Kelly and I are expecting a baby in June, so we recently enrolled in a series of birthing classes. The curriculum is eye-opening, especially for an ignorant guy who’s never been forced to empathize with a pregnant woman before. Shame on me!
In Monday’s class, one quote caught my eye:
“You can’t control the waves, but you can learn to surf.”
Jon Kabat-Zinn**
**Kabat-Zinn, coincidentally, is the son-in-law of Howard Zinn – a big friend of The Best Interest. The elder Zinn famously wrote, “If you don’t know history, it’s as if you were born yesterday.” He didn’t intend for this to be an investing quote. But it is. For that matter, the same applies to his son-in-law’s quote above!
The surfing quote is perfect for childbirth. So much of the birthing process is innate, instinctual, or subconscious. The body does what it does. It’s easy, therefore, to think that mothers are along for the ride, victims of their own bodies, like a listless boat being pushed to and fro in the crashing waves.
But the birthing class teacher is trying to empower her students to realize that they can “surf.” They can’t fight nature’s momentum outright, but they can go with the flow, find smooth pathways, avoid getting overwhelmed by waves crashing over them, etc. There are physical and mental exercises that can help mothers get more prepared for the fantastic challenge of labor and delivery.
Do these exercises actually work? I assume so, but I’m not sure. I’m just a dude. You’ll have to take our teacher’s word for it.
What I do know, though, is Kabat-Zinn’s quote applies perfectly to long-term investing:
“You can’t control the waves, but you can learn to surf.”
Jon Kabat-Zinn
The stock market (or any investing market) is an ocean with millions of waves moving to and fro. Sometimes those waves combine into overwhelming tsunamis and cavernous trenches. When the inexperienced or unknowledgeable investor gets swept away, it can be a life-changing negative experience.
You can’t control the market, but you can learn to use it to your advantage. To wit, here are some of my favorite investing quote that strike at this chord:
“Reversion to the mean is the iron rule of investing.”–John Bogle
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” –Ben Graham
Those “votes” (aka opinions) can cause large waves. But in the long run, gravity (aka true fact) pulls those waves back to earth and wins out.
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”–Peter Lynch
Waves will happen. You know it. I know it. Get used to it. If you think you can perfectly time the waves and avoid all turbulence, you’ll do more harm than good.
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.“–John Tudor Jones
Well, “trading” is hard and not something I recommend. But being “thirsty” for information and knowledge is a terrific recommendation! Learn to surf!
I’ve spent much time these past 10 years “learning to surf,” taking lessons from those far more experienced than me. Like Zinn, “If you don’t know history, it’s as if you were born yesterday.”
My articles and podcasts serve as little “surfing lessons” to you all. Thank you for enjoying them!
And no! This isn’t my first article about the oceans, seas, waves, etc
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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New York-based Rithm Capital has changed the compensation package of its top executive, Michael Nierenberg, by reducing his annual base salary, bonus and time-based equity award. But the company also increased the performance-based share of the total equity award.
As a result, Nierenberg’s target annual compensation rose from $15 million to $17 million, according to a March 15 filing with the Securities and Exchange Commission (SEC).
A spokesperson for Rithm Capital declined to provide more details on the decision.
Nierenberg, the chairman, CEO and president of Rithm Capital, will have his base salary reduced from $1.25 million to $1 million, effective April 1, per the amendment to the compensation agreement signed in June 2022.
The parties agreed that Nierenberg’s annual target cash bonus will be reduced from $5 million to $4 million. And the time-based yearly equity award target will be cut from $4.375 million to $3 million.
Meanwhile, Nierenberg’s annual performance-based equity award will increase from $4.375 million to $9 million, “such that 75% of the target value of Executive’s annual equity award grants will now be in the form of performance-based units,” the filing states.
Nierenberg joined the company in 2013 and has recently repositioned it from a real estate investment trust (REIT) into a leading global asset manager.
He led the company during the tumultuous acquisition of Sculptor Capital Management in 2023, bringing in $34 billion in assets under management.
