1507 S Mansfield Ave | $795,000 | Video

1507 S Mansfield Ave | Mid-City Los Angeles

4 Beds | 3 Baths | 1620 sq ft | Lard1.5 6165 sq ft Lot

Stunning traditional-style 4 bedroom, 3 bath house located in the center of L.A. This Mid Los Angeles home gives ample space for comfortable family life. A well-manicured yard gives the perfect setting for entertainment. No need to look outside of Los Angeles — this house offers it all. The home had total renovation less than 2 years ago and features bathrooms designed with great taste. The home features a custom kitchen with a hint of chef-type fixtures, a master-suite section at the end of the house for privacy, and additional bedrooms perfect for guest rooms and offices. Enjoy the extra space in the large garage–ideal for storage or possibly a man cave.

Bright Lincoln Heights loft with wall of windows asking $499K

The building is a converted Art Deco warehouse, built in 1925

Hugh Hefner’s Playboy Mansion lists for $200 million

By Neil Leitereg with the LA Times

What does $200 million buy in Los Angeles these days? The Playboy Mansion, for one.

The legendary Holmby Hills estate where Hugh Hefner has worked and made his home for four decades is on the market for the nine-figure sum, making it among the priciest residential properties for sale in the United States.

As part of any sale, the 89-year-old Hefner will be allowed remain in residence for the remainder of his life, media reports said.

Among the major works of architect Arthur R. Kelly, the stone-clad Gothic Tudor-style mansion was built for department store scion Arthur Letts Jr. in 1927. Playboy acquired the estate of more than five acres in 1971 for around $1.1 million.

“At the time Hef and Playboy purchased the home, it was the largest real estate transaction in Los Angeles history,” Gary Gold of Hilton & Hyland, an affiliate of Christie’s International Real Estate, said in a news release. Gold holds the listing with Drew Fenton, also of Hilton & Hyland, and Mauricio Umansky of The Agency.

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Within nearly 20,000 square feet of interiors are 29 rooms including chef’s and catering kitchens, a game room, a wine cellar and a screening room with a built-in pipe organ. The master suite occupies parts of two floors.

The mansion is also among a select number of L.A. properties to have a zoo license.

Grounds where the Midsummer Night’s Dream party unfolds each summer feature a menagerie of aviaries and arboretums holding a collection of exotic birds and monkeys. Albino peacocks and other animals roam freely through rolling lawns and various gardens.

Other amenities include a gymnasium, a tennis court, an orchard and the infamous swimming pool and swim-in grotto. There’s also a four-bedroom guesthouse.

At $200 million, the Playboy Mansion listed price tops that of Palazzo di Amore, the gated Beverly Hills estate developed by entrepreneur Jeff Greene that came to market at $195 million last year. The 53,000-square-foot estate has since seen its price cut to $149 million.

Le Palais Royal, a 60,000-square-foot, Versailles-inspired Beaux Arts mansion in Hillsboro Beach, Fla., returned to market in November for $159 million — a $20-million increase in price from what it originally listed for in 2014.

Here’s Why Buying in Manhattan Won’t Get Easier Anytime Soon

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Tuesday, November 3, 2015, by Amy Plitt with Curbed NY

Despite the proliferation of new buildings and luxury condos throughout Manhattan, a new report by Crain’s reveals that the number of rental units on the island is astronomically higher than the number of units for sale. That’s not hyperbole: According to Crain’s, in Q1 of 2015, there were 850,000 apartments in Manhattan, but only 5,200—or 0.6 percent—were for sale; plus, 75 percent of the borough’s apartments are rental units. The piece breaks down why this is happening, and—spoiler!—the plethora of ultra-pricey apartments is playing a part in why inventory is so low, and prices are so high.

