Below is the Westside Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
Westside
Local Market Report SF Valley January 2016
Below is the SF Valley Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
SF Valley
Local Market Report Conejo January 2016
Below is the Conjeo Market Report for January 2016 detailing local real estate market statistics and including year-over-year data:
Conejo
Seven-Figure Home Flips, WSJ asks Josh Flagg
Los Angeles’ luxury market is blazing—and it has nothing to do with droughts or fires. Median sale prices of single-family homes increased by 37% in Beverly Hills and 12% in Bel Air and Holmby Hills in 2015 compared with the year before, according to Jonathan Miller, a real-estate appraiser who prepares market reports for brokerage Douglas Elliman.
Even in this heady market, some deals stand out. Josh Flagg, executive sales director at Rodeo Realty, sold three houses on behalf of clients last year—twice. In each instance, he sold the homes the second time for roughly $1 million more than the first time—even though no or few improvements were made to the properties, according to Mr. Flagg.
Real-estate experts cite a number of factors behind the sales and quick resales.
Zillow chief economist Svenja Gudell suspects the properties were marketed to developers, who will either fully renovate or raze and rebuild the homes at an even greater profit. “We see in the public record that some of these are trusts that sold to [limited-liability corporations],” Ms. Gudell says. “That can mean families selling to developers. Developers are often more focused on timing and getting the exact property they want, which can make them less sensitive to price.”
Mr. Flagg said the buyers of the Tower Lane and Tower Grove Drive properties were developers. He declined to disclose the names of any of the buyers.
Paul Habibi, professor of real estate at the UCLA Ziman Center for Real Estate also cites economic forces at work: “As the dollar strengthened last year, you saw foreign money get increasingly desperate to park itself into American assets,” he says. “It’s creating a bit of a frenzy, with lots of cash and people bidding up prices. People from out of town are never going to get the best deals, because they don’t have the insider knowledge of the market.”
Mr. Flagg has his own explanation for the seven-figure flips: “It’s the market and the intimate knowledge I have of the L.A. market.”
THREE HOME FLIPS, BY THE NUMBERS
Each one of these Los Angeles properties sold within a year for roughly $1 million over the previous purchase price.
TOWER LANE, BEVERLY HILLS
ORIGINAL SALE: $6 million, April 6
SECOND SALE: $7.6 million, Dec. 29
TOWER GROVE DRIVE, BEVERLY HILLS
ORIGINAL SALE: $6.25 million, May 29
SECOND SALE: $7.25 million, June 30
BEL AIR ROAD, BEL AIR
ORIGINAL SALE: $8.25 million, May 21
SECOND SALE: $9.1 million, Feb. 1
This article originally appeared on The Wall Street Journal.
THE BEST RESTAURANTS IN THE SAN FERNANDO VALLEY
The Valley has a long-standing tradition of people who live over the hill dismissing it as a restaurant wasteland — which has actually never been true and certainly isn’t now. For proof, we got two Valley lifers (regular Thrillist contributor Wilder Shaw, who grew up and lives in Studio City, and editor Jeff Miller, who grew up in Van Nuys and North Hollywood and still regularly visits his parents in Encino) to break down the best restaurants in the massive SFV, with an eye towards a geographic and financial spread. It’s long. Get ready.
Article courtesy of the Thrillist and you can continue reading it here
Joe Babajian of Rodeo Realty on working with the likes of Beyonce and L.A.’s luxury circuit
Luxury real estate is Joe Babajian’s forte, and the Rolodex of clientele the L.A. native has housed and de-homed over the years is hard to match — by which we mean, it includes Beyonce. The Rodeo Realty broker has also bought and sold homes for Harrison Ford, Nicolas Cage, Janet Jackson, Maria Shriver, and the one and only Barbra Streisand.
We spoke with the seasoned agent about Pacific Rim buyers, showing houses to Michael Jackson and L.A.’s rise.
Where did you grow up?
I grew up near Playa del Rey by the beach and went to UC Santa Barbara. Playa del Rey is a whole different world from Bel Air and Beverly Hills where I live now. Growing up in Playa might as well be like growing up in New York and coming to L.A., just totally different worlds.
What areas of L.A. do you prefer?
I really like Beverly Hills and Bel Air, and the west end of the Hollywood Hills — the epicenter of the city.
