Real Estate Best Real Estate Blog

Today Post::DJ AM's Beverly Hills House Hits the Market

2009-11-09T13:16:00.022-08:00

SELLER: DJ AMLOCATION: Anthony Place, Beverly Hills, CAPRICE: $3,795,000SIZE: 3,375 square feet, 4 bedrooms, 4.5 bathroomsDESCRIPTION: Private and gated mid-century located on a cul-de-sac street with canyon and city views, rich mahogany floors, custom built-in theater, Crestron system and flat screen TV’s throughout

Today Post::The problem with Goldman bonuses

2009-11-09T13:16:00.021-08:00

Beyond the generic problem that bonuses are usually based on an un-risk-adjusted IRR, the problem with bonus for banks in general, and Goldman in particular, is that the government is backing short-term bank borrowing, and so banks can borrow at very depressed rates and make a lot of money on spreads. This seems

Today Post::Two Great Bounces! - November 06 2009

2009-11-09T13:16:00.020-08:00

The following charts provide a simple comparison between the big stock bounce that occurred in the wake of the DOW crash of 1929 and the bounce we are seeing today in the S&P 500 index. The method of alignment was simple… take the first definitive up trading day off the bottom of the preceding bear market low and set

Today Post::Fighting the last war

2009-11-09T13:16:00.019-08:00

At the ULI meetings, I am hearing that banks are not willing to repeat their behavior in the last down market (the early 1990s): they are afraid that if they sell their assets–commercial real estate loans–at a discount, they will miss out on upside opportunity. Instead, they are “extending and pretending,” in the

Today Post::On The Margin: Total Unemployment October 2009

2009-11-09T13:16:00.018-08:00

Today's Employment Situation report showed that in September "total unemployment" jumped to 17.5% of the civilian population or 41.4 million people. The traditional unemployment rate is calculated from the monthly household survey results using a fairly explicit qualification of "unemployed" (essentially unemployed

Today Post::Michael Bay Buys in Bel Air

2009-11-09T13:16:00.017-08:00

BUYER: Michael BayLOCATION: Bel Air Road, Los Angeles, CAPRICE: $10,900,000SIZE: 3 parcels, 4.93 acres, 6,067 square feet, 7 bedrooms, 7.5 bathrooms.DESCRIPTION: Rare opportunity to purchase over 4.9 acres on 3 parcels in prime lower Bel Air with existing 1 story house and ample usable land. Main residence has

Today Post::UPDATE: Anderson Cooper

2009-11-09T13:16:00.016-08:00

Okay lambs, yesterday Your Mama discussed and dissected the raging rumor racing through that gay streets of New York City that hunky and virtually hairless CNN news anchor Anderson Cooper had gone and bought himself a damn firehouse on West 3rd Street. Property records show that the old Fire Patrol House No. 2 was

Today Post::Bubble=?UTF-8?B?4oCZ?=s Bounce Then Bust Again!

2009-11-09T13:16:00.015-08:00

Against the backdrop of historically low interest rates and government stimulation, participants in property markets in both the United States and the United Kingdom responded with nothing short of jubilance. Whereas pessimism was the leading dynamic for the majority of 2008, it seems that the Spring of 2009 brought

Today Post::Full Time Workers Fully Under Pressure

2009-11-09T13:16:00.013-08:00

Today's employment situation report showed that things have taken a turn for the worse for full-time workers with the full-time unemployment level jumping to 13,901,000 workers or 11.1% of the civilian workforce, very near the highest rate seen in 41 years. The Bureau of Labor Statistics considers full time workers

Today Post::Two Great Bounces!

2009-11-09T13:16:00.011-08:00

Today Post::Two Great Bounces! - November 04 2009

2009-11-09T13:16:00.009-08:00

Today Post::Rumor Has It, But...

