Real Estate Fact Sheet: Luxury Mansions and Hidden ADUs

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Welcome back to the real estate newsletter. As the summer gets hotter, deals get bigger, and some of the largest, most expensive mansions on the Southern California market have dominated the headlines this week.

Two of the most intriguing lists have been linked to two big names. The more expensive pair was sold at the Beverly Hills Post Office, where late Microsoft billionaire Paul Allen’s luxury complex hit the market for a steep $ 55.5 million. The house itself is in order and all that, but the main advantage is the convenience; It has a separate cinema building, a 9,200-square-foot recording studio, and a glass cable car that takes guests from the scenic pool to the tennis court.

A few miles east in Hancock Park, Shonda Rhimes hopes to maintain momentum. Having just struck a lucrative deal with Netflix, the prolific producer listed her $ 25 million century-old home, which she remodeled with the help of Barack Obama’s interior designer Michael Smith.

Some things happened in Hidden Hills, too: Sixers star Ben Simmons bought a bold black farmhouse for $ 17.5 million. There is no basketball court, but there is a guest house, two swimming pools and a floating staircase that wraps around the bonsai.

If mansions aren’t for you, look out for something less: an additional 740-square-foot residential home tucked away behind the Echo Park home that combines artisan and Scandinavian styles. A living mixture of glass and greenery, the ADU somehow saves enough space for the wearer’s peloton.

Good news on the commercial front: The office rental market in Los Angeles County is gradually stabilizing after the pandemic left the market in its worst condition since the Great Recession. Companies are still losing space, but at a slower pace than a year ago.

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The billionaire’s house is full of toys

The 3-acre site houses a 1920s main house, guest house, recording studio, movie theater and glass funicular.

The 3-acre site houses a 1920s main house, guest house, recording studio, cinema and a glass cable car that runs from the pool to the tennis court.

(Anthony Barcelo)

When the co-founder of Microsoft Corp. Paul Allen died in 2018, he left behind a collection of valuable real estate that spans the entire country, including an expansive ranch in Idaho, a penthouse in Manhattan, a mansion in the Bay Area, and dozens of waterfront homes near his hometown of Seattle. His latest home is listed for sale at the Beverly Hills Post Office: luxury hilltop residence worth $ 55.5 million.

The spectacular Spanish-style hideaway is Allen’s second property currently available in 90210. A few miles west lies his legendary stretch of land known as the Enchanted Hill. undeveloped plot of 120 acres with city views – quoted at $ 95 million.

The $ 55.5 million proposal is more moveable-ready, with the five buildings spanning over 3 acres of leafy fenced-in complex. There is a 9,500-square-foot hacienda built in the 1920s, a 1,900-square-foot cinema building, a 1,700-square-foot guest house, 1,100-square-foot staff quarters, and a steel and glass recording studio that spans nearly 9,200 square feet. …

Another attraction is the funicular, a glazed box that runs from the pool deck to the tennis court at the bottom of the building.

Rimes Sees Another Blockbuster Deal

This impressive villa, built in 1923 by Elmer Gray, also features a guest house, swimming pool, spa, gazebo and secret garden.

This impressive villa, built in 1923 by Elmer Gray, also includes a guest house, pool, spa, gazebo, and over an acre of secret garden.

(Cameron Carothers / Carothers Photo) #

Days after signing a massive deal with Netflix that will keep her streaming service for another five years, Shonda Rhimes wants to sign another one in Hancock Park. The producer behind Grey’s Anatomy and Scandal. sold her 12,000 square foot villa for $ 25 million.

If she gets her price, it will be the most expensive sale in the affluent area this year.

Records show Rhimes acquired the historic estate for $ 8.8 million in 2014. It’s not the only famous name associated with the property: it was built almost a century ago by Elmer Gray, the Pasadena-based architect behind the Beverly Hills Hotel and Huntington Art Gallery. Most recently, it was owned by actress Patricia Heaton, who starred in the sitcoms Everybody Loves Raymond and The Middle.

