Westside Estate Agency http://www.weahomes.com Beverly Hills, Malibu, Miami Sat, 18 Feb 2017 01:22:22 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.1 WEA January 2017 Micro Report http://www.weahomes.com/wea-january-2017-micro-report/ Thu, 16 Feb 2017 19:09:40 +0000 http://www.weahomes.com/?p=26266 Click here to view WEA’s January 2017 Micro Market Report:

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Toymaker Isaac Larian Buys Malibu Mansion for $24 Million http://www.weahomes.com/toymaker-isaac-larian-buys-malibu-mansion-24-million/ Wed, 15 Feb 2017 01:12:11 +0000 http://www.weahomes.com/?p=26262 Isaac Larian, founder of the toy company behind the Bratz dolls, purchased a Frank Gehry-designed...read more

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Isaac Larian, founder of the toy company behind the Bratz dolls, purchased a Frank Gehry-designed beachfront home in Malibu for $24.15 million.

The MGA Entertainment chief executive got quite the deal, as the property reportedly hit the market for $57.5 million in 2013. The price had dropped to $29.9 million on July 5, 2016, according to MLS. The deal was first reported by The Real Deal.

The six-bedroom 10-bathroom home was built in 1989 for PennCorp Financial chief executive Burton Borman, who died in 2012. His estate was sold by Borman’s heirs on Tuesday in a court-ordered partition sale in Los Angeles Superior Court.

Sources told The Real Deal that Borman’s children were battling with his ex-wife Navabeh Borman over the home’s value.

The house, at 31250 Broad Beach Road, clocks in at 11,000 square feet and borders Broad Beach. It includes a tennis court and lap pool.

Larian did not immediately respond to requests for comment. The listing agent Kurt Rappaport of Westside Estate Agency declined to comment.

Van Nuys-based MGA Entertainment manufactures toys, games, and girl’s lifestyle products. Its toy lines range from Bratz to Lalaloopsy dolls, Num Noms, and Little Tikes.

Click here to read the article on the labusinessjournal.com.

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Starz CEO entertains buyer for Brentwood pad after $2M price chop http://www.weahomes.com/starz-ceo-entertains-buyer-brentwood-pad-2m-price-chop/ Tue, 14 Feb 2017 23:59:54 +0000 http://www.weahomes.com/?p=26230 The stars have aligned for Chris Albrecht, CEO of cable network Starz. The entertainment executive’s...read more

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The stars have aligned for Chris Albrecht, CEO of cable network Starz.

The entertainment executive’s 7,021-square-foot Brentwood home sold Wednesday for $7.09 million, or $1,022 a foot —  almost $2 million less than its asking price.

The gated six-bedroom, six-bathroom estate went on the market for $8.9 million last summer, Variety reported.

The former head of HBO purchased the Mediterranean-style villa on North Carmelina Avenue in 2005 for $5.6 million.

The estate was built in 2004 and designed by architect William Heffner. It features a media and music room, a gym, a walk-in wine cellar and an adjoining breakfast room off the kitchen, according to marketing materials.

Kurt Rappaport of Westside Estate Agency had the listing, according to the MLS.

Albrecht isn’t the only executive to sell a Brentwood residence this month.

Hollywood producer Jerry Bruckheimer’s Brentwood home listed at $12 million is currently in escrow, after hitting the market in 2015.

The new buyers of both properties will get the perk of calling Snapchat CEO Evan Spiegel and his fiancé Miranda Kerr neighbors. The couple purchased a home on Macculloch Drive last May. [Variety] — Subrina Hudson

Click here to read the article on therealdeal.com.

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The 26 most expensive houses for sale in Los Angeles right now http://www.weahomes.com/26-expensive-houses-sale-los-angeles-right-now/ Tue, 14 Feb 2017 23:46:13 +0000 http://www.weahomes.com/?p=26226 Check out what the agents at WEA are reading this week… The 26 most expensive houses for sale in Los Angeles right now Downtown LA construction boom is largest in...read more

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Check out what the agents at WEA are reading this week…

The 26 most expensive houses for sale in Los Angeles right now

Downtown LA construction boom is largest in nearly a century

The nation’s most expensive home is now for sale in Los Angeles

Mapping LA’s hottest neighborhoods among homebuyers

THE S&P CORELOGIC CASE-SHILLER NATIONAL INDEX HITS NEW PEAK AS HOME PRICE GAINS CONTINUE

 

 

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WEA Featured Agent: Kevin Booker http://www.weahomes.com/wea-featured-agent-kevin-booker/ Fri, 03 Feb 2017 21:18:00 +0000 http://www.weahomes.com/?p=26132 WEA agents are from the worlds of business, entertainment, academia, and, of course, real estate. They are an incredible group of agents that have a passion for business, architecture, and...read more

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WEA agents are from the worlds of business, entertainment, academia, and, of course, real estate. They are an incredible group of agents that have a passion for business, architecture, and their local communities. This month’s featured agent is Kevin Booker. See what Kevin shares about himself on his WEA profile by clicking here.

