Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Actor William Powell’s former home in Beverly Hills (credit: Realtor.com)
Beverly Hills villa with ties to Old Hollywood stars hits the market. On the market for $14 million, the 7,200-square-foot Spanish Revival-style home was built for film star William Powell in the 1920s. Television host Merv Griffin, actor George Hamilton and celebrity plastic surgeon Brian Novack have all owned the home in past years. [LAT]
Insurers have shed 350,000 home insurance policies in wildfire-prone areas. New state research — tracked more than 15 years of data — shows that more homes have been built in fire-prone areas. Insurance providers are also hiking premiums for at-risk properties. The data does not include non-renewals in some areas hard hit by wildfires last year, including Redding and Paradise. [LADN]
Monrovia retail center trades for $31 million. The sellers, Pasadena-based Telos Capital and Warner Pacific Properties, picked up the Aldi-anchored property in 2016. HomeGoods and T.J. Maxx are also tenants. [LABJ]
IWG wants to launch a new company that will challenge WeWork. The shared-office-space provider’s chief executive Mark Dixon is planning to spin off part of the company into a separate business that would be publicly traded in the U.S., and compete with WeWork. The plan is still in its early stages, but Dixon believes such a company could be worth about $3.7 billion, and the firm will only hire bankers if they do not have a role in the We Company’s IPO. [Sky News]
Related Chairman Stephen Ross (Credit: Getty Images)
Stephen Ross thinks a housing slowdown is coming. Ross made his comments during an interview with Yahoo Finance, saying that the real estate industry is “certainly not starting something fresh. You know, we’re at a point now where I think there will be a slowdown because it has to happen.” [Yahoo Finance]
Another factor in gentrification? Trendy grocery stores, a new report says. There is a fairly strong correlation between home prices and the location of grocery stores like Trader Joe’s and Whole Foods, Yahoo News reported, citing a study from Zillow and ATTOM Data Solutions. People selling a home near a Trader Joe’s saw a 51 percent average return on investment, while those selling a home near a Whole Foods saw an increase of 41 percent. Houses near the two chains start to appreciate faster once the stores move in and do so twice as quickly as an average home in the United States. [Yahoo News]
FROM THE CITY’S RECORDS:
Burbank-based Chandler Partners filed plans for a 30,000-square-foot, 33-unit mixed use apartment complex with four units reserved as affordable. Chandler requested density bonuses granted to affordable housing developments. [LADCP]