Robert Redford is selling the 30-acre Utah ranch he named after his film “The Horse Whisperer.” The actor and director bought the spread in 1996 as a winter grazing area for his horses, according to the Wall Street Journal. He directed and starred in the movie two years later. The property is now on the market for $4.9 million, according to the report. Horse Whisperer — the property — is in the town of Charleston, … [more]
A spec home in San Francisco’s Cow Hollow neighborhood is on the market for $46 million, making it one of the city’s priciest listings ever. Developer Troon Pacific is behind the roughly 12,200-square-foot home, according to the Wall Street Journal. The modernist-influenced home sits on a triple-wide lot with views of San Francisco Bay stretching from the Golden Gate Bridge to Alcatraz. The house is mostly stone, wood, stucco, glass, and concrete. The two-story atrium … [more]
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Defrauding agents. Illegal telemarketing. Encouraging breach of contract. Stealing trade secrets from rival firms. These are just some of the allegations leveled against Compass so far this year. The brokerage, which went public in April, is involved in nearly a dozen active lawsuits dating as far back as 2014. In the majority of these cases, Compass finds itself playing defense. Plaintiffs include local rivals, former agents, concerned citizens and a housing watchdog group. Several cases, … [more]
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Where are all the million dollar homes? Spoiler alert: Wherever more people can afford them. Few homeowners live in homes valued at a million dollars or more in the U.S., but in some cities, it’s more common than you think, according to a report from LendingTree. Only 4.3 percent of owner-occupied homes in the country’s 50 largest metropolitan areas are valued at $1 million or more, according to the report, which analyzed census data. Take … [more]
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Los Angeles-based investment firm ShainRealty Capital has entered the Dallas market with its purchase of a 373-unit rental complex for $46.4 million. The company financed the deal with a $40 million, five-year bridge loan from Arbor Realty Trust, ShainRealty said in a release on Friday. The Reflections at Highpoint complex was previously owned by OpenPath Investments, a real estate firm based in Truckee, California, records show. OpenPath could not immediately be reached for comment. ShainRealty … [more]
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The CEO and founder of Cypress Equity Investments has sold his Brentwood home — an estate just minutes away from the real estate investment firm’s headquarters on Wilshire Blvd. Michael Sorochinsky sold the 9,800-square-foot mansion for $13.9 million, records show, well above the $3.5 million he spent to purchase it in 2012. In 2015, Sorochinsky secured a $4 million mortgage for the property from Comerica Bank, replacing an original $2.45 million mortgage from Rabobank, secured … [more]
The post Cypress Equity CEO sells Brentwood mansion for $14M appeared first on The Real Deal Los Angeles.
A startup backed by Jeff Bezos and Salesforce CEO Marc Benioff is the latest venture working to extend real estate investing to the masses. Arrived Homes, a company that offers shares of rental properties starting at $100, raised $37 million in equity and debt from investors that include the Amazon founder’s private investment company Bezos Expeditions and Benioff’s Time Venture in a fundraising round led by Core Innovation Capital, Bloomberg reported. Arrived Homes isn’t the … [more]
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Two proptech firms that aim to help homebuyers compete in hot markets are steps closer to going public after naming new executives. New York-based Orchard tapped Patrick McClymont, former chief financial officer of IMAX and auction house Sotheby’s, as its CFO last month, the Wall Street Journal reported. And HomeLight, a Bay Area startup, appointed to its board Sean Aggarwal, chairman of Lyft and former CFO of Trulia, according to Bloomberg News. Both companies try … [more]
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The state legislature is considering measures that would require developers hire union labor on affordable housing projects. Not surprisingly, the industry is not happy. Affordable housing developers have criticized the proposal, arguing it would hike costs to build desperately needed affordable units in an already expensive development environment, according to Bloomberg. Supply costs have been steadily rising, along with home sale prices in Southern California. Cities like Los Angeles, however, support affordable housing projects in … [more]
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The modest Los Feliz home where Charles Manson’s followers murdered the LaBiancas sold after its price was cut. Owner and paranormal investigator Zack Bagans sold the home at 3311 Waverly Drive for $1.9 million, according to the Sacramento Bee. Information on the buyer wasn’t available. Bagans bought the home in 2019 for a few thousand dollars above its recent sale price and first listed it for $2.2 million last October. He dropped the price to … [more]
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