Westside Estate Agency http://www.weahomes.com Beverly Hills, Malibu, Miami Wed, 21 Jun 2017 22:37:52 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.5 Home prices are surging in LA’s priciest neighborhoods & more… http://www.weahomes.com/home-prices-surging-las-priciest-neighborhoods/ Mon, 12 Jun 2017 22:24:43 +0000 http://www.weahomes.com/?p=28006 Check out what the agents at WEA are reading this month… Home prices are surging in LA’s priciest neighborhoods La La Land values: A peek at the numbers behind the...read more

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

Home prices are surging in LA’s priciest neighborhoods

La La Land values: A peek at the numbers behind the spec homes arms race

The Long View: The brokerage industry’s conflict of interest problem

The real estate industry has something the Internet can’t offer: The human element

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A legendary Hollywood Hills home, whose renters included John Belushi and Liza Minnelli, changes hands http://www.weahomes.com/legendary-hollywood-hills-home-whose-renters-included-john-belushi-liza-minnelli-changes-hands/ Thu, 08 Jun 2017 23:12:07 +0000 http://www.weahomes.com/?p=27978 Storied homes are legion in the Hollywood Hills, but one just north of Sunset Boulevard...read more

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Storied homes are legion in the Hollywood Hills, but one just north of Sunset Boulevard arguably boasts the lion’s share of tales, along with a larger-than-life owner.

Producer Chet Sampson bought the Marmont Lane house in 1969 for $69,000 — packing the two-bedroom home with a string of high-profile celebrity renters while he traveled the world as a lecturer on cruise ships starting in 1976.

After Sampson’s death seven years ago, his longtime partner, Kjell Ostensen, continued to live in the 1946 property. He sold it in January for $2.15 million, turning over the venerable, history-filled home nearly five decades after Sampson purchased it.

“I heard a lot of the renter stories from the tabloids — friends would mail them to us,” said Ostensen, 66, who now lives in Palm Springs.

The actors and musicians who passed through the house were usually in town on gigs (most rented for a few months) and favored the home’s privacy and backyard.

Peter Falk was Sampson’s first renter. There was also Liza Minnelli, Louie Anderson (known for restyling the house at will), Jack Warden, Pink Floyd drummer Nick Mason (the band used the house during rehearsals for “The Wall” tour), Peter Boyle, Jocko Marcellino (founder of Sha Na Na), director Gene Saks, Laura Branigan (1980s hit “Gloria”) and Frank Langella.

John Belushi and Dan Aykroyd rehearsed their just-formed Blues Brothers band in the garage. Belushi rented the house for several months in 1978-1979, according to Annie Constantinesco, the home’s longtime rental agent.

The final renter was “90210” actress Shannen Doherty, who had the longest lease at nearly five years, then priced at $5,000 per month.

Ostensen, a retired engineer, said he was unfazed by the Hollywood tumult. He moved from Norway to Los Angeles in 1980 to study engineering at USC and began living with Sampson, whom he met in 1975 while working as a mechanic on a cruise ship.

It was Sampson, however, who reveled in orbiting Hollywood’s star-studded galaxy.

The Grosse Pointe, Mich., native (a former high school math and science teacher) met nearly 300 celebrities, as cited in Sampson’s unpublished memoir, many becoming friends who frequented his Marmont Lane dinner parties where guest lists topped 100. He moved to Hollywood in 1963.

The associations began during Sampson’s stint as a World War II naval officer in charge of organizing thousands of events, including large-scale variety shows, often for scores of ships anchored in the Philippines and Australia.

Sampson’s celebrity connections were cemented during cross-country national parks tours in the 1940s through the 1960s in which he ferried 6,000 teenagers packed in station wagon caravans, according to Michigan news accounts.

The trip’s tour de force: a four-day stop in Hollywood that brimmed with studio tours, and meetings and lunches with stars (totaling 200 over the years, by Sampson’s account): Rock Hudson, Elvis Presley, Elizabeth Taylor, Ronald Reagan, Burt Lancaster, Shirley Temple, Charlton Heston and Bob Hope, among others.

The highlight for the Midwest teens (besides swimming with Debbie Reynolds in her pool) were singalong campfires with Bing Crosby and his four teenage sons at his ranch in Elko, Nev.

“It was like an out-of-body experience,” said 1957 participant Barbara Faubert, 75, a resident of Wellesley Hills, Mass.

