New predictions have been made about the future of foreclosures, a future that now looks bleaker following developments in Congress. A couple of old stars have made some big transactions. The weekend is another great one for tours. These stories and more in this week’s real estate roundup.
Celebrity Real Estate
’80s sitcom star and all-around terrible actor Tony Danza has sold a home in Sherman Oaks. The property, located at 3637 Longridge Avenue in Sherman Oaks, had been listed for $6.15 million, but the actual sales price has not been disclosed. The house on the property was completely rebuilt after being destroyed by the Northridge earthquake. It features five bedrooms, and for sports enthusiasts, both tennis courts and a batting cage. Danza is not believed to own any other properties in the Los Angeles area.
Dan Aykroyd, having finally managed relieve himself of his Hollywood Hills property, has bought a new house in the Palisades for $14.5 million. The new, 5244 square foot house is located at 851 Paseo Miramar.
News
The huge Grand Avenue development project has been delayed yet again. Construction will not be completed until 2012 because developers have been unable to secure loans in the current market. It will probably not begin until at least 2009.
A report released by the federal government shows that vacancy rates are at all-time highs. 2.9% of owner-occupied homes nationally currently sit vacant, a situation no doubt largely caused by foreclosures and mortgage problems. The West has been the region hardest hit by vacancies, the rate of which now stands at 3.2%, up from 2.6% just a year ago.
The situation may be made even worse now that the Congressional bill to help out homeowners struggling with foreclosure has hit a snag. Election-year politics and lobbying have forced legislators to roll back many of the bill’s most ambitious measures. It seems unlikely that any meaningful progress will be made at this point.
Investment bank Credit Suisse has predicted that a total of 6.5 million homes will be foreclosed upon. This includes the 1.2 million homes that are already facing foreclosure, but the Credit Suisse report likened the current status to “the third inning” of the crisis. 6.5 million homes is 12.7% of all homes with mortgages.
Estate of the Week
This week’s top estate, though still located at the prestigious address of 1025 Ridgedale Drive in Beverly Hills, still offers almost 14,000 square feet of living space. It also features massive landscaped grounds, a private gym, and commercial kitchen. The listing price is $27.5 million.
Events
This weekend is another big one for home and garden tours. On Saturday, you can choose from the Venice Garden and Home Tour, which covers several sites to the east of Lincoln, and the Castles of Carlsbad Tour, on which you can see six of the city’s most magnificent residences. The Carlsbad Tour is cheaper, costing only $25 compared to the Venice Tour’s $60 ($70 at the door).
The American Institute of Architects/Los Angeles is putting on the “Views from the Top” tour on Sunday. The tour will take you to homes with some of the most spectacular views in the city. Tickets are $75 for non-AIA members.
Dan Aykroyd photo via Wikipedia
Estate photo via MLS listing
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