Real Estate newsletter: A Bradbury mansion bought with burger money
Welcome back to the Real Estate newsletter, your weekly window into a Southern California housing market that has barely skipped a beat since the pandemic began a year ago.
With limited supply and a horde of homebuyers, sellers have all the power this spring. In-N-Out heiress Lynsi Snyder is trying to take advantage of the hot market by serving up a four-acre estate near the beloved burger chain’s original location, and Creedence Clearwater Revival frontman John Fogerty is trying to shed his remodeled Encino showplace to the tune of $9 million.
So far in March, nearly half of all Hollywood Hills home sales closed for over the asking price, including Diplo’s scenic perch. The Grammy-winning DJ hauled in $110,000 more than he wanted for the four-story spot.
Housing reporter Andrew Khouri looked into what’s fueling the market, as the median home price hit an all-time high of $619,750 in February.
As the city streamlines the process for accessory dwelling units (a.k.a ADUs, a.k.a granny flats) as a solution for the housing crisis, Lisa Boone looked at one builder who challenged himself to build one of the often-costly units for less than $100,000.
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In-N-Out of her Bradbury mansion
A house bought with burger money is back up for grabs in Bradbury. In-N-Out heiress Lynsi Snyder, whose grandparents founded the beloved fast food chain, flipped her amenity-loaded mansion onto the market for $16.8 million.
The Mediterranean-style retreat spans four acres in Bradbury Estates, a guard-gated community just a few miles north of Baldwin Park — where Snyder’s grandparents Harry and Esther Snyder opened the first In-N-Out Burger in 1948.
Snyder bought the place from former Dodgers star Adrián Beltré for $17.41 million in 2012, records show. At $16.8 million, it’s the priciest property currently on the market in the San Gabriel Valley city.
The estate offers a world of its own with two homes that combine for more than 18,000 square feet, as well as a 3,400-square-foot recreation center, two-hole golf course, tennis court, basketball court, infinity-edge pool and cabana set among vineyards and fruit trees.
Legendary singer tunes into the market
John Fogerty has put in the work, and now he’s looking to cash out in Encino. After a dramatic remodel, the Creedence Clearwater Revival frontman listed his 9,000-square-foot house in the San Fernando Valley for $9 million.
Fogerty, the Berkeley native who was inducted into the Rock and Roll Hall of Fame with hits such as “Proud Mary” and “Fortunate Son,” bought the property three years ago for $6.75 million from Michael Sugar, the film and TV producer behind “Spotlight” and “13 Reasons Why.” One could be forgiven for not recognizing it, though, as Fogerty changed just about everything during his stay.
Built in 2016 as a traditional-style spot with light shades of blue on the outside and neutral tones inside, the home now sports a striking exterior of shingles and stained wood. A portico entry of glass and steel leads inside.
Fogerty loaded the living spaces with lumber; wood lines floors, walls and ceilings in the kitchen, dining room and the indoor-outdoor family room, which has a built-in fireplace. He added shades of black in the living room and movie theater, and blue in the lounge, where there’s a wet bar.
DJ gets more than he wanted
Diplo’s Hollywood Hills home was a hit. After listing the four-story perch for $2.695 million last month, he sold the place for $2.805 million, finding a buyer in five days.
The Grammy-winning DJ, whose real name is Thomas Pentz, swapped scenic views for space late last year, buying Kid Rock’s sprawling Balinese-inspired mansion on 1.5 acres in Malibu for $13.15 million in October.
This place is a bit cozier at 2,500 square feet, but it boasts terraces, decks and patios across the floor plan to take advantage of the hillside setting. Up top, a penthouse suite with walls of glass features a lounge, spa bathroom and private balcony.
Diplo made nearly $400,000 on the deal. Records show he bought the property for $2.425 million in 2016.
Historically hot market
Southern California home prices reached an all-time high in February as buyers competed amid a shortage of homes for sale, adding to signs that pandemic home-buying trends are extending into 2021, writes Andrew Khouri.
The six-county region’s median sales price jumped nearly 15% from a year earlier to $619,750, according to data from real estate firm DQNews.
The numbers, published Tuesday, show how a pandemic housing boom driven by historically low borrowing costs and by demand for more space is extending into 2021. Another factor: Many millennials are entering their early 30s — a time when a lot of people purchase their first home.
The data show that the increase in demand hasn’t been met by a surge in listings, leading to bidding wars and subsequent higher prices.
Affordable ADUs
In 2019, Alexis Navarro set out to fix a problem that had plagued his rental property for years: inefficient and ill-considered design, writes Lisa Boone.
As a professor of architecture and design with a working-class background, he said he found himself thinking: “How can I design and build something that is low-cost and attractive for people who can’t afford quality living spaces?” So Navarro built an accessory dwelling unit.
Navarro’s quest arrives in the midst of a housing crisis so severe that the city of Los Angeles has turned to ADUs as part of the solution. On March 5, the city launched the ADU/Standard Plan Program — an initiative that offers homeowners and builders access to a variety of preapproved ADU building plans and designs to allow for faster and less expensive permitting.
His granny flat simplifies design and building and manages to come in at less than $100,000 while providing a living room, bedroom, kitchen and bathroom in 536 meticulously planned square feet. In experimenting with everyday construction, Navarro reminds us that good design doesn’t have to be expensive.
What we’re reading
TechCrunch talked to 10 real estate property tech investors and came out with a few surprising post-pandemic predictions, including a power shift from landlords to office renters because the pandemic rendered physical office space nonessential for some businesses. One investor also predicted a comeback for physical retail stores in spite of e-commerce with many shoppers hungry for in-person interaction.
The Mercury News reported that a package of more than a dozen hotels will be auctioned off with a minimum price of $470 million, including two Bay Area hotels and the historic Queen Mary, a one-time cruise ship converted into a floating hotel docked in Long Beach.
