Marina Del Rey
REAL ESTATE
New Construction Homes in Los Angeles Now More Affordable per Square Foot than Existing Residences, Reflecting National Trend
In a shift in the housing market dynamics, new construction homes in the Los Angeles area, and across the nation, are now more cost-effective on a square footage basis than their existing counterparts. A report from Zillow has highlighted that in May, the median sale price for newly built residences in the L.A. metro region was $1.15 million, contrasting with $970,000 for existing homes. However, despite the higher overall price tag, new homes came in at $52 less per square foot.
Raising Cane’s in Carson Sold for $7.5MM, Completing Buyer’s 1031 Exchange
CBRE has announced the sale of a single-tenant net lease property, occupied by Raising Cane’s Chicken Fingers Drive-Thru, in Carson, Calif. The property sold for $7.53 million, representing a cap rate of 4.65%. CBRE’s Senior Associate George Felix and Executive Vice President Dan Blackwell represented the buyer, a repeat...
The Richman Group Affordable Housing Opens Largest Housing Development for Unhoused in Los Angeles with 278-Unit Weingart Tower
LOS ANGELES, CA - Weingart Center and Chelsea Investment Group, The Richman Group, a leading developer and syndicator of affordable housing, announced the grand opening of Weingart Tower 1, the largest homeless housing project in Los Angeles history. The grand opening held on June 19, 2024 featured the 278-unit, 19-story affordable apartment community in the heart of the Skid Row District which stands as a beacon of hope and a significant step forward in the city's commitment to addressing homelessness.
612 S. Broadway in Downtown LA Sells for $16MM
(Editor’s Note: According to public documents reviewed by The Registry, the property was sold by an entity affiliated with Reuven Gradon, president of Afton Properties. This entity purchased the property in November 2018 for $21,680,000. The current buyer has not been identified at this time.) LOS ANGELES, Calif. –...
Commission approves five-story Doheny building
The Beverly Hills Planning Commission on July 11 approved a development plan and density bonus permit for a five-story residential project at 232 S. Doheny Drive. The commission approved the project in a 3-0 vote. Commissioners Gary Ross and Lou Milkowski were not present at the meeting. The project will...
The Salary Needed To Afford a Home Has More Than Doubled Since Before the Pandemic—See How Your City Is Faring
Scraping together enough money to buy a home can seem like a fruitless endeavor, especially in today's housing market dominated by high mortgage rates and soaring list prices. And it becomes even more daunting when the definition of "enough money" keeps increasing. That's exactly what's happening across the country, where...
300+ Echo Park apartments, $6.5 million Los Feliz home, & other real estate news
Here's your rundown of Eastside real estate news. A large mixed-use complex has been approved for the corner of Sunset Boulevard and Everett Street by the City Planning Commission, and it now goes to the City Council, Urbanize reported. Plans call for 327 apartments, parking for 263 vehicles, and ground-floor commercial space. That's much larger than was previously proposed a decade ago. Construction should take about 30 months, and could start at the end of this year, Urbanize said.
US Housing Market Sees Fewer Foreign Buyers Amid Strong Dollar
LOS ANGELES (NEWSnet/AP) — Sales of U.S. homes to Chinese, Canadian and other foreign buyers have fallen to the lowest level in more than a decade, hampered by a strong dollar and more hurdles that have kept the housing market in a deep sales slump for over two years.
A Former Hadid Home Hits the Market, a Seattle Skyscraper Encourages Electric Cars, and More Real Estate News
Whether you’re on the East Coast or the West Coast, down in Florida or over in the Pacific Northwest, there’s always something to see in the world of real estate. This week, a former Hadid home hits the market, retreats in Malibu, California and Jackson, Wyoming designed by AD PRO Directory firms were listed, and a Seattle tower added an amenity that makes sustainability more convenient. In this roundup, AD PRO has everything you need to know.
State, City Governments Propose Various Tax Programs to Fund Affordable Housing
Some cities, such as Los Angeles, are implementing mansion taxes to fund affordable housing. Amid the ongoing housing crisis, state and city governments are exploring new ways to fund more affordable housing. According to Route Fifty, home prices increased by about 60% over the past decade, and one-quarter of renters spend more than half of their income on housing. To alleviate these cost burdens, there are a number of tax programs city and state jurisdictions are looking to explore, ranging from Denver’s proposed sales tax aimed at generating $100 million for housing annually to real estate transfer taxes—also known as "mansion taxes"—in places such as Los Angeles and Boston. However, not all groups are in favor of these programs.
Above Par: Pro Golfer Michelle Wie West Sells Her Standout Encino Estate for $6M
Pro golfer Michelle Wie West just found a buyer for her lavish Encino, CA, estate. She put the ace of a place on the market in January for $6,495,000, then dropped the price to $6,299,000 in April. It sold this month for $6,025,000. According to Realtor.com records, the pro golfer...
Kennedy Wilson Completes Portfolio Sale on Melrose Avenue
Kennedy Wilson Brokerage finalized the sale of 7955-7959 Melrose Ave., a 2,933-square-foot multi-tenant retail building, for $2.175 million, completing a Melrose Avenue portfolio sale in excess of $9 million. The property was sold by president Ed Sachse and assistant VPs Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP.
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