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See it, Feel it http://www.weahomes.com/see-it-feel-it/ Fri, 03 Feb 2017 21:12:37 +0000 http://www.weahomes.com/?p=26129 Just about every real estate company, and particularly the new entrants into our market, say they are redefining or doing real estate a different way. But, what exactly do they...read more

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Just about every real estate company, and particularly the new entrants into our market, say they are redefining or doing real estate a different way. But, what exactly do they mean and how do they intend to do it differently?

Given that we don’t sell homes in the price range of the national average but rather many multiples of the national average, I don’t foresee our clients buying homes simply by looking at photos or drone images. While good photos definitely help show off a property, it’s not a new technique. Do big parties at houses for sale actually help sell them? In LA, it’s easy to get people to attend an event if you offer free food or drink. However, buyers of luxury homes are not looking at homes because they get a free glass of champagne.

I suggest that our business remains one of client relationships, whether we are representing a buyer or seller. The quality agent dedicates his/her time and experience to shepherding their client through the home buying or selling process from start to finish. This means that we must match the requirements of the buyer to the available housing inventory, which may happen quickly or take a significant amount of time. The one fact is that each of these clients must ultimately see the house personally to make a final decision. They must see it and feel it.

Unlike Million Dollar Listing, the work really begins after the agreement on price and terms. There are inspections, appraisals, title, and loans that must be approved before contingencies are released, at which point the parties can move towards a closing. It doesn’t seem that a computer algorithm or anything else other than a hands-on relationship with a broker could accomplish this.

At WEA, we have been closing deals successfully for over 17 years and our success speaks for us, not our dialogue. Once again, our average sale in 2016 exceeded $9,000,000 per deal, which can’t be claimed by any other company.

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$28 Million Home with Decades of Hollywood History About to Sell http://www.weahomes.com/28-million-home-decades-hollywood-history-sell/ Fri, 03 Feb 2017 00:05:56 +0000 http://www.weahomes.com/?p=26233 A Beverly Hills home with a long Hollywood pedigree—including residents like MGM director-producer George Sidney...read more

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A Beverly Hills home with a long Hollywood pedigree—including residents like MGM director-producer George Sidney and bigtime music executive Freddy DeMann—has gone into contract to sell.

The mansion on Tower Road, which has undergone a massive two-and-half-year gut renovation, was most recently listed for $28.45 million with Kurt Rappaport, co-founder and chief executive of Westside Estate Agency.

“It was entirely rebuilt and reconfigured,” Mr. Rappaport said—adding that the owners kept the shell of the house, which was built in the 1930s.

The current owners, whom Mr. Rappaport declined to identify, bought the property in 2010 under a limited liability company following decades of high-profile residents. Property records show the home currently belongs to Tower Road Property LLC.

The late Metro-Goldwyn-Mayer director was one of the 1.4-acre estate’s earliest residents. Sidney, who rose to fame directing mid-century classics like “Annie Get Your Gun,” “Kiss Me Kate,” “Bye Bye Birdie,” as well as Elvis Presley’s “Viva Las Vegas,” eventually sold the home in the late 1970s, according to property records.

The property returned to celebrity hands again in 1986, when Mr. DeMann bought what was then a five-bedroom, eight-bathroom house, according to property records.

But the music executive—who at different times managed Billy Idol, Lionel Richie, Michael Jackson, Shakira and started Maverick Records with Madonna—unloaded the house after less than a decade for $3.75 million. The buyer was sci-fi and action movie producer Gale Anne Hurd, whose work includes Arnold Schwarzenegger’s “The Terminator” movies and the hit AMC zombie series “The Walking Dead.”

Part of the home’s attraction is its 1,000 feet of frontage in one of Beverly Hills’ most exclusive areas, Mr. Rappaport said. The new owners will have David and Victoria Beckham, Bruce Springsteen, New York Giants chairman Steve Tisch and Jay Leno among their neighbors.

The recent renovation created large public rooms, a media room, installed a professional gourmet kitchen, a temperature-controlled wine room and a heated loggia that leads out to a manicured backyard. The pool in the backyard is large enough for a lap swim and sits beside a “polo-sized” yard and the property’s separate, 4,000-square-foot guesthouse.

Click here to read the article on mansionglobal.com.

