Month: September 2021

The Real Estate Roundtable’s  John Fish and Jeffrey DeBoer (Real Estate Roundtable, iStock) When the Senate passed a $1 trillion infrastructure bill with bipartisan support last month, the Real Estate Roundtable applauded, with the trade group’s new chairman, John Fish, calling it a “once-in-a-generation opportunity to rebuild and reimagine the buildings of tomorrow.” But the…

Mossimo Giannulli and Lori Loughlin with The Madison Club where their house is located (The Madison Club, Getty) Lori Loughlin and Mossimo Giannulli, the best-known culprits in a wide-reaching college admissions scandal, splashed out on a La Quinta getaway after serving short stints in low-security prisons. The couple paid $13 million in an off-market deal…

Overton Moore Properties CEO Timur Tecimer with an aerial of the property (Google Maps, OMP) Torrance-based industrial and office investor Overton Moore Properties has acquired a six-building industrial complex in neighboring Gardena. The firm paid seller SGL Global $35.1 million for the 10.8-acre property at 1600 West 135th Street, according to the Commercial Observer. The…

Nicolas Berggruen and the Hearst Estate (Hilton & Hyland, Getty) Another big winner has emerged in California this week in addition to Gov. Gavin Newsom: Billionaire investor Nicolas Berggruen closed on Beverly Hills’ Hearst estate with a $63.1 million winning bid for the property at auction. Berggruen beat out five other interested buyers for the…

For the first time this year, homebuilders received a respite from rising materials costs, driven by a drop in softwood lumber. (iStock) For the first time this year, homebuilders received a respite from rising materials costs. The producer price index dropped nearly 1 percent in August for residential construction goods, excluding energy costs, according to…

In Illinois, one in every 3,848 housing units received a foreclosure filing last month. (iStock) An onslaught of home foreclosures swept the country after the government’s foreclosure moratorium expired July 31. Across the U.S., 15,838 properties had a foreclosure filing last month, up 27 percent from July. That is a 60 percent jump from a…

After the construction of Eighty Seven Park (Google Maps) When developer David Martin acquired the Dezerland Hotel, a former Howard Johnson’s that was built in 1951, his plan was to restore the North Beach building to its original glory. The stakes were high for Martin, as the project would mark his first oceanfront development.  The…

Mohamed Hadid and Strada Vecchia (Getty, Hilton & Hyland) Two weeks ahead of a court-ordered auction deadline, Mohamed Hadid’s long-troubled Bel Air spec mansion is getting a price chop, this time 30 percent. A Los Angeles County judge on Friday approved the move, which cuts the listing on the 30,000-square-foot Strada Vecchia Road to $5.5…

Oxford Properties CEO Michael Turner and the campus (Oxford) Oxford Properties has made its first move into the Los Angeles market, betting on the continued growth of the life sciences and industrial sectors. The Canadian firm bought a 119-acre, 14-building business campus in Santa Clarita for $133.5 million, the company said Monday. Intertex Companies and…

In percentage terms, down payments and loan-to-value ratios are little changed even though the market has shot up. (iStock) The residential market has had a wild year and a half, with home prices, bidding wars and all-cash offers all rising substantially. But one thing hasn’t changed. The cash that buyers put towards a down payment…