Tag: Los Angeles

This LA mansion is staring down an April 1 deadline before the seller loses millions

Post By Business , , , , , , ,

The owner of this over-the-top, seven-bedroom and 11-bath mansion in Los Angeles is prepared to accept $6 million less than what he paid for it less than two years ago — all to beat a ticking clock.

The home features a Kobe Bryant-themed basketball court, car showroom and a 70-foot infinity pool that appears to float some 45 feet above the mountainside, and it’s on sale for a reduced price of $38 million.

If it doesn’t sell by April 1, the property would be subject to a looming new, local mansion tax, which goes into effect next month and could cost the owner a further $2 million.

The grand living area opens to the outdoors with 22 foot ceilings, a 10-ft long fireplace, and a giant wall covered in living green moss that extends across three levels of the home.

EstateLuxShoot

The Brentwood estate, now known as the Star Resort, was built by veteran spec developer Ramtin Ray Nosrati, who sold it back in 2021 for $44 million. According to public records, the almost 16,700-square-foot residence was purchased by the trust of wealthy investor Jeffrey Feinberg, who runs Feinberg Investments. 

About a year after buying it, Feinberg put the home back on the market for $48 million but couldn’t find any takers. Feinberg brought in Dan Malka of Ikon Advisors to implement a more aggressive pricing strategy, and the original asking price was chopped down $10 million, or almost 21%. To put that price cut into perspective, it amounts to the home dropping almost $64,000 in value every single week for 94 weeks straight since Feinberg bought it.

One wall of the dining room is a 1,000 gallon salt water aquarium with views into the kitchen on the other side.

Yann Ippolito

Malka told CNBC yearly real estate taxes on the Star Resort run his client around $550,000 a year, plus about $20,000 a month in utilities.

“Plus, the staff and so on, so probably a million dollars of expenses [per year],” Malka said.

Jutting out from the lowest level of the home is a Kobe-Bryant-themed half basketball court.

EstateLuxShoot

Trying to unload an expensive mansion in the midst of a banking crisis with the LA real estate market softening and uncertainty looming large isn’t exactly great timing. 

Feinberg, like all luxury mansion sellers in LA, is also contending with the new mansion tax approved by voters in November. The ULA tax, as it’s called, was designed to “fund affordable housing projects and provide resources to tenants at risk of homelessness,” according to the city of Los Angeles website.

It’s levied on the seller as a transfer tax upon the sale of a home, or any real property, that trades for $5 million or more.

The home’s impressive foyer includes double height ceilings and glass walls that open to the pool deck and outdoor bar.

Yann Ippolito

For homes priced between $5 million and $10 million, sellers will have to pay the city 4% of the total sale price. For real estate trading north of $10 million, the rate increases to 5.5%.

The new tax is on top of the city’s current 0.45% transfer tax. And it’s levied based on sale price, not profit, which means sellers will have to pay up even if they’re already taking a loss, as could be the case with the Star Resort.

The city’s website includes a tax calculator, which estimates ULA and city transfer taxes owed on a $38 million deal at $2,261,000, or just under 6% of the total deal.

The primary bedroom is accented by a recessed wood-panel covered ceiling and walls of glass that slide away for access to a private terrace.

EstateLuxShoot

For many high-end home sellers and their agents, the race is on to lock in profits and close on a sale before the new tax takes effect. But for Malka, who wouldn’t discuss his client by name with CNBC, the pressure is on to get the best price and rein in his client’s losses before the new tax takes them even higher.

“That’s why we decided to give a good price cut and send a signal to the market that my seller is motivated to sell and that he wants to move on,” said Malka, who still holds out hope he can broker a deal before the first of the month.

After CNBC’s report on the mansion and looming tax bill was published, Malka reached back out to CNBC on Friday to add that the current pricing is intended to pass on tax savings to a buyer willing to close prior to April 1. His client also intends to raise his asking price to $41 million after the tax takes effect with no intention of accepting offers below that price after March, he said.

A bar, billiards table and 250-bottle wine cellar on the home’s lowest level.

Yann Ippolito

Real estate broker Aaron Kirman of AKG/Christies International called the short runway to offload homes before April 1 “crazy.”

