Agnes Ayres Hollywood Hills Listing Featured In LA Times (client placement)
October 1, 2014 § Leave a comment
Onetime Hollywood home of silent film star Agnes Ayres for sale
Listed for sale at $1.998 million, the Spanish Revival-style home most recently sold in 2004 for $989,000. The stone and stucco clad home went for just $548,000 in 1994. Three years before that, the property sold for $756,500. In the late 1980s, before the real estate bubble, the house was asking as much as $1.35 million.
In keeping with the period style, original details include a turreted entry, detailed corbels, arched doorways and wrought iron finishes.
Paneled ceilings, hardwood flooring and French doors are common themes throughout the 3,573 square feet of living space, which counts four bedrooms and 3.25 baths. Features include a cook’s kitchen with custom cabinetry and a bay window and a living room with tall stone fireplace, elaborate ceiling trusses and skylights.
Outside, the relaxed grounds center on a covered entertainer’s space with a fireplace adjacent to an outdoor dining area and barbecue.
Susan Andrews of John Aaroe Groups is the listing agent.
Twitter: @NJLeitereg
David Arquette Buys Windsor Square Estate
October 1, 2014 § Leave a comment
David Arquette just closed on a historic Windsor Square estate for $7.15 million as reported by Variety. The home was originally built for attorney Henry O’Melveny by renowned architect Sumner Hunt at Hunt, Eager & Burns in 1908. The English Craftsman style estate has been restored and is now a registered Los Angeles Cultural Monument.
There are eight bedrooms and 6 1/2 bathrooms in its estimated 9,708 square feet including a study, a sun room, a basement with wine cellar and a fully finished attic space converted to a multi-purpose entertainment area.
The lot size is 32,400 square feet and its outdoor living areas include an fireplace, a koi pond and an ozone-filtered pool with a swim lane.
Windsor Square is the most coveted neighborhood within Hancock Park, one of LA’s distinguished historic districts. It dates back to 1796 when it was under Spanish rule, according to the Windsor Square Association, and encompasses the area of the City of Los Angeles between Wilshire and Beverly, Arden, Bronson and Van Ness.
Inside Look: Los Feliz Homes For Sale
October 1, 2014 § Leave a comment
As reported in our July Housing article, Los Angeles real estate has seen a drop in sales, so let’s take a look at what’s available in the marketplace this week—specifically Los Feliz homes for sale.
First on the list is this gorgeous property located at 2330 Inverness Avenue.
The mid-century modern was recently renovated into an all-new contemporary space.
The open floorplan is flooded with light and warmed by the rich tones of the wood, tile and stone finishes.
Walls of glass open to a huge pool and outdoor entertaining areas for dining and lounging. The yard is ringed in bamboo for privacy and sits along a private driveway, as described on MLS. It’s on the market for $2.195.
Next on the list is 4520 Dundee Drive.
Los Feliz homes are for the most part architectural beauties built in the 1920s for screen stars working in Hollywood studios. 4520 Dundee Drive is accredited as Historical Cultural Monument number 674. It was built by Architect Edward Fickett in 1966 and is the first contemporary structure to receive Landmark Status by the City of Los Angeles.
MLS describes the site as a private, intact original post and beam masterpiece. “The Jacobson Residence” embodies the distinguishing characteristics of Fickett’s work; custom designed light fixtures, clerestory windows, room partitions, walnut paneling, built-in amenities such as bar and music storage, aggregate stone paving, large wrap-around decks and interior atrium positioned to allow soft light into areas of the home. Commanding landmark views, a swimmers pool, and separate guest/office quarters with three bedrooms, 2 baths, a study, and private entertainment pavilion.
It is powered by solar panels and skylights to serve today’s lifestyle, and sited on one of the finest architectural streets in prime Los Feliz with a 13,000+ square foot lot. It’s on the market for $3.3M.
Last Los Feliz house of note this week is 2541 Chislehurst Place.
Its 1989 build date makes this the newest of the selection. The modern 4,000 square foot home is located in the Los Feliz Hills with dramatic Downtown views. Its spacious floor plans include 4 bedrooms, vaulted ceilings, 4 bathrooms, plus a den and an office with a roof deck for entertaining. It’s listed for $2.29 and is open for viewing.
Beautiful sweeping views of the Los Angeles skyline can be seen from several rooms.
These three are stellar examples of what Los Feliz homes have to offer: some of LA’s most interesting historic architecture.
JULY HOUSING NUMBERS ARE IN
October 1, 2014 § Leave a comment
NATIONAL HOME SALES STABILIZE
July housing numbers are in. According to the National Association of Realtors, home sales have risen to their highest annual rate of the year while distressed sales are on an ongoing decline.
Data includes sales of single-family homes, townhomes, condominiums and co-ops which rose 2.4 percent on a seasonally adjusted rate of 5.15 million in July from 5.03 million in June, but remain 4.3 percent below the 5.38 million unit level from last July when it peaked, reports the National Association of Realtors.
Lawrence Yun, NAR chief economist, does warn “Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy,” which signals a decline in affordability.
SOUTHERN CALIFORNIA SALES DROP DRAMATICALLY
While national data shows promise, Southern California has seen a dramatic drop in home sales in July. The LA Times reports that the drop follows declines from buyers struggling to afford houses after last year’s price surge.
At the end of July, housing inventory rose from 3.5 percent to 2.37 million homes available for sale, representing 5.5-month supply at the present sales pace. When inventory rises, buyers have more choices—creating more supply and less demand.
The median time spent on the market for all homes was 48 days, up from 44 days in June. The longer these homes stay on the market, the less hot the market is.
New home sales dropped last month after rising 4.4% in June. The broad drop in sales comes from less demand not only from families but also from investors. Foreclosures—which appeal to investors most—flood inventory after the market bubble bursts, depress values and ruins credit for those forced to leave their homes. However, with all that low-priced inventory shrinking, investors have pulled back.
The report goes on to describe its economic repercussions: Because new home buyers spend on furniture, renovations, redesigns and moving services—those business too will feel the domino effect of the decline. Leslie Appleton-Young, chief economist for the California Assn. of Realtors states, “The housing multiplier effect is very significant, because there are so many things that happen with a home purchase.”
Real estate analyst Bill McBride says this is part of the recovery process, “We are just getting rid of the foreclosures.” During this recovery, buyers are no longer
investing in the surplus of homes and families haven’t been able to afford the inventory–despite mortgage rates being at near historical lows.
An analyst with CoreLogic DataQuick, Andrew LePage states, “Prices came a long way in a couple of years, and now a lot of would-be buyers just can’t stretch their finances enough to buy in today’s more conservative lending environment.”
“Move-up buyers are certainly not as prevalent as in years past. If you have credit and liquidity you’re going to get a mortgage, but the experience is miserable. It’s like having a root canal. There are not a lot of people saying I’d like to sign up for a root canal. The process is more an issue than the number of people with good credit,” says Susan Andrew of Luxury LA Homes.
NORHTERN CALIFORNIA SALES SOAR
On the flip side, San Francisco has seen tremendous growth, inching toward pre- recession levels. Prices increased 18.2 percent in April compared to the previous year, but have gone up 47 percent over two years from April 2012-April 214, according to S&P/Case-Shiller Home Price Index.
San Francisco Business Times reports that in all recoveries, the market regains peak values (of the previous cycle) within one to two years.
The data above indicates that while national sales are stabilizing, Southern California is still in the midst of recovery. If and when the jobs market improves so too will housing if mortgage rates remain low and housing prices don’t soar. SoCal has tremendous potential to be a buyers market.
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