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Real Estate newsletter: A feeding frenzy for homebuyers

Welcome back to the Real Estate newsletter. Let’s get right into it.
To avoid sounding like a broken record, I’ll use a phrase other than “red hot” to describe Southern California’s wild housing market: a feeding frenzy. Those were the words one agent used in an attempted to describe to housing reporter Andrew Khouri a market that had seen the region’s median home price soar for the eighth straight month, shooting up 14.5% year-over-year to a record $630,000.
Per usual, a few celebrities got in on the action, and the last few weeks saw two of the three largest home sales so far this year. Talk show host Ellen DeGeneres, who doubles as a prolific house flipper, sold a Beverly Hills mansion for $47 million that she bought from Maroon 5’s Adam Levine for $42.5 million just two years earlier. ....

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The Fascinating History of an Elsie de Wolfe-Designed Tea House—Which Will Soon Open for Tours

The Fascinating History of an Elsie de Wolfe-Designed Tea House—Which Will Soon Open for Tours
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'Scream' creator Kevin Williamson sells Windsor Square estate for $9.4 million

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Reconstructed in 2014, Williamson’s place draws the eye in typical Cape Cod fashion with whitewashed stone and wood shingles. Manicured hedges approach the entry, leading to an 8,000-square-foot floor plan with five bedrooms and eight bathrooms across two stories.
Crown molding, elegant paneling and marble floors mingle in the formal living spaces, which include a foyer with a sweeping staircase, chandelier-topped dining room and indoor-outdoor family room. Other highlights include a gym, den, office, movie theater and second-story bonus room.
French doors line the back of the home, leading to shaded terraces that descend to a hedge-lined lawn and heated swimming pool. At the edge of the space, a two-story guesthouse adds a kitchen and balcony. ....

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12 Oregon homes sold for $200,000 over asking price or more in 2020

12 Oregon homes sold for $200,000 over asking price or more in 2020
Updated Jan 01, 2021;
When the number of homes for sale is low and so are interest rates, competing home shoppers wanting a desirable mortgage may offer full asking price or more for a residential property. That’s the case in the Portland area, where the inventory of homes on the market has been minuscule for years and plunged to a record low in November.
The seller’s market forces buyers to face bidding wars or wait.
More than one in four 26.9% of homes in the Portland area sold for more than their asking price in 2019, according to an analysis by the real estate marketplace Zillow. As high as that sounds, that’s a drop from 31.7% in 2018. ....

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Hot Property: Comedian Kathy Griffin cashes out in Bel-Air

Kathy Griffin is laughing all the way to the bank in Bel-Air, where she sold her Mediterranean-style mansion on a gated hillside lot for $14.01 million.
The comedian originally sought $16 million for the estate in September before trimming the price tag down to $14.75 million a month later. It’s still $3.5 million more than she paid for the property in 2016, according to property records.
Listing photos from then and now show that Griffin was content to keep things the same during her four-year stay. Packing in eight bedrooms and 12 bathrooms, the two-story home boasts dramatic style and expansive living spaces across 13,400 square feet. ....

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