FEATURED ARTICLE

A Los Angeles estate with old Hollywood roots is now among the priciest rentals on the market. The home, at 312 North Faring Road in LA’s westside neighborhood Holmby Hills, is asking $225,000 a month, according to a listing on Zillow posted earlier this month. The mansion was originally built for Fanny Brice, a comedian and the star behind the radio comedy “The Baby Snooks Show.” Brice has been portrayed in the Broadway musical “Funny Girl” by Barbra Streisand (and movie), Beanie Feldstein and Lea Michele. The property sold last year for $49.5 million, according to county records. At the time, it was asking $58 million. The estate sits on nearly two acres, with eight bedrooms and 11 bathrooms across approximately 19,000 square feet. Arrival into the grounds features a circular motor court, with a garage that fits over 15 cars. The house’s amenities include a wine cellar, breakfast room, third floor playroom and chef's kitchen with butler's pantry. The primary suite offers dual closets and bathrooms, a private sitting room and salon. Three additional bedrooms come with en suite baths. Outside, there are patios, a saltwater pool, koi pond, vegetable and rose gardens and championship tennis court, along with a pool house with a sauna and fitness center. The property also hosts two private, fully-equipped guest houses — one of which was designed by John Elgin Woolf, a renown architect famous for designing Hollywood homes. In addition to Brice, the estate has also been owned by film executive Alan Ladd Jr, along with King World Productions founding partner Richard King and his interior designer wife, Lauren. Under their direction, the mansion has been rebuilt and enlarged and amenities have been added. Aaron Kirman of AKG | Christie’s International Real Estate holds the listing. https://www.msn.com/en-us/money/realestate/funny-girl-fanny-brice-s-former-home-is-among-priciest-rentals-in-la/ar-AA1i2IWZ

SANTA BARBARA COUNTY, Calif.— A backyard revolution is underway in California as a new Senate bill is now headed to Governor Gavin Newsom. From working families to college students, the struggle to find an affordable place to live is affecting people from all walks of life. “We live it in a state in the area of Santa Barbara where the price per square foot is really expensive and housing is really expensive. So when people look to buy a house, they look at it now with the eyes of, Well, what can I do to maximize the space? What can I do to help pay the mortgage? And oftentimes the ADU is a great answer to a lot of those questions,” said AKG | Christie’s International Real Estate realtor Yawar Charlie. ADUs, or accessory dwelling units, are typically constructed when homeowners convert garages into bedrooms or backyard sheds into guest houses. Senate bill 104 will offer an additional $25 million dollars for the ADU Grant Program. Approved homeowners would receive up to $40,000 dollars in pre-development costs. It could result in up to 2,500 additional ADUs and play a role in Santa Barbara County's housing crisis. “ The more we start to do this, the more it gets accepted, the more it will start to fill the void for housing rental needs we have, and especially for young families or students, they can afford to live in a 1250 square foot place and they can get to school or get to work,” said Berkshire Hathaway Realtor Dan Johnson. But realtors say there are some important things to look out for. “ It’s not just like a garage that you're going to convert into a gym or a workshop. It's actually a place where somebody is going to live. So you have to take into consideration that you're probably going to bring on some people like electricians, architects, contractors, plumbers,” said Coldwell Banker realtor Yazmin Manno. ADUs can also increase property values, which means property taxes will go up. So it’s important to make sure the profits outweighs the costs. https://keyt.com/news/2023/09/12/new-state-bill-on-adu-grant-program-could-transform-housing-crisis-in-santa-barbara/

HOMEOWNERS have a chance at $40,000 in free money to build a tiny home. A new California Senate bill is heading to Governor Gavin Newsom for approval that could revolutionize housing in Santa Barbara. Affordable housing is scarce in the area, but a new solution is being proposed in an effort to alleviate that issue. “We live in a state in the area of Santa Barbara where the price per square foot is really expensive and housing is really expensive," Yawar Charlie, a realtor with AKG/Christie's International Real Estate, told local ABC, CBS, and Fox affiliate KEYT. "So when people look to buy a house, they look at it now with the eyes of, Well, what can I do to maximize the space? What can I do to help pay the mortgage? Oftentimes the ADU is a great answer to a lot of those