In the same year, Rithm also struck a deal to acquire Computershare Mortgage Services, including Specialized Loan Servicing (SLS), adding $136 billion in unpaid principal balance (UPB) of mortgage servicing rights (MSRs)
In the mortgage space, Rithm subsidiary Newrez restructured its distributed retail mortgage business, resulting in cuts to regional and divisional managers. It also included reduced compensation for loan officers, sources told HousingWire in February.
Nierenberg has been the president and CEO of Rithm since November 2013 and chairman since May 2016. Prior to joining Rithm, he held executive positions at Bank of America Merrill Lynch, J.P. Morgan, Bear Stearns, and Lehman Brothers.
In 2023, Rithm announced a $532.7 million GAAP net income, lower than its figure of $864.8 million in the prior year.
According to a report released today by Challenger, Gray & Christmas, the 153,105 job cuts in the financial sector announced last year beat the previous record set in 2001 by a hefty 31 percent and more than tripled the amount at the end of 2006.
In the mortgage sector alone, 86,126 jobs were cut during the year as the mortgage crisis shuttered hundreds of lending operations nationwide.
And despite the record numbers, Challenger expects more layoffs in the struggling financial sector in 2008.
“Job cuts in the financial sector declined in November and December, but major job-cut announcements may be on the horizon for Citigroup and Merrill Lynch,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
Last year, Citigroup announced that it would lay off roughly 17,000 employees and top mortgage lender Countrywide Financial cut at least 12,000 jobs.
“Furthermore, some experts are predicting that the credit crisis resulting from investments in subprime home loans will spread to those who invested in mounting consumer credit card debt,” Challenger added.
Overall, 768,264 jobs were cut in 2007, 8.5 percent less than the cuts announced in 2006 and the lowest since 2000, Challenger reported.
The 44,416 job cuts for the month of December were down by about 39 percent from November and down 18.7 percent from December a year ago.
After the financial services sector, the automotive industry saw the most layoffs in 2007, with 78,880 jobs cut, including 13,000 at Chrysler amid the automaker’s sale to private equity firm Cerberus Capital.
Challenger reported that the weakening dollar has led to high demand for U.S. exports, preventing the housing crisis from leading to widespread job losses in other sectors.
Bear Stearns CEO James Cayne is expected to resign today amid increasing pressure from investors over record losses and the collapse of two hedge funds last summer.
He will join Citigroup’s Charles Prince and Merrill Lynch’s Stan O’Neal, who now sit on the sidelines.
Cayne will likely be replaced by current President Alan Schwartz, a 57-year-old investment banker known for his strong deal-making ability.
Punk Ziegel analyst Richard Bove believes Schwartz is the “right choice” for the job, but warned that the position wouldn’t be easy.
“The task facing Mr. Schwartz is sizable. Outsiders may now be attempting to take control of the company. He must fight this off,” Bove said.
“I believe, as I have written for about a year, that Mr. Cayne must go. He was the architect of what now appears to have been a failed business strategy,” Bove wrote in a note to clients.
The analyst, who maintained a “sell” rating on the stock, slashed his price target on Bear Stearns to $67 from $94 and again reduced his 2008 earnings estimate.
For fiscal 2008, he cut his estimate to $6.59 a share from a previous $7.96 a share, and lowered his 2009 estimate to $7.10 a share from $8.54 a share.
“Its core businesses like mortgages, credit derivatives, prime brokerage, and investment banking may all be facing contraction while the company is losing market share in these shrinking markets. This firm needs to shrink rapidly and then rebuild on a more solid base,” Bove recommended.
Bear Stearns, the fifth-largest U.S. investment bank, took a $1.9 billion write-down in the quarter ended November 30 related to the falling value of subprime mortgage-related securities, leading to its first quarterly loss ever.
And Bove believes the struggling bank and mortgage lender will likely see further writedowns and post higher loan loss reserves in coming quarters.
Shares of Bear Stearns, which have lost 52 percent of their value over the past year, closed at $76.25 Monday on the New York Stock Exchange.
The Homeownership Preservation Foundation said today that its HOPE Hotline received 143,000 calls during the fourth quarter, up from roughly 60,000 the previous quarter.