“People had a four-month window from the day [the new tax] passed to sell a house,” he said.

Kirman, who is one of LA’s top-producing luxury real estate brokers, does not represent the Star Resort, but he does have many clients who are also in a big rush to sell.

It’s a trend, he said, that’s reflected in LA’s Multiple Listing Service (MLS), which according to Kirman shows 86 homes with sale prices over $5 million currently in escrow.

A glass wall in the lower lounge offers a view into a sleek car gallery.

Yann Ippolito

“The tax is coming out at a complicated time with interest rates, inflation and bank issues,” Kirman told CNBC. “It couldn’t have been more of a perfect storm.” 

The ULA tax, he said, “has led to dramatic price reductions on many homes.”

Potential homebuyers are swooping in with all-cash offers, and the promise of a fast-closing deal, Kirman said, but at deep discounts.

The Star Resort’s main bar is clad in stone and accented with back lit onyx.

Yann Ippolito

The Star Resort’s backyard includes a an outdoor kitchen & bar, infinity pool and lounge areas.

EstateLuxShoot

Jonathan Miller, president of the real estate appraisal firm Miller Samuel, told CNBC it will be hard to project the impact of the tax on any one piece of real estate, but he does have a prediction across the region: “It ultimately lowers achievable prices as compared to the period before April 1 and becomes baked into market expectations in the future.”

In other words, the new tax will create a downward pressure on homes over $5 million as owners anticipate the future cost of higher tax bills.

One of the residence’s seven ensuite bedrooms with a private terrace.

Yann Ippolito 

CNBC asked Miller to crunch market data to see how much sellers of luxury single-family homes in LA would have paid in 2022 if the mansion tax were already in effect. Last year, sales of $5 million-plus totaled almost $2.5 billion.

According to his calculations, all of those sellers combined would have racked up a mansion tax bill of almost $131 million. Sellers of homes trading between $5 million and $10 million would have seen an average tax bill of $43,000, according to Miller’s estimates, and sellers of $10 million-and-up homes would have footed an average bill of $1.2 million.

It’s important to note Miller’s analysis focused exclusively on single-family home sales over the price threshold. According to the city’s projections, which include commercial and multifamily sales, the new tax could generate between $600 million and $1.1 billion annually.

The night view from the pools hot tub.

Yann Ippolito 

According to Miller, the rush to sell before the April 1 deadline matches a similar frenzy in New York four years ago.

“When New York implemented the mansion tax in 2019, there was a surge in closings just short of the July 1 start date and a void of sales in the following months,” he said.

Home cinema with Rolls-Royce inspired star lit ceiling.

Yann Ippolito

The primary bedroom’s terrace includes a fire feature and views of the pool below.

EstateLuxShoot

Kirman said even with the tax pressures, one thing will remain the same: “The house is worth what the buyer is willing to pay for it.”

And if that amount is over $5 million, there will be some new taxes to pay on it.

The Star Resort’s sport simulation room offers virtual golf, hockey and soccer.

EstateLuxShoot

Correction: This story has been updated to correct the name of Dan Malka of Ikon Advisors.

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#mansion #staring #April #deadline #seller #loses #millions

Give ALL The Special Ed Aides Eat: LA Teachers On Strike!

Post By Politics , , , , , , , , , , , , , , , , , , , , , , , , , , ,

School support staff — teacher aides, cafeteria workers, bus drivers, custodians, special education assistants, and others — began a three-day strike yesterday against the Los Angeles Unified School District, seeking higher wages. LAUSD teachers walked out in solidarity, joining the striking service workers on picket lines and at a massive demonstration at the district’s headquarters despite a heavy rainstorm. The strike forced the closure of the district’s more than 1,000 schools, although about 150 schools were kept open so adults could supervise kids whose parents couldn’t keep them home. The district has roughly half a million students.

LA Mayor Karen Bass (we like typing that!) announced the city would provide safe places and meal distribution for kids during the walkout, including “21 Recreation Centers to serve as Grab & Go locations” for school meals, as well as free “after school” — but really all day — programs at 30 rec centers for kids in first through fifth grade. City libraries are also offering extra programs, and the LA Zoo had free admission for all kids in K-12 (accompanying adults have a $5 entry fee).

