Real estate speculators push up prices in Hollywood’s hills of gold

But price appreciation could have consequences in the next economic downturn, experts warn

TRD LOS ANGELES /
Jan.January 25, 2017 08:30 AM

From the January issue: Tourists who flock to the Hollywood Hills for a photo op with the city’s famous sign may imagine that the hills are alive with the impressive mansions of the Silver Screen’s rich and famous.

They are, but many of the homes and building lots are also in the hands of Internet entrepreneurs and speculators — especially in the sections where it’s relatively easy to win permission to tear down existing structures in order to construct custom homes to desired specifications.

The uptick in teardowns, driven by tech titans as well as financiers and real estate investors, is pushing up home prices in the Hollywood Hills.

“Today, tech entrepreneurs will pay over $20 million for a property because they not only have that money, but they are making money on top of that,” said Zach Goldsmith, an agent with Hilton & Hyland and Christie’s International Real Estate, which are affiliated. [More]


Related Articles

arrow_forward_ios
JADE Enterprises Director of Development Daniel Taban and the development site (Credit: Google Maps)

Jade Enterprises plans apartment complex in Hollywood

Jade Enterprises plans apartment complex in Hollywood
Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

MP Los Angeles plans 14-story office development in Hollywood
A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood
Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Bardas Investment pays $23M for Seward House in Hollywood
Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hotel developer looks to transform Hollywood’s historic Palmer Building
Amoeba Musice is moving to Hollywood Blvd. (Photo Credit: Amoeba Music)

Vinyl still rules! Amoeba Records finds new Hollywood locale

Vinyl still rules! Amoeba Records finds new Hollywood locale
1700 North La Brea Avenue (Credit: Google Maps and Getty Images)

PNK-linked developer eyes another Hollywood hotel project

PNK-linked developer eyes another Hollywood hotel project
Michaekl Rapino of LiveNation, Richard LeFrak, and 7060 Hollywood Boulevard

Live Nation’s Hollywood exit leaves big hole for LeFrak

Live Nation’s Hollywood exit leaves big hole for LeFrak
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...