questions.” ADUs, which are accessory dwelling units, are small living spaces that typically come from converted garages or sheds. More simply put, an accessory dwelling unit is just an official term for a tiny home. Senate Bill 104, which is heading to Newsom, will provide $25million in funding for the ADU grant program. Any homeowner approved for this program will receive up to $40,000 in predevelopment costs to construct an ADU. This funding could create around 2,500 living spaces in Santa Barbara and be a key weapon in fighting the area's housing crisis. “The more we start to do this, the more it gets accepted, the more it will start to fill the void for housing rental needs we have, and especially for young families or students, they can afford to live in a 1250 square foot place and they can get to school or get to work,” Berkshire Hathaway Realtor Dan Johnson said. Building an ADU isn't a weekend project though, and realtors are warning homeowners to weigh the costs and risks before applying for the grant. “It’s not just like a garage that you're going to convert into a gym or a workshop," Coldwell Banker realtor Yazmin Manno said. "It's actually a place where somebody is going to live. So you have to take into consideration that you're probably going to bring on some people like electricians, architects, contractors, plumbers." https://www.the-sun.com/money/9122376/new-law-will-give-40k-to-build-tiny-homes/

SANTA BARBARA, Calif.— As interest rates continue to rise, it has become more difficult to find a home, especially in places like Santa Barbara where people pay a premium to live by the ocean. We spoke to realtors who have interesting predictions with how high interest rates will affect buyers and sellers, and how the pandemic has shaped the housing market in Santa Barbara County. Realtor Yawar Charlie says the Covid-19 pandemic caused the housing market in Santa Barbara to explode. He explains that quarantine propelled people to escape the confinement of the big city in search of calming nature and coastal bliss. The influx of new people has pushed others out who are unable to afford the high cost of living in Santa Barbara. https://keyt.com/news/santa-barbara-s-county/2023/07/19/local-realtors-share-thoughts-and-predictions-on-housing-trends-in-santa-barbara/

Foreclosed properties can offer significant savings for homebuyers. But savings aren’t all these properties offer. Foreclosures can also be smart options for investors—particularly those looking to fix up properties and sell them for a profit. It’s important to remember, though, that foreclosures aren’t without drawbacks. If you’re considering buying one, make sure you understand the full range of risks and rewards before moving forward. Key Takeaways Buying a foreclosed property can be a cheaper and faster way to invest in real estate. You will not likely be able to inspect a home under foreclosure prior to buying it, and it may need serious repairs. The market for foreclosures is competitive, and you'll need cash upfront to use at auction. What Happens During a Foreclosure? When a homeowner fails to repay their mortgage as agreed, the lender will seize the property and attempt to sell it to recoup its losses. The exact process for foreclosure depends on the state the house is located in, but in some cases local courts may be involved. Note Foreclosure typically starts anywhere from three to six months after the homeowner’s first missed payment.1 Reasons for Foreclosure Homeowners fall into foreclosure for various reasons. One of the most common is job or wage loss. According to a survey of homeowners facing foreclosure, 54% of respondents attributed their home’s foreclosure to a reduction of income or unemployment.2 For example, in August 2020, 5,599 properties in the U.S. began the foreclosure process, just four months after unemployment hit its peak in April. While this number was up 24% over July, it was still down 80% from August 2019. That may be due to the protections put in place for homeowners who were in financial trouble during the pandemic.3 Other reasons homeowners fall behind on their mortgages include illness, excessive financial obligations or debts, and marital problems. The majority of homeowners in foreclosure may fall into the low- to moderate-income category, too, which may make a job loss or income reduction that much more troubling. Pros and Cons of Buying a Foreclosure Pros Lower price. Faster closing process. Potential investment opportunity. Cons You might not see or inspect the home before buying. The property may need several repairs. Competitive market. You might need a large amount of cash. Pros Explained Lower Price “The obvious pro of buying a foreclosure is the price,” real estate agent Yawar Charlie told The Balance. “Generally speaking, foreclosures are