2009-11-09T13:16:00.007-08:00

There are rumors beginning to circulate that the world’s most famous celebrity Scientologist Tom Cruise has coughed up a booty clenching $18,000,000 for a locally famous house in San Francisco’s fearsomely foggy but dramatically gorgeous Sea Cliff neighborhood. It seems this bit of implausible property gossip got

Today Post::Reggie Bush Lists Party Pad in Los Angeles

2009-11-09T13:16:00.005-08:00

SELLER: Reggie BushLOCATION: Viewsite Terrace, Los Angeles, CAPRICE: $5,099,000SIZE: 4,831 square feet, 4 bedrooms, 5.5 bathroomsDESCRIPTION: Explosive 360 degree jet liner views set the stage for this urban oasis. The ultimate in LA lifestyle &perfect for a celebrity, this 4 bed 5.5 bath masterpiece is sited at the

Today Post::Lisa Marie Presley Lists Hidden Hills Hideaway

2009-11-09T13:16:00.003-08:00

SELLER: Lisa Marie Presley LOCATION: Long Valley Road, Hidden Hills, CAPRICE: $8,995,000SIZE: 8,000 square feet, 5 bedrooms, 5.5 bathroomsDESCRIPTION: Beautifully & extensively remodeled & expanded in the exclusive guard-gated community of Hidden Hills is this 8,000 SF sprawling ranch home on over 3 acres of lush

Today Post::Never thought I would live to see the day...

2009-11-09T13:16:00.001-08:00

..that a politician would present a powerpoint that included a slide on the “lemons problem.” The Vice-President of Taiwan, Vincent Siew, was discussing the problem of trying to get that country’s financial institutions to disgorge their bad assets. Amazing. No wonder it is such an impressive place.

Today Post::Frank and Jamie McCourt Have a Lot of Houses

2009-10-31T16:16:00.012-07:00

By now, anyone and everyone who follows the money trail around Los Angeles knows there’s a War of the Roses about to erupt on the staid streets of the Holmby Hills where the dueling and dee-vorcing owners of the L.A. Dodgers Frank and Jamie McCourt own an impressive compound on Charing Cross Way. For those who do not

Today Post::Bull Trip?!: GDP Report Q3 2009 (Advance)

2009-10-31T16:16:00.011-07:00

Today, the Bureau of Economic Analysis (BEA) released their first installment of the Q3 2009 GDP report showing that the economy expanded Q3 with GDP increasing at an annual rate of 3.5% from Q2. Although these results will likely boost confidence among Wall Street speculators and gamblers and provide solid evidence

Today Post::Colin Hanks the Younger Buys Modest Casa

2009-10-31T16:16:00.010-07:00

BUYER: Colin HanksLOCATION: Hollyridge Drive, Los Angeles, CAPRICE: $1,025,000SIZE: 1,560 square feet, 2 bedrooms, 1.75 bathroomsDESCRIPTION: Magical Spanish-style home designed by famed architect Paul R. Williams. Located on desirable Hollyridge Loop, the residence is situated on a knoll behind a gate for privacy.

Today Post::Henry Simmons Lists Hollywood Hills Hideaway

2009-10-31T16:16:00.009-07:00

SELLER: Henry SimmonsLOCATION: North Orange Grove Drive, Los Angeles, CAPRICE: $1,397,000SIZE: 2,026 square feet, 3 bedrooms, 2.5 bathroomsDESCRIPTION: Celebrity owned 3BR/2/5BA beautiful Mediterranean oasis updated w/ contemporary finishes throughout. Gated mini-compound graced w/ tropical grounds offering total

Today Post::Two Great Bounces!

2009-10-31T16:16:00.008-07:00

Today Post::Two Great Bounces!

2009-10-31T16:16:00.007-07:00

Today Post::Two Great Bounces!