Here, put on some Billy Bragg or Pete Seeger and read some of the LA Times’s reporting from the strike:

In the 5 a.m darkness, when bus drivers typically begin their day, hundreds of district employees joined the picket line at the Los Angeles Unified School District’s Van Nuys bus yard, marching in rain ponchos and balancing signs with umbrellas. Starting at 6:30 a.m., picketers converged at schools throughout the sprawling district as heavy rain soaked them.

Alejandra Sanchez, a special education assistant, joined 20 other picketers in front of Eagle Rock Junior/Senior High School. Her job isn’t easy, as she works with students with often unpredictable behavioral issues.

She chanted, “Fair wages,” from Yosemite Drive and La Roda Avenue while holding a “Respect Us! Pay Us!” sign.

“I love my work and the students,” said Sanchez, 45. “And it’s sad that I have to get up today in the rain to fight for respect because the district doesn’t understand what I and so many others do.”

Starting pay for special education aides is around $19 per hour; that can go up to $24 an hour — with a six-hour workday, so as several striking service workers pointed out to media, it can end up paying about the same as a fast food job (nothing against fast food workers, of course). Other support staff, as the AP notes, don’t even make that much:

Instructional aide Marlee Ostrow, who planned to join picket lines, said she’s long overdue for a raise. The 67-year-old was hired two decades ago at $11.75 an hour, and today she makes about $16. That isn’t enough to keep pace with inflation and rising housing prices, she said, and meanwhile her duties have expanded from two classrooms to five.

Ostrow blames the district’s low wages for job vacancies that have piled up in recent years.

“There’s not even anybody applying because you can make more money starting at Burger King,” she said. “A lot of people really want to help kids, and they shouldn’t be penalized for wanting that to be their life’s work.”

Striking teachers, represented by United Teachers Los Angeles, called attention to the low wages of support staff and pointed out that teachers can’t hope to do their jobs well if school staff aren’t able to make a living doing theirs.

“We are out here speaking up for our SEIU brothers and sisters who are living below the poverty line,” said Pablo Oliveros, 41, a 21-year art teacher. “This can’t continue to happen.”

Contract talks broke down Monday between the school district and the workers, represented by Local 99 of the Service Employees International Union. About 30,000 SEIU workers are off the job through Thursday, demanding a 30 percent raise. The union says the average annual salary for support staff is only around $25,000, and many of its workers are in poverty, particularly due to the high costs of housing in the LA area. Teachers are also asking for a 20 percent pay increase over two years.

The AP reports that the district is offering

a cumulative 23% raise, starting with 2% retroactive as of the 2020-21 school year and ending with 5% in 2024-25. The package would also include a one-time 3% bonus for those who have been on the job more than a year, along with more full-time positions and an expansion of healthcare benefits.

“This offer addresses the needs and concerns from the union, while also remaining fiscally responsible and keeping the District in a financially stable position,” [LAUSD Superintendent Alberto] Carvalho’s statement said.

Support staff haven’t had a contract since 2020, and teachers haven’t had a contract since June of last year. LAUSD teachers held a six-day strike in 2019 for better pay, smaller class sizes, and more school nurses, counselors, and librarians, although voters later turned down a property tax hike that would have paid for some of those improvements.

We’ll give the last word here to parent Roxana Tynan, who showed up to join striking teachers at her daughter’s school. Tynan told the LA Times

she was aware most parents didn’t have the luxury of a flexible schedule to protest, but thought any short-term pain from closed campuses was worth the long-term gains.

“Of course, we want our kids in school, but it’s not sustainable,” she said. “We’re going to keep losing teachers and staff like special ed aides, custodians and others if we don’t pay better. This is in the best interests of our children.”

Solidarity forever, as they say. And hey, even if it isn’t the SEIU, let’s enjoy the fake ASCFME ad again.

youtu.be

[AP / LA Mayor’s office / LAT / CNN]

Yr Wonkette is funded entirely by reader donations. If you can, please give $5 or $10 a month so we can keep reminding you that we’re all in this together. Hug a school support worker if you get the chance — they’re bustin’ their balls for ya, doing a lot of shit work you take for granted.