“We’re encouraged because more homeowners are being proactive in reaching out for help,” says Colleen Hernandez, president and executive director of HPF, in a statement.
“It’s reassuring that homeowners are addressing their mortgage issues earlier, however we need to continue to reach out to troubled homeowners to let them know there is help available,” she added.
The volume was more than 10 times the amount received during the first quarter of 2007, boosted by the promotion of the HOPE NOW Alliance.
According to HPF, more than 37,000 homeowners received counseling during the fourth quarter, a staggering increase from the 10,000 completed sessions in all of 2006.
Of all homeowners who called the hotline during the quarter, 31 percent were less than one month behind in mortgage payments, up from 24 percent during third quarter.
California accounted for 18 percent of the calls, followed by Ohio with 9 percent and Illinois with 5 percent.
In the previous quarter, California made up 14 percent, followed by Ohio with 12 percent and Illinois with 6 percent.
Those with adjustable-rate mortgages made up 48 percent of the calls, while fixed-rate mortgage holders accounted for 28 percent.
In the previous quarter, ARM holders accounted for 44 percent of the calls, and fixed-mortgage holders represented 33 percent of total calls.
The Homeownership Preservation Foundation (HPF) is a nonprofit organization that operates a national 24/7 hotline providing free, bilingual assistance to help at-risk homeowners avoid foreclosure.
The hotline, which is a service of the HOPE NOW Alliance, can be reached 888-995-HOPE.
In related news, the California Reinvestment Coalition announced today that mortgage counseling agencies will receive $4.6 million over the next two years, potentially adding 50 or more new staff members at centers throughout the state.
The money was pledged by eight mortgage lenders, including Merrill Lynch, Wells Fargo, and Bank of America, along with the San Francisco Foundation and the California Community Foundation.
According to Credit Suisse analysts, mortgage financiers Fannie Mae and Freddie Mac could write down a collective $16 billion in the fourth quarter related to deteriorating subprime and Alt-A mortgage investments.
The analysts wrote in a note today that Freddie stands to write down between $8 to $11 billion when it announces fourth-quarter earnings, while sister Fannie faces losses between $2.25 and $4 billion.
“For the past several months, we have become increasingly concerned about the potential capital impact on the GSEs’ capital positions from ‘other than temporary impairments’ on subprime and Alt-A-backed securities within their investment portfolios that were originally rated ‘AAA’,” the analysts said in a statement.
Higher delinquencies associated with subprime and Alt-A mortgages have led to a slew of credit rating downgrades recently, creating more capital pressures for the strained government-sponsored entities, analysts said.
The firm’s analysts, who currently rate both companies “underperform”, said the companies have recorded “minimal” unrealized losses thus far, and noted that significant writedowns at banking giants such as Merrill Lynch and Citi could force similar actions among the GSEs.
Late last week, Morgan Stanley analyst Kenneth Posner downgraded Fannie Mae to “underweight” from “equal-weight” and cut his price target on the nation’s largest mortgage financier to $25 from $39.
He also cut his target on Freddie Mac to $30 from $47, maintaining his “equal-weight” rating on the stock.
Shares of Fannie Mae ended the day down 8 cents, or 0.25%, to $32.07, while Freddie Mac climbed $1.02, or 3.69%, to $28.68.
Fannie and Freddie own or guarantee roughly 40% of the $10.9 trillion U.S. residential mortgage market, but severe losses could jeopardize their ability to capture more market share.
Walk past the street-facing 1990s duplex and beyond a 1920s Sears Roebuck kit bungalow, and an accessory dwelling unit, or ADU, rises before you at the end of the property. It’s a slim, two-story rental clad in inexpensive white vertical corrugated metal.
Only then do you realize this single Venice lot has four rental units.
With Southern California in desperate need of housing and state and federal laws constantly evolving to make permitting ADUs easier, the detached home by architects Todd Lynch and Mohamed Sharif of Sharif, Lynch: Architecture feels like a harbinger of what’s to come.
“When the city encouraged us to increase housing, I thought of the Venice property,” said owner Ricki Alon, who had previously worked with the architects and builder Moshon Elgrably on another project. “Given the unique site constraints, I didn’t believe they could do it. I was worried it would be too crowded and negatively affect the small guest house.”