2009-10-31T16:16:00.005-07:00

Today Post::New Home Sales: September 2009

2009-10-31T16:16:00.003-07:00

Subtitle: Bye Bye Bounce… Today, the U.S. Census Department released its monthly New Residential Home Sales Report for September showing both significant revisions to prior months results as well as a whopping 3.6% month-to-month decline in sales of newly constructed single family dwellings bringing the seasonally

Today Post::Mish Mash Monday

2009-10-31T16:16:00.001-07:00

1.Thanks to our fab friend Kitty Glitter, we’ve learned there’s some good news and some bad news for The Real Housewives of Orange County’s Simon and Tamra Barney. Y’all remember these two, right? Who could forget them without the help of handful of mood stabilizers, a few pain pills and a bottle of gin? She’s the

Today Post::Existing Home Sales Report: September 2009

2009-10-26T09:46:00.023-07:00

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for September showing surging home sales particularly for condos and distressed properties strongly indicating that the government's "down payments-for-debtors" program is driving significant activity. In fact, the program has

Today Post::Whitney Houston Lists New Jersey Properties

2009-10-26T09:46:00.022-07:00

SELLER: Whitney HoustonLOCATION: North Gate Road, Mendham Township, NJPRICE: $2,500,000SIZE: 12,561 square feet, 5 bedrooms, 4 full and 2 half bathroomsDESCRIPTION: Extraordinary living space abound in this stunning home on a peaceful, gated 5 acre lot. Soaring ceilings, abundant natural light, and circular-themed

Today Post::Jann Wenner and Matt Nye Head to the Hamptons

2009-10-26T09:46:00.021-07:00

BUYER: Jann Wenner and Matt NyeLOCATION: Old Montauk Highway, Montauk, NYPRICE: $11,900,000SIZE: 6,300 square feet, 8 bedrooms, 6.5 bathroomsDESCRIPTION: …Reach out and catch the waves from all rooms in this 6300 square foot home with vaulted living room and dining room and huge stone fireplace, additional great room

Today Post::Two Great Bounces!

2009-10-26T09:46:00.020-07:00

Today Post::Two Great Bounces!

2009-10-26T09:46:00.019-07:00

Today Post::UPDATE: Eddie Murphy

2009-10-26T09:46:00.018-07:00

In other New Jersey celebrity real estate news, wildly rich actor/comedian Eddie Murphy has chopped the asking price of his Englewood, NJ estate to $14,990,000. The 4+ acre Brayton Street estate was originally listed five years ago with an astounding $30,000,000, a price that by December of 2006 was reduced to

Today Post::Billie Joe Armstrongs Not Very Punk Rock House

2009-10-26T09:46:00.017-07:00

SELLER: Billie Joe ArmstrongLOCATION: Manchester Drive, Oakland, CAPRICE: $4,850,000SIZE: 6,122 square feet, 5 bedrooms, 4.5 bathroomsDESCRIPTION: Custom Mark Becker French Normandy resides on original Julia Morgan “Red Gate” Steps. Fully gated. Level-in. Large open spaces. Exquisite. YOUR MAMAS NOTES: Way back in

Today Post::Why government spending makes people angry

2009-10-26T09:46:00.016-07:00

I was listening in to some proposals for building Section 42 Low Income Housing Tax Credit housing the other day. I heard three proposals: the construction cost per unit being proposed was between 400K to 500k. It is expensive to build in LA, but downtown has luxury condos selling for less than 400K right now. The

Today Post::UPDATE: Bernie Madoff

2009-10-26T09:46:00.015-07:00

According to the Wall Street Journal, fallen financial swindler Bernie Madoff’s Montauk beach house was sold to real estate bigwig Steven Roth. Mister Roth is the chairman of a company called Vornado Realty Trust which owns and manages massive amounts of retail and office space around the country as well as a having

Today Post::Ten Facts about California

2009-10-26T09:46:00.014-07:00

For pictures, go here. Thanks to Matt Moore for research assistance. (1) Family of four median income in California ranks 15th among the states. Regardless of how income is measured, in California it is somewhat above average, but not extraordinarily so. (2) Among the 50 states, California ranks 4th in per capita

Today Post::Don't Cry Little Debt Baby

2009-10-26T09:46:00.013-07:00

Oh how sweet. A little debt baby! And getting started so early too. You are going to grow up to be such a good consumer. Oh yes you are! Welcome to the world your daddy helped to create, honey! How? Why my dear, with his eager participation of course. That and a bit of denial and a large helping of self-justification

Today Post::Two Great Bounces!

