In this column we’ll go over the big real estate news of the past week. There’ll be information on celebrity purchases, the market in general, and real estate events in and around L.A.
Celebrity Real Estate
Smooth jazz superstar Kenny G has purchased a new house in Studio City for $2.85 million. Despite (rather thankfully) not having had a top 40 hit since 1999, Kenny G still has the money to add this 4-bedroom, 3½ bath house at 12985 Galewood Street to his real estate portfolio, which is highlighted by his massive estate in Malibu, for which he paid $12.5 million in 1998. Kenny G’s new house is situated directly across the street from one owned by Neil Patrick Harris. Perhaps they can meet up to discuss the early ‘90s and lament over their lost fame.
Joe Walsh has purchased a new house at 1501 Summitridge Drive in Beverly Hills, adding to the three Southern California homes he owned previously. The house was owned in the early ‘90s by another old rock star: former Monkees front man Mike Nesmith, who might have done better to hold onto it – Nesmith sold the 3.86 acre property for just $1.15 million in 1995 and Walsh bought it from the new owners for $4.5 million.
News
Treasury Secretary Henry Paulson held a press conference this week during which he said, “the worst is just beginning.”
…when asked about the sub-prime mortgage and foreclosure situation. He added that this year would be worse than last year. As if last year wasn’t already bad enough.
The Bush administration has worked out a plan with some major lenders that would allow many people to forestall foreclosure on their property for 30 days. The two primary lenders involved, Bank of America and Countrywide Financial, plan to send out letters to anyone who is over 90 days late on payments offering them a chance to take part in the new program. Lenders hate foreclosure about as much as borrowers, especially in the current market of rapidly falling home prices and few willing buyers.
Data released by Zillow this week shows a drop in median home prices over the past quarter in nearly every community in the greater L.A. area, with Pearblossom (in the northeast part of L.A. County) the hardest hit. Most of the areas that suffered the greatest fall are in Orange County. The biggest gains were almost all experienced in Los Angeles County, with the zip code 90049 (Brentwood) leading the pack.
There is some good news. Well, sort of. Median home prices did not drop any further this week, according to HousingTracker.net. But prices are still 13.5% lower than at the same time last year.
Estate of the Week
Completely rebuilt after being sold just 19 months ago for under $8 million, the newly listed property at 7111 Birdview Avenue in Malibu was listed last week for a cool $25 mil. Situated right on the beach, the house now features 7 bedrooms and 11 bathrooms and is claimed by the realtor selling it (Coldwell Banker) to be the “finest smart house around.” The total area of the property is nearly 40,000 feet. One of the property’s highlights is the stunning view of the Pacific.
Events This Week
There are no notable real estate events this week in the greater L.A. area.
Kenny G photo by Alan Light via Flickr
Paulson video found thru calculatedrisk.blogspot.com
Estate of the Week Photo from Coldwell Banker website
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