Welcome back to the Real Estate newsletter. As the market cools from its hot summer, a few stragglers are still finding new homes before the winter. One of them is the most valuable company in the world.
The company, of course, is Apple, which announced it would be doubling its already sizable presence in Culver City. As streaming-services companies gobble up office space on the Westside, Apple is adding more than 550,000 square feet across two adjoining buildings to house workers of Apple TV+ and Apple Music.
For reference, 550,000 square feet could hold about 11.5 football fields, 76 tennis courts or five of “The One,” that 105,000-square-foot mega-mansion Nile Niami is building that’s both the biggest house in California and the center of an increasingly juicy fight among a handful of filthy rich people.
Two other notables settled into new homes this week: actor David Spade and “F9″ producer Joe Roth. Spade picked up a modern mansion near the Comedy Store for $13.85 million, and Roth dropped $23 million on a 1960s Midcentury in Beverly Hills.
Meanwhile, Justin Timberlake and Jessica Biel are chasing history in the Hollywood Hills. They’re asking $35 million for the biggest house on the biggest lot currently on the market in the neighborhood, and if they get their price, it’ll be one of the priciest deals in Hollywood Hills history.
But enough about rich people doing rich people things. For all the renters out there, myself included, The Times published a guide on one of L.A.’s most universal and formidable challenges: looking for your first apartment. It includes a range of topics: where to look, how to tour, what questions to ask, what to do before you sign the lease and even a rundown on your rights as a tenant. It’s a must read if you’re moving.
While catching up on the latest, visit and like our Facebook page, where you can find real estate stories and updates throughout the week.
Apple announced last week that it would expand its offices in the Los Angeles area by 550,000 square feet.
(Apple)
In a sign that competition among streaming entertainment providers will stay heated in the years ahead, Apple said it would roughly double its office presence in the Culver City area where Apple TV+ is based, Roger Vincent writes.
The expansion of more than 550,000 square feet in two adjoining buildings is larger than expected by real estate industry observers. Apple, Netflix, Amazon, HBO and other streaming services have been gobbling up office and production space in recent years to help churn out movies and television series for their subscribers.
Apple said it would erect two new mid-rise buildings connected by a shared wall on multiple parcels in Culver City and Los Angeles surrounded by Venice, National and Washington boulevards. The parcels are now mostly occupied by small retail and light industrial buildings.
Funnyman buys by the Comedy Store
Built in 2020, the 11,300-square-foot showplace sits within a mile of the Comedy Store and Laugh Factory.
(Cris Nolasco)
David Spade just picked up a brand-new showplace, shelling out $13.85 million for an amenity-loaded mansion above the Sunset Strip. It’s the eighth-priciest sale in the Hollywood Hills this year, according to the Multiple Listing Service.
The actor and stand-up comedian won’t have to go far to get some stage time. His new digs are a short walk from the Comedy Store and about a mile from the Laugh Factory.
Spade, the “SNL” alum who went on to star in “Tommy Boy,” “Joe Dirt” and “The Benchwarmers,” also owns homes in West Hollywood and Beverly Hills. His new place is the largest of the three, covering 11,300 square feet across three stories.
Producer makes a blockbuster deal
Built in 1961 by Daniel Dworsky, Joe Roth’s single-story Midcentury was recently reimagined by interior designer Waldo Fernandez.
(Anthony Barcelo)
Powerhouse producer Joe Roth is leaving Holmby Hills for Beverly Hills. A few months after listing his 13,600-square-foot mansion for $48 million, records show he quietly paid $23 million for a 1960s Midcentury in an off-market deal.
It’s quite a downsize for Roth, the longtime entertainment executive who founded Revolution Studios and produced blockbusters such as “F9,” “Dolittle,” “Maleficent” and “Alice in Wonderland.” The stylish home is smaller than many of its neighbors in Beverly Hills Flats, covering just 5,514 square feet on roughly half an acre.
Due to the relatively low square footage and high sale price, the price per square foot shakes out to about $4,171 — one of the highest ever recorded in Beverly Hills.
Power couple offer prized property
The 10-acre spread includes a Spanish-style villa, a guesthouse, guard house, tennis court and two swimming pools.
(Simon Berlyn)
Justin Timberlake and Jessica Biel have a prized property on their hands, and they want a near-record sum for it. The couple just listed their colossal compound in the Hollywood Hills for $35 million, and if they get their price, it’ll be one of the biggest deals in the neighborhood’s history.
Unlike tony communities to the west such as Beverly Hills, Bel-Air and Brentwood, the Hollywood Hills rarely sees sales north of $30 million. But this estate offers significantly more space than anything else on the market in the typically crowded community.
The Spanish-style stunner covers 13,530 square feet and sits on more than 10 acres, making it the largest home on the largest lot currently up for grabs in an area where land comes at a premium.
Timberlake has owned the home for nearly 20 years, having bought it from actress Helen Hunt for $8.3 million in 2002, two years after it was built. Before that, the property was once part of actor Errol Flynn’s estate, according to the listing.
Apartment-hunting guide
A “For Rent” sign is posted in Sacramento.
(Associated Press)
Welcome to adulthood. Your back hurts all the time, your eyeglasses prescription keeps getting stronger, and you now get to participate in the monthly ritual you’ve heard about your whole life: paying rent, Madalyn Amato writes in her snappy and essential guide to renting your first apartment.
As glamorous as it all may seem, having your own place to call home comes with a lot of responsibility, Amato warns.
Here’s the guide, which also is useful to longtime apartment dwellers.
What we’re reading
Some statistics suggest a market that’s cooling off after a record-setting summer, but one investment bank is projecting that prices will continue to soar. CNN reports that Goldman Sachs is saying that home prices will grow an additional 16% by the end of 2022 thanks to — you guessed it — low supply and high demand.
Looking for a project? Wirecutter pinpointed five deals on home improvement products, and the list includes an HVAC filter, easy-to-install air conditioner and a leak detector built for smart homes.
