Editors’ Pick tagged posts

Billionaire Robert E. Smith Lists In Malibu’s Coveted Carbon Beach

The stretch of sand frequently referred to as Billionaire’s Beach has a new listing to add to the books. Robert E. Smith, founder of Vista Equity Partners, has put his four bed, five bath home on the market for $24.5 million after purchasing it two years ago for $18.7 million. This was quite a discount since the asking price at the time is the same price Smith is asking now. In the two years since he purchased the home it has been on the market as a rental for between $30,000 and $50,000 per month, but now it is back on the market as a fully-fledged sale.

Malibu’s Carbon Beach previously held the record for the most expensive Los Angeles home sale—a $110 million transaction when Hard Rock Cafe founder Peter Morton sold his beach front abode to natural gas b...

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What A Biden Administration Means For Rental Housing Challenges

With President-elect Joe Biden set to take office in January, the economic fallout of the coronavirus pandemic on America’s households is likely to be front and center. Even before the crisis, housing affordability and instability were serious problems. 

“This year, the Covid-19 pandemic, a powerful movement for racial justice, and the devastating impacts of climate change have combined to bring the nation’s longstanding housing challenges to the fore,” according to the Harvard Joint Center for Housing Studies’ 2020 State of the Nation’s Housing report.

Greg Brown, senior vice president of government affairs for the National Apartment Association, expressed optimism about bei...

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Billionaire Sam Zell Talks Trump, SPACs, And Interest Rates In Forbes Q+A

Sam Zell is one of the legendary investors of his generation, known for his love of dealmaking, gold chains, and telling it like it is. The title of his 2017 autobiography borrows his favorite phrase: Am I Being Too Subtle? Real estate has long been Zell’s dominion, and he scored a giant win in 2007 with the sale of the REIT he built, Equity Office Properties, for $39 billion, at the top of the market. Less successful, his $8.2 billion LBO of newspaper conglomerate Tribune Co.— which went bankrupt a year later. 

Zell, 78, has a large capacity for spinning many plates in the air simultaneously, and because he enjoys operating in the public markets, you can invest right alongside him...

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Opendoor’s Cofounder Talks Covid, Growth, And The Quest For Profits As The Company Goes Public

The market reacted kindly yesterday to news that Opendoor, a technology startup that lets customers rapidly sell their homes, will go public through a merger with a blank-check company. Shares of its soon-to-be acquirer soared 35% during normal trading hours, before falling 7% early on Wednesday. 

The deal gives Opendoor an enterprise value of $4.8 billion and is a breakthrough for the industry it helped pioneer. But while Opendoor dominates the rapid home-selling marketplace—also known as iBuying—with roughly half of its market share, there is scant proof that the company, let alone its smaller competitors, has devised a sustainable path to profitability. Last year it lost $339 million on revenue of $4.7 billion...

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This 31-Year-Old Venture Capitalist Has Bet $12 Million On Real Estate And Diversity

As institutional landlords grapple with vacant buildings, and real estate startups fight for survival, one 31-year-old venture capitalist is betting his firm on the category bouncing back.

Stealth until now, Los Angeles-based VC firm Wilshire Lane Partners has invested $12 million in property tech startups in the past 10 months, says founding partner Adam Demuyakor, even as the spread of Covid-19 has battered the category. Demuyakor and Wilshire Lane have made six investments to date, alongside bigger investors such as Andreessen Horowitz and FJ Labs.

Wilshire Lane’s investments remain small compared to many VC firms...

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Ashton Kutcher, Mila Kunis’ Beverly Hills Home Lists For $14M, Highlighting The Tone For Luxury Listings As Activity Returns

The first home Ashton Kutcher and Mila Kunis bought together is now for sale asking $13.99 million or $55,000 per month as a rental. The 5-bed, 5.5 bath in the highly exclusive Hidden Valley neighborhood entered the market at the end of May when real estate was just starting to see a return from the Covid-related shutdown and hints toward a bullish sentiment for the lower range of the luxury tier. At the very top of the Los Angeles property market there have been some double-digit discounts leading to big name sales ever since Covid hit, but at the low- an...

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Billionaire David Geffen Behind $68 Million L.A. Purchase—Second Highest Of The Year For Southern California

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Billionaire Home Purchases On The Rise After Steep Discounts At Top Of The Market

The impact of Covid-19 has seemingly set in motion a sudden trend of discounts at the very top of the country’s most expensive real estate markets. Most notably, billionaire Travis Kalanick, former Uber UBER CEO, purchased Los Angeles’ Bellagio Estate for $43.3 million, after it sat on the market for $75 million; Kylie Jenner purchased a $36.5 million home in Holmby Hills that had originally been listed for $55 million; Billionaires Bill and Melinda Gates purchased a Del Mar compound for $43 million that had previously entered the market for $48 million; Apple AAPL co-founder, Mike Markkula, has re-listed his Carmel property for $37.5 million, down from $59...

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Housing Market Restarts! Essential Guidance For Buyers And Renters

The U.K. government has today announced their plans for restarting the housing market effective immediately, amending coronavirus regulations and issuing new guidance confirming that private residential buyers and renters in England are now able to take part in viewings and move home as long as they follow social distancing advice. Property agencies are allowed to reopen offices while removal and conveyancing firms will also be able to resume activities from today onwards.

After almost two months under COVID-19 lockdown, this is exciting news for everyone with a vested interest in the revival of the property industry...

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