2009-10-26T09:46:00.011-07:00

Today Post::Is Daniel Radcliffe the Next Nic Cage

2009-10-26T09:46:00.009-07:00

BUYER: Daniel RadcliffeLOCATION: West 12th Street, New York, NYPRICE: $5,650,000SIZE: 3,000 square feet, 5 bedrooms, 4 bathroom! sDESCRIPTION: This lovingly renovated townhouse is one of three adjoining homes built by a sea captain in 1847 for his three daughters. The property is on one of New York’s most

Today Post::Is the Tax Credit + FHA a toxic combination?

2009-10-26T09:46:00.007-07:00

It would be churlish not to think today’s strong existing home numbers were good. But there is an aspect of it that worries me. The tax credit is $8000. FHA loans require 3.5 percent down payments. Consider the position of an unscrupulous investor in housing. He gets someone to front for him as a first time buyer

Today Post::I guest post at Paul Romer's charter city blog

2009-10-26T09:46:00.005-07:00

The post begins: Hong Kong, Singapore and Korea experienced great economic success: all have per capita GDP that is at least seven times higher than in 1960 (see Penn World Table for more information). All three economies also came to be relatively well housed. While we cannot draw a uniform lesson from their

Today Post::Can Corporate CEOs justify private jet travel?

2009-10-26T09:46:00.003-07:00

The Washington Post had a story today about CEO perks at rescued banks. Among the most common, of course, is the use of a private jet for private purposes. But this begs a more fundamental question: is it possible to justify the use of private jets for business purposes? I picked one CEO at random to try to figure

Today Post::Crooked Timber on Elinor Ostrom

2009-10-26T09:46:00.001-07:00

Henry writes: Lin's work focuses on the empirical analysis of collective goods problems – how it is that people can come up with their own solutions to problems of the commons if they are given enough room to do so. Her landmark book, Governing the Commons, provides an empirical rejoinder to the pessimism of Garret

Today Post::UPDATE: Nic Cage

2009-10-11T14:23:00.003-07:00

Poor, poor Nic Cage. The one time a-list actor who made upwards of $15,000,000 per film has been through the real estate ringer since he last got lucky and unloaded a Newport Beach, CA waterfront mansion in January of 2008 for an astronomical $35,000,000. He paid, it might please the children to know, $25,000,000.

Today Post::Paul Romer's radical idea: Charter cities

2009-10-11T14:23:00.001-07:00

I like the idea of Canada turning Guantanamo Bay into Hong Kong.

Today Post::Two Great Bounces!

2009-10-10T02:23:00.004-07:00

Today Post::Two Great Bounces!

2009-10-10T02:23:00.003-07:00

Today Post::Chartoff to Penn in Malibu

2009-10-10T02:23:00.002-07:00

SELLER: Robert ChartoffBUYER: Sean PennLOCATION: Grayfox Street, Malibu, CAPRICE: $3,800,000SIZE: 3,220 square feet, 3 bedrooms, 2.5 bathroomsDESCRIPTION: Blow out price! Clif May design. Huge lot on one of Point Dume’s premier streets. Dwellings total 4,500 s.f., consisting of 3 br. + 2.5 ba. 3,200 s.f. main house,

Today Post::Sam Ronson's Residential Sloppy Seconds

2009-10-10T02:23:00.001-07:00

TENANT: Sam RonsonLOCATION: Beachwood Canyon Blvd., Los Angeles, CAPRICE: $4,395/moSIZE: 1,776 square feet, 3 bedrooms, 2 bathroomsDESCRIPTION: Classic, Contemporary Chic, describes this stunning Hollywood Hills 3 bed/2bth home. Completely upgraded with top of the line designer products including Waterworks bathrooms

Today Post::Amaury Nolasco Settles Down Up in the Hills

2009-10-08T14:23:00.006-07:00

BUYER: Amaury Nolasco and Jennifer MorrisonLOCATION: Laurel View Drive, Los Angeles, CAPRICE: $2,550,000SIZE: 2,946 square feet, 4 bedrooms, 3.5 bathroomsDESCRIPTION: …Custom built for Richard Denning (Hawaii Five O) & Evelyn Ankers (Hollywood’s Scream Queen)! Located on a quiet cul-de-sac, this remodeled 4 bed + 3.5

Today Post::Nouvelle D=?UTF-8?B?w6k=?=sastre

2009-10-08T14:23:00.005-07:00

Longtime PaperEconomy readers will remember that I have been following, with a little Schadenfreude, the events surrounding the "luxury" condo-retail hybrid development attached to the new Natick Mall in Natick Massachusetts (read here, here, here, here and here). Well… a lot has transpired since I last weighed in.