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Alon was hesitant at first, but after a persuasive Zoom call with the architects, they all agreed that a fourth unit would add value to the bustling community.
“We viewed it as a challenge and a way to transcend ADUs in an SB9 world,” Sharif said, referring to Senate Bill 9, the 2022 state law that allows homeowners to convert their homes into duplexes on a single-family parcel or divide the lot in half to build another duplex for no more than four units.
Alon loved their initial sketches despite her skepticism, and the project moved ahead.
“We decided to go as high as possible,” Sharif said of the eventual design, a slim, two-story ADU built on what was previously a driveway. Slipped into the lot, the 1,200-square-foot ADU, or IDU as the architects like to refer to the infill dwelling unit, was built an inch from the 1920s bungalow, five feet from the duplex and four feet from the property line.
Resting a few feet from a dingbat apartment to the south, the ADU is lifted off the ground to preserve two parking spots in the alley and a swimming pool in front. “Its entire width is dictated by that two-car side-by-side dimension,” said Sharif, who teaches in the undergraduate and graduate design studios at UCLA. Lifting the volume to preserve the pool also created shade and an open space that all residents could share.
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“They refused to get rid of it,” Alon said of the water feature. “They insisted on building around it.” Today she admits it was the right decision. “Now, when you walk in, you experience a wonderful, absolutely lovely environment. I’m glad they did not listen to me,” she added with a laugh.
The narrow living room, seen from the staircase, and the first-floor office and en-suite bathroom. (Jason Armond / Los Angeles Times)
Even though you can’t see the rental from the street, the ADU has enormous curb appeal and a touch of glamour. A Midcentury-style Sputnik pendant light hangs outside the front door, giving it an elegant feel, and the white cladding gives it a distinctive quality from the other rentals, which are clad in orange metal and gray siding.
Up a short flight of stairs, the front door opens to the ground floor and the two-story entry, which features a compact first-floor bedroom, study and en-suite bathroom.
“We wanted every room to have a bathroom to suit roommates,” Sharif said.
Tenant Henry Schober III, a 38-year-old attorney specializing in data privacy, uses the ground floor as his office and a bedroom for out-of-town guests.
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“It’s a place that I’m comfortable spending a workday in,” said Schober, who goes to the office once or twice a week. “I don’t feel like I’m trapped in my house.”
Tenant Henry Schober III takes advantage of the ADU’s rooftop deck, which offers panoramic views of Venice. (Jason Armond / Los Angeles Times)
Up the stairs to the second floor, the main living area and kitchen measure just 13 feet wide; large windows and operable skylights add light and cross-ventilation throughout the linear floor plan.
“The windows make you feel like you’re in an amazing penthouse in SoHo,” Alon said. “It gives the room a great energy.”
The rest of the second floor houses a powder room, bathroom and bedroom. Because of limited space, there was no room for a formal dining room. However, Schober said that’s easier to maneuver than the limited storage, which has taught him to think differently about how he stores and displays things.
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“I eat at the long breakfast bar, and when I have people over, I use the common space or the roof deck,” he said.
The home’s two floors feel like three, Lynch said, “because of the way the stairway draws one upward through the IDU and then because of how the roof steps up again.”
The roof deck serves as another outdoor room, further expanding the living space. From the rooftop deck, Schober has panoramic views of Venice, not to mention ample room for a dining table, barbecue and sauna.
After renting an apartment temporarily a few blocks from the beach, Schober was still determining whether he wanted to rent another apartment in Venice.
“It originally turned me off to Venice,” he said. “The price points were so high. It felt like people were paying for the ZIP Code. Landlords were asking five grand for an apartment next to a parking lot.”
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But when he saw the two-bedroom ADU, he changed his mind. “When I walked in, I thought, ‘I’m going to live here,’” said Schober, who is originally from Philadelphia and moved to Los Angeles from Switzerland.
“The apartment and the secluded feel changed my attitude,” Schober said. “You get the convenience of Venice and access to all the restaurants and shops, but you’re not in the thick of things. I lived in San Francisco for a decade, Europe for six years. I view the apartment as an oasis in a neighborhood that is not as transformed as others.”
