Residential Real Estate in your city

[Rizzo]

So real estate related..but what’s everyone’s thoughts on construction prices. I manage a building in Chicago, have a workshop and contract out some work and do some myself. I obtain permits myself and I’m able to do carpentry, drywall, welding/ metal fabrication, concrete , limited plumbing and electrical. I know roofing but can’t do that here since it requires a state license.

I just can’t believe the prices people are paying for small remodel jobs. Low interest rates were great for home purchases but the prices some contractors are charging must be total sticker shock to homeowners

[jmecklenborg]

Originally Posted by Rizzo

So real estate related..but what’s everyone’s thoughts on construction prices. I manage a building in Chicago, have a workshop and contract out some work and do some myself. I obtain permits myself and I’m able to do carpentry, drywall, welding/ metal fabrication, concrete , limited plumbing and electrical. I know roofing but can’t do that here since it requires a state license.

I just can’t believe the prices people are paying for small remodel jobs. Low interest rates were great for home purchases but the prices some contractors are charging must be total sticker shock to homeowners

I just talked to someone yesterday in Tennessee who got bids on a detached 2-car garage + small apartment above. They were expecting $250,000 but instead got estimates ranging from $350-550k.

[jmecklenborg]

The LA mansion tax:


In nearby Santa Monica:

[SteveD]

We were looking into building an ADU in our back yard but as we got around to starting to talk numbers they were so outrageous we abandoned our plans.

They're popping up all over in-town Atlanta and I just don't understand where people are getting the money to do it.

[Steely Dan]

Originally Posted by SteveD

.

They're popping up all over in-town Atlanta and I just don't understand where people are getting the money to do it.

Maybe pulling equity out from their pandemic-fueled home value increase?

I mean, even here in stagnant-🞵🞵🞵 Chicago, our condo is shockingly up about 30% from the before times (which is crazy town in this town), so I can only imagine what the home value increases are like in a fast growing place like Atlanta.

[SteveD]

Originally Posted by Steely Dan

Maybe pulling equity out from their pandemic-fueled home value increase?

I mean, even here in stagnant-🞵🞵🞵 Chicago, our condo is shockingly up about 30% from the before times (which is crazy town in this town), so I can only imagine what the home value increases are like in a fast growing place like Atlanta.

That's probably it. Atlanta home values/prices have more than doubled since 2012. We bought a home in foreclosure in 2007 for $351K that would sell north of $800K now, but we've refinanced 3 times and still owe over $200K on it.

[lio45]

Not sure I’d still call the current values “pandemic-fueled” at this point.

[jmecklenborg]

A repeat of an aspect of the 2008-09 collapse - adjustable rate commercial loans are destroying the profitability of recent apartment complex deals:
https://www.wsj.com/articles/a-housing-bust-comes-for-thousands-of-small-time-investors-3934beb3




Everybody makes fun of Dave Ramsey and other old-school all-cash guys, but they're going to be the ones buying these complexes out of foreclosure.

[JManc]

Originally Posted by jmecklenborg

Everybody makes fun of Dave Ramsey and other old-school all-cash guys, but they're going to be the ones buying these complexes out of foreclosure.

And squeezing even more cash out of these ageing complexes without investing anything more to improve conditions. Just spend enough to keep the local officials off their asses.

[Wigs]

Originally Posted by lio45

Not sure I’d still call the current values “pandemic-fueled” at this point.

now it's GREED-flation. Taking advantage of inflation to charge even more and extract more profit while blaming "the economy"

[jmecklenborg]

Originally Posted by JManc

And squeezing even more cash out of these ageing complexes without investing anything more to improve conditions. Just spend enough to keep the local officials off their asses.

Luckily, unlike 2008, banks have been requiring substantial down payments for home mortgages, meaning few are upside-down.

Complexes sold to syndicators are the complete opposite. Any upcoming wave of foreclosures is the fault of the banks - the syndicator is merely taking advantage of the situation.

[ChrisLA]

Even though interest rates have risen one would expect housing prices would fall, so far this hasn’t been the case in Los Angeles. I’ve actually seen some once they have been put on the market raise the asking price. My colleague purchased his house a few years ago in Reseda for around $525,000, it was a three bedroom, one bath built in 1951 but it’s was updated when he purchased it in 2017. It’s now on the market and he’s asking 899,000 and is expecting to sell for $950,000. Granted he’s added an en-suite bathroom and extended the closet in the master bedroom, and also installed solar panels with a total of 1,665 square feet. I’ve seen the house and it’s nice but it is also in Reseda, not the best but also not the worst community in the San Fernando Valley. It’s only been on the market for about three weeks and I know he’s already accepted an offer. How much I don’t know but I’m curious if he will get the $950,000.

