Rent control may be coming to an LA County home near you, a Bird Streets mansion sells at massive loss: Daily Digest

A daily roundup of LA real estate news, deals and more for September 6, 2019

TRD LOS ANGELES /
September 06, 2019 03:30 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 3:30 p.m. PT

 

Online computer course mogul sells Birds Streets mansion at $10.5 million loss. Lynda Weinman made a fortune developing online computer training, but mastering L.A.’s luxury market is another skillset. Weinman bought the home two years ago for $27 million and sold for $16.5 million to Rockstar energy drink founder Russ Weiner. [Variety]

 
The Los Angeles County Board of Supervisors
The Los Angeles County Board of Supervisors

Los Angeles County moves closer to permanent rent control. County lawmakers will vote Tuesday on whether to instruct staffers to draw up a permanent ordinance that could see rents capped at 3 percent plus inflation. They are expected to do so. [TRD]

 

Beverly Hills mansion designed by Peter Choate lists for $42 million. The 10,600-square-foot home dates from 1987 and overlooks the L.A. Country Club. The home has been owned for decades by Donald Simon, son of industrialist Norton Simon. [TRD]

 

Real estate stocks are trailing behind the S&P 500. Of 28 stocks tracked by TRD, there’s been a marginal increase o. It’s a similar scenario to last week, which was also reacting to the latest in the U.S.-China trade war. [TRD]

 

Redfin plans to disclose broker commissions on all Seattle listings — for both the buyer’s and seller’s agents. The discount firm will do so starting Oct. 1, when the Northwest MLS will also allow 30,000 agents and brokers to publish how much sellers pay the buyer’s broker. The change was announced in July. Last week, Redfin said it would disclose how much it pays buyer’s agents in an effort to be more transparent. “My experience is that when one MLS makes a shift like this others will follow suit,” Kelman told Inman. [Inman]

 
Ellen DeGeneres and Portia de Rossi’s now-former ranch property in Santa Barbara (credit: Realtor.com)
Ellen DeGeneres and Portia de Rossi’s now-former ranch property in Santa Barbara (credit: Realtor.com)

Ellen and Portia close another quick flip. Ellen DeGeneres and Portia de Rossi sold a 10.5-acre ranch in Santa Barbara to Nickelodeon president Brian Robbins for just under $7 million. They paid $6.7 million for the property a year ago and originally asked $9 million. The couple have closed $152 million in real estate deals over the last two years. [Variety]

 

Developers plan 681 units near the city of Duarte’s Gold Line. The city of Duarte updated its long-range master plan earlier this year to encourage more housing and mixed-use construction near its Metro Gold Line station. Now, projects are rolling in. MWest Investment Group is looking to build a 619-unit complex near the station, while non-profit developer Jamboree Housing wants to build a 62-unit complex nearby. [Urbanize]

 

Hunt Real Estate Capital lends $64 million for affordable housing renovation in San Pedro. The New York-based lender provided a Fannie Mae loan on the 216-unit Park Western Apartments. SDG Housing Partners and Affordable Housing Access are taking on the project. The partners paid $63 million for the complex in March. [Hunt Real Estate Capital]

 
Softbank CEO Masayoshi Son (Credit: Getty Images)
Softbank CEO Masayoshi Son (Credit: Getty Images)

Staffers at SoftBank’s Vision Fund are feeling the heat. Following yesterday’s news that WeWork may IPO at halve its valuation, the stakes for fund employees have been revealed and many staffers’ compensation will be tied to WeWork’s IPO performance. They only get payouts once profits are booked and could have their money clawed back in the face of losses; senior staff could see clawbacks of 20 percent or more while more junior employees would be on the hook for repaying around 7 percent. [Bloomberg]

 

Fannie Mae and Freddie Mac aren’t going anywhere yet. The U.S. Treasury Department released its housing reform plan yesterday and, based on the report’s language, it seems that mortgage guarantors Fannie Mae and Freddie Mac are not getting out from under the government’s thumb anytime soon. Though the Trump Administration has recommended recapitalizing the companies and giving them independence, a clear plan for getting them the funds is vague. [WSJ]

 

Adam Neumann lashes out at Uber and Lyft. In a private meeting with analysts the We Company CEO criticized the ride-sharing companies’ spending, saying he thinks “there were growth issues. I think when you grow at any price there are consequences.” Shots fired. [Bloomberg]

 

President Trump has released plans to revamp the housing market. A new plan unveiled by the Trump administration on Thursday includes almost 50 proposals to remake the housing market — and could see the end of more than a decade of government control over Fannie Mae and Freddie Mac. [WaPo]

 

Paul Manafort calls foul on the state’s mortgage-fraud case against him. President Donald Trump’s former campaign chairman is seeking to have New York’s case against him dropped on the grounds that he’s already been tried on the charges in federal court. Manafort’s currently serving his seven-plus year sentence in Pennsylvania. [Bloomberg]

 

FROM THE CITY’S RECORDS:

A 20-unit Transit-Oriented Communities project is planned at 2422 S. Lincoln Boulevard in Venice. Two of the units are planned as affordable to “extremely low-income” renters. [LADCP]

Developer Orbinvest Capital wants to build an 18-unit TOC project at 226 N berendo Street in Koreatown. Two units are planned as affordable and the developer is requesting an 80 percent increase in density through TOC. [LADCP]


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