Los Angeles native Joe Bajajian specializes in celebrity real estate and has some impressive names on his client list — among them, Harrison Ford, Nicolas Cage, Janet Jackson, and Beyonce.
In an interview with The Real Deal, Bajajian opened up about the L.A. housing market and what he thinks about the changes that have happened in the last several years.
According to Bajajian, things have really shifted in terms of real estate popularity from when he was younger and growing up in Playa del Rey. The west side of the city — along with neighborhoods like Bel Air, the Hollywood Hills, and Beverly Hills — have given way to the hipper districts of the city, like Silver Lake, Los Feliz, and Echo Park.
Bajajian also commented that there is speculation that “L.A. is coming into its own and will be commanding within the top-tier price structure” in terms of housing. In fact, it’s a market that New York, Hong Kong, London and Tokyo have traditionally dominated.
Dealing in celebrity homes, which do tend to be of a high quality and design, still doesn’t come without maintenance requirements and considerations. Antiquated designer homes, like those designed and built by the world famous architect Frank Lloyd Wright, may have to undergo serious repairs, like sewer replacement, which is typically needed in homes 40 years or older.
One such iconic structure is up for sale in the very city where Bajajian shows luxury homes to celebs. Frank Lloyd Wright’s George D. Sturges House will qualify as art in an auction on Feb. 21.
The house was completed in 1939 in the Brentwood neighborhood of L.A. and was owned for almost 50 years by Jack Larson (Jimmy Olsen in the 1950s TV Show “Adventures of Superman”) and his partner, director James Bridges.
Since both have since died, the house is now on the auction block, with proceeds going to their charitable fund, the Bridges/Larson Foundation.
After they originally bought the house, Larson and Bridges hired John Lautner, a student of Wright’s who oversaw its construction, to restore it.
The auction will feature 75 lots of the couple’s belongings — including Wright’s original furniture and and impressive art collection.
However, the asking price on this historic home will likely be minimal compared to another property soon up for sale.
Curbed LA reports that a 104,000-square-foot, $500 million mega-mansion is currently under development on a Bel Air hilltop. The project, headed by developer Nile Niami and architect Paul McClean, is said to be the biggest and most expensive house ever built in Los Angeles.
No word yet on whether Bajajian will bring his clients around to see that one.