Month: August 2021

Mohamed Hadid and renderings of the project (Getty, Hilton & Hyland) Faced with a litany of legal and financial problems, spec mansion developer Mohamed Hadid recently relisted a controversial, partially-built Beverly Hills Post Office spec mansion for a whopping $250 million. But the developer is also offering to sell the property for $92 million once…

Real estate stocks climbed higher in August despite the end of a national eviction moratorium and uncertainty over how the delta variant would affect retail spending and a return to the office. (iStock) As the U.S. economy emerges from the pandemic, real estate’s spirit animal might be the iconic bull of Wall Street, leaping over…

Kanye West and the replica of his South Shore childhood home (Getty) Kanye West’s “listening party” promoting his latest album release at Soldier Field last week featured a full-sized replica of his South Shore childhood home on the 50-yard line. His original plan was even more ambitious. City officials denied the rapper’s request to move…

Sam Zell of Equity Commonwealth and Michael Landy of Monmouth Real Estate Investment (Getty, ACRE) Monmouth Real Estate shareholders defied its board in a special meeting vote on Tuesday, rejecting an acquisition bid by Sam Zell’s Equity Commonwealth. The $2.8 billion acquisition, which included debt, did not receive enough support according to preliminary figures, Monmouth…

Senator Toni Atkins and Governor Gavin Newsom (Getty) A pair of bills meant to create more affordable housing have cleared both houses of California’s state legislature and await their fates on the desk of Governor Gavin Newsom. The California Senate approved Senate bills 9 and 10 on Monday, according to LA Biz. The California Assembly…

(iStock) U.S. home prices jumped by the most in three decades in June, surging 18.6 percent on an annual basis thanks to pandemic transplants and a housing shortage. It was the third straight month of record-breaking price increases, surpassing May’s 16.6 jump, according to the S&P CoreLogic Case-Shiller Index. Phoenix, San Diego and Seattle led…

Analysts at Goldman Sachs estimate that 2.5 to 3.5 million American households are behind on their rent (Getty) With the federal ban on evictions nullified, economists are painting a grim picture for millions of Americans behind on rent. A new report from Goldman Sachs estimates that 750,000 rental households could face eviction this year if…

Snap Inc.’s Michael O’Sullivan with the Brentwood property (Compass, Snap, Inc.) Snap Inc.’s top lawyer, Michael O’Sullivan, has closed on a $10.2 million purchase in Brentwood. O’Sullivan paid $410,000 over the property’s asking price, according to Dirt. As general counsel, O’Sullivan is one of Snap Inc.’s highest paid employees. He’s also sold more than $25…

The Caldor Fire on the southern side of Lake Tahoe (iStock) As the Caldor Fire rages, California residents near Lake Tahoe’s south shore have been told to be prepared to evacuate their homes. The whole Desolation Wilderness has been ordered to be evacuated in addition to all of the areas surrounding the southern end of…

Bardas Investment Group founder David Simon and project renderings of Echelon Studios (Bardas) Lights, camera, action — and more creative office space. Bardas Investment Group and Bain Capital have detailed their plans for Echelon Studios, which is expected to include 426,000 square feet of creative office space and 113,000 square feet of studio space, according…