We’re powering through a serious upcycle that’s giving a lot of love to the Eastside…
It’s like that whole energy has shifted east. The studios have done the same. Hollywood Boulevard has changed dramatically over last 5 to 10 years, and DTLA, that whole east end. These young hipsters, rich kids who are young and with trust funds, they want to be on the east side in Silver Lake, Los Feliz and Echo Park. That’s not to say Brentwood, Beverly Hills, Palisades aren’t still desirable, but they’re not the only players out there.
You’ve been in the business for 30 years: How has the L.A. market changed?
There have been four international cities that have garnered the big numbers — New York, Hong Kong, London, Tokyo — places where things sell for $8,000 a foot. They have always been the top-tier of price structures for cities in the world. L.A. has always been an expensive city, but not at that level. What’s happened in the last five years has two schools of thought. One is this is the normal cycle and it will end in a year or two and adjust again. The other thinking is that L.A. is coming into it’s own and will be commanding within the top-tier price structure.
Why now and never before?
We used to be in the middle of nowhere. The east coast had the advantage with being near Europe. Now with the Pacific Rim we have an advantage. Things have changed. The wealthiest in the developing world want to own a place in the U.S. and L.A. has become increasingly attractive. We have a lot of wealthy Indonesian and Chinese buyers. Even with all of America’s problems, a lot of foreign buyers want a residence here because they want their kids to have a place to live when they go to college here. Our government isn’t going to be overthrown so a residential investment is solid.
So international buyers are choosing L.A. over New York?
The storms have really turned people off from the East Coast.
How much of the Silicon Beach migration are you getting?
The tech presence extends well beyond Silicon Beach. Larry Ellison bought a place is Malibu. His daughter is in the Hollywood Hills. The Minecraft guy (Markus Persson) bought in Trousdale for $70 million. Five years ago that would have been $15 million. Sean Parker bought in Holmby Hills. Eric Schmidt bought on South Mapleton Drive. L.A. has become a huge epicenter of tech moguls.
So the L.A. vs. San Francisco rivalry is of yesteryear?
There has always been a rivalry between L.A. and the Bay Area. It’s in their DNA to hate L.A. before they even know and see it. But I think the association (between tech) and the entertainment industry naturally has its effect.
What are some under-appreciated areas buyers should consider?
Beachwood (Canyon). The west end of Los Feliz…has great old 100-year-old Hollywood architecture, where lots of high profiles celebs lived. Another area coming into its own is Baldwin Hills. The prices are really low for getting a nice neighborhood with great views. It’s the new hip area to buy and redo. Also, there’s stuff by USC where a lot of homes are significant architecturally — Craftsmen, Spanish, Mediterranean, Victorian from the teens and 1920s.
Who are your favorite architects living or dead in LA?
(Richard) Neutra is one of my favorite architects. There are some really good Paul Williams homes I like too.
I heard you rescue Dobermans. Where do you like to take them hiking?
We’re a group that goes in packs through the canyons. I like Runyon a lot. There are some great trails in Brentwood and the Palisades. I like Temescal, Griffith, and Franklin Canyon too. Our Central Park is the Santa Monica Mountains.
I must ask: what was it like showing homes to Michael Jackson?
He was a real character. He really was like a kid. I showed him a few homes and he’d literally disappear and pop out of nowhere and you’d hear, “You whoooo!”
How different is selling to a celebrity than to a regular wealthy person?
The reality is you never become best friends with them. Your relationship is with the business manager or the assistant or the lawyer. It’s rare you become part of their inner circle.
Article courtesy of the Real Deal
Economic update for the week ending February 13, 2016
Stocks rally Friday to make up some of the week’s losses – It was a volatile week for stocks as oil prices sunk to a 12 year low on Thursday. This pushed stocks down all week as low oil prices hurt economies in oil producing areas, states, countries, and energy companies. On Friday oil prices jumped 11.5%, the largest one day gain since 2009. U.S Crude oil closed Friday at $29.23, which was lower than last week but well above lows 12 year lows on Thursday. Stocks rose about 2% on Friday as oil prices improved. The The Dow Jones Industrial Average rose 313 points on Friday to close the week at 15,973.84, down from 16,204.97 last week. The S&P 500 closed the week at 1,864.78 down from 1,880.05 last week. The NASDAQ closed Friday at 4,337.51, down from 4,363.14 last week.
