Month: January 2024

Actress Zoe Saldana has been identified as the mystery buyer of a 4.8-acre historic estate in Montecito for $17.5 million. The star of the “Avatar” and “Avengers” series bought the 94-year-old Spanish Revival mansion at 751 Buena Vista Drive in the Golden Quadrangle, according to the Robb Report. Saldana bought the 9,700-square-foot home in February;…

The City of Beverly Hills is still vulnerable to builder’s remedy, after the state deemed its plan to build more housing over the next eight years was inadequate.  The state’s Department of Housing and Community Development rejected Beverly Hills’ housing element last month, according to a letter from HCD. The city now has to submit…

A 116-year-old power station has shut down in Redondo Beach — opening the property up to the state’s first builder’s remedy redevelopment project. AES closed its AES Redondo Beach power plant, making the 49-acre site available for a mixed-use development proposed by Leo Pustilnikov at 1100 North Harbor Drive, the Orange County Register reported. The…

Neil Shekhter’s WS Communities has sold three apartment complexes in West Los Angeles and Santa Monica, offloading more than 10 percent of its portfolio, The Real Deal has learned.  WS Communities sold the three properties for a combined $76 million, according to property records filed with L.A. County.  The buildings, which total 177 units, are…

As the Fed hiked rates, commercial real estate borrowers suffered.  A wave of borrowers defaulted on loans tied to commercial properties across L.A. and Orange County this year, as they struggled to make mortgage payments tied to offices, construction projects and malls.  While some investors were fortunate enough to score extensions on loans, kicking the…

It wasn’t an election year, but politics populated Los Angeles real estate headlines in 2023. The luxury market was roiled by the Measure ULA transfer tax; a new mayoral administration tackled the homelessness issue; and lingering scandals from prior years marched toward resolution. Meanwhile, the staple of L.A. news — celebrity deals for megamansions —…

Invitations were sent out to the biggest players, but no one came to the party.  The party was an auction, and JMB Realty was the host. The Chicago-based investment firm was looking for new debt last summer on its under-construction tower at 1950 Avenue of the Stars in Century City, and the guest list should…