Posted on 15 Feb
Though we still have one month of winter remaining, our Hotlist is sizzling. Catch up on all our hottest listings and esteemed agents nabbing major headlines this month.
Billy Rose → The Agency’s co-founder and president spoke with The Wall Street Journal on the little-known bidding-war strategy, escalation clauses. While escalation clauses—clauses that allow for an increase in price under certain conditions—are popular in markets like San Francisco and Seattle, Billy weighed in on their popularity in the Los Angeles market. “They’re not really happening at the ultra-high end because the X amount—the increment—has got to be pretty significant. If you’re talking about a $15 million house, the X amount needs to be substantial enough to be material. A $2,000 increment is not going to make a difference.” The article was such a hit, MSN Money picked it up too!
9318 Nightingale Drive, Los Angeles → Claiming a coveted spot on the exclusive Bird Streets, this award-winning, contemporary home, deftly executed by Zoltan Pali of SPF:architects and built by Dugally Oberfeld, was named “Home of the Week” by The Los Angeles Times, and lauded by Robb Report for its breathtaking views. Listed by Mauricio Umansky and Alejandro Aldrete for $29.95 million, this is the first time the 9,000-square-foot residence has been offered for sale.
74885 Fairway Drive, Palm Desert → With all eyes on the desert for Modernism Week, a classic midcentury modern home caught the eye of Dwell. Built and designed by the architectural team of Patten and Wild in 1963 and now owned by Devo Co-Founder Gerald Casale, Gregg Fletcher and Richard Bartholomew have the listing for $1.2 million. "It's perfect for someone who really appreciates midcentury architecture and wants something with the original details still intact," Gregg says. Situated near the sought-after El Paseo shopping district, the home features high beamed ceilings, slate floors, custom wood flooring, a split rock fireplace and expansive floor-to-ceiling windows that frame sweeping southern views of Mt. Eisenhower.
Mauricio Umansky → Malibu has long been one of the most sought-after locales in Los Angeles and The Agency is making waves in the neighborhood with a new office and one of the most prominent listings in the area— the Perenchio Family’s Malibu Portfolio. Malibu Magazine caught up with Mauricio for his take on what’s ahead for 2018. “We can expect to see more high-priced homes come to market and trade for record-breaking prices, and we anticipate more brands will seek space to set up shop,” he said. The Perenchio portfolio comprises more than 70 acres across eight expansive residential and commercially zoned parcels.
Casa Finisterra, Cabo San Lucas → Perched 250 feet above the Pacific Ocean on the southernmost tip of the Baja Peninsula, Casa Finisterra caught the eye of the Toronto Star. Listed by Billy Rose and Jeff Kohl, the stylish retreat was once home to Brad Pitt, who stayed there while filming Troy. Designed by Steven Harris (AIA), Casa Finisterra features five bedrooms and boasts sweeping, 180-degree views where the desert meets the ocean.
6660 Happy Canyon Road, Santa Ynez → Another home listed by Billy Rose made headlines this month; a spectacular architectural offering in Santa Ynez, which nabbed an in-depth feature in Robb Report. Located in the heart of wine country, Son Sereno, as it’s called, was designed by Michael Palladino of Richard Meier & Partners. Across its picturesque 116 acres, the property features a large olive grove as well as riding trails studded with towering, mature Oak and Sycamore trees. “Ideal for equestrians, the palatial property has an eight-stall horse barn with a tack room and bathing and grooming station. A separate hay and equipment barn, arena, track, paddocks, irrigated pastures, and a two-bedroom guest house also grace the grounds,” the magazine notes.
Justin Fichelson → With the new year in full swing, Justin weighed in with Observer on London’s real estate market and its reaction to Brexit in 2018. “While Brexit hasn’t exactly done wonders for Great Britain’s economy, the weakening sterling has created more interest among foreign buyers looking to break into the London market. Russian and Middle Eastern money continues to flow into London property, and brokerages remain optimistic,” he reports. “No one likes uncertainty, particularly when it comes to buying real estate. But while nervous buyers sit on the sidelines waiting to make their next move, another camp of buyers, driven by the desire to take advantage of the weak sterling or looking for a safe haven for investment, are ready and willing to buy,” he adds.