Real Estate Newsletter: A fond farewell

Welcome to the real estate newsletter. I bring bad news: this will be the last episode of this series.

I’m writing this from a hotel room in Atlanta, where I’m in town to accept the National Assn’s best newsletter award. real estate writers. It’s an honor and a fitting final round for this weekly feature, which I started writing two years ago and still enjoy writing today.

Over nearly 100 weekly newsletters, we’ve tried to make sense of this market mammoth, exploring every angle of the wild and wacky nature. world of buying, selling, building and renting real estate in Southern California.

We looked at the quirky offerings on the market: a convent-turned-mansion, a 19th-century water tower turned beach house, and a Victorian Gothic with a blood-red swimming pool.

We investigated the rich with deep dives into a shopping spree fueled by shady pandemic fortunes and the seemingly eternal restlessness of The One (and the very many who fight for its profit).

We’ve gone into and under homes on your behalf, finding (relatively) bargains at the lower end of the market and uncovering secrets found under the floors of aging LA homes: human skulls, weapons hides… things of that nature.

Finally, we broke down the Herculean, Sisyphean, and (insert mythological figure of your choice) task of navigating the Southern California real estate market, tracking its ups, downs, struggles, and using all that information to create a comprehensive step-by-step plan. -step guide to buying a house here.

I inherited this newsletter from real estate journalism legend Lauren Beale and have done my best to put my own spin on it. I wanted this series to be a one-stop-shop for understanding this bizarre real estate market, and if you, dear reader, have learned anything about what it means and what it takes to live here, then I’ve succeeded.

I can’t thank you enough for subscribing, and know that I’m not going anywhere. As part of a larger editorial restructure, I moved from the Business section to the California section, where I will continue my coverage of luxury real estate. This newsletter is ceasing so I can have more time to dive into the big stories – all of which will be available on the Real Estate page. In the meantime, I encourage you to check out our other newsletters, including Essential California. Choose from a wide range of offers here; a personal favorite is Screen Gab.

I will miss being in your inbox every Saturday, and receiving your thoughts and responses in my inbox soon after. Please email me at [email protected] anytime. I read and enjoy them all.

Thanks again for subscribing for the past two years. As with reading any of my work, it means a lot.

—Jack

While we’re here, let’s dive into the headlines of the week for the good old days. After seeing home values ​​rise at an almost constant rate over the past decade, we can confidently say that home prices are falling.

Home prices in Southern California hit an all-time high in May, but now they’re nearly 6% below that number — a big enough number to say the price drop isn’t just a anomaly.

On the luxury side, the former interim mayor of Huntington Beach – perhaps better known as UFC fighter Tito Ortiz – put his beach house on the market a few months after his burglary.

We also received the latest episode of Liam Dillon’s stellar “Gimme Shelter” podcast. It features a conversation with a UCLA urban planning professor who examines a lesser-known contributor to California’s housing crisis: parking spaces.

Higher mortgage, lower price

The typical price of a home in Southern California is now nearly 6% lower than the record high reached in May, according to data released Wednesday by Zillow. Above is a Glendale home for sale in 2020.

(Raul Roa/Los Angeles Times)

For the first time in a decade, home prices in Southern California are fall permanently, writes Andrew Khouri.

The typical price of a home in Southern California is now nearly 6% lower than the record high reached in May, according to data released Wednesday by Zillow.

In September, the typical price for a home in the Six Counties area fell 0.6% from August to $817,316, marking the fourth consecutive month of price declines from the previous month. . It hadn’t happened since early 2012.

Fighter is looking to tackle a sale

A two-storey Mediterranean-style house

Longtime UFC fighter Tito Ortiz is asking $4.8 million for his Mediterranean-style home in Huntington Beach, the town where he served as mayor pro tempore last year.

The announcement comes a few months after the burglary of the house. In June, TMZ reported that thieves ransacked the Davenport Island residence in Huntington Harbor and stole a safe while Ortiz was away.

A native of Huntington Beach, Ortiz became politically active in the community when he ran for city council in 2020 and won an open seat. He briefly served as mayor pro tempore but resigned in June 2021, citing personal attacks after a controversial streak that saw him speak out against mask use during the pandemic and file an unemployment claim against the city despite the fact that his hours have not been reduced.

How Parking Lots Affect Affordable Housing

An aerial view of various parked cars.

Aerial view of various parked cars

(Adamkaz/Getty Images/iStockphoto)

The cost of building low-income housing in California is the highest in the country, with some apartment buildings totaling more than $1 million per unit to be built, writes Liam Dillon.

One of the reasons? It is expensive to reserve land for parking lots and to build underground garages. In this episode of “Gimme Shelter: The California Housing Crisis Podcast,” Dillon talks about an upcoming state law, Assembly Bill 2097, which eliminates minimum parking requirements for new housing near public transportation. The hope, according to the law’s supporters, is that the policy will spur more development at a lower cost while helping California meet its climate change goals.

His guest is Donald Shoup, professor of urban planning at UCLA and author of the book “The High Cost of Free Parking”. Shoup is considered the preeminent parking expert in the United States, and his work laid the groundwork for the new law.

About Mary Moser

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