Do your Amazon shopping through this link, because reasons.



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#Give #Special #Aides #Eat #Teachers #Strike

Snow falls in Los Angeles area, 1,000s still without power

Post By World , , , , , , , , , , , , ,

A powerful winter storm that swept down the West Coast with flooding and frigid temperatures shifted its focus to southern California on Saturday, swelling rivers to dangerous levels and dropping snow in even low-lying areas around Los Angeles.

The National Weather Service said it was one of the strongest storms to ever hit southwest California and even as the volume of wind and rain dropped, it continued to have significant impact including snowfall down to elevations as low as 1,000 feet (305 metres). Hills around suburban Santa Clarita, north of Los Angeles, were blanketed in white, and snow also surprised inland suburbs to the east.

Rare blizzard warnings for the mountains and widespread flood watches were ending late in the day as the storm tapered off in the region. Forecasters said there would be a one-day respite before the next storm arrives on Monday.

After days of fierce winds, toppled trees and downed wires, more than 120,000 California utility customers remained without electricity, according to PowerOutage.us. And Interstate 5, the West Coast’s major north-south highway, remained closed due to heavy snow and ice in Tejon Pass through the mountains north of Los Angeles.

Multiday precipitation totals as of Saturday morning included a staggering 81 inches (205 centimetres) of snow at the Mountain High resort in the San Gabriel Mountains northeast of Los Angeles and up to 64 inches (160 centimetres) farther east at Snow Valley in the San Bernardino Mountains.

Rainfall totals as of late Saturday morning were equally stunning, including nearly 15 inches (38.1 centimetres) at Los Angeles County’s Cogswell Dam and nearly 10.5 inches (26.6 cm) in the Woodland Hills section of Los Angeles.

“Quite a remarkable storm the last few days with historic amounts of precip and snow down to elevations that rarely see snow,” the LA-area weather office wrote.

The Los Angeles River and other waterways that normally flow at a trickle or are dry most of the year were raging with runoff Saturday. The Los Angeles Fire Department used a helicopter to rescue four homeless people who were stranded in the river’s major flood control basin. Two were taken to a hospital with hypothermia, said spokesperson Brian Humphrey.

In the Valencia area of north Los Angeles County, the roiling Santa Clara River carried away three motorhomes early Saturday after carving into an embankment where an RV park is located. No one was hurt, KCAL-TV reported, but one resident described the scene as devastating.

The storm, fueled by low pressure rotating off the coast, did not depart quietly. Lightning strikes shut down LA County beaches and scattered bursts of snow, showers and thunderstorms persisted.

Derek Maiden, 57, who lives in a tent in LA’s Echo Park neighbourhood, collected cans in the rain to take to a recycling center. He said this winter has been wetter than usual. “It’s miserable when you’re outside in the elements,” he said.

Meanwhile, people farther east were struggling to deal with the fallout from storms earlier this week.

More than 350,000 customers were without power in Michigan as of early Saturday afternoon, according to reports from the two main utilities in the state, DTE and Consumers Energy. Both said they hope to have the lights back on for most of their customers by Sunday night.

Brian Wheeler, a spokesman for Consumers Energy, said half an inch (1.27 centimetres) of ice weighed down some power lines — equivalent to the weight of a baby grand piano.

“People are not just angry but struggling,” said Em Perry, environmental justice director for Michigan United, a group that advocates for economic and racial justice. “People are huddling under blankets for warmth.”

She said the group will demand that utilities reimburse residents for the cost to purchase generators or replace spoiled groceries.

In Kalamazoo, Michigan, Allison Rinker was using a borrowed generator to keep her 150-year-old house warm Saturday after two nights in the cold and dark.

“We were all surviving, but spirits were low on the second day,” she said. “As soon as the heat came back and we were able to have one or two lights running, it was like a complete flip in attitude.”

After driving to a relative’s home to store food, Rinker, 27, compared the destruction of trees to tornado damage.

“The ice that was falling off the trees as it was melting was hitting our windshield so hard, I was afraid it was going to crack,” she said. “There’s just tree limbs everywhere, half of the trees just falling down. The destruction is insane.”