properties that are offered below market value.” It’s true: Foreclosures can offer serious savings. The Balance received information from real estate data aggregator ATTOM Data Solutions showing that the average price of a foreclosed home over the last five years has ranged from about $93,000 to $166,000. That’s well below the annual national average for each of those years. Faster Closing Process Michael Gevurtz, CEO of Bluebird Lending, told The Balance that foreclosures are typically quick transactions, taking about 30 days, on average, from start to finish. That’s compared with 54 days, the average time to close in October 2020, according to Ellie Mae.4 Potential Investment Opportunity Buying a foreclosure and then rehabilitating it can allow you to increase the home’s value and gain immediate equity. If you’re an investor looking to fix and flip the home, that can mean a solid return on your investment, especially with the right upgrades. Note If you’re looking to live in the home for a while, a foreclosed property could also mean more in profits when you decide to sell later. In 2019, home sellers realized an average profit of 34% on their initial investment.5 Cons Explained You Might Not See or Inspect the Home Before Buying Most foreclosures are sold on an “as-is” basis, meaning that what you get is what you get. You might not be able to tour a property or have it professionally inspected before submitting your bid, which could be a dealbreaker for some buyers. “Typically, you don’t have access to the inside of a property before buying it,” Gevurtz said. “They can only be seen via a drive-by or looking inside ground-floor windows.” The Property Might Need Several Repairs Foreclosures often need serious work, due to long periods of vacancy, the previous homeowner’s failure to maintain the home, or even damage by the last occupant. “The property may have been left in disrepair, and the seller might have taken not only the appliances, but basic fixtures for some of the systems,” Charlie said. “Anyone who buys the house will have to make those repairs and adjustments on their own dime after the close of escrow.” Important Before buying a foreclosed home, make sure you have the money in your budget to make those potential needed repairs. A 2020 survey of real estate investors by Auction.com found that budgeting at least 10% to 20% of the purchase price for rehab is the norm in a foreclosure sale.6 Competitive Market According to Gevurtz, there are lots of people vying for foreclosures, so it might be hard to snag one right away. “It’s a very competitive market, which means inventory can go quickly,” he said. With many auctions going online due to the pandemic, this is now truer than ever. Two-thirds of investors say the availability of online or remote bidding increases their interest in a property.6 Foreclosure moratoriums and mortgage relief efforts during 2020 have also limited the number of foreclosed properties hitting the market, fueling even more competition. You May Need a Large Amount of Cash Rehab costs aside, you may also need a good amount of cash upfront—especially if you’re buying the foreclosure at auction. In many cases, cash bids are required at these events. However, if you’re not bidding on a foreclosed home at an auction and have good credit, you may still be able to finance it. The Bottom Line Foreclosures come with some definite benefits, including serious potential savings. But there are also quite a few risks to consider. If you do choose to buy one, consider the potential repair costs it might come with, and research what you can about the property before moving forward. If you can’t tour or inspect the home, driving by the property and reviewing property records may be good options. Finally, make sure you have a reputable real estate agent or real estate attorney on your side. They can help walk you through the process and ensure that you’re protected as much as possible. https://www.thebalancemoney.com/the-drawbacks-to-buying-foreclosures-1798184

WHETHER it was Mehmood, Johnny Walker, Johnny Lever or lead stars showing off their funny side, there have been many great comedians in Indian cinema across the decades. But the first talented comedian was iconic actor Noor Mohammed Charlie. Armed with his trademark Charlie Chaplin moustache and a natural swagger, he changed the face of an industry dominated by musicals and melodramas, with laugh out loud entertainment. Born on July 1, 1911, he passed away on June 30, 1983, aged 71, so this week marks his birth and death anniversary. Eastern Eye decided to honour both occasions of a pioneering cinema giant who transformed Bollywood and then helped lay the ground for Pakistani cinema after partition, by charting his remarkable journey, with the help of his US-based actor and TV personality