Real estate newsletter: a house and horror combo for Halloween
Welcome back to the real estate newsletter. As cobwebs and skeletons adorn the porches of homes across California, one ad in Spaulding Square gets into the Halloween spirit more than any other.
Sacred to Halloween history, the Dutch colonial-style mansion served as the front of the protagonist’s home in Wes Craven’s classic slasher film “A Nightmare on Elm Street”. It went on sale this week for $ 3.25 million alongside a spooky batch of ad photos that show Freddy Kreuger feeling right at home in the two-story house.
Agents will be handing out candy to candy treats on Halloween, but don’t wait until then if you want to make an offer. They are expected before midnight on October 31.
The other notable announcement of the week came in Brentwood, where Lakers part-owner Jesse Buss, who is the team’s deputy general manager, is asking $ 10.95 million for a modern hillside mansion. Coincidentally, it’s just down the street from a 16,000-square-foot location that Lakers star LeBron James bought for $ 23 million in 2017.
New housing data fell and it painted a picture of a Southern California market going from hot to just hot. Home prices hit a record $ 688,500 in September, but the 12.9% year-over-year price appreciation was the smallest jump since January. It’s still a sellers’ market, but the bidding wars abate as some exhausted buyers give up their search.
We also received a dispatch from the heart of the country from business journalist Don Lee, which described families who had moved from major cities to Central America during the pandemic. A couple bought a home in Nebraska that was one-tenth the price of a typical Burbank home – but as the world slowly returns to normal, will they stay?
Did someone say Burbank? The city of San Fernando Valley received some huge business news this week: Warner Bros. Ranch will be redeveloped with 16 new sound stages in an ambitious project that will bring 926,000 square feet of new construction.
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The house “Nightmare on Elm Street” is up for grabs
A piece of horror movie history has just gone on sale in Spaulding Square, but you’ll have to act fast. The fictitious house known as 1428 Elm St., which served as the front of the home of the protagonist of the 1984 Wes Craven classic, “A Nightmare on Elm Street,” hit the market for $ 3.25 million .
To match its spooky past, offers for the famous cinema residency are due before midnight on Halloween day.
This is the first time the house has been on sale since Lorene Scafaria – director of films such as ‘Finding a Friend at the End of the World’ and ‘Hustlers’ of 2019 – bought it for 2 , $ 1 million in 2013. Surprisingly, the facade still looks similar to the way it did in the movie; green shingles still cover the entrance to the portico, but the bright red front door has since been painted black.
Built in 1919, the Dutch colonial-style house was a natural fit for the film, which takes place in the fictional town of Springwood, Ohio. According to listing agents, Spaulding Square is clearly lacking in palm trees and a variety of other plants that give the streets a classic look, so filmmakers often shoot around the neighborhood to represent locations outside of Southern California.
Buss brother tries to sell in Brentwood
Lakers co-owner Jesse Buss walks off the field as the NBA season draws to a close, listing his three-year-old Brentwood mansion for $ 10.95 million.
Buss, who shares a majority Lakers stake with his five siblings and serves as the team’s deputy general manager, paid $ 9.75 million for the modern residence when it was new build in 2018. Records show that ‘he moved to Encino earlier this year, spending $ 5.9 million for a Mediterranean-style estate near Mulholland Drive.
The place he’s selling is a few homes away from the home of LeBron James, who paid $ 23 million for a 16,000 square foot showroom in 2017. It’s one of two homes that James owns in Brentwood in addition to the Beverly Hills resort he bought last year for $ 36.75 million.
The September market goes from hot to hot
Southern California home prices set another record last month, but the market is cooling off despite the all-time record high prices, writes Andrew Khouri.
The median selling price of the region’s six counties – the point at which half of homes sold more and half less – climbed 1.3% from August to $ 688,500 in September, according to data released Wednesday by real estate company DQNews.
Although this is a record number and an increase of 12.9% from the previous year, the annual price appreciation was the weakest since January. The number of homes sold was essentially flat, increasing only 0.6% from September 2020.
Heath Clendenning, an LA area agent at Highland Premiere Real Estate, said while the market is not as hot as it was at the start of the year, it is still a sellers’ market and multiple offers are common.
“People were buying houses without seeing them,” he said. “People are at least seeing the houses now for the most part. “
Young families are heading to the heart of the country
Fed up with pandemic restrictions and their cramped Burbank studio, Patrick and Emma Janssen upped their bets and returned to their native Nebraska last fall, writes Don Lee.
At first, 36-year-old Emma taught writing to her students at Caltech at a distance, then moved on to teach at a school in Nebraska. Patrick, thirty-eight, quit a hesitant acting career and landed a new job with a Nebraska news channel.
Now, a year later and a freezing winter in the Great Plains behind them, the Janssens are expanding the three-bedroom house they bought next to Emma’s parents in the 135-year-old farming town of Winside, which has just over 400 inhabitants.
The new house costs about a tenth of a typical Burbank house, and they have more yard space than they know what to do with.
Warner Bros. Ranch gets a makeover
The historic Warner Bros. film studio Ranch in Burbank to be redeveloped with 16 new sound stages as demand for facilities to make movies and TV shows spurs expansion from studio owners scrambling to serve burgeoning entertainment production in Southern California , writes Roger Vincent.
Warner Bros. sells its 32-acre satellite land under a previously announced deal, but will lease it to new owners in 2025 after a more than $ 500 million renovation that will turn the land into what will be one of the biggest new ones studio developments in the country when it kicks off next year.
The existing installations of the lot, including five sound stages, offices and sets, will be replaced. The studio will be redeveloped with 926,000 square feet of new construction, including 16 sound stages with connected production support space, a 320,000 square foot office complex, commissary, parking garage and dedicated construction space. sets and props (called a mill in industry jargon).
What we read
If you’re not looking for a real house right now, what about a Lego house? The toy brand just announced a new 3,995-piece set to build the iconic “Home Alone” house, featuring recreations of Joe Pesci and Daniel Stern as “Wet Bandits” and even a Lego cardboard cutout from Michael Jordan, Polygon reports.
Need a horror story for Halloween? A woman who has three Amazon smart speakers in her home requested data that Amazon had collected about her and received a ZIP file containing thousands of audio clips that she said were recorded through the speakers. The New York Post has the details.