Back in California, the Weather Prediction Center of the National Weather Service forecast heavy snow over the Cascade Mountains and the Sierra Nevada through the weekend.

The low-pressure system was also expected to bring widespread rain and snow in southern Nevada by Saturday afternoon and across northwest Arizona Saturday night and Sunday morning, the National Weather Service office in Las Vegas said.

An avalanche warning was issued for the Sierra Nevada backcountry around Lake Tahoe, which straddles the California-Nevada border. Nearly 2 feet (61 cm) of new snow had fallen by Friday and up to another 5 feet (1.5 metres) was expected when another storm moves in with the potential for gale-force winds and high-intensity flurries Sunday, the weather service said.

In Arizona, the heaviest snow was expected late Saturday through midday Sunday, with up to a foot of new snow possible in Flagstaff, forecasters said.

Weekend snow also was forecast for parts of the upper Midwest to the Northeast, with pockets of freezing rain over some areas of the central Appalachians. The storm was expected to reach the central high Plains by Sunday evening.

At least three people have died in the coast-to-coast storms. A Michigan firefighter died Wednesday after coming into contact with a downed power line, while in Rochester, Minnesota, a pedestrian died after being hit by a city-operated snowplow. Authorities in Portland, Oregon, said a person died of hypothermia.

Much of Portland was shut down with icy roads after the city’s second-heaviest snowfall on record this week: nearly 11 inches (28 centimetres). While the city saw sunny skies and temperatures approaching 40 degrees Saturday afternoon, the reprieve — and thaw — was short-lived. More snow was expected overnight and Sunday.

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#Snow #falls #Los #Angeles #area #1000s #power

Luxury developers in Los Angeles bet someone will pay record prices for these condos

Post By Business , , , ,

Two developers in California are looking to lure a buyer willing to do something no other buyer has ever done before in Los Angeles history – pay between $50 million and a $100 million for a condo. 

A deal anywhere near those asking prices would shatter a record in the City of Angels, where no single condo unit has ever sold for more than $22.5 million, according to public records.  

A rendering depicts the penthouse terrace and pool at the Four Seasons Private Residences Los Angeles which is on the market for $75M.

Martyn Lawrence Bullard and CRTKL

A behemoth duplex-apartment located at 9000 West 3rd Street in Beverly Hills comes with a price tag of $75 million. 

One LA, as the penthouse is called, hit the market back in July. It spans the top two floors of the Four Seasons Private Residences Los Angeles, part of an ultra-luxe condo project by the Genton Development Company that includes 59 units across 12 stories.

Rendering depicting the finished penthouse atop the Four Seasons Residences Los Angeles.

Martyn Lawrence Bullard and CRTKL

It’s the first stand-alone Four Seasons residence in North America and it sits across the street from its namesake hotel. According to the building’s website, the crown-jewel residence delivers almost 13,000 sq ft of indoor living area and nearly 6,000 sq ft of outdoor space.

Rendering of the primary bedroom at the penthouse known as ONE LA.

Martyn Lawrence Bullard and CRTKL

The penthouse, which appears fully furnished in renderings used to market the unit, is actually being sold “white-box,” meaning a buyer would take possession of unit as an unfinished shell. That means no kitchen, no baths, no millwork, no fixtures. It’s so empty that Billy Rose, co-founder of The Agency RE and co-listing agent on the deal, can be seen with his team in a marketing video riding bikes through the vast raw space.

At the current asking price, the unfinished unit is over $5,700 a sq ft. Rose told CNBC finishing costs vary widely depending on a buyer’s taste, but $8 million is a ballpark estimate. Some buyers, he said, actually prefer the blank canvas delivery so they can customize the residence to their personal taste. 

A 19-person IMAX theater is one of the luxe amenities offered at the Four Seasons Private Residences Los Angeles.

Martyn Lawrence Bullard and CRTKL

The building’s amenities include in-residence dining and housekeeping, a private 19-seat IMAX theater with access to first-run films and private screenings, a fitness center designed by nutritionist and celebrity trainer Harley Pasternak, a pool with private cabanas, and Four Seasons staff at your beck and call, according to the website.

