Welcome to the real estate newsletter. I still won’t be bold enough to suggest the market is officially cooling, but there are enough early signs that I’ve spent much of my week scanning homes for sale.
What I found was interesting – something I hadn’t seen since before the pandemic. Good homes actually stayed on the market for more than two days, and a few even got price drops.
Make no mistake, Southern California home prices are still ridiculously high — and likely will remain so for the foreseeable future. But the subtle shift in the market means sellers don’t have as much power as they once did.
With that in mind, I checked out seven different areas around Los Angeles and found listings for around $700,000. Highlights include a Highland Park bungalow, a Culver City condo, a spot with a view in Marina del Rey, and a family property in East LA Take a look.
Another reason to buy is the brutal alternative: renting. We dug into data from the Bureau of Labor Statistics and found that finding a new place to rent instead of staying put is much more expensive than it has recently been. In fact, the rate of change in annual rents for new tenants has doubled in the past eight months, reaching the highest level on record.
On the luxury side, the biggest list of the week didn’t belong to just one celebrity, but to two: the Osbournes. Black Sabbath singer Ozzy Osbourne and Sharon Osbourne, who appeared on ‘The Talk’ and ‘America’s Got Talent’, are asking $18 million for their 1920s mansion in Hancock Park.
The 11,500 square foot home is an Old Hollywood time capsule, offering formal spaces with arched doorways, crystal chandeliers, and dramatic fireplaces.
In Bel-Air, a pristine mid-century home owned by multiple musicians over the years has hit the market for $13.9 million.
Showcasing a style inspired by Frank Lloyd Wright and John Lautner, the posh residence was built for Doors guitarist Robby Kreiger in 1971 and later owned by Limp Bizkit frontman Fred Durst. There’s no recording studio, but there’s a stunning open floor plan with jagged lines, piles of wood, and a custom oversized fireplace.
Our third ad takes us to the East Coast, where actor Christian Slater is asking $3.95 million for a Spanish-style villa. Located just steps from the water, the leafy retreat emphasizes outdoor spaces with a second-story deck, Juliet balcony, and palm-lined backyard with a pool.
As always, while keeping up to date with the latest news, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
What $700,000 buys around Los Angeles
Don’t look now, but Southern California’s boiling real estate market could be cooling off. Sales are down, inventory is up, and some properties are even getting price reductions, a few of which are shown below.
For buyers, that means the money is going a little further than a summer ago. Take a look at what $700,000 buys in seven different communities around Los Angeles: Highland Park, Culver City, Marina del Rey, East LA, University Hills, Inglewood and Huntington Park.
The rental crisis is worse than you think
Across the country, tenants looking for new homes are facing sky-high double-digit rent increases. But you wouldn’t know that from the official federal tally of inflation data, writes Somesh Jha.
Over the past eight months, the rate of change in annual rental costs for new tenants has more than doubled to its highest level on record, according to Bureau of Labor Statistics data reviewed by The Times. The data, which is not in the public domain, shows a starkly different picture for existing tenants – those renewing their leases instead of moving into a new apartment – suggesting the cost of housing could continue to climb, despite some indicators to the contrary.
And with housing being both the main contributor to underlying inflation and a lagging indicator, the recent rise in rents indicates that headline inflation continues to rise even as it shows signs of receding in other sectors. .
Ozzy and Sharon are asking for $18 million
Power couple Sharon and Ozzy Osbourne are looking to offload their trophy at Hancock Park, listing the 1920s architectural gem for $18million.
Ozzy, who shot to fame as the lead singer of Black Sabbath, and Sharon, who co-hosted ‘The Talk’ for more than a decade, bought the mansion for $11.85 million in 2015 from Oren Koules , a film producer best known for the “Scie” franchise.
The mansion was built in 1929, and during their seven-year stay, the Osbournes updated the place while still staying close to its Old Hollywood style. An arched wooden door sets a stately tone, leading to formal spaces such as a two-story lobby with herringbone floors, a living room under a crystal chandelier, and a wood-paneled study anchored by a stone fireplace.
Favorite Mid-Century Lists of Musicians in Bel-Air
There’s fame in the floors of this Bel-Air home. Built half a century ago for Doors guitarist Robby Krieger and most recently owned by Limp Bizkit frontman Fred Durst, the mid-century gem has been listed for sale at $13.9 million.
Perched on 1.4 acres overlooking Los Angeles, the low-rise residence recalls the work of mid-century architects such as Frank Lloyd Wright and John Lautner. It’s been restored in recent years but retains its chic 1970s aesthetic with sharp angles, long hallways, and quirky spaces lined with wood, stone, and glass.
Five pillars mark the entrance, leading to a 6,600 square foot floor plan with terrazzo floors and dramatic beamed ceilings. Indoor-outdoor living is the focus here, as the single-story home wraps around an interior courtyard with pool and spa.
The actor offers his villa in Miami
After nine years in Miami, actor Christian Slater is shopping around for his Spanish-style villa for $3.95 million.
Slater, who starred in films such as “Heathers” and “True Romance,” paid $2.21 million for the property in 2013. He’s made a few changes since then, swapping dark hardwood floors for lighter oaks and adding modern light fixtures in the living room. the spaces.
Covering a quarter of an acre, the property sits just steps from Biscayne Bay in Coconut Grove, an affluent neighborhood with famous residents over the years including Madonna, Sylvester Stallone and LeBron James.
What we read
Although a handful of homes in $700,000 history have seen price drops, LA still doesn’t rank among the best cities for discount homes, which should come as no surprise to anyone who has recently purchased a home. CNBC broke down the numbers and ranked the top 10 markets based on the percentage of sellers lowering their asking price. Boise, Idaho, took first place with 61.5%, followed by Denver and Salt Lake City. The only California city to make the list was Sacramento, where 48.7% of sellers cut prices.
Everyone loves a mystery listing, and Zillow Gone Wild provided the latest by listing a Placerville home on the market for $1.05 million. The exterior looks innocuous enough, but inside there’s a jarring 2,000 square foot space simply named “The Room.” Suddenly lit by bright fluorescents, the cavernous chamber is lined with countless bookshelves, drawing eerie comparisons to thrillers such as ‘The Handmaiden’ or ‘Dexter: New Blood’. SF Gate discovered exactly what the strange space was storing.