Schober said the strength of the architects’ vision is that the unit is quietly tucked away in a congested neighborhood. “Since you are set back from the street, there is no foot traffic,” he added. “It doesn’t feel like I am living among a bunch of units. There is little street noise, and you would never know you live a stone’s throw from Lincoln Boulevard.”
Perhaps most impressive, the ADU defies the notion that you can’t have parking, privacy and quality of living, including a swimming pool, on a tight infill lot with other properties.
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In a sense, Schober said, “It seems the solution to the housing crisis is building up.”
“There is a community feeling, and people know each other,” Sharif said. “They sit around the pool, and it’s very intimate and private.”
After a 10-month building process, the team completed the project this spring at a cost of approximately $410 per square foot.
Looking back, Alon is grateful that she moved forward with the project.
“It’s not just a unit that brings value to the property,” she said. “It enhances the entire property for everyone. Adding housing in this condensed community is important, but this team made it something beautiful that people will enjoy. You don’t have to add a huge amount of square footage to add quality of living.”
In the coveted Los Angeles neighborhood of Los Feliz, every residence tells a story, and every street corner holds a piece of Hollywood history.
This hillside enclave, gracefully abutting Hollywood and weaving through parts of the Santa Monica Mountains, offers a unique blend of metropolitan allure and serene, natural landscapes — and owning a home here is a symbol of status and exclusivity.
The neighborhood is anchored by one of the largest city-owned parks in the country, the historic Griffith Park, a cornerstone that lends the neighborhood an air of tranquility, uncommon in large urban settings.
“Due to the proximity to historic Griffith Park, Los Feliz enjoys less density and more natural ambiance than most other large metropolitan areas,” shares Konstantine Valissarakos, one of the most preeminent real estate agents in Southern California, deeply acquainted with the area’s charm.
The neighborhood is also home to the two Los Feliz Villages, brimming with quaint, world-class restaurants and amenities. These local treasures craft a sense of belonging, making residents feel part of a “loving neighborhood” – a sentiment hard to find in the bustling city of Los Angeles.
“The two Los Feliz Villages offer quaint, world-class restaurants and amenities, making Los Feliz residents feel like they are in a loving neighborhood,” Valissarakos added, noting that “Los Feliz compares in popularity to other worldwide destination cities where the inhabitants can live anywhere globally that they want and feel special.”
Known for being a top home-buying destination for A-listers and architecture aficionados alike, the area has witnessed a significant surge in home prices, reflecting its growing demand.
“Los Feliz is home to many celebrities. Home prices have gone up in Los Feliz in recent years to match the demand,” the agent adds, highlighting the neighborhood’s appeal. “Finding a characterful or historic home in Los Feliz, akin to an art piece residence, has become a coveted dream for many.”
So then, what homes can you find in the sought-after area?
We’ve reached out to some of the top real estate brokerages with active listings in the area, to give you a feel of the type of homes you can buy in Los Feliz — but be warned, they come with steep price tags.
These figures, though eyebrow-raising, are not at all uncommon for Los Feliz, a Los Angeles neighborhood that has luxury and exclusivity woven into its very fabric.
Standout Los Feliz houses for sale, from a sprawling $38 million historic estate to a film director’s fully restored Tuscan chateau
Owning a piece of Los Feliz is not just about buying property; it’s about embracing a lifestyle desired by many but lived by a few.
And the following listings, all of them Los Feliz houses with a storied past and highly desirable attributes, stand as a testament to the caliber of properties that you can find in the sought-after area. Let’s take a closer look, shall we?
#1 The Cockerham Estate, a $38 million Old World Tuscan chateau
The crown jewel of the neighborhood, the Cockerman Estate is a beautifully reimagined 1914 historic property that’s currently both the largest and highest-priced house for sale in Los Feliz.
Custom-built for Los Feliz’ prolific developer William Mead in 1914, the multi-structure private compound spans two acres and is anchored by a 20,000-square-foot mansion, offering 9 bedrooms, 9.5 baths, and an endless list of upscale amenities.
