The Power is Now

Real Estate newsletter: Let’s shop for a house – Los Angeles Times

Welcome back to the Real Estate newsletter. I still won’t be so bold as to suggest that the market is officially cooling off, but enough preliminary signs are there that I spent a lot of my week combing through homes for sale.

What I found was interesting — something I hadn’t seen since before the pandemic. Good houses were actually staying on the market for more than a couple of days, and a few were even getting price cuts.

Make no mistake, Southern California home prices are still ridiculously high — and will probably stay that way for the foreseeable future. But the subtle shift in the market means that sellers don’t have quite as much power as they once did.

With that in mind, I checked out seven different areas around L.A. and found listings for around $700,000. Highlights include a Highland Park bungalow, a Culver City condo, a place with a view in Marina del Rey and a family-ready property in East L.A. Take a look.

Another reason to buy is the brutal alternative: renting. We dug into data from the Bureau of Labor Statistics and found that finding a new place to rent instead of staying put is vastly more expensive than it was recently. In fact, the rate of change in annual rent costs for new tenants doubled in the last eight months, soaring to the highest level on record.

On the luxury side, the week’s biggest listing belonged not to just one celebrity, but two: the Osbournes. Ozzy Osbourne, the Black Sabbath singer, and Sharon Osbourne, who appeared on “The Talk” and “America’s Got Talent,” are asking $18 million for their 1920s mansion in Hancock Park.

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The 11,500-square-foot home is an Old Hollywood time capsule, boasting formal spaces with arched doorways, crystal chandeliers and dramatic fireplaces.

Over in Bel-Air, a pristine Midcentury home owned by multiple musicians over the years hit the market for $13.9 million.

Showcasing style inspired by Frank Lloyd Wright and John Lautner, the chic residence was built for Doors guitarist Robby Kreiger in 1971 and later owned by Limp Bizkit frontman Fred Durst. There’s no recording studio, but there is a stunning open floor plan with jagged lines, heaps of wood and a custom oversize fireplace.

Our third listing takes us to the East Coast, where actor Christian Slater is asking $3.95 million for a Spanish-style villa. Found a short walk from the water, the leafy retreat emphasizes outdoor spaces with a second-story deck, Juliet balcony and palm-topped backyard with a swimming pool.

As always, while catching up on the latest, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.

What $700,000 buys around L.A.

This 98-year-old home in Highland Park was recently remodeled and is listed for $688,000.

This 98-year-old home in Highland Park was recently remodeled, with new features including hardwood floors and farmhouse doors. It’s listed for $688,000.

(Andrew Izquierdo)

Don’t look now, but Southern California’s hot housing market might be cooling off. Sales are down, inventory is up and some properties are even getting price cuts — including a few featured below.

For buyers, that means money goes a bit further than it did even a summer ago. Take a look at what $700,000 buys in seven different communities around Los Angeles: Highland Park, Culver City, Marina del Rey, East L.A., University Hills, Inglewood and Huntington Park.

The rental crisis is worse than you think

The rate of inflation has hit an all-time high for renters seeking new housing.

The rate of inflation has hit an all-time high for renters seeking new housing. So has the rate at which existing tenants are renewing their leases.

(Gina Ferazzi / Los Angeles Times)

Across the country, renters looking for new homes are facing dizzying double-digit rent increases. But you wouldn’t know it from the official federal tally of inflation data, Somesh Jha writes.

In the last eight months, the rate of change in annual rental costs for new tenants has more than doubled, reaching its highest level on record, according to data from the Bureau of Labor Statistics reviewed by The Times. The data, which are not in the public domain, show a starkly different picture for existing tenants — those who are renewing their leases instead of moving into a new apartment — suggesting that the cost of housing may continue to climb, despite some indicators to the contrary.

And with housing representing both the biggest contributor to core inflation and a lagging indicator, the recent escalation of rents points to overall inflation continuing to rise even as it shows signs of retreating in other sectors.

Ozzy and Sharon ask $18 million

Built in 1929, the architectural gem spans 11,500 square feet.

Built in 1929, the architectural gem spans 11,500 square feet with six bedrooms, nine bathrooms and a plush red screening room.

(Simon Berlyn)

Power couple Sharon and Ozzy Osbourne are looking to unload their trophy home in Hancock Park, listing the 1920s architectural gem for $18 million.

Ozzy, who rose to fame as the lead singer of Black Sabbath, and Sharon, who co-hosted “The Talk” for more than a decade, bought the manor for $11.85 million in 2015 from Oren Koules, a film producer best known for the “Saw” franchise.

The mansion was built in 1929, and during their seven-year stay, the Osbournes updated the place while keeping close to its Old Hollywood style. An arched wooden door sets a stately tone, leading to formal spaces such as a two-story foyer with herringbone floors, a living room under a crystal chandelier and a wood-paneled office anchored by a stone fireplace.

Musician-favored Midcentury lists in Bel-Air

Built in 1971, the home still boasts Midcentury charm.

Built in 1971, the home still boasts Midcentury charm with sharp angles, long hallways and loads of wood and glass.

(Jason Ragle)

There’s fame in the floorboards of this Bel-Air home. Built half a century ago for Doors guitarist Robby Krieger and more recently owned by Limp Bizkit frontman Fred Durst, the Midcentury gem has surfaced for sale at $13.9 million.

Perched on 1.4 acres overlooking Los Angeles, the low-slung residence recalls the work of Midcentury architects such as Frank Lloyd Wright and John Lautner. It’s been restored in recent years but still hangs on to its chic 1970s aesthetic with sharp angles, long hallways and quirky spaces lined with wood, stone and glass.

Five pillars mark the entry, leading into a 6,600-square-foot floor plan with terrazzo floors and dramatic beamed ceilings. Indoor-outdoor living is the emphasis here, as the single-story home wraps around an interior courtyard with a swimming pool and spa.

Actor offers his Miami villa

The quarter-acre compound includes a 1920s Spanish-style villa, guesthouse and swimming pool.

The quarter-acre compound includes a 1920s Spanish-style villa, guesthouse and swimming pool.

(1oak Studios)

After nine years in Miami, actor Christian Slater is shopping around his Spanish-style villa for $3.95 million.

Slater, who starred in film such as “Heathers” and “True Romance,” paid $2.21 million for the property in 2013. He has made a few changes since then, swapping dark hardwood floors for lighter oak ones and adding modern fixtures in the living spaces.

Covering a quarter of an acre, the property sits a short walk away from Biscayne Bay in Coconut Grove, an affluent neighborhood with celebrity residents over the years including Madonna, Sylvester Stallone and LeBron James.

What we’re reading

Although a handful of the homes in the $700,000 story saw price cuts, L.A. still doesn’t rank among the top cities for discounted homes, which shouldn’t surprise anyone who has shopped for a house recently. CNBC broke down the numbers and ranked the top 10 markets based on percentage of sellers lowering their asking price. Boise, Idaho, took the top spot at 61.5%, followed by Denver and Salt Lake City. The only California city to appear on the list was Sacramento, where 48.7% of sellers are cutting the price.

Everyone loves a mysterious listing, and Zillow Gone Wild provided the latest one when featuring a Placerville home on the market for $1.05 million. The exterior looks innocuous enough, but inside, there’s a jarring 2,000-square-foot space simply named “The Room.” Harshly illuminated under bright fluorescents, the cavernous chamber is lined with countless shelves, drawing sinister comparisons to thrillers such as “The Handmaiden” or “Dexter: New Blood.” SF Gate found out what exactly the strange space stored.

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