Real Estate Newsletter: Ellen is doing it again
Welcome back to the real estate newsletter. In this world, there are only a few things you can count on. The sun will rise in the morning. The sky will rain the day after washing your car. And Ellen DeGeneres just won’t stop flipping homes.
The talk show host and his wife, Portia de Rossi, are back at the Beverly Hills Post Office, where they just paid $ 8.5 million for a mid-century picture perfect. It is still not clear what they are planning, as the Modernist retreat has been renovated in recent years.
The other winner of the week was rapper French Montana, who sold his Hidden Hills home for $ 5 million five years after buying it from Selena Gomez. During his stay, he upgraded the place with a $ 400,000 recording studio.
Both offers, however, are pale compared to the price that Charlie Fries’ former estate is chasing in Beverly Hills. The 90-year-old mansion, which was once owned by Paramount Pictures, went on sale for $ 25 million and comes complete with a stellar pool house designed by the great Paul Williams.
For those of us who can’t afford to lose $ 25 million, good news comes even as the moratorium on evictions expires on October 1. Renters and landlords can now apply for the state’s Housing Is Key Rental Assistance Program, which can cover 100% of past due rent and three months of future payments. The Times has you covered on everything you need to apply.
And while we’re on the topic of affordable housing, keep an eye out what’s happening in washington, where the Biden administration unveiled a plan to create and rehabilitate more than 2 million homes. The ambitious program hopes to provide more options for those who have been excluded from a housing market that has skyrocketed during the pandemic.
While keeping up to date with the latest news, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
Hollywood’s most prolific pinball machine
It looks like Southern California’s busiest celebrities, Ellen DeGeneres and Portia de Rossi, have found their next project. The powerful couple just paid $ 8.5 million for an immaculate Mid-Century at the Beverly Hills Post Office.
The pair are on a hot streak. At the end of last year, they made a profit of $ 6.3 million on a $ 33.3 million Montecito resort, and in April they sold Adam Levine’s former mansion to Beverly Hills for $ 47 million, which is 4.5 million more than what they paid.
They bought this one from talent agent Greg Cavic, who brought the mid-century gem to market in July for $ 9.35 million. Tucked away in the gated enclave of Hidden Valley Estates, the stunning 1960s was built by Robert Skinner and later rose to fame after being photographed by Julius Shulman for the book “Modernism Rediscovered”.
It will be interesting to see the changes DeGeneres and De Rossi have planned as the residence underwent a recent renovation by architect John Bertram and designer Sarah Shetter, who brought in Douglas fir furniture, terrazzo floors, new fixtures and vibrant redwood accents both inside and out.
Rapper sells recording studio
Rapper French Montana has another blow on his hands in Hidden Hills, where he just sold his custom compound on three acres for $ 5 million.
That’s $ 1,000 more than he was asking for and $ 1.7 million more than what he paid in 2016, when he bought it from pop star Selena Gomez.
Montana, whose hits include “Pop That” and “Unforgettable,” decorated the place with a $ 400,000 recording studio during his stay. He also limited the interiors, replacing the shades of purple and turquoise with a more neutral gray.
Historic home aims for $ 25 million
This 90-year-old mansion is in Beverly Hills, but its roots are tied to Hollywood. Owned by Paramount Pictures in the 1960s and more recently by producer Charles Fries, the 13,000-square-foot residence has just been put up for sale for $ 25 million.
That’s nearly five times the $ 5.625 million Fries paid in 1989. The prolific producer, responsible for the “Amazing Spider-Man” television series, died this year at age 92.
The Old Hollywood Estate is now owned by a family related trust. Among its many highlights is a 500 square foot movie theater with a 35mm projection booth and a chic pool house designed by Paul Williams – the star architect who built homes for Frank Sinatra, Lucille Ball and Desi. Arnaz.
Perched on a 1.2 acre promontory, the estate tightens into a gated driveway, motor land, main house, pool house, brick yard, swimming pool, tennis court, and garden with trees mature and dense landscaping. The structures combine for six bedrooms and 7.5 bathrooms over 13,000 square feet.
Rent relief is on its way
October 1 is a crucial day for California residents who have fallen behind on their rent due to the pandemic, write Jon Healey and Madalyn Amato. That’s when the state’s long moratorium on evictions will begin to expire, allowing landlords to request the dismissal of tenants who haven’t paid what they owe.
Tenants will have to meet one of two conditions to avoid being kicked out:
- Pay the new rent in full and cover at least 25% of the rent he has not paid since September 2020;
- Be enrolled in a rental assistance program offered by the state or its local government.
The good news for renters and landlords in Los Angeles is that they will soon be able to apply for the state’s Housing Is Key Emergency Rental Assistance Program, which can cover 100% of past due rent as well as three months of future payments. Housing Is Key could help many more people than the city’s rent assistance program earlier this year, which ceased to receive applications in late April. Here’s what you need to know about help, and how to request it.
Biden unveils his housing plan
The Biden administration on Wednesday unveiled a plan to increase housing affordability through a series of policy changes planned to create and rehabilitate more than 2 million housing units, including 1 million rental units, in the nationwide as millions continue to fall out of the market. , which has surged throughout the COVID-19 pandemic, writes Erin B. Logan.
In July, the median home price was $ 359,900, an 18% increase from the previous year, according to the National Assn. real estate agents. Researchers from Freddie Mac, the federally backed mortgage buyer, estimate that the United States has 3.8 million less homes than is needed to meet demand.
The Biden administration announced measures that would create, preserve and sell nearly 100,000 affordable homes over the next three years.
Housing Secretary Marcia L. Fudge tweeted Wednesday. “We will continue to pursue bold actions to create and preserve affordable housing for all Americans. “
What we read
Is this market a boom or a bubble? Experts told CNBC it was a boom, one source saying, “We say bubble because we can’t believe how much the prices have gone up. A bubble tends to be something inflated. that can erupt at any time and change and that’s not really the case here.
The home of a notorious gangster is falling apart in South Florida, where Al Capone’s nearly two-decade home is on the verge of demolition. The current owner called it “crap,” according to the Associated Press.