Meticulously renovated throughout by its current owners, entrepreneur Myra Chan and her husband — with design and oversight by prized architect William Heffner AIA of Studio William Heffner — the Cokerham Estate welcomes visitors with a grand 2-story entry with sweeping staircase and honed marble floors that sets the stage for the luxury we find inside.
Notable features include an elegant library and living room with imported stone fireplace, a bar/lounge (also with an eye-catching fireplace and custom wood details), an expansive kitchen with a breakfast room, fireplace, center island, and a separate prep kitchen along with a covered heated terrace and full outdoor kitchen.
We’d also like to give a nod to the massive primary with a sitting room suite, marble fireplace, terrace with views, his and hers baths, and large walk-in closets.
Listed for $38,000,000 with Brett Lawyer of Carolwood Estates, the massive Los Feliz house also comes with a lower-level entertainment space (which includes a bar and lounge), a home gym with head-on city views, a steam room, infrared sauna and salon/glam room area, and an oversized garage with elevator directly servicing all floors.
#2 A Spanish Colonial Revival estate that dates back to 1929, listed for $15.9M
A timeless gem, this Harry Hayden Whiteley, AIA-designed estate blends the grandeur of Mediterranean estates with the allure of old Hollywood glamour.
With 5 bedrooms and 9 bathrooms in the principal residence and 1 bedroom and 2 bathrooms in the detached guest house, the estate sits proudly on a nearly one acre-sized lot, offering sweeping views that stretch across the LA basin and beyond.
The home greets visitors with a grand two-story rotunda entry, adorned with hand-painted art and a sweeping staircase. The grand living room, featuring hardwood floors, an ornate fireplace, and a balcony, overlooks a pool and the cityscape.
A library with a unique coffered ceiling and a Prohibition-style bar, and a majestic dining room with a wood ceiling and French doors to a veranda enhance its appeal.
The chef’s kitchen is equipped with top-grade appliances and a large island. Upstairs, five luxurious bedroom suites preserve the 1920s charm, with the primary suite offering a spa-like bathroom and walk-in dressing closets.
Additional features of the $15.9 million Los Feliz house — listed with top producer Rita Whitney of The Agency — include a gym, a 2,200+ bottle wine vault, a media room with a wet bar, and a sauna. Lush grounds, a four-car garage, and a motor court complete this exquisite Southern California estate.
#3 An Architectural Digest-featured $9.9M house that’s a piece of Hollywood history
Set on one of Los Feliz’ most coveted streets, Bonvue Avenue, this 5,447-square-foot home is like a trip back in time to Hollywood’s golden era.
And its beauty was just as appreciated back then as it is now — the Spanish Colonial was even featured in Architectural Digest soon after it was built, in 1925.
Sited hillside, the multi-tiered property at 4808 Bonvue Ave takes full advantage of panoramic city views while providing complete privacy at street level. The property is listed at $9,995,000 with Marci Kays and Jonathan Mogharrabi with Carolwood Estates.
Offering 5 bedrooms and 6 baths, the meticulously renovated and well-maintained Los Feliz house features a double-height grand living room with coffered, hand-painted ceilings, towering French doors, a step-down den and wet bar, all accessed from the scene-stealing foyer staircase.
The imported English wood-paneled formal dining room includes a second-level verandah, an ornamental plaster ceiling, and stained glass vignettes — a bespoke detail that runs throughout the home and compliments the many hand-painted oak doors.
A chef’s kitchen, 600-bottle wine cellar, elevator, family room, library, staff rooms, and home offices all round up the home’s interior amenities.
But the amenities continue outside, where the extensive grounds feature multi-level terraces, gravel pathways, hidden gathering spaces and repurposed speak-easy, outdoor dining, and an abundance of fruit trees.
A formal lawn with a period fountain leads to a private pool that’s only visible from the home, adding an extra note of charm and seclusion.
#4 Villa Collina, a $7.245M trophy estate once owned by film director James Whale
Remember when we said that most Los Feliz houses tell a story, and every street corner holds a piece of Hollywood’s history?
