Newsletter: Hot Property: Fast times in the realty market
If we had to pick a single word other than "hot" to describe the Southern California housing market, we'd have to go with "active." Sellers and buyers are in hurry-up mode, homes are moving quickly and the urgency in the real estate marketplace is fueling full-price offers and overbidding.
Here's a sampling of this week's realty news that supports our semantic selection.
– Neal J. Leitereg and Lauren Beale
Multimillion-dollar turnaround
Who spends $12.7 million on a Pacific Palisades trophy home in September and just six months later puts it up for sale at $12.895 million? Somebody with fast moves, of course, on the basketball court and off.
DeAndre Jordan, the Los Angeles Clippers center, is ready to pass on his slightly used Cape Cod-inspired three-story mansion with 10,500 square feet of living space, a basketball half-court, an indoor exercise pool and a secret room with a hidden passage. He did add a putting green during his short stay.
DeAndre Jordan put his Pacific Palisades home up for sale at $12.895 million. (Realtor.com | Inset: Associated Press)
Another quick off-court move
There must be something about the hustle of the NBA. Current ESPN analyst and former Cleveland Cavalier Brad Daugherty has put his house in the Hope Ranch area of Santa Barbara up for sale after less than a year of ownership.
He bought the ranch-style home last year for about $2.356 million and is asking $2.795 million. With the improvements he made — his update of the kitchen involved removing the center island — plus commissions, he might end up at the break-even point financially. But at more than two acres with a swimming pool and a three-stall barn, it's a great bucolic property. Hope he enjoyed it.
The three-bedroom ranch house sits on more than two acres in Santa Barbara. (Realtor.com | Getty Images)
No slashing for "Dexter"
Michael C. Hall, known for his starring role on the memorable TV series "Dexter," found a home buyer willing to pay the exact asking price of $4.85 million for his Los Feliz compound. No slashing, cutting or gashing required. The Spanish Colonial Revival-style house, set behind gates and hedges, sits on more than a third of an acre with a guesthouse and a swimming pool.
The buyers are biting
"Scorpion" star Eddie Kaye Thomas went from listing to close of escrow in slightly more than a month. Plus he landed $900,000 for his Hollywood Hills bungalow — $50,500 more than his asking price. The modestly sized 1950s house has 987 square feet of character-infused interior space. Vaulted exposed-beam ceilings, a corner wood-burning fireplace and built-ins add plenty of charm.
The California bungalow-style home, built in 1959, is in Hollywood Hills. (Charmaine David Photography | Getty Images)
Old business, check
Eric Garcetti just crossed a big item off his agenda. The Los Angeles mayor and his wife, Amy Wakeland, sold their house in the Echo Park area for $1.705 million — $55,000 above the asking price. The 1950s glass-walled post-and-beam home sits on about half an acre and has views of the city. The hillside lot includes terraced vegetable gardens, fruit trees, patios and an outdoor dining area. A carport for two vehicles sits below the house. L.A.'s "first couple" lives in the official mayor's residence in Windsor Square.
The post-and-beam house sits on close to half an acre in Echo Park. (Michael McNamara / Shooting LA | Jay L. Clendenin / Los Angeles Times)
Their de-coupling continues
In the latest move to separate their real estate holdings, Megan Fox of “Transformers” fame and Brian Austin Green sold a Sherman Oaks home for $1.25 million. The actors, who parted ways last year, also sold their home in Toluca Lake this year. The Valley house is a rebuilt 2007 one-story that blends traditional and contemporary design. A great room with vaulted ceilings unifies the living room, dining area and kitchen. The place has a family-friendly vibe.
Revolving celebrities
In a star-studded hand-off typical of the Studio City housing market, Scott Clifton of “The Bold and the Beautiful” is the new owner of the home that actor Adam Arkin recently sold for $1.005 million. Set on a private gated road, the 1956 ranch house is tucked away on a secluded three-quarter-acre hillside lot. The quiet spot looks out on a canyon and trees. It's easy to see why this place would appeal to celebs. Privacy appears to be in abundance.
Scott Clifton bought the Studio City home of actor Adam Arkin for $1.005 million. (Realtor.com | Getty Images)
From the archives
Twenty years ago, actress Mariel Hemingway sold her celebrity-pedigree home in Brentwood for about $800,000. She bought the Spanish-style house and guest cottage in 1992 from actress Courteney Cox of "Friends," making it her primary residence before converting the property to a rental.
A decade ago, comic Bob Newhart and his wife, Virginia, listed their 1.3-acre Wallace Neff-designed estate in Bel-Air for $22 million. The couple had bought the French Country-style compound in 1990 for $4.2 million.
What we’re reading
— Back East, a former Billy Joel-owned piece of property known as Cove Beach is for sale in East Marion, N.Y., at $3.9 million. The vacant land encompasses 5.3 acres with a private beach and lagoon. Two homes can be built on the site, which could also be split into two parts at $2 million a pop.
— And in the Lone Star State, fun-loving blogger Candace Evans takes readers inside a home in Lakewood, Texas, owned by country singer Steve Holy. You'll have to read the entire story if you want the skinny, but here's a sampling: “great karma and music juju come with the house naturally.”
For more luxury real estate, visit us at the Hot Property blog and follow us on Twitter and Instagram.