A double shot of luxury

The other ultra high-priced penthouse that’s reaching for LA’s most rarified air is located at 8899 Beverly Blvd in West Hollywood. It has a $50 million asking price that can be super-sized to $100 million.

The 10-story, 40-unit building, designed by architecture firm Olson Kundig, was developed by Townscape Partners. The top floor is divided into two similarly sized penthouses, one on the east and the other on the west.  

According to broker Fredrik Eklund of Douglas Elliman, who reps the development and recently took CNBC on a tour of penthouse east, the four-bedroom, five-bath residence spans about 6,450 sq ft, with 14-foot ceilings. It has motorized glass panel walls that slide away for access to another almost 1,500 sq ft of outdoor space on the wrap-around balcony.  

Unlike One LA, unit PHE is being delivered finished. it’s currently staged with furnishings by ASH Staging. They are not included in the $50 million asking price, which comes to over $7,700 a square foot.  

The view from 8899 Beverly Blvd’s unit PHE where glass panels walls slide away and open to a wraparound balcony.

ASH Staging

The developer has yet to officially list either of the two top-floor penthouses, but has been testing the market’s appetite for PHE since at least April. That’s when the developer started marketing the unit with a $50 million price-tag in a so-called whisper campaign – a term that usually describes the word-of-mouth marketing used to shop around an off-market residence.

In this case, Townscape Partners and Eklund have been whispering pretty loudly about the deal to the press for months. The team is simultaneously shopping an even pricier off-market deal that pairs both of the top-floor penthouses as a combo with a $100 million ask.

The primary bedroom in Penthouse East at 8899 Beverly Blvd.

ASH Staging

The combination residence would position its owner at the highest vantage point in West Hollywood. As a pair, the penthouses deliver eight bedrooms, 10 baths and four kitchens – each includes a main kitchen and an adjacent staff kitchen.

According to Eklund, the package deal brings the total interior footage to somewhere around 13,000 sq ft with an additional 6,000 sq ft outside. Building amenities include an over 12,000 sq ft outdoor area with pool, fireplaces and dining area. There’s also a fitness area and a yoga studio, and a fine-dining restaurant is coming soon.

Penthouse PHE’s primary bath.

ASH Staging

On the subterranean level there are so-called car stables, a term Eklund uses to describe the building’s luxury garage. The parking area includes moody lighting, herringbone-patterned tile flooring and parking spots tucked behind sliding doors made of wood and steel. 

The broker told CNBC a pair of parking spots here cost $750,000, but as part of the penthouse deals the developer would throw in a few spots for free. It would also include a garage-level penthouse-only private lobby with views of the garage, plus seating and elevators that can whisk penthouse guests directly to the top floor. 

The so-called auto stables on the garage level at 8899 Beverly Blvd.

DroneHub Media

Too expensive even for LA?

The $100 million question here is: Will either of these developers find a buyer willing to spend anywhere near that kind of dough on a condo? 

The all-time highest price ever achieved for a single-unit condo sale in LA was at The Century Condos in Century City, where a 9,300 sq ft penthouse closed for $22.5 million, or a little over $2,400 a sq ft, back in 2015, according to public records analyzed by Jonathan Miller, president of Miller Samuel Appraisers and Consultants. 

The Century, which was completed in 2009, stands 42 stories tall with 140 units, and was designed by Robert A.M. Stern Architects. The development also holds the record for highest priced condo sold last year when “Friends” actor Matthew Perry reportedly sold his almost 9,300 sq ft condo for $21.6 million, or just over $2,300 a sq ft. 

Believe it or not, the same building broke another record in 2010, when legendary TV producer Aaron Spelling’s widow, Candy Spelling, spent a record breaking $34.8 million on two contiguous units, which she later combined. Her mega-deal spanned 15,500 sq ft at a price per sq ft of almost $2,250. 

A rendering of the rooftop terrace at ONE LA.

Martyn Lawrence Bullard and CRTKL

At the current asks, a prospective buyer of either One LA or the penthouses at 8899 Beverly Blvd would have to take a gigantic leap from the records established at The Century. While Miller told CNBC real estate markets don’t typically make drastic moves like this, this sort of thing has happened before in LA.