grandson Yawar Charlie. Born into a conservative Memon family, in Ranavav, a small village in the Gujarat state of Porbandar, Noor Mohammed hated studying, so played truant from school. The youngster was immediately enthralled by the emerging cinema industry and would watch films whenever possible. He would get odd jobs like repairing broken umbrellas. Charlie’s grandson Yawar Charlie By the age of 16, the teenager with big dreams had left school and set his sights on the movies. He started working as a clapper boy for Imperial Film Company, after walking in and boldly claiming he was a great singer. The die-hard Charlie Chaplin fan loved being in the bustling studio system and despite showing a great flair for comedy, he made his acting debut in the more dramatic, Krishna Film Company-produced Akalna Bardan (1928). His high-energy antics inspired by slapstick Hollywood films hadn’t got unnoticed. After working in more dramatic movies, his first turning point came when he was signed by Elfin Film Company for The Indian Charlie in 1929. “Although that movie wasn’t released until 1933, it started his journey as an entertainer and comedian. It would lead him towards being re-christened as Noor Mohammed Charlie,” explained Yawar Charlie. While a lot of silent stars were packed into retirement with the advent of talkies, the young actor immediately found fame with hit films like Zarina (1932), Premi Pagal (1933) and Chandrahasa (1933). He could act, speak the language, had a unique identity and a great singing voice, which was the perfect cocktail in the first decade of Indian talkies. The massive success of these early talkies led him towards being signed by the esteemed Ranjit Movietone Studios in 1934, which resulted in hit films like Toofani Taruni (1934), Toofan Mail (1934), Musafir (1940) and many more, including Barrister’s Wife (1935), which had Hindi cinema’s first qawwali pictured on him. “His quick ascendancy within the studio led him to become the blue-eyed boy, and each film he worked on was an instant success. Such was his fame that (producer/director) Chandulal Shah released him from his contract, as his popularity began to eclipse his studio,” said Yawar. Free from the studio system that held actors to ransom with a relatively low weekly salary, the all-round entertainer became one of the highest paid stars in Hindi cinema. He was signed for films like Taqdeer (1943), which marked the movie debut as a lead of all-time great actress Nargis. “One of his first contractual signing for a substantial amount of 100,500 rupees was for the film Sanjog (1943), which was a resounding hit with Mehtab as the leading lady.”

A vital element in the defence of medieval castles and a symbol of status throughout history, the water feature has long served a greater architectural purpose than mere plumbing. At the Palace of Versailles, ornate fountains represented King Louis XIV’s mastery over nature. And modern architects are equally fixated on channelling water into focal points that blur boundaries between the home and its surroundings. Garret Werner of the international architectural practice Garret Cord Werner drew on the ethos behind traditional Japanese architecture and its emphasis on balancing the elements when designing a residence on Lake Washington’s Mercer Island. The property, used by its owners as a refuge from nearby Seattle, is built around a central spine of water – a rill – criss-crossed by a series of glass bridges leading to different interior spaces. Werner’s rill leads to the entrance, which segues into a lap pool running the length of the interior, and ends in an infinity spa at the rear of the property with views across the lake. “Consequently all these very emotional experiences happen as you travel through space,” says the architect of the house, which was completed in 2019. “Most clients now want their homes to be more of an experience because they spend so much more time there.” Architect Jim Cappuccino was inspired by the “calming sound of trickling water” when his practice, Hutker Architects, created reflection pools as “time out” zones at a residence in Concord, Massachusetts. One zone sits just beyond the kitchen – an “island” of black granite steppers, which appear to float on the surface creating an idyllic spot for morning coffee – and the other outside the home’s den; both are only around 1.5ft deep but are lined with black river-stone mesh tiles to create the illusion of depth. “The experience is auditory and visual,” he says of time spent beside them. “We all know that water calms us and promotes relaxation.” Han Loke Kwang, principal architect at HYLA Architects, uses water to instil a sense of peace and privacy within Singapore city homes. At Vertical Court, a colossal house in Greenbank Park, he’s created a two-storey