Category: Uncategorized

A contemporary megamansion in Bel Air with historical ties to the fashion industry has hit the market for nearly $90 million.  The more than 18,000-square-foot home at 11005 Bellagio Place is listed for $88 million, Mansion Global reported. The estate was developed by Michael Chen’s Luxford Group, which purchased the vacant site in 2015 for…

Michael Frankel keeps selling shares of his old REIT. In early July, he proposed the sale of about 59,000 shares of Rexford, a chunk that had a market value of $2 million, per a Securities and Exchange Commission filing.  A month earlier, he proposed the sale of about 21,500 shares, valued at more than $750,000.…

Condominiums in Southern California aren’t selling as much as they used to.  In the year-long period ending in April, Southern California saw 41,300 condos sold, bringing the region’s sales pace to its slowest in more than two decades and now sitting at 25 percent below the local average, the Daily Breeze reported, citing a report…

Local governments in Southern California made several moves carrying implications for real estate investors over the past week. In Los Angeles County, the Board of Supervisors is drafting the Community Opportunity to Purchase Act. The law would require multifamily property owners looking to sell their buildings to notify nonprofits, community land trusts and affordable housing…

A waterfront estate in Newport Beach’s Linda Isle enclave is on the market for just shy of $70 million, flirting with a new price record for the coastal Orange County city.  The  recently developed home at 87 Linda Isle hit the market this week and became the most expensive active listing nationwide, Realtor.com reported. Luxe…

Eagle Real Estate Partners and Vistria Group joined forces to acquire a workforce housing community in Orange County.  The multifamily investment firms purchased the 402-unit Crystal View Apartments at 12091 Bayport Street in Garden Grove for $132.5 million, or approximately $329,600 per unit, Commercial Observer reported. Newmark’s Geoff Boler and Jonathan Merhaut represented Eagle Real…

A year and a half after the Eaton fire broke out, a real estate agent has been sentenced in one of the first criminal price gouging cases tied to the deadly blazes.  Mike Kobeissi, who calls himself “Mr. La Cañada,” has been sentenced to 12 months of probation, 100 days of community service, mandatory ethics…

Jamison Services’ office-to-residential conversion spree in its home neighborhood of Koreatown continues to grow.  Jamison is looking to convert the existing 11-story Wilshire Park Plaza office building at 3700 Wilshire Boulevard into 370 apartments, Urbanize Los Angeles reported.  The plans to add housing to the site go back a decade. In 2016, Jamison kicked off…

The Washington Wizards’ Anthony Davis sold his Bel Air mansion for $32 million in a deal that closed on Thursday.  The home at 2100 Stratford Circle, which spans more than 17,000 square feet, hit the market almost a year ago with an asking price of $39.9 million, meaning the final sale saw a discount of…

Los Angeles County is moving to boost affordable housing groups in the apartment sales process.  On Tuesday, the Los Angeles County Board of Supervisors voted unanimously to begin drafting the Community Opportunity to Purchase Act, which would require owners of certain apartment buildings in unincorporated areas to notify qualified affordable housing organizations when they decide…