Today Post::Whoopi Goldberg Is A Jersey Girl

2009-10-08T14:23:00.004-07:00

BUYER: Whoopi GoldbergLOCATION: Oak Bend Road, West Orange, NJPRICE: $2,800,000SIZE: 9,486 square feet, 8 bedrooms, 6 full and 2 half bathroomsDESCRIPTION: Stately and elegant, this perfect Colonial Mansion sits in the heart of world famous Llewellyn Park. Home of the Edisons, Chubbs, Colgates, etc. This stately home

Today Post::Two Great Bounces!

2009-10-08T14:23:00.003-07:00

Today Post::Robert Solow on what is needed for growth

2009-10-08T14:23:00.001-07:00

From an interview with the MIT Times. Q. Your research made clear how much technology can contribute to economic growth. To what extent might we see technology driving growth now?A. I actually think the situation of the economy calls for a surge in technologically oriented investment. We have to expect consumer

Today Post::Two Great Bounces!

2009-10-07T02:43:00.007-07:00

Today Post::All Eyes on The Radar

2009-10-07T02:43:00.006-07:00

Now that summer has drawn to a close, it's important that all spectators of residential real estate draw a bead on the Radar Logic home prices indices. Arguably the two best features of the Radar Logic indices is that they are published daily and that they seek to capture the dynamics of the literal, unadjusted, spot

Today Post::Two Great Bounces!

2009-10-07T02:43:00.005-07:00

Today Post::A Little Domenico Dolce Floor Plan Porn

2009-10-07T02:43:00.004-07:00

BUYER: Domenico DolceLOCATION: 11th Avenue, New York, NYPRICE: $29,000,000 (total) YOUR MAMAS NOTES: Although the financial industry fracas and global economic meltdown of the last year or so has put the New York City luxury real estate market on life support, there are a few flickers and significant signs that it

Today Post::C&I Heading D&O

2009-10-07T02:43:00.003-07:00

Looking at the latest weekly reading of total commercial and industrial (C&I) loans, it appears that financing for retail, wholesale, industrial and manufacturing firms is fully in decline. In fact, the latest results show that total C&I loans dropped at an annual rate of 11.97%, the largest annual decline in at

Today Post::One of Mark Thoma's Best Posts

2009-10-07T02:43:00.001-07:00

On how to think about research on modifications to the Efficient Markets Hypothesis: http://economistsview.typepad.com/economistsview/2009/10/capital-market-theory-after-the-efficient-market-hypothesis.html Principal agent problems (particularly involving asymmetric information) have been an enormous part of the

Today Post::Kim Kardashian Lists Los Angeles Condo

2009-10-06T02:22:00.002-07:00

SELLER: Kim KardashianLOCATION: S. Clark Drive, Los Angeles, CAPRICE: $1,099,000SIZE: 1,750 square feet, 3 bedrooms, 2.5 bathroomsDESCRIPTION: Uber chic design fuses with ultimate luxury to provide you with one of the most sought after units to hit the market. The 1,750 SF condo has no expense spared. One of the

Today Post::A first step toward making California governable?

2009-10-06T02:22:00.001-07:00

Last week I discussed a talk by Isaac Martin (UCSD) on the political durability of Proposition 13. Isaac pointed out that Proposition 13 contains a whole set of policies: a cap on the property tax rate, assessments based on acquisition value, rather than market value, limits on the growth of the property tax levy ,

Today Post::Two Great Bounces!