inner courtyard that punches through the heart of the house and encases a timber-framed pond – at the centre of which is a single frangipani tree. “I have a very simple definition of architecture. It is the space between you and your environment,” he says. “In densely populated Singapore, where the houses are very close together, having this courtyard – which can only be seen by those inside – generates space, light and a focus for the property.” Han has conjured the same sensibility within another cavernous house – Serangoon Gardens, north-east of the city, which features a courtyard with two pools on the ground floor: one for swimming and the other for koi carp. The living and dining rooms open onto this inner sanctum through sliding and bifold glass doors, creating an indoor-outdoor living experience that also helps to ventilate the home, while most rooms have views of the courtyard. “People see their houses in a much more holistic way,” says the architect of his water feature, “as somewhere to live, to work and to be entertained. They are not just shelters but an oasis.” Buyers searching for an oasis of their own will find Spain fertile hunting ground. At the premium end of the market is El Mirador – a 23,486sq ft, five-bedroom home in Sotogrande on the Costa del Sol, which is on the market with Savills for €17.9mn. Here, the hefty price tag buys privacy in what is a community of just five owners (and where the entrance is shielded by a courtyard of shallow pools and tropical trees). Inside, the list of luxuries includes an indoor pool opening onto the garden and a spa with Turkish bath, jacuzzi, sauna and showers. The demand for water features within domestic architecture is an offshoot of the growth of biophilic design. The thinking is that a sense of connection to the natural world has real health benefits – both physical and mental – but no one can deny the sense of theatre that comes with this approach. In Alcobendas, 11 miles north of central Madrid in Spain, the aptly named The Waterfall House (on sale through Knight Frank for €17.5mn) is currently under construction, and will feature a show-stopping raised swimming pool complete with a three-sided waterfall when it is finished. Retro-futurist fans might also consider looking to Beverly Hills, where a $20mn 1960s bungalow has been radically transformed. Its slick, all-white open-plan interior plays host to a series of circular and oval water-filled “pools” with a 2001: A Space Odyssey-like aesthetic, while mirroring the organic form of the home’s outdoor swimming pool. The property is on sale through Christie’s International Real Estate. In countries where water is a scarcity, the architectural vernacular has evolved around its use. In the desert nation of Morocco, for example, early riads were built facing inward with rooms overlooking an open courtyard – with a central pool used for washing and cleaning. “In traditional homes you also find small canals running through the house, giving access to water and making it easier for chores,” says Kenza Taj, a real estate agent with Kensington Morocco, a local affiliate of Christie’s International Real Estate. “Access to water means wealth, it is a way to show the importance of a family.” House-hunters will find an abundance of status homes here, including a 10-bedroom pile on sale at The Palmeraie, an upscale enclave some 15 minutes’ drive from the centre of Marrakech, which is dotted with extravagant modern palaces surrounded by formal gardens featuring lakes, ponds and streams. The spectacle of the 17,653sq ft house (priced €4.95mn, through Sotheby’s International Realty) is a linear water feature slicing through the garden, which extends over one hectare – an asset, as Taj points out, which is increasingly rare in the area. “The depletion of the water table means that homes are no longer automatically built with wells to supply water features and pools,” she says. “People are now much more careful with water.” Water, of course, is a precious resource globally, which means designers have turned to collected rainwater systems to fill architectural details, while filtration keeps the water clean and healthy. When upgrading a home, water features can dramatically set a property apart from the rest – even in the most suburban of locations, as architect Gregory Phillips, founder and director of Gregory Phillips Architects, can attest. Among Phillips’ projects is the completion of what could have been a standard kitchen extension in a Victorian house in Wimbledon, south-west London, which is instead elevated by the design of a linear water rill around the perimeter of a glass box. “A small extension would have looked silly tacked onto the house, but by creating this sense that the room is floating, it gives it substance,” he says of his creation. “And the wonderful thing is the way the water reflects light into the room, while also mirroring the sky.” A design, perhaps, that brings a whole new meaning to the phrase “a room with a view”. https://www.ft.com/content/bf538d5d-884e-4b3f-ba7d-daacfbe9e916