The example he points to is a sliver of the town’s single-family housing inventory known as ultra-luxury spec-mansions. Over the past decade, these homes suddenly achieved sales that broke through the $50 million mark and sustained it. Now the once unimaginable price-level is breached regularly in the high-end spec market.

“It’s a subset of the greater market that doesn’t have a linear or direct connection to what was the luxury market before,” said Miller.

According to Miller, a sudden spike in a housing subcategory like spec homes can happen when developers convince buyers that they’ve created a new real estate product that’s so different from what existed before that it should command a significant premium.

The full-service pool area at the Four Seasons Private Residences Los Angeles.

Martyn Lawrence Bullard and CRTKL

“It’s the beginning of a new dataset,” Miller said.

Rose calls LA’s new super-luxury condo inventory “2.0,” a wave of apartments he describes as more modern, luxurious, and amenity-packed than any condo inventory that came before it. He believes those are some of the reasons the units should command higher prices over the previous wave, which Rose believes includes the record breaking sales at The Century Condo.

So far Rose’s 2.0 theory is supported by a recent sale at the The Pendry Residences, another luxury condo project in West Hollywood, where a 2,700 sq ft unit sold for $13 million and breached $4,800 a sq ft. That is now the highest price per sq ft ever achieved for a condo in LA. This record is more than double the price per sq ft reached in each of those three top sales at The Century Condo.

A seating area on the wraparound balcony of penthouse east at 8899 Beverly Blvd.

ASH Staging

Eklund believes his $100 million whisper listing can and will break a price record in LA. What’s happened already in New York helps. On Central Park, he said, trophy condos have surpassed $10,000 and even $12,000 a sq ft. 

“That happens a lot, so is Los Angeles undervalued still?  Long term, maybe,” Eklund said.

Over the last decade, multiple listing service data shows more than 140 units in New York have sold for $35 million, compared to zero at that level in LA. But Miller adds a giant caveat: the two condo markets are very different. While he said The Pendry sale is clearly a sign, this new market would need to deliver a lot more transactions to determine if it’s sustainable. 

In other words: developers of One LA and the trophy penthouses at 8899 Beverly are in uncharted territory. 

“This is a new market segment,” Miller said. “So we’ll have to see how consumers respond.” 

A seating area and fireplace inside 8899 Beverly Blvd’s penthouse east residence.

ASH Staging

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#Luxury #developers #Los #Angeles #bet #pay #record #prices #condos

Gunman in Lunar New Year massacre found dead; motive unclear

Post By World , , , , ,

Authorities searched for a motive for the gunman who killed 10 people at a Los Angeles-area ballroom dance club during Lunar New Year celebrations, slayings that sent a wave of fear through Asian American communities and cast a shadow over festivities nationwide.

The suspect, 72-year-old Huu Can Tran, was found dead of a self-inflicted gunshot wound on Sunday in the van that authorities say he used to flee after being prevented from attacking another dance hall. The mayor of Monterey Park said Tran may have frequented the dance hall he attacked.

The massacre was the nation’s fifth mass killing this month — and it struck one of California’s largest celebrations of a holiday observed in many Asian cultures, dealing another blow to a community that has been the target of high-profile violence in recent years.

It was also the deadliest attack since May 24, when 21 people were killed in an elementary school in Uvalde, Texas. Authorities said Saturday’s assault could have been even more deadly. A man whose family runs the venue confronted the assailant in the lobby and wrested the gun from him, The New York Times reported.

Authorities have shared very little about Mr. Tran.

“We do understand that he may have had a history of visiting this dance hall and perhaps the motivation has to do with some personal relationships, but that’s something that I think investigators are still uncovering and investigating and we’ll probably find out more in the hours ahead or even days ahead,” said Monterey Park Mayor Henry Lo. Public records show Tran once had addresses in the city and neighbouring ones.

But Mr. Lo and Los Angeles County Sheriff Robert Luna stressed that the motive remained unclear for the attack, which also wounded 10 people. Speaking at a Sunday evening news conference, Mr. Luna said all of the people killed appeared to be over 50. No other suspects were at large, according to the sheriff.

The suspect was carrying what Mr. Luna described as a semi-automatic pistol with an extended magazine, and a second handgun was discovered in the van where Mr. Tran died.

