Spring Bunting Real Estate Broker Associate

The renovation of 18th and 19th streets will be done in three phases. STORY: https://www.kget.com/news/local-news/major-street-renovation-walkability-project-underway-in-downtown-bakersfield/

A fire sale has office buildings across America going for more than 90% off.

Landlords and their lenders held on to their office towers for years, hoping for a turnaround after Covid. Now, they are accepting enormous losses.

Owners and creditors are capitulating to the reality that more employees are splitting their work time between home and office. They are also resigned to stubbornly higher interest rates, which lower property values and make it harder for buyers to borrow.

Developer Asher Luzzatto paid a mere $5.3 million for the Denver Energy Center, after a foreclosure process. The two-building complex sold for $176 million in 2013.

In Chicago, real-estate developer Marc Calabria bought a 485,000-square-foot office building for $4 million. The building sold for $68.1 million a decade ago.

These distressed sales are paving the way for new owners to pursue redevelopment ideas that would have been unthinkable just a few years ago.

Rock-bottom prices are also accelerating the move to residential conversion.

🔗 Read more: https://on.wsj.com/4vhKC4K

A piece of rock history is back on the market. Ozzy Osbourne and Sharon Osbourne’s longtime Los Angeles home has returned with a $17 million ask, nearly a year after the Black Sabbath frontman’s passing. The Mediterranean Revival estate in Hancock Park spans roughly 11,500 square feet, with seven bedrooms, a guesthouse, and a glam overhaul courtesy of the Osbournes. Interiors range from a grand chandelier-lit foyer to a striking red velvet screening room signed by icons from Elvis Presley to Rita Moreno. Outside, a mosaic-tiled pool, pizza oven, and manicured grounds round out the offering. The gated residence, built in 1929, is being shown exclusively to prequalified buyers.