2009-10-04T02:43:00.001-07:00

Today Post::Ginger Fish Swimming Out of Atwater Village

2009-10-02T14:23:00.005-07:00

Sorry for the delay over the last few days chickens…Your Mama’s big ol‘ backside unexpectedly landed in an internet free land and it was, we regret to inform, simply too difficult to get to an internet cafe. These things sometimes happen. SELLER: Kenneth Wilson a.k.a. Ginger FishLOCATION: Sunnynook Drive, Los Angeles

Today Post::Two Great Bounces!

2009-10-02T14:23:00.004-07:00

Today Post::Mish Mash Friday

2009-10-02T14:23:00.003-07:00

It’s been an eon since Your Mama did up a mish mash and today we finally have enough tidbits to work out something nice for the children. 1.In late August of 2009, word on the celebrity real estate street was that actor and prolific property collector Nic Cage had two offers on his two-unit combination pied a terre

Today Post::Why do cities want the Olympics?

2009-10-02T14:23:00.001-07:00

It puzzles me, given that Vancouver is facing serious financial issues for its forthcoming Olympics, why major cities care so much about getting them. Olympic games also make life inconvenient for those living and working in the cities where they take place. It is not like Chicago, Madrid, Rio and Tokyo aren’t high

Today Post::Two Great Bounces!

2009-10-01T02:23:00.001-07:00

Today Post::Three Strikes and Bernanke is OUT!

2009-09-29T14:23:00.005-07:00

The "End the Fed" movement appears to be picking up steam… Ron Paul's book is rising on best seller lists and the news is littered with reports covering and debating aspects of the argument. Although I fully support any effort to put down or at least restrain the Federal Reserve, I've been thinking that a smaller,

Today Post::Two Great Bounces!

2009-09-29T14:23:00.004-07:00

Today Post::S&P/Case-Shiller: July 2009

2009-09-29T14:23:00.003-07:00

Today's release of the S&P/Case-Shiller (CSI) home price indices for July 2009 showed a continued strong bounce in prices with the Composite-10 index increasing 1.65% on a month-to-month basis. Again, this is another notable development but it's important to put today's results in perspective before getting too

Today Post::Anyone Got $250,000,000 for a House?

2009-09-29T14:23:00.001-07:00

SELLER: Adnan KhashoggiLOCATION: Boulevard Leader, La Bocca, Cannes, FrancePRICE: €180,000,005SIZE: 10,000 square meters, 16 bedroomsDESCRIPTION: Magnificent Florentine-style villa enjoying a fabulous landscaped parkland of about 11 hectares with winter garden sculptures, waterfalls, water-jets, a superb swimming

Today Post::Kudos to Morris Davis..

2009-09-28T14:23:00.002-07:00

..for organizing the most stimulating housing/urban conference I have been to in some time.

Today Post::Arthur Nelson, call Irina Telyukova

2009-09-28T14:23:00.001-07:00

I saw Irina (UCSD) give a nice paper (joint with Makoto Makajima) on home equity withdrawal at the UW-Atlanta Fed Conference. While not the basic point of the a paper, she found evidence in the Health and Retirement Survey that a little over one percent of elderly households decided to downsize for the sake of

Today Post::New Home Sales: August 2009

2009-09-26T14:22:00.008-07:00

Subtitle: Green Shoots Go Limp… Is That All You Got! Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August showing the fifth, albeit tepid, consecutive monthly increase in sales of newly constructed single family dwellings bringing the seasonally adjusted annual sales

Today Post::Two Great Bounces!

2009-09-26T14:22:00.007-07:00

Today Post::The Slow Collapse

2009-09-26T14:22:00.005-07:00

As the home buying activity winds down from the typical fervor of the spring and early summer to the doldrums of the fall and then on to the depths of the winter, the course of home prices will play a pivotal role in defining the remainder of our economic decline. At this point it is safe to say that the consensus

Today Post::Two Great Bounces!

