Welcome back to the real estate newsletter. If you read my work regularly, you may feel Southern California homes are getting bigger and bigger, but this week, I’ve spent time exploring a type of property that’s getting smaller and smaller: the start-up home.
Once the golden promise of suburban expansion in Southern California, the start-up home has become less Affordable to the middle class with high prices and interest rates. As a result, many Angelenos are forced to accept a new definition of what an entry-level home could be, starting families with outbuildings, condos, and other micro-solutions.
Do you want two bedrooms? How about one, plus a desk that might fit a double bed. Want a backyard? How about a common space with the rest of the apartment complex. Want to paint the outside of your house? The Homeowners Association will not allow this, but feel free to beautify the interior.
It’s a new era – an era that forces us to get creative.
On the other end of the spectrum, we saw a decent sale for the first few weeks of the football season, as former Rams quarterback Jared Goff ran over Hidden Hills dugout for $6.396 million. Goff, a California native, bought the place in 2018, two years after being recruited by the Rams.
Goff now plays for the Detroit Lions, and his money may have gone a little further in Michigan.
Our other big list takes us to South Florida, where rapper Lil Wayne is asking for $29.5 million for his waterfront home in Biscayne Bay. It’s an ambitious question, considering he paid about half of that For $16.75 million in 2018.
The week also brought business news from Hollywood and Sacramento. In Tinseltown, the historic Art Deco Television Center studio complex gets a $600 million facelift, becoming the latest of many studios to get a new lease on life.
You can thank the abundance of streaming services for the revamp. At a time when companies struggle to win the hearts and eyes of the masses by staging show after show, there is a massive increase in demand for audio platforms and production facilities.
In Sacramento, Governor Gavin Newsom signed two major bills to tackle affordable housing, paving the way for converting commercial real estate into housing. Bringing the bills forward wasn’t easy, as everyone from unions, developers, and affordable housing groups had something to say about the plan.
While staying up-to-date, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
Amazing shrinkage start home
Zach Zyskowki poses for a photo inside his one-bedroom house in Hollywood.
(Dania Maxwell/Los Angeles Times)
For decades, the single-family home has been Southern California’s ultimate temptation—the chance to live a life full of sun and sand from the comfort of your own property.
Most buyers’ ticket to that life is the beginning. Something modest but not lean. Two bedrooms, maybe three. A picket fence in the front and a yard in the back for children and dog play.
But the novice home has changed. With rising home prices, and rising mortgage interest rates making everything less expensive, wish lists became more and more, and buyers were forced to find something smaller and less practical.
Compromising has always been part of the home search, but in a market where some two-bedroom homes sell for a million dollars or more—often hundreds of thousands more than asking price—middle-class buyers are forced to take what they can get.
Former Ram passes home
The 1.4-acre property includes a main home, guest house, pool, and green space.
(Jeff Elson)
NFL quarterback Jared Goff has sold his Hidden Hills home for $6.396 million — a nice improvement over the $4.05 million he paid for the place in 2018.
A native of California, Goff spent five seasons with the Rams and led the team to a Super Bowl appearance before being traded to the Detroit Lions in 2021. During his four-year stay, he overhauled his backyard by adding a custom golf chopping board and putting on the green.
Like many homes in Hidden Hills, the property has a large area of 1.4 acres and takes advantage of the main house, guest house, and backyard for entertaining with a pool, spa, covered patio, and BBQ area.
The rapper lists a waterfront mansion
The waterfront mansion spans over 10,000 square feet, is 110 feet tall on Biscayne Bay and comes with a private pier.
(Be Legendary / Douglas Elleman)
Lil Wayne settled in Hidden Hills last year, losing $15.4 million on a modern ranch on three acres. Now the rapper is doing his home shopping on the other side of the country, offering a mansion in Miami Beach for $29.5 million.
His West Coast home has a bit more space, but this East Coast home offers a prime location. Spread over half an acre on Alison Island, a 35-acre island filled with luxury homes on Biscayne Bay. To take advantage of the waterfront, there’s a tropical backyard with a pool, cabana, private pier, and a 110-foot waterfront.
The property is located behind the gates, and features an impressive entrance with double doors at the end of a floating walkway over the water. The exterior is wrapped in wood and glass, and the same design palette continues inside, where vast and simple spaces feature clean lines and 22-foot ceilings.
The studio has secured a $600 million expansion
The exterior of the historic Art Deco Television Center studio complex in Hollywood, which is undergoing a $600 million renovation.
(Louis Cinco/Los Angeles Times)
The historic Hollywood studio location, where stars such as Rudolph Valentino and Lillian Gish directed silent films, wrote Roger Vincent, is poised for a $600 million return in the new age of streaming entertainment.
The owner of the Television Center, which was once home to the Technicolor Film Lab and Metro Pictures Corp., plans to convert the old complex on Romaine Street into a larger, more modern studio that will rent production facilities to people who make movies and TV shows.
Driven by intense competition between streaming platforms such as Netflix and Apple TV+, television production is a major driver of demand for both on-site production and on-stage production.
In the popular Los Angeles episode of Thirty Mile Zone, developers upgrade old studios like Warner Bros. Ranch in Burbank and Universal Studios and creating entirely new studios, including one on the property of the former Sears store in Hollywood and one planned in the downtown Los Angeles Times printing factory.
Newsom signs affordable housing bills
A low-income housing complex is being rehabilitated at 2206 Great Highway on Friday, June 17, 2022, in San Francisco.
(Paul Kuroda/For The Times)
In a landmark deal between affordable housing groups and labor unions, Governor Gavin Newsom signed two major bills Wednesday to convert underutilized and vacant commercial buildings into housing, Hannah Wiley writes.
Senate Bill 6 and Assembly Bill 2011 stimulate housing projects in the commercial lanes for large retail and office buildings as a way to help California fill an estimated multi-million housing shortfall. Both projects guarantee union-wide wages and promise a rapid construction process, while maintaining development near city centers to help the state meet its environmental goals and avoid urban sprawl.
Newsom said the two laws would help California address the state’s “original sin” of housing affordability.
It was an intractable case. Decade after decade after decade, just fighting and talking about it and fighting each other in the process,” Newsom said.
what we read
If you own a home in Southern California, its value will likely increase every day. but how much? The New York Times analyzed the last decade of single-family home prices and found that homes in San Jose had a $266 daily net worth increase, the highest of any metro area in the country. Unsurprisingly, California cities took the top four spots on the list with San Francisco taking second place with $208, Anaheim coming in third at $146 and Los Angeles in fourth place with $123.
Amazon wants it to be right in your home, and its latest Astro robot is the most invasive, innovative and innovative gadget yet. The robot the size of a bowling ball rolls on two wheels and can monitor where you are while you’re away, but the tech giant announced new software this week, including the ability to recognize when a door or window has been left open or recognize and take videos of your pets. For now, the Jetson family’s Rosie still excels. Wired has the story.
from San Jose News Bulletin https://sjnewsbulletin.com/real-estate-newsletter-california-home-start-shrink/
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