Guesthouses, grannie units, casitas, in-law suites or—the less fun, but formalized—accessory dwelling units (ADUs) are all terms used to describe a second, often smaller, home on the same property as the main house. And homes that have ADUs are a hot ticket in today’s vigorous housing market. Data shows that ADU homes have been selling faster, with higher price tags, year-over-year, while outpacing national sales trends during the coronavirus pandemic. In January, before the pandemic took hold in the United States, homes with ADUs were selling 1.8% (two days) faster than the same time the year prior. Fast-forward to November, and the pace spiked to 26% (22 days) faster than the same time last year. This trend zipped past the national rate, where homes were selling 18% faster year-over-year in November, according to data from Realtor.com. ADU home prices also outperformed the rest of the country in November, with a median listing price of $567,000, up 14.5% year-over-year, outpacing the overall price growth rate, which was 12.7%. The price per square foot of ADU homes rose to $183 in November, up 16% year-over-year, compared to 15% growth in price per square foot nationally. EcoSmart Builders, an ADU development company based in Southern California, is on track to triple its sales from the same time last year while processing between 100 and 150 ADU proposals each month, says Freddie Zamani, the company’s CEO and president. “Cheap interest rates are making ADU builds more affordable, but the primary reason is that families want to keep elderly parents and school-aged children closer to home because of Covid-19—with privacy,” Zamani says. Covid-19 Might Be Adding to Demand In 1980, 12% of Americans lived in a multigenerational household, meaning three or more generations of family living under one roof. By 2016, that number grew to 20%, according to data from the Pew Research Center. As of this summer, 52% of young adults were living with parents, up from 47% in February. Additionally, nursing homes have seen their admission numbers drop from 80% occupancy in January 2020 to 70% in November. “Occupancy has been at record lows throughout the pandemic due to fewer new admissions, largely because of less hospital elective care and surgery,” according to a statement by the American Health Care Association/National Center for Assisted Living (AHCA/NCAL). Nursing home residents also make up a disproportionate percentage of Covid-19 deaths in the U.S. The Centers for Medicare & Medicaid Services says more than 76,500 nursing home residents have died to date as a result of Covid-19 complications. As nursing homes are among the hardest hit by the coronavirus, some aging adults are choosing to live with their adult children. Carolina Gerdts, executive vice president for RelatedISG International Realty in South Florida, says that homes with ADUs sell quickly, in part because of adults who take their parents out of senior facilities due to Covid risk and are now caring for them at home. The ADU provides privacy while also giving families peace of mind. But health is not the only impetus for grandparents moving in; some are helping working families during this time of remote learning and amplified childcare needs as Covid-19 continues to cut an uncertain path. “We’re also seeing a jump in multigenerational living situations because of children being home from school during the pandemic,” Gerdts says. “Both parents may have full-time jobs, and so we’ve seen grandparents move in with their adult children in order to care for their grandchildren during the day.” What Real Estate Agents and Housing Experts Are Saying Real estate and housing experts from New York to Los Angeles echoed the same message: Multigenerational households are on the rise, and many of these families are in search of more space. The pandemic has helped boost the trend, as families worry about health, safety and affordability. Carolina Gerdts, executive vice president for RelatedISG International Realty in South Florida, says that homes with ADUs sell quickly, in part because of adults who take their parents out of senior facilities due to Covid risk and are now caring for them at home. The ADU provides privacy while also giving families peace of mind. But health is not the only impetus for grandparents moving in; some are helping working families during this time of remote learning and amplified childcare needs as Covid-19 continues to cut an uncertain path. “We’re also seeing a jump in multigenerational living situations because of children being home