Actual Property Publication: A water tower from the 1890s finds new life

Welcome back to the real estate newsletter, your weekly window into the most interesting housing market in the country – at least in my professional opinion. Where else is a 19th century water tower transformed into a pirate-themed retreat away from the Pacific Ocean?

The local landmark was by far the most interesting listing of the week. Built in the 1890s and redesigned several times since then, the Sunset Beach building stands 27 meters tall and is losing its life as a luxury Airbnb rental and is looking for permanent residence (ideally someone willing to pay $ 4.95 million numbers).

There was also quite a lot to do in the San Fernando Valley in the early days of June when rapper Polo G raised about $ 5 million for a Chatsworth mansion with a souped-up garage. He joins Swae Lee, YG and DJ Mustard in the neighborhood that is quickly becoming a haven for hip-hop stars.

Over in Los Feliz, a 101-year-old hangout with a celebrity past went up for sale for $ 15 million. Best known was the former residence of comedian WC Fields in the 1940s, has hosted several actors in the decades since, and is currently owned by Dodgers co-owner Bobby Patton.

Looking for a summer project? Beware: the cost of wood skyrockets to the point where even a picnic table can be over your budget. Timber suppliers mistakenly assumed that demand would fall during the pandemic, and their miscalculation is causing prices to double or even triple compared to last year.

Building a house can therefore get out of the picture. But what about buying one for $ 1? Personal finance columnist Liz Weston looked at the pros and cons of buying his parents’ home for a dollar and the tax liabilities that are sure to follow. There is no free house.

While you catch up on the latest, visit and like our Facebook page, where you can find property stories and updates all week.

A local landmark is for sale

The tower was first built in the 1890s and has been rebuilt several times since then. It offers four-story living rooms with pirate motifs and impressive views.

(Sheldon / Ivester Creative Inc.)

Sunset Beach is home to one of California’s bizarre houses: a 27-meter-tall building that serves both as a feast for the eyes for passers-by on the Pacific Coast Highway and as a reminder that in a time of rapid renovation, some things are worth saving.

The distinctive water tower dates back to the 1890s when it operated steam engines that drove up the California coast. Now it’s $ 4.95 million.

The distinctive residence looms over the houses in the sand near the Seal Beach and Sunset Beach border, and has become popular with locals in the decades since it was built – but it has a turbulent past.

Another rapper lands in Chatsworth

The 11,000 square foot home has a pool, tennis court, and custom garage with space for 14 cars.

The 11,000 square foot home has a pool, tennis court, and custom garage with space for 14 cars.

(New Focus)

Chatsworth is becoming a hip hop oasis with musicians like Swae Lee, YG and DJ Mustard having settled there in recent years. Rapper Polo G is the latest to flock to the San Fernando Valley suburb; He just spent $ 4.885 million on a Mediterranean location in the gated community of Indian Falls Estates.

The property occupies nearly 2 acres and has moved in and out of the market since it was built in 2018. Records show it was first listed for $ 6.2 million and was last listed for $ 5 million before Polo G, whose real name is Taurus Bartlett, scooped it up.

The place is packed with amenities, but what really sets it apart is the garage. There is a standard two car garage attached to the house, but outside there is a custom guest house size garage with 14 foot doors and space for 14 cars.

Dodgers Owner Offers Historic Property

The Italian residence, built in 1920, was owned by comedian WC Fields and actress Lily Tomlin.

The Italian residence, built in 1920, was owned by comedian WC Fields and actress Lily Tomlin.

(Todd Goodman / LA Light Photography)

Hollywood history is up for grabs at Los Feliz, where the WC Fields Estate – a 101-year-old Italian mansion where the comedian of the same name lived in the 1940s – just hit the market for $ 15 million.

Built in 1920, the architectural gem has hosted several celebrities since Fields, including Pay It Forward actor Gary Werntz and Grace and Frankie star Lily Tomlin. Today it belongs to Bobby Patton, the Texas oil tycoon who co-owns the Los Angeles Dodgers. Records show he picked up the property in 2013 for $ 7 million.

The green residence covers two thirds of an acre in Laughlin Park, a closed enclave where stars like Angelina Jolie, Casey Affleck, Emma Roberts and Kristen Stewart live.

Where’s all the wood?

Carlos Guido works with contractor Chris Williams on a project site in San Marino.

Carlos Guido works with contractor Chris Williams on a project site in San Marino.

(Jason Armond / Los Angeles Times)

The cost of a common good has messed up summer plans, and it’s not gasoline: Rising lumber prices are making new homes, renovations, and even simple picnic tables dramatically more expensive, write Andrew Khouri, Carly Olson, and Andrew Mendez.

Sometimes bills come in thousands or even hundreds of thousands of dollars above the appraised value. In the most extreme cases, projects have stalled as prices spiraled out of control.

Analysts said prices are likely to stay elevated for a long time due to the COVID-19 pandemic. When the coronavirus spread in the USA last year, wood suppliers assumed a slump in demand and stopped production accordingly. Traders followed suit, stopped buying wood and selling inventory.

A house for 1

In a recent article, columnist Liz Weston answered a question about the pros and cons of taking over the home for free.

Dear Liz: My father-in-law died recently. My mother-in-law is not well enough to live alone. My husband has a brother and sister who want my husband and I to buy my in-laws’ big old house for $ 1, take care of my mother-in-law 24/7, and do updates and repairs on the house for 60 years. I see many disadvantages to this arrangement, but no advantages. Can this deal work for us and not just for the other siblings?

Answer: The advantage is that you would own the house. While the home may not be in good shape, it is likely an asset with some value. Whether it’s worth enough to be worth, and whether you’d like to acquire it that way, are open questions. (Click through for the discussion of taxes and the burdens of full-time care.)

What we read

Could the national real estate market be getting cool? Or at least a little less hot? The Washington Post analyzed data from Realtor.com and Redfin and found that house prices are still rising, but at a slower pace than they have been in recent months.

Location, location, location. When looking for an apartment, make sure that it is more than an arm’s length away from an amusement ride. The Know looked at a Delaware beach house that went viral thanks to a huge swinging ship that appears to be hurling itself just yards from the house.