Bond yields drop – Investors continued to buy bonds this week driving rates down. At one point on Thursday the 10 year bond yield dropped under 1.6%. Yields rose Friday as stocks climbed to end the week higher than Thursday, but down from last week. The 10 year U.S. Treasury bond yield closed Friday at 1.74%, down from 1.84% last week. The 30 year U.S. Treasury bond yield closed Friday at 2.60%, down from 2.67% last week.
Mortgage rates at lowest levels in 3 years and near 50 year lows – The 30 year fixed rates below loan amounts of 419,000 are around 3.5%. 30 year rates for loans above 419,000 are about 3.75%. The 15 year fixed was around 2.875%. The 5 year was around 2.5%.
Retail sales climbed 0.2% in January – January marked the third straight monthly increase in retail sales. American consumers increased spending on automobiles, clothing and online purchases to begin 2016 with strong retail sales results.
Home affordability up slightly in the fourth quarter of 2015 – The California Association of Realtors reported that California’s home affordability index improved to 30% in the fourth quarter of 2015, from 29% in the third quarter. Year over year affordability slipped from 31% in the fourth quarter of 2014. They found that home buyers needed an income of $96,640 to purchase a $483,050 statewide median priced, existing single family home. Lower rates in the fourth quarter and slightly higher wages were attributed to the rise in affordability. Rates in 2016 have dropped over 1/2% so if that trend continues and rates stay at or near current levels affordability should improve, or at least remain at the same levels, even with the escalating price gains we are seeing to start the year!
Have a great weekend!
14 Cool Places To Eat And Drink On Ventura Boulevard
The past few years have been good to Ventura Boulevard and a great range of new options for dining and drinking have been popping up. Studio City’s Sushi Row maintains its status, but has been paired with a growing cadre of places to eat and drink that don’t necessarily involve rice and fish. Sherman Oaks’ classic restaurant row on its eastern end is starting to make a comeback after feeling a bit stale over the last decade. Meanwhile, new places are opening westward, injecting a life to a part of town we don’t often think of.
A glass of Chardonnay at Augustine. (Photo by Zach Behrens)
AUGUSTINE WINE BAR
It’s like Bar Covell in Los Feliz grew up, had kids, and moved to The Valley—and that’s not a bad thing. Owned by the same Covell team, Augustine has a quieter, cozier feel and a penchant for securing some of the best wine around. Its list is paired with a small menu of food, ranging from snacks like spiced nuts and tater tots to more complex items such as beef cheek crostini and braised octopus. The shoebox space offers a handful of bar seats and intimate two person booths, along with some larger spaces for small groups, including a sidewalk patio. A great place to consider for a date and catching up with friends. —Zach Behrens
Augustine is located at 13456 Ventura Boulevard, Sherman Oaks, (818) 990-0938.
Cocina Condesa’s sidewalk patio. (Photo by Zach Behrens)
COCINA CONDESA
Billed as a mix of a Mexican street food spot and mezcaleria, Cocina Condesa’s space has a more casual feel: plenty of high tops with the majority of standard tables on the sidewalk patio. The menu hosts a trio of guacamole options (normal, spicy, and with toasted crickets) and a punchy octet of tacos (like kale/cauliflower, garlic marinated grilled shrimp, and pork shoulder). But it’s not all tacos and chips: think street corn, empanadas, chicken mole enchiladas and more. If you’re looking burritos, this is not the spot, unless it’s the weekend and you’re there for brunch, when the menu offers up some fun takes on normal breakfast fare. —Zach Behrens
Cocina Condesa is located at 11616 Ventura Boulevard, Studio City, (818) 579-4264.
Spare ribs – Salmon Creek Farms (Photo by Sierra Prescott)
BARREL & ASHES
What do you get when you take a former chef de cuisine at one of the country’s most famous restaurants and let him loose to do barbecue? Meet Barrel & Ashes, headed up by Timothy Hollingsworth of Thomas Keller’s French Laundry. He headed south to open Otium at therecently opened Broad Museum and, as that was under construction, took on his Texas roots in Studio City with Rory Hermann, another Keller alumnus. This spot, with its Frito pies, hush puppies, brisket, spare ribs, and so much more (including the boastful The Best Damn Chick’n Sandwich Ya Ever Had), has done so well since its opening, one of the biggest complaints has been the crowds. That said, a reservation and some savory patience may help. —Zach Behrens
Barrel & Ashes is located at 11801 Ventura Boulevard, Studio City, (818) 623-8883.