from school during the pandemic,” Gerdts says. “Both parents may have full-time jobs, and so we’ve seen grandparents move in with their adult children in order to care for their grandchildren during the day.” What Real Estate Agents and Housing Experts Are Saying Real estate and housing experts from New York to Los Angeles echoed the same message: Multigenerational households are on the rise, and many of these families are in search of more space. The pandemic has helped boost the trend, as families worry about health, safety and affordability. As younger adults face job loss in the hospitality and travel industries, they’re leaving expensive cities and moving back home for the time being, says Kuba Jewgieniew, CEO at Realty ONE Group in San Juan Capistrano, California. “The uncertainty caused by the Covid pandemic has changed everything, and while real estate is still booming, it’s certainly changed the way we use and envision our homes,” Jewgieniew says. Multigenerational households are also growing in wealthy East Coast communities, like Westchester County outside of New York City, says Scott Durkin, president and chief operating officer of Douglas Elliman in New York. Since the pandemic, more adults are bunking up in larger safe-haven homes outside of big cities. Second-home markets or vacation destinations, like the Hamptons, are now becoming full-time residences. This is part of the desire for more space, Durkin says. “New construction that accommodates multigen living situations are selling quickly. Even if families aren’t planning to live together in a multigenerational household right now, they are thinking about the future,” Durkin says. “While we haven’t seen price increases in markets like northern Westchester, where there are a lot of these larger multigenerational households, the time on the market is certainly shorter than a year ago.” Cities Looking for Ways to Meet the Demand In expensive housing markets with limited inventory, local governments are changing zoning laws and encouraging people to build ADUs. In 2019, Seattle eliminated parking quotas for residential housing and the need for homeowners to live onsite, which were two major hurdles for ADU construction. In September, Pasadena, a city located about 12 miles north of downtown Los Angeles, created a program that would help homeowners finance the construction of ADUs on their property, called the Pasadena Second Unit ADU Program. Demand for multigenerational housing has grown in Los Angeles since the pandemic, as well, as people are moving in with extended family, says Yawar Charlie, director of the estate division at Aaron Kirman Group in Los Angeles. “Now, when people are looking to purchase new homes, they may insist on including the needs of extended family in their home search. Meaning, they may need that extra bedroom, in-law suite or extra parking space,” Charlie says. https://www.nasdaq.com/articles/grannie-units-are-all-the-rage-as-multigenerational-households-grow-2020-12-11

A media financier has bought a 10,900-square-foot mansion in Pacific Palisades owned by the estate of the late TV producer Steven Bochco for $25 million — $10 million less than its asking price. Joe Ravitch, co-founder of the New York-based Raine Group, purchased the seven-bedroom, 10-bath estate at 1575 Capri Drive in the Riviera, according to the Robb Report. The seller was Jesse Bochco, son of the creator of “NYPD Blue” and “Hill Street Blues.” The 1.4-acre estate was designed in 1937 by African-American architect Paul Williams, who drew up mansions for the likes of Frank Sinatra, Lucille Ball, Cary Grant and Barbara Stanwyck. The property, listed in August for $35 million, sits on a double-lot, making it one of the rare homes listed in the Palisades with more than an acre. Brokers Aaron Kirman, Morgan Trent and Dalton Gomez of AKG at Christie’s International Real Estate held the listing. Hidden behind gates and surrounded by a brick wall for privacy, the two-story mansion features numerous gables, bay windows and french doors encased in white walls and wood trim. The main house includes a formal living room, a family room with a projector screen, a library, a chef’s kitchen, a gym, wine cellar and a private guest wing. The master bedroom has vaulted ceilings with dual bathrooms, walk-in closets and a fireplace. The newly renovated home has a standalone guest house on the grounds, along with a swimming pool, spa, cabana and tennis court. The house, whose rooms have been filled with movie stars and presidents, was once occupied by actor Sylvester Stallone. Bochco, the 10-time Emmy Award winner behind 1980s and 1990s TV shows that include “L.A. Law,” “Doogie Howser, M.D” and “Cop Rock,” bought it in 1997. The producer hosted charity events on its park-like grounds, with guests including U.S. presidents Barack Obama and Bill Clinton. Bochco died in 2018 at age 74. Ravitch, whose Raine Group pocketed $65 million for advising the WWE on its recent takeover by the Endeavor Group, is moving to Los Angeles from New York, according to Robb. He has listed his three-bedroom apartment in Manhattan’s Gramercy Park for $5 million. — Dana Bartholomew https://therealdeal.com/la/2023/10/06/media-financier-buys-steve-bochcos-estate-for-25m/

