Home sales in SoCal dip, disgraced ex-USC dean sells home to daughter of Majestic Realty chairman: Daily digest

A daily round up of LA real estate news, deals and more for September 25, 2019

TRD LOS ANGELES /
Sep.September 25, 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

 

SoCal home sales are still slipping. The six-county region’s median home price was $535,000 last month, unchanged year over year. As for home sales, that number ticked down 1.2 percent, according to data from CoreLogic. The recent figures follow months of sluggish home sales, particularly at the high end. [LAT]

 

Disgraced former USC dean sells home to daughter of Majestic Realty chairman. Carmen Puliafito, who resigned after the Los Angeles Times revealed he took hard drugs while he employed as medical school dean, sold his 11,150-square-foot mansion in Pasadena for $5.7 million. The buyer was Katrina Roski, daughter of Majestic chairman Ed Roski Jr. [LAT]

 

Earl Carroll Theatre is set for grand re-opening in 2020. The restoration of the historic 38,000-square-foot theater in Hollywood will be complete by the end of next year. Thaddeus Hunter Smith, one of the former owners of Fonda Theater, has already inked a 10-year lease to take over and revitalize the space, he said. [Curbed]

 

Developer JPI plans 20-acre mixed-use community in Carson. The Texas-based developer wants to build 1,000 residential units, a 200-key hotel, and 15,000 square feet of retail space at a defunct auto dealership in the South Bay city. Renderings show a mix of five-story apartment buildings and three-story townhomes, as well as standalone retail spaces. [Urbanize]

 
Alan Silvestri’s Carmel estate (credit: Tim Allen, Coldwell Banker)
Alan Silvestri’s Carmel estate (credit: Tim Allen, Coldwell Banker)

Back to the market: Hollywood composer wants $1 million an acre for Carmel estate. Alan Silvestri wants $14 million for the sprawling, 14-acre estate complete with a 12,200-square-foot main house and three guesthouses. He put the estate on the market last year for $17 million, but no buyer emerged. Silvestri composed the score for “Avengers” franchise, as well as “Forrest Gump” and “Back to the Future” trilogy. [LAT]

 

L.A. City Council pulls back on public sleeping ban following contentious meeting. Council members sent the proposal — to revive a city ordinance that hasn’t been enforced since 2007 — back to the homelessness and poverty committee, which is expected to scale back the proposal. Critics of the bill have been vocal about the tangible, negative impacts it would have on the thousands of homeless in the city and the message it sends to Angelenos. [Curbed]

 
A new rendering of the 190-unit affordable complex (credit: Los Angeles County Metropolitan Transportation Authority)
A new rendering of the 190-unit affordable complex (credit: Los Angeles County Metropolitan Transportation Authority)

Affordable complex at Vermont/Santa Monica Red Line station shapes up. Metro officials shared new renderings of the 190-unit development for the East Hollywood Metro station. The developer, Little Tokyo Service Center, wants to build a series of six-story buildings with ground-floor retail space. Groundbreaking could come in 2021. [Curbed]

 

AB 1482: the rent regulations real estate can’t hate. Real estate investors and trade groups got a good deal with the statewide rent measure that Gov. Newsom is soon to sign into law. One trade group even lobbied to have the bill extended to create more certainty for investors. [TRD]

 

Decron Properties pushes into Warner Center with $79 million multifamily buy. The Mid-Wilshire-based firm picked up the 250-unit Alura apartment complex in Woodland Hills from Pacific Urban Residential. Decron plans to renovate the complex. [TRD]

 

Adam Neumann is out. Now what? WeWork is in talks with JPMorgan Chase and Goldman Sachs for a new $3 billion loan, contingent on raising significant equity. The office-space company is also looking at closing side businesses, such as WeGrow, and laying off thousands of employees. [Bloomberg]

 

An impeachment inquiry against President Trump begins. While the House will focus on his discussions with the Ukrainian president, Trump and his associates have a history of dealings in the country, TRD found. [TRD]


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