Monterey Park Police Chief Scott Wiese said Sunday evening that within three minutes of receiving the call, officers arrived at the Star Ballroom Dance Studio in Monterey Park. There, they found carnage inside and people trying to flee through all the doors.

“When they came into the parking lot, it was chaos,” Mr. Wiese said.

About 20 minutes after the first attack, the gunman entered the Lai Lai Ballroom in the nearby city of Alhambra.

Brandon Tsay was in the lobby at the time, and he told ABC’s “Good Morning America” that he thought he was going to die.

“Something came over me. I realised I needed to get the weapon away from him, I needed to take this weapon, disarm him or else everybody would have died,” Mr. Tsay said. “When I got the courage, I lunged at him with both my hands, grabbed the weapon and we had a struggle.”

Once Mr. Tsay seized the gun, he pointed it at the man and shouted: “Get the hell out of here, I’ll shoot, get away, go!”

The assailant paused, but then headed back to his van, and Mr. Tsay called the police, the gun still in his hand.

While Mr. Luna told reporters on Sunday that two people wrested the weapon away from the attacker, Mr. Tsay, who works a few days a week at the dance hall his grandparents started, told The New York Times that he acted alone. Stills from security footage shown on “Good Morning America” showed only the two men struggling for the gun.

Witnesses said the suspect fled in a white van.

The van was found in Torrance, another community home to many Asian Americans.

After surrounding the vehicle for hours, law enforcement officials swarmed and entered it. A person’s body appeared to be slumped over the wheel and was later removed. Members of a SWAT team looked through the van’s contents before walking away.

The sheriff’s department earlier released photos of an Asian man believed to be the suspect, apparently taken from a security camera.

Congresswoman Judy Chu said she still has questions about the attack but hopes residents now feel safe.

“The community was in fear thinking that they should not go to any events because there was an active shooter,” Ms. Chu said, speaking at Sunday’s news conference.

“What was the motive for this shooter?” she said. “Did he have a mental illness? Was he a domestic violence abuser? How did he get these guns and was it through legal means or not?”

Monterey Park is a city of about 60,000 people on the eastern edge of Los Angeles and is composed mostly of Asian immigrants from China or first-generation Asian Americans. The shooting happened in the heart of its downtown where red lanterns decorated the streets for the Lunar New Year festivities. A police car was parked near a large banner that proclaimed “Happy Year of the Rabbit!”

The celebration in Monterey Park is one of California’s largest. Two days of festivities, which have been attended by as many as 100,000 people in past years, were planned. But officials canceled Sunday’s events following the shooting.

Tony Lai, 35, of Monterey Park was stunned when he came out for his early morning walk to learn that the noises he heard in the night were gunshots.

“I thought maybe it was fireworks. I thought maybe it had something to do with Lunar New Year,” he said. “And we don’t even get a lot of fireworks here. It’s weird to see this. It’s really safe here. We’re right in the middle of the city, but it’s really safe.”

An Associated Press/USA Today database on mass killings in the U.S. shows that 2022 was one of the nation’s worst years with 42 such attacks — the second-highest number since the creation of the tracker in 2006. The database defines a mass killing as four people killed, not including the perpetrator.

California Gov. Gavin Newsom visited Monterey Park on Sunday, meeting with victims and their families as well as local officials.

President Joe Biden and Attorney General Merrick Garland were briefed on the situation, aides said. Biden said he and first lady Jill Biden were thinking of those killed and wounded.

The Star Ballroom Dance Studio’s website said it was hosting an event Saturday called “Star Night” from 8 p.m. to 11:30 p.m. The studio is a few blocks from city hall on Monterey Park’s main thoroughfare of Garvey Avenue, which is dotted with strip malls of small businesses whose signs are in both English and Chinese. Cantonese and Mandarin are both widely spoken, Chinese holidays are celebrated and Chinese films are screened regularly in the city.

Wynn Liaw, 57, who lives about two blocks from the Monterey Park studio, said she was shocked that such a crime would happen, especially during Lunar New Year’s celebrations.

“Chinese people, they consider Chinese New Year very, very special” — a time when “you don’t do anything that will bring bad luck the entire year,” she said.

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