Because so few apartments are for sale at any given time, developers and landlords can charge a pretty penny for them—it’s that old rule of demand outpacing supply. The median sale price for a Manhattan apartment is close to topping $1 million, and it’s unlikely that it’ll go down anytime soon. But part of the problem is that it’s so expensive to build in Manhattan—from securing air rights to getting the materials to hiring construction crews—that it’s become difficult for developers to turn a profit. (“In 2014, the average cost of building an apartment was $585,370, three times what it was just seven years prior,” according to Crain’s.) That’s how the firms behind buildings like One57, 432 Park Avenue, or Central Park Tower are able to command such high prices—and they have the ultra-rich buyers who will shell out up to $100 million for an apartment.

But where does that leave those New Yorkers whose budgets are more modest? Sadly, they’re pretty much screwed: Even with Mayor de Blasio’s affordable housing push—which includes both sale and rental units—the number of cheaper apartments on the market isn’t likely to change anytime soon. And “the days of landlords converting waves of rental units into co-ops or condos have long passed,” according to Crain’s. Better start looking in the outer boroughs if you hope to buy in the city anytime soon—or stick with renting. (Not that it’s so simple to do that, especially when rental prices in Manhattan are rising fasterthan ever before.)
· Why are so few apartments for sale in Manhattan?

30-Story W Hotel Coming to LA-Live-Adjacent Megaproject

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by Bianca Barragan with Curbed LA

LA Live’s getting a new neighbor: a W Hotel. Shenzhen Hazens, developer of ahuge mixed-used project that’ll rise along Figueroa between Olympic and Eleventh Street in South Park, announced today that the 250-room hotel in their project will be a five-star outpost of the bougie hotel chain (part of the Starwood Hotel and Resort group). The Downtown News reports that the will be housed in a 30-story tower at the northeast corner of Eleventh and Figueroa, which will be constructed at the same time as a 30-story condo tower on the northwest corner of Eleventh and Flower.

That first phase of construction is set to begin in 2017, with the W Hotel opening in 2019. The second phase of construction would see the demise of the Luxe Hotel and the rise of a 42-story condo tower on its site. The completed project would have 650 condos in addition to those 250 hotel rooms.

This hotel joins several other huge hospitality projects in and around LA Live: the 755-room, 38-story expansion of the JW Marriott/Ritz-Carlton; the 350-roomHotel Indigo set to operate out of the Metropolis megaproject; and the 183-room, Roberto-Cavalli-styled, five-star hotel in megaproject Fig Central. Downtown in general is experiencing something of a hotel boom these days, but the city’s been pushing to get more rooms in the area around the LA Convention Center in particular.
· W Hotel Coming to South Park Mega-Project [DN]
· Revealed: Third Megaproject That Will Transform South Park [Curbed LA]
· South Park Megaproject Metropolis Getting 18-Story Boutique Hotel Indigo[Curbed LA]
· LA Live’s Marriott/Ritz-Carlton is Getting a 38-Story Expansion [Curbed LA]
· New Look at Massive South Park Megaproject Fig Central and Its Roberto Cavalli Hotel [Curbed LA]

The Katy Perry/Nun Convent War Lawsuit is Turning Out Predictably Bonkers

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Curbed LA  by Adrian Glick Kudler

So an archbishop, a group of nuns, a hotelier, and Katy Perry have been scrapping it out over a beautiful convent property in the hills of Los Feliz. Today a judge entered the fray and he has a new punchline: instead of Katy Perry and the hotelier, Dana Hollister, fighting to buy the property, the judge is going to take a while figuring things out and has told the pair they should fight over who gets to rent the place. Judge James C. Chalfant actually said “We’ll have a battle of potential lessees,” according to the New York Times. This guy knows a good story.

The few remaining elderly nuns of the Sisters of the Immaculate Heart of Mary made a deal to sell her their eight-acre property to Hollister for $15.5 million, and they say they had permission from Los Angeles Archbishop Jose Gomez to do so (the convent shut down in 2011). But meanwhile Gomez was making a deal with Perry—who has wanted the convent for years—to buy the place for $14.5 million. By the time that was settled, Hollister had already taken over the property and started on various cleaning and restoration projects; she intends to turn the convent into a hotel (which seems unlikely, considering this is a wealthy residential neighborhood, but let’s leave that aside for now). The archbishop wants her out, the nuns are suspicious of Katy Perry’s sexy pop star-ness, and everyone is enjoying the show.

