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NOTABLE SALE
$2,875,000 DEAL IN GARDEN GROVE

MARKET: San Bernardino
ASSET TYPE: Retail
SALE PRICE: $24,325,000
Address: 897 Harriman Place
BUYER: Fred Vitt

What a deal

NEWS
BEVERLY HILLS FIRM SUES MATT STAFFORD FOR 1.1 Million

ARTICLE TLDR

• BH firm is not happy

A brokerage firm, an escrow company, and a seller are in a legal feud over a $1.12 million commission for a mansion sale in Hidden Hills, California. The mansion, a 9,100-square-foot property with a pool, a spa, and a tennis court, was sold for $22.5 million to LA Rams quarterback Matthew Stafford. The brokerage firm, Beverly Hills Estates, claims they had an irrevocable agreement with the seller, Ronen Nachum of DOR Homes, to get half of the commission. But the escrow company, Escrow of the West, says the seller told them to withhold all funds and accused the firm of misconduct. The firm sued the escrow company and the seller, while the escrow company filed a court action to decide who gets the money. The case is still unresolved.

NEWS
HOW THE PANDEMIC IS STILL AFFECTING RENTS IN SOCAL

• Rents in LA are going down

According to Apartment List, apartment rents in Southern California have diverged due to the pandemic. While rents in L.A. County and most of the U.S. have dropped, as people left urban areas for more space and affordability, rents in O.C. County have increased, as it became more attractive for remote workers and families. The article gives some examples of how rents have changed in different cities within the two counties, and the difficulties that tenants and landlords are facing in the current market.