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NOTABLE SALE
$34 MILLION DEAL IN LOS ANGELES

MARKET: Los Angeles
ASSET TYPE: Single Family
SALE PRICE: $34,550,000
Address: 10350 Wyton Drive
BUYER: Vinod Jivrajka

Los Angeles real estate investor Saeed Farkhondehpour sold his Holmby Hills mansion for $34.5 Million, down from his original price of $49.5 Million.

NEWS
DANA POINT ON FIRE

ARTICLE TLDR

• Dana Point, a seaside town south of Laguna Beach, has seen two record-breaking sales in Monarch Bay, a gated enclave of luxury homes, this year. The latest one was a $32 million mansion bought by a retired finance executive.

• Orange County’s luxury real estate market has been booming due to low interest rates, limited supply, high demand, pandemic-induced desire for more space and privacy, and the appeal of the coastal lifestyle.

Dana Point, a seaside town south of Laguna Beach, has been attracting some high-profile buyers who are willing to pay top dollar for its stunning ocean views, private beaches, and exclusive amenities. One of the most coveted neighborhoods in Dana Point is Monarch Bay, a gated enclave of about 120 homes that overlooks the Pacific Ocean. Monarch Bay has seen two record-breaking sales this year, both in the $30 million-plus price range. The latest one was a 5,300-square-foot mansion that sold for $32 million on Nov. 8, 2023. The buyer is rumored to be Gordon Crawford, a retired finance executive who also bought another mansion in the same neighborhood for $33 million in 2022 and listed it for $46 million in October. Monarch Bay residents collectively paid $225 million to buy the ground lease to their homes in 2020, which boosted their home values. Dana Point is not the only luxury market in Orange County that has seen a surge in demand and prices. Other prime areas, such as Newport Beach, Laguna Beach, and San Clemente, have also witnessed a flurry of activity and multiple offers. The reasons for the strong performance of Orange County’s luxury real estate market are manifold, including the low interest rates, the limited supply, the high demand from local and out-of-state buyers, the pandemic-induced desire for more space and privacy, and the appeal of the coastal lifestyle.

NEWS
KATE PERRY FOUGHT FOR A MONTECITO MANSION IN COURT

• Katy Perry wins big in court

Pop star Katy Perry and her fiancé Orlando Bloom have won a legal battle over a Montecito mansion that they bought from Carl Westcott, the founder of 1-800-Flowers, in 2020. Westcott tried to cancel the sale, claiming that he was mentally impaired due to pain medication. Perry and Bloom sued him for breach of contract, seeking damages and specific performance. On Wednesday, a Los Angeles judge ruled in favor of Perry and Bloom, finding that Westcott had no evidence of incapacity. The judge said that Westcott made a profit from the sale and negotiated with multiple parties. The verdict is expected to be final after 10 days. The next phase of the trial will determine the damages. Westcott’s son, Chart Westcott, accused Perry of perjury and taking homes from the elderly. He said he looked forward to Perry’s testimony in the damage trial.

NEWS
UNCOMMON DEVELOPERS PLANS 143 APARTMENT IN INGLEWOOD

ARTICLE TLDR

• Inglewood is booming

Uncommon Developers, a Chatsworth-based builder, has proposed a new development project in Inglewood, a seaside town in Los Angeles County. The project would consist of two mixed-use buildings with 143 apartments and 18,000 square feet of retail space at 100 East Nutwood Street and 317 South La Brea Avenue. The project would replace two existing commercial buildings and would offer 18 affordable units in exchange for density bonuses. The project would be built in two phases, starting with a four-story, 31-unit building on Nutwood Street, followed by an eight-story, 112-unit building on La Brea Avenue. The project would be designed by JZA Architecture and would feature modern amenities, such as balconies, courtyards, a rooftop pool deck, and underground parking. The project would be located near the Metro’s K Line and the Frank Gehry-designed home of Youth Orchestra Los Angeles, a music education program for underprivileged children. The project is still pending approval from the city of Inglewood.