Real estate newsletter: COVID-19 fortune fuels real estate buying spree
Welcome to the Real Estate newsletter, which this week features more drama than the usual celebrity-fueled luxury deals.
The juicy details come from Pasadena, where a company called Innova Medical Group has made billions during the pandemic by selling questionable coronavirus tests to governments around the world. Executives then used the money to shop real estate, rent a pristine office in Pasadena, and purchase luxury homes nearby for the startup’s top executives, in addition to a pair of jets, according to a Times investigation, according to a Times investigation. private.
In other news, the real estate headlines of the week saw sellers ready to move on. John Legend and Chrissy Teigen have put their Beverly Hills Post Office home up for sale many times over the past year and finally struck a deal this week, but for 30% less than they wanted to. the origin.
Former San Francisco 49ers coach Jim Harbaugh is hoping for better luck in the Bay Area. Seven years after leaving to coach the University of Michigan Wolverines, he finally found the time to put his Atherton mansion on the market for $ 13 million.
But enough about homes with eight-figure asking prices. With the market booming, it’s even hard for people to dream of buying a home, we took a look at what $ 400,000 is buying around LA There aren’t many single family homes on the market for this price. , but there are plenty of condos to grab.
On the shopping side, a welcome sight arrives in San Gabriel, where a couple transform an old Masonic lodge into a Grand Central Market-style dining hall called Blossom Market Hall. Its opening is scheduled for September.
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Over the past year, executives at a Pasadena startup have started flying from Burbank to destinations around the world on a pair of newly registered Gulfstream jets, a G650 adorned with plush white seats, burnished interiors, and other luxury finishes.
Two executives associated with the same company also bought multi-million dollar homes not far from the startup’s posh headquarters. And when Realtors demanded proof that they could pay such prices, one of the executives handed over a bank statement showing a deposit of $ 128 million in the UK government’s corporate account.
The beneficiary of this massive windfall was Innova Medical Group, a company formed at the start of the pandemic that has become an unlikely global supplier of coronavirus tests.
Power couple finally sell
Musician John Legend and his wife, model Chrissy Teigen, just sold their Beverly Hills Post Office home for $ 16.8 million about a year after it first hit the market.
That’s about 30% less than their original price of $ 23.95 million, but still $ 2.7 million more than they paid five years ago.
The powerful couple moved to another part of the Beverly Hills Post Office last summer, spending $ 17.5 million for a state-of-the-art 10,700-square-foot mansion a few miles west of Benedict Canyon. The one they just sold is a bit smaller at 8,500 square feet but still impresses with 33-foot ceilings, a sculptural staircase, and a master suite with a “glamorous bedroom.”
Former 49ers coach lists his territory
Jim Harbaugh’s stint as head coach of the San Francisco 49ers ended in 2014. Seven years later, he’s shopping at his Bay Area home for $ 13 million.
That’s about double the $ 6.3 million he paid for the property in 2012, records show. Harbaugh, who played high school football at Palo Alto High School, picked the spot after leading the 49ers to the NFC Championship game and being named NFL Coach of the Year in his first season with the team.
The estate covers 1.3 acres in Atherton, an affluent enclave that’s home to Bay Area sports stars such as Stephen Curry and Jerry Rice and consistently ranks among the nation’s most expensive postcodes.
What $ 400,000 is buying right now
Unless you are looking for raw land or a multi-year renovation project, $ 400,000 isn’t going to go too far in the LA single-family housing market. The median price of LA County homes hit a record high of $ 790,000 in June and, according to Zillow, the average home value in the city hovers around $ 882,000.
With starting homes costing between $ 500,000 and $ 1 million in most areas of LA, condos can be a more affordable path to homeownership, and there are a healthy dose of options throughout. the city. Take a look at what $ 400,000 is buying in five LA communities.
A food hall comes to San Gabriel
A few years ago, Nellie and Chris Tran moved from San Francisco back to their hometown in the San Gabriel Valley to raise their son, who was 1 year old at the time, writes Jean Trinh. While there were plenty of malls – and restaurants – to explore, there wasn’t much room for their son to run around, except for the parking lots. The couple believed the area lacked the kind of public gathering spaces they had seen in other cities.
The city of San Gabriel needed a food hall, they thought, something akin to Grand Central Market and Anaheim Packing House, a space that would bring diverse communities together through food, performance, and art.
In 2018, the Trans began the process of transforming a former Masonic Lodge in the historic San Gabriel Mission District into Blossom Market Hall. There have been pandemic delays that have slowed construction, but they have never stopped working on it and they plan to open in September.
“We’re essentially creating a public space focused on food,” said Nellie Tran.
What we read
In the latest sign that the hot housing market may soon calm down, pending home sales in June fell 1.9%, CNBC Reports. Weak inventory still keeps selling prices high, but the slight drop in pending sales indicates homes are not selling as quickly as they were in previous months.
House outside, bunker inside. A common brick facade makes this Dallas list look pretty innocent, but inside are concrete rooms, fluorescent lights, and two power grids that combine to create “the ultimate safe home.” KPRC-TV Channel 2 in Houston has history.