During her tenure, Rimes completely remodeled the Mediterranean-style mansion with the help of Michael Smith, the interior designer commissioned by President Obama to create the Oval Office in 2010.

Another NBA player lands in the Hidden Hills

Built in 2021, this bold black farmhouse features a pool and guest house.

Built in 2021, this bold black farmhouse includes a pool and a guest house that adjoins its own pool.

(Christopher Amitrano / CS8 Photo / Nobel Design)

Sixers star Ben Simmons plays basketball in Philadelphia but recently quietly picked up a West Coast outpost. spending $ 17.5 million on a new farmhouse in Hidden Hills, Confirmed by The Times. The trade was closed outside the market.

Australian point guard joins a group of NBA stars who are flocking to the gated community outside of Los Angeles, including Paul George, Tyson Chandler and Dwyane Wade, who last year paid $ 17.9 million for a 17,000-square-foot mansion in Hidden Hills.

The Simmons home spans 12,000 square feet and joins the trend of all-black farmhouses with impressive exteriors of charcoal brick, glass and rustic wood. Tucked away at the end of a cul-de-sac, the 1.5-acre grounds include two motor courts and a backyard with pool, spa, wooden deck, patio and gazebo, and a similarly styled guest house with a pool. with his own hand.

Hidden ADU at Echo Park

ADU Gail Otter, located behind her Master's two-bedroom home.

Gail Otter’s alternate dwelling, or ADU, blends in with other Artisan homes in the neighborhood.

(Mariah Tauger / Los Angeles Times) #

When Gail Otter acquired the charming Echo Park master on a two-unit plot in 2001, she knew she wanted to add a second home to the 5,000-square-foot plot at some point. – writes Lisa Boone.

In 2018, Otter turned to Amy Shock, a designer with residential practice who had experience in the design and construction of small spaces, including her own modernist mobile home in Ojai. It was several years before ADU Standard Plan Program was opened to help simplify the permitting process for additional housing units or minor units in larger properties as part of plans to reduce housing shortages.

Many ADUs are built as short term rentals or as office and guest rooms. Shock, however, designed the second home for exactly what the new program had intended: to replenish the badly needed housing stock.

In an effort to preserve the courtyard, Shock designed a 740-square-foot raised lot. ADU, This left 460 square feet of living space between the two houses.

Los Angeles offices are slowly making a comeback

Two masked men walk past patrons eating at tables covered with umbrellas in the Central Market in downtown Los Angeles.

According to CBRE, the Los Angeles County office vacancy rate was 17.6% in the second quarter, which is virtually unchanged from the first quarter.

(Irfan Khan / Los Angeles Times) #

The office rental market in Los Angeles County is showing early signs of stabilization as companies are losing floor space at a slower pace, which evidently means better times ahead. – writes commercial real estate reporter Roger Vincent.

Faced with a volatile economy during the worst months of the pandemic, many companies have retreated leasing their offices, taking up less space when their leases came in for renewals, or trying to sublet space they didn’t use. Office rents in Los Angeles County fell to their lowest level since the Great Recession in April-June last year.

In the second quarter of 2021, the number of vacancies rose again from the same period last year, but at a slower pace as the number of signed leases increased as the economy began to grow, according to real estate brokers.

What we read (and listen to)

About the latest release from the LA Times “”Gimme Shelter: A Podcast on California’s Housing CrisisLiam Dillon talks about California’s eviction protection status, which expires on September 30, and how officials are trying to expedite the distribution of rental aid dollars. His guest is Assembly Member David Chiu (Democrat from San Francisco), Chairman of the Assembly’s Housing and Community Development Committee and one of the leading legislators in the housing protection debate.

In reading crime thrillers, the drama of the $ 1.3 billion Ponzi scheme stolen from thousands of investors to fund the defendants’ luxury lifestyle continues to unfold years later. Associated Press reports that two other Californians, Dane Roseman and Ivan Acevedo, have pleaded guilty in federal court in Miami for organizing the scheme. The complete story is a real spider web.





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