Welcome again to the Actual Property e-newsletter. Our prime story this week harkens again to an notorious evening in the summertime of 1969, when 4 members of the Manson household drove into the hills of Benedict Canyon and murdered Sharon Tate and 4 others.
The home the place it occurred has since been demolished, and its handle of 10050 Cielo Drive has been modified to 10066 Cielo Drive. A mega-mansion now occupies the property, and it’s being shopped round for $85 million.
Name it the house that “Full Home” constructed as a result of it’s being offered by Jeff Franklin, who created the sitcom within the Eighties and transformed the property into an amenity-loaded showplace. He final made actual property information in 2020 when he purchased and offered the long-lasting San Francisco Victorian used to painting the Tanner household’s residence within the present.
The second-biggest itemizing sits a couple of miles north in Studio Metropolis, the place the longtime compound of late “Jeopardy!” host Alex Trebek surfaced on the market at $7 million. Trebek owned the house for greater than 30 years, and it’s being listed by his daughter Emily, who’s an actual property agent with Compass.
We additionally acquired some new Southern California housing knowledge for December, and large shock: Dwelling costs hit one other all-time excessive. The six-county area’s median value soared to $675,500 final month. In 12 months final 12 months, the median report was set 10 instances. Sheesh.
The week additionally noticed a brand new installment from Rachel Schnalzer, our viewers engagement editor, who’s been answering reader-submitted questions. It’s rapidly changing into considered one of my favourite segments, and this week, she regarded into why L.A.’s iconic skyline is so removed from the seashore.
For all my design-minded readers on the market, Lisa Boone took a have a look at one other ADU. This one includes a drab alley-facing storage in West L.A. that was reworked into a light-weight, ethereal house with clerestories, bi-folding doorways and skylights.
Whereas catching up on the newest, go to and like our Fb web page, the place you could find actual property tales and updates all through the week.
A mansion on notorious land
“Full Home” creator Jeff Franklin is capturing for the celebrities in Beverly Crest, asking $85 million for his 21,000-square-foot mega-mansion.
Franklin is a daily in actual property headlines; he offered a spec home for $20.2 million in 2016 and flipped the long-lasting San Francisco Victorian used to painting the Tanner household’s residence in “Full Home” for $5.35 million in 2020.
This, nevertheless, is his most bold itemizing up to now — not solely because of the sky-high price ticket, but in addition due to the property’s notorious historical past. The mansion sits on the identical land the place Sharon Tate and 4 others had been murdered by the Manson household in the summertime of 1969.
Again then, the property’s handle was 10050 Cielo Drive, however in 1994, actual property investor Alvin Weintraub demolished the home and altered the handle to 10066 Cielo Drive in an try and separate the property from its darkish previous.
Trebek’s longtime compound lists on the market
Clue: The house of this beloved recreation present host simply hit the marketplace for $7 million within the hills of Studio Metropolis.
Reply: Who's Alex Trebek?
Information present Trebek, who died of most cancers in 2020, bought the property for $2.15 million in 1991. The itemizing marks the primary time the house has surfaced on the market since then.
It’s at the moment owned by Trebek’s widow, Jean. His daughter Emily Trebek, an actual property agent with Compass, is dealing with the sale.
The compound spans about 1.5 acres in Fryman Estates, a star enclave within the foothills of the Santa Monica Mountains. Relying in your route, it’s a few 30-minute commute to Sony Footage Studios in Culver Metropolis, the place “Jeopardy!” is filmed.
December gross sales set one other report
Southern California dwelling costs hit one other all-time excessive in December, capping a 12 months of sharp development that left many first-time patrons pissed off whereas householders counted their fairness beneficial properties, writes Andrew Khouri.
The six-county area’s median sale value reached $697,500 final month, up 16.3% from a 12 months earlier, actual property knowledge agency DQNews stated. It marked the tenth time the median set a report in 2021, a frenzy pushed by low charges, millennial patrons and a want for extra dwelling house throughout the pandemic.
Some economists forecast that costs will rise once more this 12 months, however the will increase are anticipated to be smaller as affordability — already a problem for a lot of — turns into an rising barrier to homeownership.
What’s with L.A.’s skyline?
In summer season 2021, we started asking readers to submit their most urgent business-related questions on Los Angeles and California.Then we put the inquiries to a vote, permitting readers to resolve which query we might reply in story kind.
Our newest winner was submitted by Javier Barraza, an economics scholar at Cal State L.A., who requested: “Why doesn’t L.A. have a skyline by the water like New York, San Francisco and Seattle?”
To not snub Santa Monica’s Clock Tower constructing and different notable coastal high-rises, however L.A.’s most recognizable skyscrapers — such because the Wilshire Grand Middle, U.S. Financial institution tower and Aon Middle — lie roughly 15 miles from the Pacific, writes Rachel Schnalzer.
How did L.A.’s quintessential skyline find yourself so removed from its seashores, in contrast to at many different U.S. cities?
From an alley storage to an ADU
Hardly ever do indifferent garages evoke a way of glossy sophistication. The exception? A garage-turned accent dwelling unit, or ADU, in West L.A. that thoughtfully disguises the construction’s authentic function, writes Lisa Boone.
Impressed by a collection of California legal guidelines that had been designed to promote the event of accent dwelling models, or “granny flats” (the legal guidelines had been modified once more final 12 months in an try to deal with California’s housing wants), Justin Nasatir and Mara Grobins Nasatir bought a 1,200-square-foot home in West Los Angeles in 2017 with the aim of remodeling the indifferent, two-car storage into an income-generating property.
“After we noticed the big storage and its proximity to the Expo Line, we thought it was a very good candidate for an ADU,” Justin stated. “We had been serious about it as a rental unit as a result of it had its personal entrance within the alley, didn’t have parking necessities and it was transit-adjacent. We thought it might be a very good factor to enhance housing provide in addition to add to the worth of our home and assist us financially.”
What we’re studying
Swimming pools and film theaters are a dime a dozen lately as builders cram as many facilities into properties as potential, however one Temecula property comes with one thing approach cooler: an observatory. The itemizing photographs embrace photographs taken by the telescope, and so they’re spectacular. The Sacramento Bee has the photographs and particulars.
Individuals are spending hundreds of thousands on digital actual property within the metaverse, however Insider spoke to specialists who say the funding is a big danger. “You log in there now and it doesn’t blow your thoughts — it’s mainly Roblox or some model of Second Life that we had a decade and a half in the past,” one supply stated.
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