. Architectural digest looked at Cara Delevingne’s Los Angeles home, and it has a poker room, ball court, wardrobe, two trampolines in the ground, and a mirrored ceiling “party bunker” with tassel swing and striptease pole.



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