Brokerage Partners with Giveback Homes to Launch AKG | Christie's Selling for Good LOS ANGELES, Oct. 3, 2023 /PRNewswire/ -- Creating a path towards community transformation, Christie's International Real Estate | AKG and Giveback Homes today announces AKG | Christie's Selling for Good, a partnership focused on helping low-income families become first-time homeowners. The first two initiatives will take place in Los Angeles and El Salvador and will be funded by Aaron Kirman and Cindy Ambuehl of Christie's International Real Estate | AKG. Build Day for the Los Angeles property will take place on October 26th, when Aaron, Cindy, and other agents and staff, will be among the first to volunteer on the site, working with Habitat for Humanity, to help build eight two-story townhomes. The El Salvador project will result in a complete home for a family of six in El Salvador, who are currently living in unsafe and overcrowding conditions. The home is scheduled to be completed by September 20th, 2023. "I am truly delighted to embark on this remarkable journey through our new partnership with Giveback Homes," said Aaron Kirman, CEO and Founder at AKG | Christie's International Real Estate." This partnership aligns perfectly with our mission to help the community, and I'm thrilled to be part of this transformative effort." Cindy Ambuehl, Executive Director of Luxury Estates, AKG | Christie's International Real Estate, said "I am thrilled to collaborate with Giveback Homes and wholeheartedly support their mission to provide homes for those in need. This initiative has been a personal passion of mine ever since I first joined forces with GBH eight years ago. This partnership perfectly aligns with our core values, reflecting our commitment to giving back." In addition to personally funding these builds, Kirman and Ambuehl have created a donation system that will allow agents and non-agents alike to donate additional funds to Giveback Homes. Agents will also have the option to donate a percentage of their commission at the close of transactions. "We created Giveback Homes to help families in need and to provide real estate leaders with unique opportunities to give back. Aaron and Cindy are an excellent example of going all in with the goal of making the biggest impact," said Giveback Homes Founder, Blake Andrews Giveback Homes has helped thousands of families across eight countries buy their first property, working diligently to identify families that often are facing hardship through personal tragedy, financial hardship, or recovering from natural disasters. AKG | Christie's Selling for Good is possible through the collaboration and devotion of donors and volunteers. These homes, built on the foundation of teamwork and positive change, are made available to eligible families looking to become homeowners for the first time. About AKG | Christie's International Real Estate Established by Aaron Kirman and headquartered in Beverly Hills, California, AKG | Christie's International Real Estate stands out as one of the nation's foremost residential brokerages. They have achieved remarkable success, boasting a total of over $16 billion in luxury real estate sales, with a noteworthy $1.6 billion sold in 2022 alone. Committed to infusing innovation and challenging the conventions of the traditional real estate sector, AKG | Christie's International Real Estate consistently earns recognition as one of the top 10 brokerages, as rated by the Wall Street Journal and Real Trends. They are also known for selling the most impressive names across the globe and acquiring the highest price-per-square-foot. To learn more about Aaron Kirman and AKG | Christie's International Real Estate, please visit www.akgre.com About Giveback Homes Giveback Homes is dedicated to creating a sustainable relationship between real estate professionals, their clients, and communities in need throughout the world. Through fundraising events, Build Days, and international Build Trips, Giveback Homes is inspiring the real estate industry to take action for social good. Giveback Homes has helped thousands of families across eight countries and throughout the United States. To learn more, visit https://givebackhomes.com/. https://www.prnewswire.com/news-releases/christies-international-real-estate-akg-and-giveback-homes-unveil-partnership-to-create-positive-housing-impact-301946008.html