The indefatigable Sampson met many of the stars simply by knocking on their doors (Debbie Reynolds), writing them a letter (Marlon Brando) or tapping them on the shoulder (Cary Grant).

“He loved bringing people together,” Ostensen said. “We had a very good life together.”

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

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WEA Featured Agent: Ryan Burns http://www.weahomes.com/wea-featured-agent-ryan-burns/ Mon, 15 May 2017 21:52:58 +0000 http://www.weahomes.com/?p=27604 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 Ryan Burns. See what Ryan shares about himself on his WEA profile by clicking here.

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Congratulations to our brokers who achieved top status in The Real Deal annual broker survey for Los Angeles! http://www.weahomes.com/las-top-luxury-agents-sales-volume/ Sat, 13 May 2017 00:14:48 +0000 http://www.weahomes.com/?p=27618 As part of The Real Deal’s April issue, they ranked the 30 most prolific agents for...read more

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As part of The Real Deal’s April issue, they ranked the 30 most prolific agents for single-family home sales $7 million or higher, based on the dollar volume of their deals between March 2016 and March 2017.

See our top ranking agents below and click here to read the full article on therealdeal.com.

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Christie’s: Global Sales of Luxury Homes Cooled in 2016 http://www.weahomes.com/christies-global-sales-luxury-homes-cooled-2016/ Fri, 12 May 2017 00:32:53 +0000 http://www.weahomes.com/?p=27620 Alex Veiga, The Associated Press May 11, 2017 Global luxury home sales cooled off in 2016 for the second consecutive year, even with a record number of homes selling for...read more

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Alex Veiga, The Associated Press

May 11, 2017

Global luxury home sales cooled off in 2016 for the second consecutive year, even with a record number of homes selling for more than $100 million.

A report released Wednesday by Christie’s International Real Estate shows that sales of homes priced at $1 million or more edged up about 1 percent worldwide last year.

That represents a sharp slowdown from 2015, when luxury home sales climbed 8 percent, and from 2014, when sales vaulted 16 percent.

Despite the sluggish sales growth, Christie’s says luxury home prices continued to rise last year, increasing about 2 percent from a year earlier. And for the first time, 10 homes sold for more than $100 million each. The priciest sale, a mansion located in The Peak neighborhood in Hong Kong, fetched more than $270 million.

The Playboy Mansion was also among the priciest homes to sell last year, bringing in $105 million. The home, which is located on a 5-acre estate in Los Angeles where countless celebrity-laden parties have raged, was originally bought in 1971 by Hugh Hefner for $1.05 million.

“The surprise in 2016 is the number of $100 million-plus homes sold,” said Dan Conn, Christie’s chief executive. “You saw the $100-million mark be crossed for the first time in China, which you would not have predicted, certainly before 1978.”

The luxury brokerage based its report on an analysis of sales data and other factors for homes that sold for $1 million or more in 101 markets worldwide. Private luxury home sales were not included in the analysis.

Twenty-four of the markets in the report posted a sharp drop in sales last year, while another 19 posted solid gains. Sales were essentially flat in the rest.

Even as the global economy strengthened and stock markets climbed to new highs, sales were likely held back as wealthy buyers and sellers opted to take wait-and-see approach to the geopolitical uncertainty that shaped much of 2016, including Britain’s vote to leave the European Union, new restrictions on Chinese capital outflows, the U.S. presidential election and Russian sanctions.

“If you look at some of the markets where there was uncertainty, it had an impact,” Conn said. “People could afford to wait in the U.K. because there was uncertainty and prices have softened over the last couple of years.”

Luxury home sales sank 67 percent in the U.K. from a year earlier, while sales slipped 4 percent in the U.S. and slid 29 percent in markets in the Asia-Pacific region. In contrast, sales climbed 20 percent in Europe and 44 percent in Canada.

Another sign that luxury home sales cooled last year: Homes took longer to sell than in 2015. Luxury homes spent an average of 220 days on the market before they sold, Christie’s said. That’s up 13 percent from 195 days in 2015.

Growth in new luxury condos and other high-end properties took out some of the urgency among buyers in markets like Miami.

Too much inventory and sluggish sales wasn’t a problem in Hong Kong, which topped Christie’s index of top luxury property markets with sales that included four homes that sold for more than $100 million each. The city now has the most homes for sale at $20 million or higher.

London, which had always held the top spot, slipped to second, followed by New York, Los Angeles and Singapore.