“That’s My Jam” at The Fiscal Agent (via Facebook)
THE FISCAL AGENT
Nestled above Barrel & Ashes is one of L.A.’s best new cocktail bars, which offers a super creative drink line-up in a classy and intimate hideaway. The Fiscal Agent is cocktail wizard Julian Cox’s first standalone spot, which he unveiled in October of 2015 before heading to Chicago and leaving behind an indelible impression on numerous L.A. bars. He also recruited a team of other cocktail pros to craft clever, vintage-inspired concoctions in cool glassware. The cocktail list is known to rotate with new experiments, but think unexpected gems like Flight of the Concords, a frothy blend of Plymouth gin, violet, Concord grapes and anise hyssop, or An Officer and a Gentian made with scotch, Saler’s Gentian, Meyer lemon and lemongrass air. The standard list of drinks range from $12 to $18, though you’ll definitely want to inquire about the secret menu, which will open up the possibilities for the night. You’ll also find plenty of tasty bites to tide you over, including charcuterie and cheese to Peruvian scallops and duck breast with pistachio gremolata. Reservations are strongly encouraged as the small space fills up quickly. —Danny Jensen
The Fiscal Agent is located at 11801 Ventura Boulevard, Studio City, (818) 623-8088.
Bone marrow toast with mushrooms at Scratch Bar & Kitchen (Photo by Danny Jensen/LAist)
SCRATCH BAR AND KITCHEN
Current Top Chef contest Phillip Frankland Lee opened up Scratch Bar and Kitchen on Ventura late last year after closing the original version on La Cienega last summer (don’t be confused by the space they’re still clinging to the name). Scratch Bar offers a super intimate and personalized chef’s tasting menu with deliciously creative and beautifully plated small plates. You won’t find any servers at the cozy space—instead Chef Lee or his kitchen team will seat you and help guide you through the a la carte menu, based on your preferences, restrictions, and what’s seasonally available. They also offer three, very reasonably-priced tiers of tasting menus, which we definitely recommend trying, along with sitting up at the chef’s counter facing the custom wood-fired oven. Imagine great bites like Camembert with cashew curry and veggies, bone marrow with spiced mushrooms on mini bone-shaped toast points, and sea urchin with pork belly and sushi rice. You’ll also definitely want to save room for dessert, like house ice cream sandwiches with sea salt chocolate chip cookie. As you might guess by the name, nearly everything is made in-house, including cheeses, bread, and charcuterie. The impressive wine selection showcases very limited production runs that you might otherwise not have access to unless you belong to a club. Also, further down Ventura, you should check Chef Lee’s vegan outpost, The Gadarene Swine. —Danny Jensen
Scratch Bar and Kitchen is located at 16101 Ventura Boulevard #255, Encino, (818) 646-6085.
You can order tacos from a VW bus from within the bar. (Photo via Ceremony)
CEREMONY
I first noticed Ceremony with a double-take when driving by. Never had I seen this edge of Studio City’s main commercial district with so much life: a large window open to the sidewalk with throngs of people enjoying drinks, a skull emblazoned on a column above. Owner and chef Frank Leon, who runs the classic La Loggia Ristorante next door (open for about 30 years now) and The Village down the street, has added Ceremony to his plate. The Mexican, Cuban and European influenced menu includes a Cuban sandwich (pork leg and ham), several tacos options (made and served from a VW bus), and a healthy dose of seafood like grilled red snapper and manila clams. Drink-wise, a list of cocktails inspired by Tulum, Mexico is in order. —Zach Behrens
Ceremony is located at 11814 Ventura Boulevard, Studio City, (818) 985-9222.
The Chile Relleno de Siete Mares is made of poblano chile, shrimp, scallops, mussels, fish, clams, calamari, tomato-chile broth, and ciabatta (Photo by Gilbert Buenaventura)
MARADENTRO
While Ceremony features seafood items on its menu, Maradentro swims in it. Take, for example, the dish in the above photo, Chile Relleno de Siete Mares; its ingredients are poblano chile, shrimp, scallops, mussels, fish, clams, calamari, tomato-chile broth and ciabatta. If you’re familiar with one of the three Mercado locations, this is the team’s seafood take on Mexican (their other concepts are El Arco Iris in Highland Park and Yxta Cocina Mexicana in downtown). But seafood isn’t the only thing to walk away from here raving about. The healthy amount of guacamole was addicting and the spicy margarita lived up to its promise. —Zach Behrens
Maradentro is located at 11929 Ventura Boulevard, Studio City, (818) 358-3423.