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Gore Vidal’s Los Angeles Home Sells for $3.75 Million http://www.weahomes.com/gore-vidals-los-angeles-home-sells-3-75-million/ Thu, 26 Jan 2017 00:49:05 +0000 http://www.weahomes.com/?p=26257 The Los Angeles home of acerbic American intellectual Gore Vidal has sold for $3.75 million,...read more

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The Los Angeles home of acerbic American intellectual Gore Vidal has sold for $3.75 million, according to property records.

Vidal, who died in 2012 at age 86 from complications of pneumonia, spent the last decade of his life in the nearly 4,800-square-foot mansion in the posh Outpost Estates neighborhood of Los Angeles. He bought the home for just under $150,000 in 1977, according to property records.

That’s about $620,000 in 2017 dollars, still a shockingly small figure compared to today’s typical seven-figure luxury home prices in the neighborhood, pointed out Variety, which first reported the sale.

In 2003, Vidal transferred ownership of the home to a trust under his name and that of his long-time partner, Howard Austen, records show, just a few months before Austen died of brain cancer.

Vidal, who authored more than 80 books, movie scripts and plays, fancied himself the last of a breed of celebrity literary figures. His home first went up for sale in 2015. The listing for the 1929 Hollywood house invoked a haughty nostalgia for a bygone era reminiscent of its last resident.

“Legendary Hollywood estate filled with romance and charm,” is how the listing from Kurt Rappaport of Westside Estate Agency described it. “Rarely do homes with this architecture, land, location and history ever become available.”

The property underwent a number of price cuts since its first listing price of $5.695 million, despite its pedigree. It was reduced to $4.15 million in September 2016 before selling earlier this month for $400,000 less. Publicly available property records don’t currently list the name of the new owner.

The five-bedroom, five-bathroom Mediterranean-style home opens with a dramatic two-story entry with ironwork railings running up a sweeping staircase. The foyer leads into a living room with coffered ceilings and French doors that open onto the backyard, with a guest house, gardens and a pool, according to the listing.

Befitting Vidal, the home has a bookcase-lined, wood-paneled library on the first floor, along with a separate office upstairs. The house also sold with original tilework and hand-carved fireplaces.

Click here to read the article on mansionglobal.com.

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Where land surpasses property values http://www.weahomes.com/land-surpasses-property-values/ Wed, 18 Jan 2017 01:19:35 +0000 http://www.weahomes.com/?p=26275 WASHINGTON – Jan. 17, 2017 – In some markets, the land is more valuable than the home that stands on it. Case in point, in San Francisco’s Sunset District, a...read more

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WASHINGTON – Jan. 17, 2017 – In some markets, the land is more valuable than the home that stands on it.

Case in point, in San Francisco’s Sunset District, a fire destroyed a home for sale leaving it inhabitable. Despite that, last February, the home sold quickly for just under $1 million. Seven months later, the home was transformed into a four-bedroom home and sold for $1.77 million.

In San Francisco, land is a premium, and buyers often pay more for the land than the home is actually worth.

“Over time, the physical structure usually depreciates in value, while land appreciates,” realtor.com notes in a recent article. “That’s because the property is in limited supply. Developers can stack more homes onto lots by building high-rises, but they can’t produce more land. And that’s why the value of land naturally goes up when population growth creates more demand.”

Lincoln Institute of Land Policy data provides a snapshot of the 10 housing markets where land comprises more than half of a home’s total value. The majority of the cities are in California, where buildable land tends to be scarcer. For example, in San Francisco, the average home value was $1.35 million in 2016. But about $1.09 million of that was attributed to the cost of the land, or 81 percent of the total price, the study found. On the other hand, in St. Louis, Mo., land is only about 10 percent of a home’s total value.

Here are the cities where land costs exceeds property values by the highest amounts:

·         San Francisco, Calif.: 81%

·         San Jose, Calif.: 77%

·         Santa Ana, Calif.: 76%

·         Oakland, Calif.: 71%

·         Los Angeles, Calif.: 71%

·         San Diego, Calif.: 66%

·         Boston, Mass.: 60%

·         Miami, Fla.: 54%

·         Seattle, Wash.: 53%

·         Portland, Ore.: 51%

Source: “Not Dirt-Cheap: 10 Cities Where Land Is Worth More Than the Home on It,” realtor.com (Jan. 11, 2017)

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WEA December 2016 Micro Report http://www.weahomes.com/wea-december-2016-micro-report/ Tue, 17 Jan 2017 23:05:55 +0000 http://www.weahomes.com/?p=25892 Click here to view WEA’s December 2016 Micro Market Report:

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Click here to view WEA’s December 2016 Micro Market Report:

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