Real Estate newsletter: Home prices hit an all-time high

Welcome back to the real estate newsletter where I have to re-let you know that the market is hot – really hot.

In fact, according to apartment data from April, it is record-breaking hot. Last month, property prices in Southern California soared to an all-time high, with the median hitting $ 655,000. That is an increase of 20.2% compared to the previous year. You would have to go back to the Obama presidency to find the latest over 20% increase.

Fear not: LA still has (relatively) affordable homes. You just need to know where to look. The median home price in LA County was $ 750,000 in April, so The Times looked at seven homes in seven LA communities in the market for a little less: $ 700,000.

Some Celebrities in the San Fernando Valley: Dwyane Wade and Gabrielle Union sold their romantic hillside villa for $ 5.5 million. That’s half a million less than what they paid for, but something tells me they can afford to take the loss.

Good news and bad news in the commercial real estate sector (depending on how you see it). The good news: The Lakers stay seated. Rather than possibly following the lead of Clippers and moving to another part of town, they extended their lease at the Staples Center for another two decades.

The bad news: Skyslide has been marked for death. The glass attraction atop the US Bank Tower is closing as part of a $ 60 million upgrade that is designed to attract businesses rather than tourists. You need to find another place to spend your money on a four second trip.

Visit our Facebook page for property stories and updates all week while you keep up to date with the latest developments.

April record

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April home sales rose 86.2% year-over-year to a total of 25,857 transactions, up from 13,889 in April 2020.

(San Diego Union-Tribune)

Southern California property prices hit an all-time high in April as the housing market got even hotter.

According to real estate company DQNews, the average home price in the region with six counties rose by 20.2% year-on-year to a record $ 655,000. That’s $ 25,000 more than the previous average record in March. The jump of 20.2% is the first year-on-year increase of more than 20% since December 2013.

April home sales rose 86.2% year-over-year to a total of 25,857 transactions, compared to 13,889 in April 2020. This reflects both the pandemic-triggered housing boom and a market that was cooled by the coronavirus last spring than the Sales died in escrow and potential sellers decided not to move.

It’s the ninth straight month of double-digit price hikes, and experts attribute a mix of factors including extremely low mortgage rates, rising demand for space, and an emerging demographic for home buying: millennials.

Seven districts, seven houses

A black two story house with a staircase

This City Terrace home features a recently remodeled main house and bonus room.

(Ace missions)

It’s no secret: LA’s historically hot real estate market is brutal for buyers. As a result of the pandemic-sparked real estate boom, the average home price in LA County rose to $ 750,000 in April, up 19% year over year.

Bid wars and a lack of sellers make it difficult to get good deals, but there are still plenty of great options out there if you look in the right neighborhoods. The Times looked at what currently costs around $ 700,000 in seven LA communities.

Power couple completes a sale

A big white house with a red tile roof

The 8,650 square meter villa extends over three floors and is led through the heart of the house by a sculptural staircase.

(PostRAIN Productions)

Dwyane Wade and Gabrielle Union made a sale but not a profit at Sherman Oaks. They just unloaded their Mediterranean-style mansion for $ 5.5 million or half a million less than in 2018.

You probably don’t miss the money too much. The energetic couple dropped $ 17.9 million on a 17,000-square-foot venue in Hidden Hills last year, and Wade, a three-time NBA champion, acquired a stake in Utah Jazz last month.

The Sherman Oaks home is 8,650 square feet on a private promontory with breathtaking views of the San Fernando Valley. A private road approaches the house, which leads up an architectural staircase that winds through the heart of the three-story floor plan.

Lakers stay seated

Two people walk towards the Staples Center Arena with a welcome sign in the foreground

A slow gathering of fans makes their way to the entrance of the Staples Center for the Lakers-Celtics game on April 15th.

(Myung Chun / Los Angeles Times)

With the expiry of their lease at the Staples Center in a few years, the Lakers could have followed the Clippers’ plan and moved to another part of town, built their own arena and kept all the revenue, writes sports journalist David Wharton.

Instead, the defending NBA champions have chosen to stay on the field.

The franchise company will extend its lease with the owner AEG for another two decades until 2041. The agreement calls for a commitment to spend “nine-digit amounts” on capital improvements and upgrades in the 22-year-old arena.

A team official said renovations were key to expanding, as was a desire to stay downtown.

Goodbye, Skyslide

A man slides down a glass slide high above downtown Los Angeles

Media members travel 1,000 feet above downtown Los Angeles from the 70th floor to the 69th floor of the US Bank Tower for four seconds.

(Brian van der Brug / Los Angeles Times)

The owner of the US Bank Tower in downtown Los Angeles will spend $ 60 million to modernize and reposition the 73-story skyscraper, which has been a prominent feature of the city’s skyline since its completion in 1989, but has become a part of the world Has sought tenants for commercial purposes in recent years, writes real estate reporter Roger Vincent.

Part of the redesign calls for an end to the quest to become a tourist spot by adding the long enclosed public viewing platform and a sky-high outdoor slide called the Skyslide between two of the top floors, which was previously owned in 2016.

Four seconds of hair-raising sliding down a glass attraction high above the city were apparently not popular with visitors or tenants of the building.

New York developer Silverstein Properties, who bought the building last year for $ 430 million, hopes to make the imposing tower more attractive to creative businesses that have often turned their backs on high-rises to newer campus-style properties with outdoor space maintain and leisure-oriented amenities.

What we read

In its recent dive into the intersection of real estate and NFTs, the New York Times spoke to the co-founder of SuperWorld, a virtual reality space with 64 billion equal-sized lots covering the earth. Users can hypothetically buy virtual land that the Eiffel Tower or Coliseum is on and the company has already sold thousands of lots with the average person spending $ 2,000.

In the “Clever” section of Architectural Digest, AirBnbs’ dream list has been worked through. The eye-catching group of rental properties include a glamping dome in North Carolina, a UFO-inspired structure in Joshua Tree, and the Bloomhouse: a curving, whimsical space dubbed “Part Willy” Wonka, Part “Big Lebowski”. “