Samara, Rick Caruso’s Steadfast LA Install First Modular Home

Last week, Rick Caruso said “no” to a political run. This week, the why became a bit clearer.

As the developer shook hands and spoke to a crowd sitting by an empty residential lot on La Fiesta Avenue in Altadena on Thursday, he uttered the word “private” four times in less than three-and-a-half minutes — as in “private sector” and “private individuals.”

The purpose of the gathering on the residential street was to watch a 950-square-foot, factory-built home by Samara — the modular home outfit started by Airbnb founder Joe Gebbia — being dropped by crane and installed onto the lot to replace the property burned down by last year’s Eaton Fire.

“A little over a year ago, it was clear to me that we had to have private enterprise, private individuals, jump into action and help the city, the county and the state, so Steadfast was formed,” Caruso told the crowd.

The Caruso-founded non-profit is steered by a consortium of executives hailing from real estate, technology, finance and other industries to help expedite wildfire rebuilding.

Steadfast and Samara teamed to start a program, giving modular homes to qualified homeowners who lost their homes from the fires. After Friday’s installation, eight other families are in line for Samara-built homes.

“This is what the private sector can do,” Caruso said, motioning to the work Steadfast and Samara are doing.

When the developer confirmed last week that he would not run for an elected office, part of his consideration was where “I can make the greatest impact.” His comments this week, and the tangible result of a family standing before what will be their new home in a matter of weeks, help fill in the picture.

Mismanaged funds

Speaking of local government, news broke Friday that Alexander Soofer was arrested by federal prosecutors. The Westwood resident is being charged with taking $23 million in public funds earmarked for homelessness programs.

Soofer is the CEO of Abundant Blessings, a nonprofit that holds contracts with the Los Angeles Homeless Services Authority, an agency jointly funded by the county and city to coordinate social services and housing.

The federal criminal complaint alleges Soofer funneled some of the money toward a $7 million Westwood home, a $125,000 Range Rover, private school for his kids and other personal luxuries.

Los Angeles Councilwoman Monica Rodriguez slammed LAHSA on Friday, asserting the agency “has repeatedly failed to provide the basic oversight or accountability required for public resources.” She called the charges against Soofer “yet another example of the enormous resources that have been wasted while people remain unhoused and without help.”

Getting real on pricing

You might have missed the most recent price cut for the spec mansion called “La Fin” in Bel-Air—and you’d be forgiven if you had. It was the fifth cut since 2022 when 1200 Bel Air Road went on the market for $139 million.

The latest asking price is just under $100 million, which Christie’s International Real Estate Southern California founder and CEO Aaron Kirman said represented a more “pragmatic luxury market.”

In other words, sellers are coming to terms with what buyers are willing to pay.

That opens the door to the question of whether the market sees a repeat of last year’s trend of mansions closing below their original ask.

If the roughly 105,000-square-foot mega mansion’s price cut and the thinking behind it from several of its listing agents (there’s a team of seven hailing from four brokerages) is any indication, that would seem to be the case.

Carolwood’s latest play

In business, growth is a balancing act.

It’s weighed against the need to generate more revenue to pay for additional talent or other resources, with factors that can’t always be quantified, such as brand equity.

Carolwood Estates seems to be striking the balance.

As the brokerage continues to grow its share of the local market, it’s still found ways to expand its customer base geographically without losing its Beverly Hills boutique branding as seen with this past week’s announcement of a partnership with Knight Frank.

The deal with the London real estate firm opens the buyer and seller pool for Carolwood. It now has the ability to market overseas to buyers looking for West Coast trophy properties or show existing clients a growing reach.