THE WOODMAN
This laid-back, roadhouse-inspired spot offers a solid selection of craft beers, including several unique and hard-to-find offerings—along with bacon-Kobe burgers and other hearty fare. Their happy hour also delivers a great deal with $4 select beers, wine and well drinks from 4:30 p.m. to 8 p.m. every day. Their brunch selection is pretty great as well with tasty dishes like the praline pecan French toast and Bubba’s Country Benedict with biscuits, ham and eggs. Pull up a stool or a hand-carved wooden seat and enjoy a bite and a drink while catching a game, or enjoy a bit of sunshine out on the patio. —Danny Jensen
The Woodman is located at 13615 Ventura Boulevard, Sherman Oaks, (818) 386-9401.
On a weekend night, this room is abuzz with drinks and joysticks. (Photo via The One Up)
THE ONE UP
The One Up is an arcade bar that offers free games to paying customers. Each console is a classic arcade set-up, programmed with hundreds of classic and unique games. When it comes to food, however, the One Up serves twists on comfort food, including goat cheese tots, pork belly pepper jack mac & cheese, Southern fried chicken bahn mi sliders, Cap’n Crunch wings and house-made Twinkies. They also do brunch. If you’re thirsty, they’ve got a full bar with craft beer and hand-made cocktails. —Juliet Bennett Rylah
The One Up is located at 13625 Ventura Boulevard, Sherman Oaks, (818) 849-5181.
Inside MidiCi. (Photo via Medici)
MIDICI
The growing trend of build-your-own Neapolitan pizza places arrived on Ventura Boulevard last year with the arrival of MidiCi, which offers an upscale twist to the more casual quick-fire pizza options. Beneath a vaulted, warehouse ceiling, you’ll find a beautiful 4,000-square-foot space with a curved bar wrapping around two gleaming white, wood-fired ovens imported from Italy. Adding to the charm and serenity is a 21-foot olive tree. In true Neapolitan fashion, the pizzas feature high-quality ingredients from Italy, which are quickly cooked to deliver a flavorful pie with chewy, yet crisp crust. Rounding out the menu is delicious, artisanal burrata, along with salads and small antipasto dishes. They’ve also got a great wine selection with some reasonably priced glasses and bottles, along with beer and a thorough coffee and tea offering. MidiCi was launched by the CEO of Menchie’s frozen yogurt with designs for many more locations, so you’ll likely see plenty more in the future. —Danny Jensen
MidiCi is located at 14612 Ventura Boulevard, Sherman Oaks, (818) 788-2178.
Crispy pork rillette (Photo by Marie Buck)
TH BELLWETHER
We’ve been fans of The Bellwether (and their cool bathroom) since they opened their bright red doors onto Ventura Boulevard. Run by Chef Ted Hopson and Beverage Director Ann-Marie Verdi—both of whom spent time at Father’s Office—the charming, neighborhood dining spot with a great seasonal and shareable menu. Though the menu is frequently tweaked with the help of their “R&D” test menu, some of the highlights have included tempura cauliflower with a Thai chili sauce, pork and beef meatballs with ricotta and marinara, and stewed chickpeas with tomato-date ragout, harissa, lebni and za’atar. You’ll also want to explore the cocktails—which include housemade infusions—like the the Smoked Salty Dog with grapefruit-infused gin and the White Negroni. They also recently launched a great brunch line-up with hits like the Nashville Hot Chicken Sando, the Ploughman’s Burger, “Eggs in Purgatory” and some killer sticky buns. —Danny Jensen
The Bellwether is located at 13251 Ventura Boulevard, Studio City, (818) 285-8184.