2009-09-26T14:22:00.003-07:00

Today Post::Linda Dano's DIY Penthouse

2009-09-26T14:22:00.001-07:00

SELLER: Linda DanoLOCATION: West End Avenue, New York, NYPRICE: $1,675,000SIZE: 1,100 square feet, 1 bedroom, 1 bathroomDESCRIPTION: …A beautifully appointed living room with bookcases, white Sunbrella covered sofas and a hand-blown glass chandelier opens to the large east-facing terrace where dinner can be served in

Today Post::January Jones Snags a Fixer in Los Feliz

2009-09-26T09:07:00.017-07:00

BUYER: January JonesLOCATION: Ambrose Avenue, Los Angeles, CAPRICE: $1,020,000SIZE: 2,200 square feet, 3 bedrooms, 2.5 bathroomsDESCRIPTION: Savor this sunny ’20s Mediterranean villa on one of Los Feliz’s most picturesque streets. Large rooms, high ceilings, French windows and doors lend a note of graciousness

Today Post::Jason Kidd Gets a New Krib in the AZ

2009-09-26T09:07:00.016-07:00

BUYER: Jason KiddLOCATION: N. Casa Blanca Drive, Paradise Valley, AZPRICE: $5,948,000SIZE: 11,585 square feet, 6 bedrooms, 14 bathroomsDESCRIPTION: …Totally private and at last something completely different! This superb gated estate is approached through a long tree lined driveway hidden from the street. The

Today Post::Tennis Ace Kim Clijsters Is A Jersey Girl

2009-09-26T09:07:00.015-07:00

BUYER: Kim Clijsters and her huzband Brian LynchLOCATION: Baileys Corner Road, Wall Township, NJPRICE: $772,000SIZE: 2,717 square feet, 3 bedrooms, 3.5 bathroomsDESCRIPTION: …Custom details embrace you around every corner. one floor living at its best with options for easy expansion to the second level for additional

Today Post::The Colorful "Casa" of Ryan Cabrera

2009-09-26T09:07:00.014-07:00

SELLER: Ryan CabreraLOCATION: N. Knoll Drive, Los Angeles, CAPRICE: $1,100,000SIZE: 2,445 square feet, 3 bedrooms, 3 bathroomsDESCRIPTION: …Totally private walled & gated drive on Spanish resort style compound sited on a knoll in the Hwd Hills. Off street parking for 6 cars. Gourmet kit w/Viking appliances. All

Today Post::Has the Detroit Housing Market Disappeared?

2009-09-26T09:07:00.013-07:00

I was looking at the NAR median house price series for metropolitan areas today, and noticed the following line for Detroit: 19820 Detroit-Warren-Livonia, MI 151.7 140.3 N/A N/A N/A N/A N/A N/A N/A The first two numbers are median prices for 2006 and 2007. 2008 and after: zip.

Today Post::Now You Can Buy Kate Hudson's Sloppy Seconds

2009-09-26T09:07:00.012-07:00

SELLER: Not A Famous PersonRENTER: Kate HudsonLOCATION: King Street, New York, NYPRICE: $4,950,000SIZE: 4,136 square feet, 4 bedrooms, 3.5 bathroomsDESCRIPTION: 1830’s, 22′ wide 4 Story Townhouse on a 25′ lot, with 4 Bedrooms, 3.5 Bathrooms, 3 exposures, a large Chef’s kitchen, a wooden deck overlooking a lovely 50′

Today Post::Two Great Bounces!

2009-09-26T09:07:00.011-07:00

Today Post::As I read the debate over the stimulus...

2009-09-26T09:07:00.010-07:00

…I can’t help but think of George Akerlof’s AEA Presidential Address. The conclusion: This lecture has shown that the early Keynesians got a great deal of the working of the economic system right in ways that are denied by the five neutralities. As quoted from Keynes earlier, they based their models on "our

Today Post::Two Great Bounces!

