The Real Deal Los Angeles

  • Iconic Sunset Tower Hotel in WeHo could fetch $90M: sources

    Hotelier Jeff Klein and majority owner Elevated Returns seek record price for celeb hangout
    February 23, 2017 07:43PM By Hannah Miet

    From left, Jeff Klein, the Sunset Tower Hotel and Rachel Zoe on the night of her show there (Getty, JK Hotel Group)

    It’s the hotel where Katy Perry first went public with new boo Orlando Bloom; where Jerry Hall flashed the engagement ring Rupert Murdoch gave her at a Golden Globes party; and where Rachel Zoe recently presented her latest collection to a party of guests that included Emma Stone, Selena Gomez and The Weeknd. Now, its owners are looking to take that seen-and-be-seen cache to the bank. [more]

  • MLS launches Chinese translation of listings

    Firm says plan is to offer additional languages on its site
    February 23, 2017 06:34PM By Subrina Hudson

    MLSListings’ Chinese translation, Jonathan Genton and Thomas Hilal (MLSListings/Genton Property Group/Nourmand & Associates)

    Chinese investors have made quite a dent in L.A.’s real estate market, which hasn’t gone unnoticed by real estate platform MLSListings Inc.

    The company launched Chinese translation on its website Thursday. It’s the first listing service to offer such translation for agents and brokers, the company said in an announcement. [more]

  • Vacancy in SaMo’s office market dropped nearly 5.6% in one quarter

    Report shows city's strongest quarter ever in terms of net absorption
    February 23, 2017 05:14PM By Subrina Hudson

    Santa Monica Pier, Oracle co-chief executives Safra Catz and Mark Hurd (Getty Images/Oracle)

    The tail end of 2016 was ripe with Santa Monica office news, from Oracle’s purchase of 2700 Colorado to reports that Snapchat was looking to take a massive space at Santa Monica Business Park. Now, fourth quarter data is illuminating the full scope of the change in the submarket, where vacancy rates dropped to the lowest levels since 2015.

    Demand from tech and media firms helped push vacancy down from 15.1 percent in the third quarter to 9.5 percent in the fourth quarter of last year, according to a report from CBRE. [more]

  • Fannie-Freddie case puts spotlight on Mnuchin’s housing finance plans

    Housing groups think mortgage market overhaul isn't a high priority for the Treasury Secretary
    February 23, 2017 03:30PM

    Treasury Secretary Steve Mnuchin (Credit: Getty Images)

    From the New York website: Steven Mnuchin’s may soon be forced to clarify his plans for housing finance reform, following this week’s federal appeal court decision that investors in Fannie Mae and Freddie Mack aren’t entitled to billions in profits. [more]

  • Trump’s immigration crackdown could “decimate” California construction sites: report

    More than 20% of construction workers in California are undocumented
    February 23, 2017 02:44PM

    Construction laborers work on the construction of the Broad Museum in 2013 (Credit: Getty)

    President Donald Trump’s order for immigration agencies to target undocumented immigrants is a cause for concern for a wide range of California businesses, according to a study by the USC Center for the Study of Immigrant Integration. Among them, real estate is front and center.

    More than 20 percent of all construction workers are undocumented, the Los Angeles Times reported, citing the USC report. They comprise 10 percent of the overall labor force in the state. [more]

  • Sales of mega-mansions geared toward Chinese buyers slump in SGV

    Regulations have Chinese buyers tapping the brakes in places like Arcadia
    February 23, 2017 01:57PM

    Dee Chou, Fallen Leaf Road home (Coldwell Banker Residential)

    Mansions geared towards Chinese buyers — some featuring crystal chandeliers, marble floors and no fewer than eight bedrooms — were at one point selling like hot cakes in the San Gabriel Valley.

    But more recently, as Chinese investors face stricter guidelines back home, homes have spent months sitting on the market with no takers. [more]

  • Treasury extends LLC disclosure rule, but to what effect?

    Brokers and lawyers report little impact on deals
    February 23, 2017 12:00PM By E.B. Solomont

    Uncle Sam and an aerial view of New York City (Credit: Getty Images)

    From the New York website: Nearly a year after launching a pilot program designed to unmask hidden buyers of luxury real estate, the Treasury Department extended the regulation on Thursday in a continued effort to crack down on money laundering. [more]

  • “Fast and Furious” creator scores Woodland Hills home for $1.76M

    Filmmaker Rob Cohen paid just under ask for the property
    February 23, 2017 11:30AM

    Rob Cohen and his new home on Lubao Avenue (Credit: Wikipedia, Cristnet)

    “Fast and Furious” creator Rob Cohen is about to zoom into Woodland Hills.

    The filmmaker snagged a 4,650-square-foot Mediterranean villa with five bedrooms and four bathrooms for $1.76 million, the Los Angeles Times reported. [more]

  • How many big US real estate deals have Chinese insurers made this year? None

    Group was among the most active buyers over the past 3 years
    February 23, 2017 10:45AM

    Anbang’s Wu Xiaohui and the Waldorf-Astoria

    From the New York website: China’s insurance giants have hit the brakes on their $100 billion buying spree following a regulatory squeeze on speculation and new limits on outbound capital.

    Insurers like Anbang Insurance Group, Ping An Insurance and China Life Insurance – some of the most active buyers last year – haven’t made any acquisitions so far this year, Bloomberg reported. [more]

  • LA has the fourth largest percentage of renters in U.S.: report

    The majority of renting households are families, rather than single millennials
    February 23, 2017 09:40AM

    (Credit: Adobo)

    Los Angeles has a significantly higher percentage of renters than other major U.S. cities, a new report shows.

    About 54 percent of all Los Angeles homes, condos, and apartments are rented, compared to 50.7 percent in New York and 50.9 percent in San Francisco, according to the report from Adobo.

    More than 60 percent of those renters are families rather than single-person households, a signal that the rising price of L.A. housing may be the culprit, Curbed noted.  [more]