Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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The Sherman Oaks home on Greenleaf Avenue (Credit: Rodeo Realty)
A cannabis-themed open house in Sherman Oaks could be part of a growing trend. Rodeo Realty, Society Group PR, and cannabis industry members-only club Mota Group, invited 100 people to the home to smoke, vape, and get CBD cream massages. Rodeo Realty’s Ben Quibrera said the home on Sherman Oaks’ aptly named Greenleaf Avenue, which listed at $3.5 million, went into escrow within two weeks. [Business Insider]
Mortgage tax reduction’s elimination isn’t slowing middle-class buyers. The Trump administration’s 2017 tax overhaul tweaked a deduction many in Washington saw as a key support of the housing market. But it hasn’t negatively affected sales in the way many economists and real estate experts thought it would. [NYT]
The Chesterfield project planned in South L.A. (Credit: Adobe Communities)
City planning officials will consider another South L.A. affordable housing project. Wakeland Housing & Development Corporation’s 43-unit Chesterfield project will go before the city planning commission later this week. Wakeland wants to streamline permitting through SB 35, a state measure that is meant to accelerate affordable housing production. [Urbanize]
“Saturday Night Live” alum Kevin Nealon sold his Pacific Palisades home, finally. Nealon and wife Susan Yeagley sold the 5,600-square-foot Georgian-style home for $4.9 million. The seven-bedroom abode, which is a half-mile from the beach, had been on the market for three years. [LAT]
A Venice couple is working outside the system to tackle the homeless housing shortage. Heidi Roberts and John Betz have provided housing for 98 people by renting out market-rate properties they’ve bought or rented themselves. They say their model of doubling-up on bedrooms can provide housing quicker than the traditional nonprofit system, and they are seeking both private and public funds to expand it. [LAT]
Compiled by Dennis Lynch
FROM THE CITY’S RECORDS:
A developer filed plans to demolish two single-family dwellings and build a 6-story, 32-unit building at 1303 & 1307 Orange Grove Avenue in Carthay Square. [LADCP]
Compiled by Jerome Dineen