2009-09-26T09:07:00.009-07:00

Today Post::Christina Ricci Up In The Oaks

2009-09-26T09:07:00.007-07:00

SELLER: Christina Ricci or somebody elseLOCATION: Park Oak Drive, Los Angeles, CAPRICE: $1,549,000SIZE: 2,428 square feet, 3 bedrooms, 3 bathroomsDESCRIPTION: Private, romantic, secure hideaway on one of the most coveted streets in the Oaks. Spectacular mosaic tiled pool and lush patio areas perfect for evening

Today Post::Rent Misha's Cottage

2009-09-26T09:07:00.005-07:00

OWNER: Mikhail BaryshnikovLOCATION: Lawrence Lane, Palisades, NYPRICE: $4,500/monthSIZE: 2 bedrooms, 2 bathroomsDESCRIPTION: Private road leads to Adirondack style dwelling with wrap-around porch, surrounded by quiet woodland with trickling stream. Explore sky-lit, great room with cedar beamed ceiling, pine floors,

Today Post::Even More Madoff Madness

2009-09-26T09:07:00.003-07:00

Late last week Your Mama swore to ourself that we were done, done, DONE discussing the real estate portfolio of swindler Bernie Madoff and his mousy, blond wife Ruth, and we really thought we were. However, thanks to a covert communique from the Palm Beach Squealer, we’ve got a little more poop to dish on the history

Today Post::Madoff Madness

2009-09-26T09:07:00.001-07:00

By now every damn person in the world knows that while Machiavellian financial charlatan Bernie Madoff is serving 150 years in prison–karma is a bitch, ain’t it Bernie–and his stand by her man wifey Ruth is hiding out somewhere clipping coupons, the feds are fixing to sell all of their assets in an effort to

Today Post::Blocking and Tackling and Transit

2009-09-26T04:56:00.009-07:00

When I lived in Washington, I took Metro to work nearly every day–I took it so often that I didn’t have a parking space at GW. Now that I live in LA, I take transit about once a week, and part of the trip (a bus from Union Station to Campus)is subsidized by USC. Before you yell sprawl, let me point out that in

Today Post::Underemployment

2009-09-26T04:56:00.008-07:00

The other night, I was on a panel sponsored by the UC-Berkeley Alumni Association, the UCLA Anderson School and the USC Lusk Center and Marshall School of Business. One of the panelists was a business economist, and he claimed that the employment picture wasn’t as dire as the media suggested. He also scoffed at the

Today Post::Clawbacks and Capital

2009-09-26T04:56:00.007-07:00

The two Cs will go a long way toward preventing future catastrophes. If people (and firms) have their own money at risk, and if short term windfall compensation based on short term profits can be wiped out in the event of longer term catastrophe, risk will be priced appropriately.

Today Post::David Byrne is better at music than math

2009-09-26T04:56:00.006-07:00

In his piece in the Wall Street Journal on what makes a perfect city, David Byrne extols the virtues of San Francisco–and then complains that Los Angeles isn’t dense enough. The problem: metropolitan Los Angeles is denser than metropolitan San Francisco, and considerably denser than the San Francisco Bay area (and no

Today Post::Is this really a success?

2009-09-26T04:56:00.005-07:00

Jennifer Steinhauer thinks that light rail in Phoenix is a success. Her evidence is that while projected daily ridership was 26,000, it has clocked in at 33,000. The reason that ridership is better than forecast is because of weekend riders–people are using the line for pub crawls, among other things. But

Today Post::Arizona has Chutzpah

2009-09-26T04:56:00.003-07:00

The Daily Show last night featured the sale-leaseback deal that Arizona is trying to get for its capitol. Sales price of $735 million, lease payments of $60 million for 20 years, property reverts to state at end of the 20 years. The IRR for the investor: 5.2 percent. Hmmm.

Today Post::Lists

2009-09-26T04:56:00.001-07:00

Planetizen http://www.planetizen.com/topthinkers has produced a list of 100 “top urban thinkers.” While the list has some sensible names (Don Schoup, Tony Downs, Ed Glaeser, Joel Garreau, my USC colleague Manuel Castells, and even though I am not sold on everything he says, Richard Florida*), it also consists of a

Today Post::Two Great Bounces!

2009-09-25T04:56:00.006-07:00

Today Post::Two Great Bounces!

2009-09-25T04:56:00.005-07:00

Today Post::Existing Home Sales Report: August 2009

2009-09-25T04:56:00.004-07:00

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for August showing a notable decline sales activity sin July while continuing to indicate an increase on a year-over-year basis. Existing single family home sales were up 3.4% on a year-over-year basis while the median selling