Anyway, at the first hearing today, Chalfant said that sale to Hollister “was improper and invalid,” and that he would enter a preliminary injunction that would keep the nuns from selling her the convent. BUT he also said he’d let her to hold on to it at least until the next hearing on September 15. AND he also said he would block Perry from buying the convent. He added that the whole mess “may take two years to resolve.” “You’re not selling to Katy Perry anytime soon,” he told the archbishop’s legal team, according to the Guardian.

In the meantime, he’d hate for the gorgeous spread (built in 1927 for a prominent Packard car dealer) to sit empty, so he suggested Hollister and Perry compete to rent it and told them to draw up proposals before the next hearing.

Los Angeles and Its Booming Creative Class Lures New Yorkers

By

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According to an article in The New York Times, the New York-Los Angeles rivalry is tipping in favor of The City of Angels as the metropolis enjoys a renaissance of culture, becoming irresistible for many a New Yorker. One young female, a former New Yorker and Los Angeles transplant believes she has found the best of her New York life, minus the migraines. “It’s like grown-up version of Williamsburg,” she says of the West Coast, “without the gray cloud.” Echo Park and Silver Lake towards the east hold a magnetic attraction for many creatives and the culturally attuned, with trendy restaurants, art galleries and chic hideouts popping up over the last few years. Los Angeles also displays rents that are generally less than that of the average prices in Brooklyn or Manhattan’s most trendy of neighborhoods.

In the past, Los Angeles has served as a punch line for New Yorkers, but now the snobbery has gone, even among trendsetters for whom The Big Apple is an identity. Moby, the techno pioneer who was raised and molded by New York life observed in an article published in The Guardian that Los Angeles is now where young artists “can really experiment…almost everyone else they know is trying new things and failing, too.” Not that Los Angeles is a place to go to fail, but it is a place that allows the freedom to be creative. “Many people say that there are more creative people; visual artists, musicians, writers, and filmmakers living in Los Angeles than there are in any other city in the world, and I feel it,” says Ms. Philbin, a former New Yorker and the director of theHammer Museum in Los Angeles

Strikingly more cosmopolitan in recent years, Los Angeles has experienced an exploding art scene with one source stating that approximately fifty new art galleries have opened since late 2013. Fashion has also traveled west as A-List runway shows turn-heads and entire neighborhoods undergo a haute-boho revival. Los Angeles is proving, even with its slower pace, that it is a strong competitor in the race for a combined level of culture and comfort. The city may not always appear as a natural fit immediately, but it’s familial and welcoming, with pockets that remind one of a bit of Europe or hint at New York. Los Angeles, with its own status codes, rhythms, and energy is a place to love and appreciate.

Read the full article at The New York Times

This One-Bedroom Stucco Hut in Venice is Asking $2.2 Million

By Bianca Barragan with Curbed LA.

The unstoppable juggernaut that is Venice real estate horrified us all when a crappy-looking, rundown beach cottage with a rear apartment unit sold for $1.44 million last year. Where’s the ceiling on this madness? Here to search a little farther for the answer to that question is this 1,056-square-foot, one-bedroom house, which sits on .13 acres west of Lincoln (that’s good!), and is asking a ballsy $2.2 million.

It must be so exhausting to try and sell a nice-looking house in not-Venice—hiring a real photographer and staging the place with modern art and handsome throw pillows sounds like so much work. In Venice, selling even the most modest stucco hut is simple: take four photos of the for-sale shack, leave your finger in three of them, misspell the famous nearby shopping street as “Abbot Kenny,” write a three-sentence listing that mentions the magic words (“Great potential For rebuild”), and wait patiently for the money train to pull into You Town. It probably won’t take long.