REAL ESTATE
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In my article for Variety, find out why digital media companies like All Def Digital, Collab, Evite and Portal A have turned away from Venice, Santa Monica, Playa Vista and other high-rent Silicon Beach hot spots and set up shop in Downtown Los Angeles.
Also check out my companion video for the article on the left.
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Biz Managers Advise Clients on Real Estate Investments Amid Shifting Market
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Until recently, Los Angeles was the blazing center of a hot national real estate market. Demand was high, inventory low, and tales of feeding frenzies with escalating cash offers from multiple buyers were common.
But things cooled down earlier this year. Nationally, home prices peaked in April, after two years of double-digit gains spurred by ultra-low interest rates. Inflation hit a 40-year high in June. The Federal Reserve raised interest rates, lenders followed suit and mortgage rates hit a 20-year high in October. The luxury home market was hit particularly hard, plummeting 28% nationally year-over-year in the third quarter. |
Adventures in Historic Los Angeles Real Estate
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The general view of historic architecture in Los Angeles is summed up by a scene in the 1991 film "L.A. Story" in which the character played by Steve Martin boasts to a visiting Brit: "Some of these buildings are over 20 years old!" It's true that Angelenos worship youth in all forms, whether it be architecture, ingenue or auto. But anyone who has spent time exploring the city can attest to the fact that it's not the vast wasteland of disposable strip malls, tract homes and faux Mediterranean McMansions that outsiders paint it to be.
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Months before Sandra Bullock adopted a baby boy from New Orleans in January, naming him Louis in honor of native icon Louis Armstrong -- and even more months before domestic woes boosted her desire to relocate -- she had already set up house in his hometown.
In June, the Oscar-winning actress laid down $2.25 million in cash for an ornate 6,615-square-foot mansion in the city's Garden District. Built in 1876, it was designed by renowned New Orleans architect William Alfred Freret for James Biddle Eustis, who served as a U.S. senator and ambassador to France.
Almost as impressive as its historic pedigree are the neighbors, who include Brad Pitt, Angelina Jolie and John Goodman, now shooting HBO's "Treme" there. Nicolas Cage also owned two nearby homes until November, when they were sold in a foreclosure auction.
In June, the Oscar-winning actress laid down $2.25 million in cash for an ornate 6,615-square-foot mansion in the city's Garden District. Built in 1876, it was designed by renowned New Orleans architect William Alfred Freret for James Biddle Eustis, who served as a U.S. senator and ambassador to France.
Almost as impressive as its historic pedigree are the neighbors, who include Brad Pitt, Angelina Jolie and John Goodman, now shooting HBO's "Treme" there. Nicolas Cage also owned two nearby homes until November, when they were sold in a foreclosure auction.
Also check out the Louisiana architecture primer and read about historic homes in the Big Easy that have been transformed into postproduction facilities and my piece on the trend of using local rental properties for staycations.
Showbiz Meets Shopping at The Grove
For decades, the entertainment and retail industries have been finding growing synergies. No one has done more to extend this relationship to the shopping experience than real estate mogul Rick Caruso. The design of his mega-mall complexes at the Grove in Los Angeles, the Americana in Glendale and the Commons in Calabasas has been largely informed by showbiz.
“A lot of what we do has been inspired by the film industry and the idea of having a living set,” says Caruso. This is true especially at the Grove, where TV entertainment news show “Extra” is shot.
“The old studios had gates, and once you passed through those gates, you entered into sort of a better time,” Caruso adds.
“A lot of what we do has been inspired by the film industry and the idea of having a living set,” says Caruso. This is true especially at the Grove, where TV entertainment news show “Extra” is shot.
“The old studios had gates, and once you passed through those gates, you entered into sort of a better time,” Caruso adds.
Also check out "Mall Builder Rick Caruso Expands to Pacific Palisades."
Villa Muse looks like a fantastic concept on paper: a $2.5 billion mixed-use development 12 miles east of downtown Austin, anchored by a $300 million, 200-acre studio with state-of-the-art production and postproduction facilities for film, television, commercials, music and video games, including ten soundstages (one measuring 65,000 square feet), a water tank and scoring and mixing stages.
But what makes it truly revolutionary is that the residential community surrounding the studio will not only serve as a home for locals and visiting crews and creatives alike, it also will be a living backlot for filmmakers, with neighborhoods built in a variety of styles and sizes suitable for portraying locations around the globe.
Click here to read the entire article from The Hollywood Reporter.
But what makes it truly revolutionary is that the residential community surrounding the studio will not only serve as a home for locals and visiting crews and creatives alike, it also will be a living backlot for filmmakers, with neighborhoods built in a variety of styles and sizes suitable for portraying locations around the globe.
Click here to read the entire article from The Hollywood Reporter.
