Welcome back to the real estate newsletter. Records are destined to be broken, and this week, the record of home sales prices in California was wiped out again.
The new crown belongs to billionaire venture capitalist Mark Anderson, who spent $177 million to build a 7-acre compound off the coast of Malibu. This is the highest house price ever in California so far, beating out Jeff Bezos' acquisition of the famous Warner Estate for $165 million last year. (This also marks the second time that Bezos broke the record this year, as Elon Musk surpassed him to become the world's richest man-and ensured that the Amazon founder was mocked in the process).
Andreessen, an investor and software engineer who co-founded Mosiac (one of the earliest web browsers), bought the place from fashion mogul Serge Azria, who has been quietly buying around for $218 million.
Here are some ideas that Anderson could have bought for $177 million: 354,000 Playstation 5 consoles, any of the 700 private islands sold online, or Solandge, a 279-foot superyacht with a beautifully decorated Spa, grand piano, night club, swimming pool and eight VIP suites.
In less expensive but still expensive news, Oscar-winning actress Hilary Swank listed her long-term residence in Pacific Palisades for $10.5 million. Like many Los Angeles residents, she left the city for rural Colorado during the pandemic and has not looked back.
In the news of cheaper but still a bit expensive, the median sale price in Los Angeles County hit a record high of $795,000 in September, so the Times listed a very different list of homes purchased in June. .
As buyers continue to fight for one of the few good deals on the market, one company is exiting the game: Zillow. The real estate giant was shocked by its recent risk of buying and reselling a home immediately, so housing journalist Andrew Khouri researched the latest phenomenon of instant buying or "ibuying."
On the business side, two major projects were announced this week. The first is in El Segundo, where the Lightning team agreed to build their headquarters and training facility. The completion date is the spring of 2024. The other is in the famous Universal Studios location, where NBCUniversal stated that it will build eight new stages there to increase production and keep up with competitors such as Warner Bros.
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In a historic transaction, billionaire venture capitalist Marc Andreessen (Marc Andreessen) spent $177 million to purchase a huge estate in Malibu. This is the highest price ever for a home in California, breaking the record set by Jeff Bezos last year.
Records show that the seller is Serge Azria, who is the fashion tycoon behind clothing brands such as Joie and Equipment. In 2013, he bought the 7-acre property from the late film producer Jerry Weintraub for US$41 million, and has been quietly looking around for US$218 million.
Andreessen is an investor and software engineer. He co-founded the Silicon Valley venture capital firm Andreessen Horowitz in 2009 and co-founded Mosaic, one of the earliest web browsers. At the end of market trading on Friday, Forbes set Anderson's net worth at $1.6 billion.
This huge transaction is the cherry at the top of the record for the Southern California real estate market this year. The median sales price in the region soared to a record high, but the ultra-luxury market was quieter than usual, with no sales exceeding $100 million.
During the pandemic, hordes of Los Angelesers left Los Angeles to devote themselves to isolated communities. Hilary Swank is one of them. She moved her family to rural Colorado, and now she sells her long-term home in Pacific Palisades for $10.5 million. .
Records show that this is almost double the $5.8 million she paid for the property in 2007. Since then, the Oscar-winning actress has updated the villa, restoring the living space with Spanish accents such as tile-lined stairs, wooden floors and hand-painted beams.
This miniature building occupies more than one-third of an acre and makes full use of its space, including the main house, detached bungalows, garage, two-door electric court and lush backyard with swimming pool, heated cottages under terraces and vegetable gardens.
The median price of home sales in Los Angeles County surged to a record high of $795,000 in September. Depending on where you are looking, the money can be used to buy an entry home or family estate, a 700 square foot bungalow in the city, or a 3,000 square foot house in the desert.
The following are approximately $795,000 in purchases in six areas around Los Angeles County.
Andrew Khouri wrote that a new way of selling homes is taking root on laptops and smartphones across the country.
Companies including Opendoor, Offerpad, and Redfin are using algorithms backed by large amounts of data to evaluate the value of houses and quickly purchase them in cash and most online transactions. These companies then make minor repairs and resell the houses, making money from price increases and fees collected.
As an industrial-scale flipper operator, so-called ibuyers (instant buyers) have expanded rapidly in recent years, preparing for growth due to the global influx of capital chasing the gains of the US real estate market.
People can also buy a house directly from the company, unlock the front door by downloading a smartphone app, and visit the house in their leisure time.
Jeff Miller and Roger Vincent wrote that the Chargers are ready to take the next step in their relocation to Los Angeles and agreed to build their headquarters and training facility in El Segundo.
When relocating from San Diego in 2017, team officials decided to temporarily transfer their business to Costa Mesa, and at the same time began looking for a permanent home.
The new facility will be located near the intersection of El Segundo Boulevard and Nash Street on a 14-acre site that is part of a huge park operated by defense contractor Raytheon Technology.
The project is scheduled to take place before the city’s planning committee later this month and is expected to be completed in the spring of 2024.
Vincent wrote that with the proliferation of film and television production in Los Angeles County and the increase in soundstage, NBCUniversal will build eight new stages as part of a major development project to enhance the production of its famous Universal Studios.
The company’s announcement on Tuesday comes as independent movie theater operators and other established studios (including Warner Bros.) have launched projects that will add new soundstages and other facilities to serve the rapid growth of streaming services. The production process promoted, such as Netflix, HBO Max, and Amazon Prime Video.
"NBCUniversal is redoubled on its commitment to producing content in Los Angeles," said Michael Moore, president and general manager of West Coast Studio Operations.
Representatives of NBCUniversal did not quote a price for the sound field project, but pointed out that the company will invest $1 billion in the entire studio in the next five years.
Southern California real estate has many luxury goods, but Dubai has given the term a whole new meaning. Forbes looked at some of the most expensive properties in the city, including a penthouse on a palm tree-shaped man-made island with a price tag of $48.96 million.
There are multiple projects underway at Taylor Yard, a 100-acre site between Glaser Park and Cypress Park on the Los Angeles River. Eastsider LA explained in detail when the ultra-local news website checked the progress. The development includes a one-mile greenway that allows nearby residents to access the river and provides $5.5 million in funding for the improvement of the Rio Los Angeles State Park.
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Jack Fleming reports on luxury real estate for the Los Angeles Times. He is essentially a Midwestern boy who grew up in St. Louis and studied journalism at the University of Missouri. Before joining The Times as an intern in 2017, he wrote articles for Columbia Missouri and European political magazines.
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