Real Estate Newsletter: The Terrifying Side of LA Housing


Welcome to our real estate newsletter. My articles usually take you inside LA’s finest properties, but this week I’m taking a trip underneath.

Do you know what’s under your house? Kyle Tourje probably does. He’s a structural evaluator for his Alpha Structural, and has spent his career delving into the dark underworld of Southern California real estate, so he doesn’t have to.

It’s a dirty job — especially in earthquake-prone areas like LA, where deadly bugs, animal corpses, and Foundation disasters are waiting to happen. He’s got the stories and pictures to prove it. It contains a secret chamber full of 2,000-year-old Peruvian skulls and military equipment.

Fair warning: This story is only available to subscribers. But there’s never a better time to subscribe, especially when $1 gets you 6 months. I’m not a salesman, but I don’t have to be that good of a deal.

On the luxury side, big deals were made in Beverly Hills. Normally an area with a lot of blockbuster products, this year we didn’t see much of a price peak compared to neighboring communities like Beverly Crest and Bel Air. Hmm.

Things changed this week when denim mogul Maurice Marciano, co-founder of Guess Jeans, dropped $37.5 million on his renovated mansion, making it Beverly Hills’ second most expensive sale so far this year. He bought it from Fred Bernstein, a real estate agent who spent the last few years expanding and restoring modern properties.

Luxurious and lesser-known Mount Washington also got the celebrity treatment this week when Danny DeVito and Rhea Perlman listed their three-story hillside home for $1.55 million. The actors, who have since separated, have put together multiple properties over the years in hip neighborhoods like Los Feliz, Silver Lake, and the Hollywood Hills.

On the other side of the market, affordable housing advocates got good and bad news this week.

Fortunately, Article 34 of the California Constitution, which makes it difficult to build public housing, could be repealed in a 2024 vote. The bill comes nearly 75 years after the amendment was passed, and for the next 70 years has blocked construction of low-income housing by requiring voter approval for public housing.

The bad news is that the wage gap for renters, also known as the gap between what the typical worker can afford to pay and what they actually pay for rent, is widening. the median renter here earns him $36,649, but he needs $73,560 to pay the rent for a one-bedroom.

As always, stay up to date with us by visiting and liking our Facebook page. Here you’ll find real estate articles and updates throughout the week.

Human Skull and Chamber of Secrets

Structural appraiser Kyle Turje appraises the property.

Structural appraiser Kyle Tuorje assesses properties with unauthorized decks, grown fruit and nurseries tucked into hillsides, Aug. 30.

(Jason Almond/Los Angeles Times)

Architects design houses. Agents sell them. Kyle Turje jumps under it.

Tourje is one of nine structural appraisers for Alpha Structural, a Los Angeles company that specializes in foundation repair engineering and construction. In other words, these people keep your house from sliding down the hill and crushing the house underneath.

Each week, assessors will be out on the scene and sending back photos and videos of their most amazing finds. Dog Skeleton or Aether Crops.

Tourje has been digging for over a decade and has more than enough stories to fill a horror movie plotline. Here are some.

Denim mogul spends big in Beverly Hills

Originally built in 1955, the newly restored home spans 9,300 square feet and has 5 bedrooms and 8 bathrooms.

Originally built in 1955, the newly restored home spans 9,300 square feet with five bedrooms and eight bathrooms spread across one floor.

(Mark Singer)

Fashion designer Maurice Marciano, best known for co-founding apparel brand Guess Inc. with his brother in the 1980s, purchased a newly renovated mansion in Beverly Hills for $37.5 million. Year.

Records show that he purchased the house through a limited liability company, Beverly Financial Holdings. He’s less than a mile away from his old location, a Paul McClean-designed home in the Trousdale Estates where he’s currently shopping for $27.5 million.

The seller is Westside Estate Agency real estate agent Fred Bernstein, who purchased the property for $12.25 million in 2016 from Megan Ellison, daughter of film producer and billionaire Larry Ellison. Photos on the list show Bernstein has added his 3,000 square feet in the years since, while maintaining his home’s original style.

Actor holds out a scenic perch

The three-story residence has glass walls and multiple decks with city and canyon views.

The three-story residence has glass walls and multiple decks with city and canyon views.

(Scott Everts / Ryan Ruff)

Over the past decade, actors Danny DeVito and Rhea Perlman have amassed an impressive real estate collection throughout LA, with homes in hip neighborhoods such as Silver Lake, Los Feliz and the Hollywood Hills.

Now, the pair are looking to free one by listing a scenic home on Mount Washington for $1.55 million.

The pair, who married in 1982 but have since separated, purchased the property for $1.3 million in 2018, according to records. Her three-story loft-like residence on a hillside offers sweeping city and canyon views from its walls of windows and multiple decks.

Abolition of public housing measures

A new building is being built near the old and dilapidated units of the Jordan Downs housing project.

A new building is coming up in 2019 near an old and dilapidated unit in the Jordan Downs residential project in the Watts neighborhood of Los Angeles.

(Luis Cinco/Los Angeles Times)

Nearly 75 years after amending the state constitution to make it harder to build public housing, California voters will have a chance to repeal the provision on the 2024 ballot, writes Liam Dillon.

This measure asks voters to repeal Section 34 of the California Constitution, which requires voter approval before public housing is built in a community. Passed in 1950, Section 34 hindered low-income housing construction in California for decades, but it continues to weigh on the costs and uncertainties of affordable housing construction today. is increasing.

The real estate industry sponsored the 1950 campaign, which appealed to racist concerns about neighborhood integration and featured fiery rhetoric about the need to fight socialism.

Proponents of repeal of Article 34 argue that it is a relic of racism that needs to be abolished, especially during the affordable housing crisis. Other states have had and repealed laws requiring a popular vote before construction of low-income housing, but currently only the California Constitution requires voter approval to build public housing.

Rent gap widens in LA

Sarah Abdeshahien, 22, is a recent graduate of the University of California, Berkeley. She lives in a one-bedroom apartment in San Francisco.

Sarah Abdeshahian, 22, is a recent graduate of the University of California, Berkeley. In her one bedroom apartment in San Francisco, February 2021. Students are moving to San Francisco because it’s more affordable.

(Gary Coronado/Los Angeles Times)

Los Angeles, San Diego, San Francisco, and three other California cities have the largest pay gaps for millennial renters in the country. The difference is the difference between what a typical worker can pay and the average wage, writes Summer Lin.

Among California cities, Los Angeles has the largest rent gap among millennials, followed by San Diego at 3rd, San Francisco at 5th, San Jose at 7th, Riverside at 8th, and Riverside at 12th, according to an analysis by an air filtration company. was Sacramento. Filter purchases using data from the US Census Bureau’s 2020 American Community Survey Public Use Microdata Sample.

The analysis found that in Los Angeles, the millennial wage gap in 2020 was minus 49.5%, with the average millennial renter earning $36,649. But the renter needed an average wage of $72,560 to pay for his one-bedroom rent. The median one-bedroom rent was about $1,814. About 35.6% of the city’s millennials were renters.

what we are reading

Land is hard to come by in California, the nation’s most populous state (no surprise to Californians). The New York Times surveyed the states with the largest new single-family home lot sizes and found that California has her second-smallest median lot size at 7,405 square feet. Vermont has the largest median parcel at 78,408 square feet, and is a bit cheaper at $5.95 per square foot.

It’s usually either a seller’s market or a buyer’s market, but according to Business Insider, it’s the worst time for both. Citing stagnating prices for sellers, rising mortgage rates for buyers and growing pessimism on the part of all involved, he declared the property market to be currently “in limbo”.



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