This following property is no exception, as it was once home to lauded film director James Whale, best known for directing classic horror films including Frankenstein (1931), The Old Dark House (1932), The Invisible Man (1933), and The Bride of Frankenstein (1935), among others.
Before it was purchased by James Whale, Villa Collina was originally built for Clement E. Smoot, an American golfer who competed in the 1904 Summer Olympics — where the American team won the gold medal.
The architect, Henry Harwood Hewitt, is known for designing several staple properties across Los Angeles, including poet Alice Lynch’s former home and the Westlake Masonic Temple in Los Angeles in 1914.
Touted as a “One-of-a-kind authentic dramatic Old World Tuscan chateau in epic setting on a huge flat hilltop lot in prime Los Feliz” per the listing, the 4-bed, 4-bath villa was completely restored before hitting the market for $7,245,000.
Nourmand & Associates agent Konstantine Valissarakos and Richard Yohon at Sotheby’s hold the listing.
Among its many features, 4565 Dundee Drive lists an entertainer’s kitchen with chef’s appliances, built-in breakfast nook and French doors, a primary suite with a fully updated deluxe bath with double sinks, a private office and den, and a redesigned hotel-style full guest apartment which doubles as an oversize spa.
Outside, a well-groomed garden, landscaping, and fountains bring peace and tranquility to the property, while a backyard oasis — with a tiled Roman pool and gazebo with built-in seating — lets guests and residents take in the stellar views.
#5 A Weber and Spaulding-designed architectural gem listed for $5.995M
Before Sumner Spaulding and Walter Weber — the architects behind silent film star Harold Lloyd’s 44-room Greenacres mansion — designed Santa Catalina Island’s storied Catalina Casino, they created this residential gem in Los Feliz.
Located in prime Los Feliz at 3659 Shannon Road, the home was designed to make the most of the panoramic views of the hills and LA city lights with original oversized French doors opening up from the first floor onto the sunny backyard, outdoor dining area, and pool deck.
Boasting 7 bedrooms and 7 baths across 6,408 square feet of living space, the 1928-built home retains many original features, including the classic moldings, hardwood floors, built-ins, the dumbwaiter, and double staircases.
Other unique features of the elegant Los Feliz house include three fireplaces, a first-floor library, a formal dining room, living room, and family room, a first-floor bedroom suite, and a dramatic arched hallway connecting the 6 bedrooms upstairs and the office.
There’s also a massive family room with a fireplace on the lower floor, which opens to a separate section of the yard.
This beautiful property is also listed with Konstantine Valissarakos of Nourmand & Associates and Rick Yohon of Sotheby’s.
Which one of the striking Los Feliz houses above do you like most?
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Merrill Lynch is reportedly shutting down its wholesale mortgage unit First Franklin, according to a report by CNBC.
Although it’s unclear how many of the thousands who used to work there are still employed, the report said roughly 400 to 500 could lose their jobs.
First Franklin began as a retail brokerage in San Jose, California in 1981, transitioned to a mortgage lender in 1984, and was later sold to National City in 1999.
In 2003, the company began offering 100% loan-to-value single-lien mortgages and other higher-risk loan programs, reaching $29.6 billion in loan origination volume in 2005, and a year later Merrill Lynch picked it up for $1.3 billion.
However, Merrill acquired First Franklin in December 2006, just when serious problems in the mortgage market began to surface, leading to substantial losses at the brokerage house and the eventual ousting of its CEO Stan O’Neal.
Last September, First Franklin cut an unknown number of jobs so staffing levels would be in line with their volume of business.
Around that same time, there were scores of rumors that First Franklin was actually firing staff that failed to meet performance goals, despite dismal industry loan volume that would be dealt with more appropriately through layoffs.
It’s unclear what operating levels were like recently, but it’s doubtful that the closure will have a significant impact on the industry given separate accounts that claimed the company was running on a severely reduced staff.
After the crisis hit full swing, First Franklin reduced its subprime offerings, and began focusing on Alt-A, although they still had programs for Fico scores below 600.
There is no notice on the First Franklin website at this time, and Merrill Lynch declined to comment when reached by the press.
Check out the latest list of closed lenders, mortgage layoffs and mergers.