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L.A. Times - Real Estate News

Selling mom?s house may require an appraisal first
Dear Liz: My mother recently passed away. The title to her home was held in the family trust. My siblings and I are in the process of clearing out the house in preparation for a sale. Do we need to obtain a ?step-up? basis appraisal before the sale to use in determining capital gain on the home?...
The Pitch: Best of Brentwood
In the high-caliber housing market of Los Angeles, every neighborhood has a distinct style, offering a list of pros and cons that can leave even the surest of buyers second-guessing. Better views lead to longer commutes. Living closer to the action may mean sacrificing space. The Pitch digs into...
State levies record fine against owner of upscale Santa Monica hotel
The state Coastal Commission on Wednesday levied a record $15.6-million penalty against the owner of an upscale coastal hotel in Santa Monica because the hotel was built without proper permits that include providing for more affordable lodging in the area. The commission, at a meeting in Oxnard,...
Prime Beverly Hills development site sells for $130 million to New York developer
A long-vacant prime lot on Wilshire Boulevard in Beverly Hills has sold for $130 million to an international partnership that plans to build upmarket condominiums on the site. New York luxury real estate developer Shvo bought the block-long property at 9200 Wilshire Blvd. from New Pacific Realty...
Tom Barrack saved Michael Jackson from default. Barrack?s investors say they need a rescue too
As the global recession deepened in 2008, Tom Barrack was in his element. Over the course of two decades, the chief executive of Los Angeles-based Colony Capital had carved out a reputation as a real estate investor who placed winning bets when others ran scared. So, at the bidding of a longtime...
L.A. homes near mass transit often sell for more, a study finds
Access to public transit is the new granite countertop when it comes to home listings. That?s the takeaway from a study by real estate data firm Trulia, which looked at the language used to describe homes on the market in Los Angeles County from 2013 to 2018. Mentions of the city?s transit almost...
California Inc.: Southern California home prices dip for the first time in years
Welcome to California Inc., the weekly newsletter of the L.A. Times Business Section. I'm Business columnist David Lazarus, and here's a rundown of upcoming stories this week and the highlights of last week. In the market for new digs? We learned Friday that the SoCal median home price dipped slightly...
Home prices fall in Southern California for the first time in 7 years
The Southern California median home price dipped slightly in March from a year earlier, the first annual decrease since 2012 and a sign of a remarkable downshift from the once-sizzling regional housing market. The 0.1% drop, reported Friday by CoreLogic, means prices for the six-county region were...
How a hijacked listing for one of L.A.?s most expensive homes led to a $60-million lawsuit
It?s hard to overstate the opulence showcased in developer Bruce Makowsky?s $150-million spec house, dubbed ?Billionaire.? Perched above Bel Air, the four-story mansion offers a world of pure imagination within its walls. Jockeying for attention across 38,000 square feet are 12 bedrooms, 21 bathrooms,...
U.S. new-home sales climbed 4.5% in March, and prices sank
Sales of new U.S. homes increased 4.5% in March, the third straight monthly gain as the housing market appears to be cautiously recovering from a mortgage-rate spike last year that caused homebuying to slump. The Commerce Department said Tuesday that new homes sold at a seasonally adjusted annual...
Facing retirement with parent student loans? Transfer them to the kids
Dear Liz: I?m 60. Should I take a $50,000 distribution from my 401(k) to pay down my $146,000 parent Plus college loan and then try to refinance the balance with a private lender at a lower interest rate? I have $364,000 in my 401(k). I?m paying 8% interest on the parent Plus loan and planning...
U.S. housing starts drop to lowest level in two years amid affordability concerns
U.S. new-home construction unexpectedly fell in March, decelerating to the slowest pace since May 2017 and suggesting builders remain wary even as lower mortgage rates and steady wage gains offer support to consumers. Residential starts fell 0.3% to a 1.139-million annualized rate after a downwardly...
Actress-scout Ronnie Mellen asks a whopping $25 million for 1,500-square-foot home in BHPO
If you think home prices are too steep in your neighborhood, divert your eyes from the Beverly Hills Post Office area. Actress turned location scout Ronnie Mellen is asking $25 million for her 1,497-square-foot home. That?s a cool $16,700 per square foot. For reference, the iconic Playboy Mansion...
Is the starter home a thing of the past? In L.A., it all depends on location
The starter home has long served as the steppingstone into homeownership. But lately it?s become difficult to tell first-timers from repeat home buyers, according to Zillow. Both groups have similar preferences when it comes to square footage (2,000) and bedroom count (3), the real estate firm...
Warner Music turns former Ford assembly plant into Arts District music factory
Employees of Warner Music Group Inc. for the last several weeks have been toiling in the same red brick building where men who could have been their great-grandfathers put together shiny black automobiles. Their new workstations line the route of an assembly line built more than a century ago to...
He started in a hotel laundry room and now runs a luxury resort chain
Radha Arora, 60, is president of Rosewood Hotels & Resorts, a 10,000-employee luxury hotel chain with 26 properties in 15 countries. A Rosewood venture recently opened in Montecito: a seaside resort built by real estate magnate Rick Caruso, called Rosewood Miramar Beach. Rosewood plans to add 21...
Southern California home sales slowdown deepened in February; agents see busier times ahead
Southern California home prices barely rose in February from a year earlier, as buyers continue to struggle with the high cost of housing, according to a report out Wednesday. The six-county region?s median price ? the point where half the homes sold for more and half for less ? increased just...
Hot Property: Dennis Quaid breaks tie to Pacific Palisades home
It?s a wrap in the Pacific Palisades, where Dennis Quaid has sold his home for $5.9 million. That?s down about $600,000 from what the actor originally sought last summer. Built in 1929, the home has stayed in touch with its architectural roots, offering leaded glass windows, an ivy-draped fa?ade...
U.S. sales of existing homes jumped 11.8% in February
Sales of existing homes in the U.S. soared 11.8% in February, aided by accelerating wages and falling mortgage rates that are improving affordability. The National Assn. of Realtors said Friday that existing homes sold at a seasonally adjusted annual rate of 5.51 million last month, a decisively...
Income potential is a big selling point for L.A.?s millennial home buyer
More than one-third of millennial buyers say it?s very important that their new home offer some way of generating income, according to Zillow. In Los Angeles, millennials are getting more creative as they try to grapple with the area?s high cost of living and squeeze more out of their investments,...

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