Sales prices rose in more than half of the markets in Christie’s report. Toronto posted the biggest gain, 20 percent. Prices were flat in 26 percent of the markets. Another 21 percent of the markets posted declines in prices.

Toronto led a separate gauge of the hottest luxury markets, or those where the pace of sales was strongest, reflecting heightened demand. Its luxury home sales were nearly double what they were in 2015.

Low inventory and price increases spurred urgency among buyers. Luxury homes in Toronto took an average of 17 days to sell last year, down from 28 days the year before. That was the fastest sales pace of any market.

Rounding out the top five hottest luxury markets are Victoria, British Columbia; San Francisco; Austin, Texas; and, Charleston, South Carolina.

Going by the price per square foot, Monaco was the most expensive market in 2016, with luxury homes there fetching an average of $5,420 per square foot, Christie’s said. That was followed by Hong Kong, London, Cote d’Azur and New York, with a price per square foot of $2,000.

Fewer buyers used cash to buy luxury homes last year, reversing a trend in recent years, Christie’s said.

Some 36 percent of luxury properties were bought with cash last year, down from 44 percent in 2015. Low interest rates, rising prices have made traditional financing more attractive for buyers.

For now, it appears that 2016’s slowdown in luxury home sales is not carrying over into this year.

Two homes in Hong Kong’s The Peak neighborhood have already sold this year, one for $360 million and another for $139 million. And in Manhattan, contracts signed for properties above $5 million were up sharply in the first two months of the year.

Alex Veiga reports for the Associated Press.

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David Geffen lists Malibu Beach mini mansion for $8.99M http://www.weahomes.com/david-geffen-lists-malibu-beach-mini-mansion-8-99m/ Fri, 12 May 2017 00:10:32 +0000 http://www.weahomes.com/?p=27616 Dreamworks executive David Geffen is basically having a low-key fire sale, listing yet another house...read more

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Dreamworks executive David Geffen is basically having a low-key fire sale, listing yet another house he owns on Malibu’s Carbon Beach, just weeks after selling another, much larger property on the same beach for $85 million (or maybe $87 million).

This Geffen property is listed for a much more humble $8.99 million. If it sells at that price, it would be at a loss. Geffen purchased the minimansion in 2008 for $9.8 million. (Geffen also owned the home from 1996 to 1998.)

First seen on Variety, photos of the property show a small, simple oceanfront residence with a porch facing the water. The approximately 1,500-square-foot house contains two bedrooms and has a private courtyard, though the listing photos do not include a peek at anything other than the rear of the house.

For years, Geffen fought to keep the public from accessing the beach near his multi-building compound, putting up a fight against building a path to the sand and creating false driveways along Pacific Coast Highway so that parking appeared to be diminished in front of his property.

Westside Estate Agency’s Kurt Rappaport, who represented Geffen in the sale of his $85 million estate, also holds this listing.

Click here to read the full article on la.curbed.com.

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Orlando Bloom picks up a relic of the ’60s in Beverly Hills http://www.weahomes.com/wea-news-orlando-bloom-picks-relic-60s-beverly-hills/ Fri, 05 May 2017 22:14:50 +0000 http://www.weahomes.com/?p=27607 The ’60s are alive and well, and actor Orlando Bloom is getting in on the...read more

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The ’60s are alive and well, and actor Orlando Bloom is getting in on the action. The actor just picked up a house that dates to 1959 in Beverly Hills for $7 million.

The signature 1960s feature within the sleek modern interiors is a large white conversation pit in the living room. Besides the wood floors, almost every inch of the 4,000-square-foot house is white — inside and out. The glass-walled and white-curtained living space includes four bedrooms and four bathrooms.

The more than half-acre perch contains a kidney-shaped pool and takes in city and ocean views.

Bloom, 40, has credits including “The Lord of the Rings” trilogy, “The Hobbit” trilogy and the “Pirates of the Caribbean” films.

Karen D. Sanchez and Yawar Charlie of John Aaroe Group and Ethan Peskowitz of Westside Estate Agency were the listing agents.

Click here to read the full article on the latimes.com.

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David Geffen Sells Malibu Home for Record $85 Million http://www.weahomes.com/david-geffen-sells-malibu-home-record-85-million/ Mon, 01 May 2017 23:19:16 +0000 http://www.weahomes.com/?p=27611 The music mogul had hoped to net $100 million for the property, which has several...read more

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The music mogul had hoped to net $100 million for the property, which has several structures, a swimming pool and spa, a theater, a gym and an outdoor living room with fireplace.

