Welcome to the real estate newsletter. This week, we asked an expert to say six magic words that many Angelenos have been waiting to hear for a long, long time: “This is turning into a buyer’s market.”

The sentence was uttered in response to July housing data, which once again saw Southern California home sales plummet and prices get cheaper.

To be clear: we’re still a long way from a market reset, and it’s hard to say if prices will ever return to where they once were. The pandemic has pushed the market to dizzying heights, and no one is predicting a crash after years of record sales. But the last few months feel like the beginning of a new era – a spring flower emerging from the snow.

To properly explore market developments, we consulted with sellers, many of whom simply take their bullet and go home. Homes that once experienced bidding wars are now languishing in the market, and many would-be sellers are deciding not to put their properties up for sale until the market picks up.

Keep in mind that these trends are more or less limited to the mainstream housing market. All bets are off on the luxury side, and this week two top sellers pulled in for astronomical sums.

The first is Ben Affleck, who is asking $30 million for his Pacific Palisades bachelor pad. That’s an ambitious price considering he only paid $19 million for the golf course four years ago and hasn’t made many changes.

The Oscar-winning actor no longer needs the 13,000 square foot mansion. He recently married Jennifer Lopez, and the couple are looking for something a little bigger.

Meanwhile, the world’s sixth-richest man, Larry Ellison, is aiming for an even bigger fortune for his beachfront resort in Florida’s North Palm Beach: $145 million. The request is even more ambitious than Affleck’s, as Ellison only paid $80 million for the property a year ago.

The tech mogul, whose net worth hovers around $110 billion these days, set the Sunshine State record when he moved to a nearby house earlier this year, paying $173 million for a even more impressive place.

Finally comes an update to Downtown LA’s 6e Street, but this time it has nothing to do with the new 6th Street Bridge. In addition to the new viral viaduct, the street will receive an $800 million studio with 16 sound stages to serve the entertainment industry.

With the growth of streaming, the demand for sound stages is at an all-time high, and several developers in LA County are looking to meet that need.

As always, while keeping up to date with the latest news, visit and like our facebook pagewhere you can find real estate stories and updates throughout the week.

SoCal home prices fell in July

A sign for sale in front of a house, October 6, 2020.

(Steven Senne/Associated Press)

In recent months, rising mortgage interest rates have dampened a once-hot housing market in Southern California and across the country, writes Andrew Khouri.

As potential buyers choose to stay away, sales plummet and owners slash their asking prices to strike a deal. Now, there are signs that overall home values ​​could drop as well.

“It’s turning into a buyer’s market,” said Keith Hernandez, realtor at Realty One Group Synergy in Whittier.

Few, if any, economists are predicting a slump in values ​​similar to 2008, but a growing number of experts say overall home values ​​are likely to fall in the near future.

Vendors go on strike

Kevin Chen usually flips houses for sale, but with the market downturn, he now chooses to rent out his property.

Kevin Chen usually flips houses for sale, but with the market downturn, he now chooses to rent out his property. (Irfan Khan/Los Angeles Times)

(Irfan Khan/Los Angeles Times)

As the housing market has slowed in Southern California and across the country, sellers have had to adjust their expectations, writes Andrew Khouri.

Homes that would have received dozens of offers at the start of the year are only getting a few these days. Other properties receive none, forcing owners to lower their asking price and give up on their dreams of record profits.

Now some potential sellers are calling it completely. These decisions essentially limit the height of inventory that can climb, with broad implications for current owners and future buyers.

“It puts a floor on home values ​​if people decide not to list their homes,” said Ralph McLaughlinchief economist at real estate data firm Kukun, noting that fewer homes to choose from are helping keep prices from plunging.

Actor offers $30 million bachelor pad

The half-acre estate includes a traditional-style house and guest house that combine for seven bedrooms and nine bathrooms.

The half-acre estate includes a traditional-style house and guest house that combine for seven bedrooms and nine bathrooms.

(Google Earth)

Ben Affleck is offering his bachelor pad in Pacific Palisades, listing a traditional-style mansion along the links of the Riviera Country Club for $30 million.

If the actor gets his prize, it will be the third most expensive sale in the coastal community so far this year. The 2022 crown currently belongs to Maroon 5 frontman Adam Levine, who unloaded his three-acre resort for $51 million in May.

Affleck has little need for the 13,000 square foot storefront these days, which he snagged for $19 million in 2018. He has since married Jennifer Lopez, and the couple have visited a handful of luxury mansions in the Westside.

Billionaire shoots for $145 million

The 6.5 acre expanse is the largest beachfront property currently on the market in South Florida.

The 6.5 acre expanse is the largest beachfront property currently on the market in South Florida.

(Daniel Petroni)

Tech billionaire Larry Ellison is continuing the story in South Florida, listing his prized North Palm Beach property for $145 million — a significant jump from the $80 million he paid last year.

If it gets its price, it will be one of the biggest residential sales ever in the Sunshine Shine. The Oracle co-founder set the record himself earlier this year when he paid $173 million for an even bigger spot a few miles from the coast.

Ellison – whom Forbes ranks as the sixth richest person in the world with a net worth of $110 billion – collects valuable real estate like kids collect baseball cards. He’s been most active in Malibu, where he’s spent the past few decades scooping up dozens of beachfront homes in Carbon Beach and beyond, racking up a tab that has ballooned into the hundreds of millions.

His trophy estate in North Palm Beach offers an almost unprecedented amount of space along the ocean with 563 feet of water frontage. At 6.5 acres, it is the largest beachfront property currently on the market in South Florida.

New studio planned for Downtown LA

Interior rendering of the East End Studios ADLA campus showing raised pedestrian terraces.

Interior rendering of the East End Studios ADLA campus showing raised pedestrian terraces.

(Grimshaw)

With the rise of film and television production, a warehouse near the famous new 6th Street Bridge in downtown Los Angeles is set to be transformed into an $800 million studio to serve the entertainment industry, writes Roger vincent.

East End Studios will submit an application to the city on Monday to build a 15-acre studio at 6th and Alameda streets where streaming services and other entertainment creators could make TV shows and movies.

With 16 sound scenes, Eastern StudiosThe ADLA campus is said to be one of the largest studio projects underway for Los Angeles County, where several developers are racing to add new facilities to keep up with demand.

Existing sound stages in the county have been almost fully leased for years, which can make it difficult for new productions to find work locations, said Paul Audley, president of FilmLA, the non-profit organization that manages filming permits in the area.

“We’ve seen streaming grow at an average rate of 35% per year,” he said. “Even if it backs off, which some people are now predicting, we still don’t have enough stage space to deal with that.”

What we read

The New York Times uncovered a disturbing story in Maryland, where a black professor had his home appraised at $472,000. When he removed family photos and a white colleague took over as owner, the second valuation soared to $750,000. Now he is complaining.

KQED introduced California’s YIGBY movement – also known as Yes in God’s Backyard – in which churches attempt to build affordable housing on their abundance of undeveloped land. However, due to high construction costs, bureaucracy, and NIMBY neighbors, the efforts were far from successful.