Also I know of a home that sold that’s a fixer upper in the Crenshaw neighborhood recently for over a $1,000.000. I’m seeing asking prices in this range a lot in some not so nice areas of LA.

[craigs]

Jay-Z and Beyoncé drop $200 million on Malibu mansion, setting a record in California

Jack Flemming
Los Angeles Times
May 19, 2023

Jay-Z and Beyoncé just shattered California’s price record, paying $200 million for a striking concrete compound overlooking the ocean in Malibu, according to TMZ.

It’s the most ever paid for a home in the Golden State — by a mile. The hip-hop power couple stole the record from their new neighbor, billionaire venture capitalist Marc Andreessen, who paid $177 million for the home right next door in 2021.

The house is a minimalist masterpiece, a modern concoction of concrete and glass envisioned by art collector William Bell, who bought the property for $14.5 million in 2003. For the design, he brought in Japanese architect Tadao Ando, a Pritzker Prize winner responsible for impressive concrete structures across Asia, Europe and North America.

His style is on full display here, as the L-shaped mansion opens to vast, open spaces marked by concrete hallways and floor-to-ceiling walls of glass. Out back, patios lead to a swimming pool, cabana and a flat, grassy lawn perched on a cliff overlooking the beach below.

The mega-mansion spans nearly 40,000 square feet and required 7,645 cubic yards of concrete, according to Morley Construction Co., the project’s contractor.

Photos are scarce, as the house never hit the market. Instead, it was quietly offered at $295 million as a pocket listing, which means it was shown only to a select group of qualified buyers.

Rumors about the property have swirled for years, with several Reddit users likening the monolithic design to a supervillain’s lair.

The historic deal redefines the luxury market in Southern California, which has slowed down so far this year in the wake of the red-hot pandemic housing market. It also marks another feather in the cap for the affluent enclave of Paradise Cove, which has emerged as one of the most valuable stretches of land in the entire country.

WhatsApp co-founder Jan Koum paid $87 million for a Paradise Cove home in 2021, and billionaire Public Storage heir Tamara Gustavson put her place on the market last year for $127.5 million. In 2016, a tiny mobile home there traded hands for $5.3 million.

It appears Jay-Z and Beyoncé have a type. In 2017, they paid $88 million for a similar-looking mansion in Bel-Air composed of six structures surrounded by expansive patios and terraces.

Kurt Rappaport of Westside Estate Agency handled both ends of the deal, TMZ reported. He could not be reached Friday for comment.

[iheartthed]

Originally Posted by ChrisLA

Even though interest rates have risen one would expect housing prices would fall, so far this hasn’t been the case in Los Angeles. I’ve actually seen some once they have been put on the market raise the asking price. My colleague purchased his house a few years ago in Reseda for around $525,000, it was a three bedroom, one bath built in 1951 but it’s was updated when he purchased it in 2017. It’s now on the market and he’s asking 899,000 and is expecting to sell for $950,000. Granted he’s added an en-suite bathroom and extended the closet in the master bedroom, and also installed solar panels with a total of 1,665 square feet. I’ve seen the house and it’s nice but it is also in Reseda, not the best but also not the worst community in the San Fernando Valley. It’s only been on the market for about three weeks and I know he’s already accepted an offer. How much I don’t know but I’m curious if he will get the $950,000.

Also I know of a home that sold that’s a fixer upper in the Crenshaw neighborhood recently for over a $1,000.000. I’m seeing asking prices in this range a lot in some not so nice areas of LA.

I don't think New York prices have fallen much either. I guess it makes sense because expensive, limited supply markets tend to have more cash buyers whose buying power isn't necessarily affected by higher interest rates.

[jtown,man]

I recently bought a house and the sticker shock to very small projects has me in some instances regretting buying a house.

We wanted our fireplace to be retiled (we told them we would remove the tile and clean it up). We were retiling approximately 9 square feet. The quote I got? $1,200.

1,200 for probably 3 hours of work and ZERO supplies (we also said we would buy the grout and tiles, of course)

[sopas ej]

The Los Angeles house used in the establishing shots of "The Brady Bunch" TV series is for sale for $5.5 million. It's in the Studio City neighborhood, in the San Fernando Valley.

