An acute shortage of affordable homes in the United States will continue over the coming year, according to a majority of property market analysts polled by Reuters, driving prices up faster than inflation and wage growth.
After losing over a third of their value a decade ago, which led to the financial crisis and a deep recession, U.S. house prices have regained those losses — led by a robust labor market that has fueled a pickup in economic activity and housing demand.
But supply has not been able to keep up with rising demand, making homeownership less affordable.
The NBC Universal vice chairman could set a new record for Los Angeles County.
A week after hosting a star-studded event at his Malibu estate, NBC Universal vice chairman Ron Meyer has quietly listed the same Paradise Cove property for $125 million, The Hollywood Reporter has learned from multiple sources.
The home, which is situated on a 3.07-acre lot atop a private bluff, has almost 14,000 square feet of space spread across five bedrooms and six bathrooms. The modernist estate, designed by the late architect Charles Gwathmey, features a formal gated entry, a long driveway, a pool, a tennis court and several massive lawns. The listing agents are Coldwell Banker’s Joyce Rey and Chris Cortazzo.
“It’s not officially on the market, but they are entertaining offers,” Rey told THR.
The house has not been officially listed on the MLS, which stands for Multiple Listing Service.
If the $125 million listing price is met, it would set a new record for Los Angeles County, eclipsing the April sale of hotelier Peter Morton’s oceanfront property in Carbon Beach to natural gas billionaire Michael S. Smith for $110 million.