The patio at Añejo. (Photo via Anejo Cantina and Grill)
AÑEJO CATINA & GRILLE
Añejo Cantina & Grille brings a modern and upscale twist to some classic Mexican favorites, and while the portions are generous, the prices are reasonable. Grab a seat on the spacious outdoor veranda or head to the colorful interior where the nightly live music—including flamenco and mariachi bands—might inspire you to hit the dance floor. They also have a large banquet room for private parties. There’s an extensive menu with familiar bites like enchiladas and tamales, as well as bigger options like carne asada with shrimp or chile verde with pork. You can sample their lengthy tequila and mezcal options or try one of their great cocktails like the habañero-infused Añejo Margarita or the Paloma Negra with tequila, house agua de Jamaica and lime. And you should definitely take advantage of their happy hour, which happens daily from 4 p.m. to 7 p.m. with discounted small bites, $3 gold margaritas, $5 wells and $4 sangria, beer and wine. —Danny Jensen
Añejo is located at 14755 Ventura Boulevard, Sherman Oaks, (818) 380-3180.
Inside Local Ice (Photo by Zach Behrens)
LOCAL ICE
Local Ice is where you can satisfy your sweet tooth with their selection of organic ice cream or Italian ice. Their flavors are often quite traditional—think vanilla, chocolate, strawberry, mint, java—but they have a few fun flavors that pop up, like lemon blueberry or apple pie, too. The Italian Ice is great for the lactose intolerant and comes in a number of fruity flavors, plus chocolate. All of their ice cream is made on-site in small batches with a small number of organic ingredients. —Juliet Bennett Rylah
Local Ice is located at 12747 Ventura Boulevard, Studio City (it’s near the back of the strip mall), (818) 505-8111.
The Front Yard feels more backyard, but we’re not complaining (Photo by….)
The Front Yard
The Front Yard, situated inside NoHo’s newly renovated Garland Hotel, is certainly pretty. Its airy front patio dining space gets plenty of natural light, while the spacious interior offers more seating options. You can sip cocktails poolside by day or cozy up to the fireplace on their spacious patio at night. Much of the menu here is sharable, and many of the elements are made in-house, sourced locally and even grown on-site at their expanding kitchen garden. They’ve got excellent flatbreads—honey roasted pears and duck ham is an option, or you can try the gruyere and prosciutto—and if that’s not filling enough, they also offer massive plates of olive-braised lamb shank and sliced dry-aged Angus ribeye for dinner. Being within a hotel, they also offer a solid breakfast menu, plus salads and sandwiches for lunch. —Juliet Bennett Rylah
The Front Yard is at The Garland hotel, 4222 Vineland Avenue, Studio City, (818) 255-7290
Zach Behrens is a freelance outdoors writer, but all that hiking gets him hungry. Follow his adventures on Instagram.
Josh Flagg of Rodeo Realty is the Listing Agent for an Estate Bought by Edmonton Oilers owner Daryl Katz
Daryl Katz, the billionaire owner of the Edmonton Oilers hockey franchise, has bought a house in Bel-Air for $9.1 million. The seller was Henry Morton, the son of hotelier Peter Morton.
Tucked behind chrome gates on about one-third of an acre, the late 1950s Midcentury residence was once owned by Arthur Marx, the son of comedian and actor Groucho Marx.
Entered through a glass front door, the 3,040 square feet of space opens to a formal living room with a wall fireplace. A dining room, a kitchen with a wine refrigerator, a media area, three bedrooms and 4.5 bathrooms complete the open-area living space.
Walls of sliding glass doors open to a loggia, an outdoor living area and a swimming pool and spa. Views take in the downtown cityscape and ocean.
A motor court sits off the entrance to the home.
Josh Flagg of Rodeo Realty was the listing agent. Donovan Healey of John Aaroe Group repped the buyer.
The sale marks the second time the property has changed hands in the past year. Last May, it sold for $8.25 million. Marx, who died in 2011 at 89, sold the home six years ago for $1.685 million, records show.
The house is also nearby the onetime Art Linkletter estate, which Katz acquired last yearfor $34.5 million in an off-market deal. He is currently developing the 4.6-acre estate, according to real estate sources.
Katz, 54, is a Canadian investor and businessman who bought the NHL franchise in 2009. Last year, he partnered with Hollywood producer Joel Silver to form the production company Silver Pictures Entertainment.
His net worth is estimated at $3.2 billion, according to Forbes.
Article courtesy of the LA Times
Joe Babajian and Josh Flagg of Rodeo Realty Make Variety's "Showbiz Real Estate Elite" List