From Patch Real Estate:

DESCRIPTION

Once in a lifetime opportunity to own one of the most iconic single family residences in the world. Meticulously rebuilt and designed to replicate the set of the home from the beloved 1970s sitcom The Brady Bunch. Reportedly it is the 2nd most photographed home in the USA after the White House. Own a piece of pop culture history and pay homage to American sitcom television. From the infamous staircase that anchors the home, to the bright orange formica kitchen counters, to the blue bunk beds and pink twin beds, and let's not forget about the groovy attic. The possibilities are endless for you to enjoy this spacious 5,000+ square foot home on a sprawling 12,000 SF lot with citrus trees lining the yard. The quaint tree lined street backs up to the Los Angeles River in a prime Studio City location. The architectural mid-century home has soaring ceilings, big windows and sliding glass doors which fill the space with natural light. Curated furnishings and accessories are included in the sale and will take you back in time to a unique era. This is a collector's dream. What would you expect from an architect's home? Fireplaces and some appliances/Fixtures are decorative only. This is a "as is where is" sale. See agent for personal property exclusions. Showings are by Appointment only. All buyers must provide proof of funds prior to confirming showing. There will be no broker caravan or public open houses and no previews allowed. Photos and videos and/or social media posting are prohibited. 24 hour security guards are on site. Please respect the neighbors. Intellectual property rights are not included in the sale. Buyer is advised to do their own due diligence to investigate the legal rights and usage of the home including zoning, permits, rental laws, etc.

11222 Dilling Street
Studio City, CA
5,140 square feet
5 bedrooms, 5 bathrooms








Link, which includes more pictures: https://realestate.patch.com/listings/11...ling%20Street%2C%20STUDIO%20CITY%2C%20CA

Can you imagine reenacting some scenes of the show?

[LosAngelesSportsFan]

🞵🞵🞵🞵 hub should buy it and do exactly that

[sopas ej]

Originally Posted by LosAngelesSportsFan

🞵🞵🞵🞵 hub should buy it and do exactly that

Funny, I thought to go there, but didn't. But I'm glad you did!

[AviationGuy]

Originally Posted by JManc

And squeezing even more cash out of these ageing complexes without investing anything more to improve conditions. Just spend enough to keep the local officials off their asses.

Yes. Many of these complexes in this part of the country, and I assume elsewhere, are 50 or more years old. My first Austin apartment was in a complex built in 1968. It was super nice when I lived there in the late 70s, but is in awful condition now. There have been complexes here where stairwells collapsed or almost did, as well as exterior walkways along the upper floors. The best thing is for them to just be torn down and replaced. I know that's happening, but not nearly enough. One area in Austin called Riverside had many of such complexes, but that area is being rebuilt. I haven't been over there in about 20 years, so I really don't know the full extent of changes. I'm thinking someone like Kevin may know more about that area.

[AviationGuy]

Originally Posted by ChrisLA

Even though interest rates have risen one would expect housing prices would fall, so far this hasn’t been the case in Los Angeles. I’ve actually seen some once they have been put on the market raise the asking price. My colleague purchased his house a few years ago in Reseda for around $525,000, it was a three bedroom, one bath built in 1951 but it’s was updated when he purchased it in 2017. It’s now on the market and he’s asking 899,000 and is expecting to sell for $950,000. Granted he’s added an en-suite bathroom and extended the closet in the master bedroom, and also installed solar panels with a total of 1,665 square feet. I’ve seen the house and it’s nice but it is also in Reseda, not the best but also not the worst community in the San Fernando Valley. It’s only been on the market for about three weeks and I know he’s already accepted an offer. How much I don’t know but I’m curious if he will get the $950,000.

Also I know of a home that sold that’s a fixer upper in the Crenshaw neighborhood recently for over a $1,000.000. I’m seeing asking prices in this range a lot in some not so nice areas of LA.

Prices stablized in Austin in the last year, and even fell some in some areas, but not by a lot. My realtor tells me that prices are coming back up, although I wonder if it's at least partly due to a seasonal issue. In central Austin, where I live, homes are still selling for asking price or close to it, and these homes are not staying on the market long at all. A new home a couple streets over from me (where the previous home was torn down), went on the market yesterday for $3.4 M, and it has 4500 ft2. It's a unique design and isn't your typical mcmansion by any means. I'm betting it will have a buyer in a few days. Most existing homes in my area (1950s and 1960s) sell for $700K to $1M, even if not updated. And they aren't staying on the market very long. So we're doing fine at least in the city proper. The lady who cuts my hair lives in south Austin quite a ways from downtown (probably 10 miles) yet homes in her 1970s neighborhood are selling at high prices, which surprised me.