Welcome back to the real estate newsletter. With cobwebs and skeletons adorning the porches of homes across California, an entry in Spaulding Square gets more in the Halloween spirit than any other.
Hallowed in Halloween history, the Dutch colonial house famously served as the facade for the protagonist’s house in Wes Craven’s classic slasher flick “A Nightmare on Elm Street”. It went on sale for $ 3.25 million this week, along with a spooky series of listing photos showing Freddy Kreuger making himself comfortable in the two-story house.
The agents will be handing out candy a trick or treating there on Halloween, but don’t wait until then if you want to make an offer. They are due by midnight on October 31st.
The other notable listing of the week arrived in Brentwood, where Lakers co-owner Jesse Buss, who is serving as the team’s assistant general manager, is calling for $ 10.95 million for a modern hillside villa. Coincidentally, it’s just down the street from a 16,000-square-foot square that Lakers star LeBron James bought for $ 23 million in 2017.
New real estate data fell, painting a picture of a Southern California market going from hot to just plain warm. Home prices rose to a record $ 688,500 in September, but the 12.9% year-over-year price increase was the smallest increase since January. It’s still a sellers’ market, but bidding wars are fading as some burned-out buyers give up their search.
We also received a message from the heartland from economic reporter Don Lee, who portrayed families who had left major cities for Central America during the pandemic. A couple bought an apartment in Nebraska at a tenth the price of a typical Burbank home – but will they stay as the world slowly returns to normal?
Did someone say Burbank? The city of San Fernando Valley got big news on the commercial front this week: Warner Bros. Ranch is undergoing renovation with 16 new soundstages in an ambitious project that will bring 926,000 square feet of new construction space.
While you catch up on the latest, visit and like our Facebook page, where you can find property stories and updates all week.
The house “Nightmare on Elm Street” is up for grabs
The fictitious address of this house on Spaulding Square is 1428 Elm St.
(Anthony Barcelo)
A piece of horror film history just went up for sale in Spaulding Square – but act fast. The house, fictionally known as 1428 Elm St., which served as the facade for the protagonist’s house in Wes Craven’s 1984 classic “A Nightmare on Elm Street”, went on sale for $ 3.25 million.
In keeping with the creepy past, there are offers for the film-famous residence until midnight on Halloween.
It’s the first time the house has been up for sale since Lorene Scafaria – director of films like Seeking a Friend for the End of the World and Hustlers in 2019 – for $ 2.1 million in 2013 bought. Surprisingly, the facade still looks similar to what it did in the movie; Green shingles still tower over the portico entrance, but the bright red front door has now been painted black.
The Dutch colonial house, built in 1919, was a natural choice for the film, which is set in the fictional town of Springwood, Ohio. According to the listing agents, there is a definite shortage of palm trees and a host of other vegetation in Spaulding Square that give the streets a classic look, so filmmakers often shoot in the neighborhood to portray locations outside of Southern California.
Buss brother tries to sell in Brentwood
The box-shaped building was built in 2018 and extends over three floors with a cinema, a bar, a yoga studio and a wine cellar.
(Simon Berlin)
Lakers co-owner Jesse Buss is stepping off the pitch at the start of the NBA season, listing his three-year Brentwood mansion for $ 10.95 million.
Buss, who shares the majority of the Lakers with his five siblings and serves as the team’s deputy general manager, paid $ 9.75 million for the modern residence in 2018 for a Mediterranean-style property at $ 5.9 million for the new build Mulholland Drive.
The store he’s selling is a few doors down from LeBron James, who paid $ 23 million for a 16,000-square-foot showroom there in 2017. It is one of two houses James owns in Brentwood, in addition to the Beverly Hills estate he bought for $ 36.75 million last year.
The September market is going from hot to warm
Southern California home prices rose in September while sales were largely flat.
(Dania Maxwell / Los Angeles Times)
Home prices in Southern California hit another record last month, but the market is cooling off despite its all-time high, writes Andrew Khouri.
The region’s average sales price in six counties – the point at which half the homes sold for more and half for less – rose 1.3% from August to $ 688,500 in September, according to real estate firm data released Wednesday DQNews.
While this is a record number and up 12.9% year over year, the annual price increase has been the lowest since January. The number of apartments sold remained largely unchanged and has only increased by 0.6% since September 2020.
Heath Clendenning, an LA agent at Highland Premiere Real Estate, said that while the market isn’t quite as hot as it was earlier this year, it is still a determined sellers’ market and multiple offers are common.
“People bought houses unnoticed,” he said. “At least most of the people see the houses now.”
Young families are moving inland
Jason McNierney and his three children visit a farm near their new home in Bertrand, Neb.
(Michelle Mel McNierney)
Patrick and Emma Janssen, fed up with pandemic restrictions and their cramped studio apartment in Burbank, stepped up their stakes and moved back to their native Nebraska last fall, writes Don Lee.
First, Emma, 36, taught her Caltech students remotely to write, then switched to teaching at a school in Nebraska. 38-year-old Patrick emerged from a faltering acting career and found a new job with a Nebraska news station.
Now, a year later and a trembling winter in the Great Plains behind them, the Janssens are expanding the three-room house that they bought next to Emma’s parents in the 135-year-old farming town of Winside with just over 400 residents.
The new house costs about a tenth of a typical Burbank house, and they have more yard space than they need.
Warner Bros. Ranch is getting a makeover
Rendering of the planned new entrance to today’s Warner Bros. Ranch on Hollywood Way in Burbank.
(Worthe Real Estate Group)
Burbank’s legendary Warner Bros. Ranch film studio is undergoing renovation with 16 new stages as demand for facilities for the production of films and television shows drives expansion by studio owners eager to serve burgeoning entertainment production in Southern California, writes Roger Vincent.
Warner Bros. is selling its 32-acre satellite lot as part of a previously announced deal, but will lease it back from new owners in 2025 after a more than $ 500 million renovation that moves the property into one of the will transform new studio developments in the country when it kicks off next year.
The existing facilities on the property, including five sound stages, offices and sets, will be replaced. The studio will be 926,000 square meters of new construction, including 16 soundstages with attached production support areas, a 320,000 square meter office complex, a police station, a parking garage and a special set and props building space (known as a mill in technical jargon).
What we read
If you’re not looking for a real home right now, how about a Lego house? The toy brand just announced a new 3,995-piece set to build the iconic home from Home Alone, complete with replicas of Joe Pesci and Daniel Stern as Wet Bandits and even a cardboard Lego cutout from Michael Jordan, Polygon reports .
Do you need a horror story this Halloween? A woman who has three Amazon smart speakers at home requested data Amazon had collected on her and received a zip file containing thousands of audio clips that she claims were recorded over the speakers. The New York Post has the details.
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