For the cool price of $85 million, David Geffen has sold his oceanfront residence along Malibu’s Carbon Beach neighborhood.

A source close to the deal tells The Hollywood Reporter the sale was recently finalized. While it is significantly below the $100 million the mogul was hoping to get for the gated property, which includes a main two-story residence and two guesthouses, it is still a record for Malibu.

The previous high-water mark was the sale of an estate on Encinal Bluffs, which sold for $75 million in an off-market deal in 2013.

Geffen’s property also boasts a swimming pool and spa, a theater, a gym and an outdoor living room with fireplace. It was originally five parcels that he combined over the span of several decades into two. Little is known about the buyer, other than being described as a well-known businessman.

Unlike several other recent real estate deals north of $75 million, the deal for Geffen’s home does not include any of the art in the house, which is believed to be valued in the hundreds of thousands of dollars.

The Carbon Beach home was also the setting for a public battle in which Geffen tried — unsuccessfully — to prohibit beachgoers from accessing the beach in front of his home.

The agent on the deal for both the buyer and the seller was Westside Estate Agency’s Kurt Rappaport, who declined to comment on the sale.

Click here to read the full article on the hollywoodreporter.com.

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LET THE SELLING SEASON COMMENCE http://www.weahomes.com/let-selling-season-commence/ Sun, 30 Apr 2017 16:16:48 +0000 http://www.weahomes.com/?p=27215 Spring is here and so is the traditional start of the “selling season” for homes. Here is the current status of the market: Homes in the $1-4 million range are...read more

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Spring is here and so is the traditional start of the “selling season” for homes. Here is the current status of the market:

Homes in the $1-4 million range are selling at a rapid pace. When priced right, they sell within 30-45 days and we are seeing multiple offers when priced correctly. Over-priced homes at every level aren’t selling quickly, as buyers are the ones who recognize the value. Pricing a property too high can potentially lead to a stale listing, multiple price reductions, and risk the property being tainted as an undesirable house.

Don’t be tempted by less than scrupulous brokers who think the way to get a listing is to give the seller an unrealistically high valuation. Homes that are priced correctly will sell at or above their value due to interest and the likelihood of multiple offers.

Homes in the $10-15 million range are not as buoyant and tend to stay on the market until the right buyer surfaces. Buyers in this price range are aware that they often have more time to decide. Additionally, with an inventory of similarly designed and priced houses developed by speculators on the market, there is a good chance that prices will lower as inventory increases and competition heats up.

In the ultra-high-end, the market remains surprisingly strong. Most of these buyers pay in cash and desire the privacy and luxurious amenities they have worked hard to achieve. There are multiple houses either currently listed at or soon be on the market for over $100 million despite the fact that, historically, only one house has sold in this rarified price range.

There is a definite lack of interest from Middle Eastern buyers, and with the Chinese government cracking down on individuals taking money out of the country their buying has also been minimal. The good news is that almost all of our ultra-high-net-worth buyers are US citizens and many reside here in Los Angeles.

Let’s hope we all have a strong selling season.

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WEA in the News: Frank Gehry’s Borman house in Malibu fetches $24.15 million http://www.weahomes.com/wea-news-frank-gehrys-borman-house-malibu-fetches-24-15-million/ Tue, 18 Apr 2017 20:03:58 +0000 http://www.weahomes.com/?p=27244 $24,150,950 — Malibu On Broad Beach Road, a Frank Gehry-designed home once listed for as...read more

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$24,150,950 — Malibu

On Broad Beach Road, a Frank Gehry-designed home once listed for as much as $57.5 million sold for about $5 million less than the most recent asking price of $29.995 million.

Mortgage documents obtained by The Times show that the buyer was a limited liability company that lists Ryan Hekmat as the agent for service. Hekmat is the son-in-law of Isaac Larian, billionaire and chief executive of the toy company MGA Entertainment.

Named the Borman House for its original owner — late PennCorp Financial chief Burton Borman — the 11,413-square-foot house sits on 160 feet of sandy beachfront. A courtyard entry, manicured gardens, a tennis court and a lap swimming pool make up the grounds.

Kurt Rappaport of Westside Estate Agency was the listing agent.

Click here to read the full article on the latimes.com.

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