Trousdale: A Developer's Dream
In all, according to city records, 47 houses are under construction or renovation within the 410-acre hillside community of about 530 residences, where developers and homeowners are snapping up untouched midcentury properties to rebuild into modern abodes with values as high as triple their costs. Among them is Oakley founder Jim Jannard, who is building a one-story house with a basement on two acres where he razed a Hal Levitt-designed midcentury house he had bought for $19.9 million five years ago. When completed, it could be valued at more than $50 million.
As the real estate market improves, development opportunities seem ample in an area that is home to such names as Vera Wang, Elton John, Hedi Slimane and Ringo Starr. Many recent residents have been drawn because of their interest in restoring Trousdale's midcentury gems, a host of which were unimproved for decades. Designed by architects including A. Quincy Jones and Levitt, the houses sit on large plots that offer city and ocean views and boast coveted Beverly Hills addresses, many with asking prices as much as 70 percent lower than those in more established hill neighborhoods like the Bird Streets above Hollywood. But preservation is being outpaced by development.
Agents say about half of the houses under construction are meant for sale, with most expected to be listed at more than $10 million. Producer-turned-developer Nile Niami is building at least three multimillion-dollar modern spec houses with basements, a way to maximize space in a neighborhood that prohibits two-story residences. All of them will have views.
Take, for example, a new 22,000-square-foot house on North Hillcrest Road with unencumbered views that soon will be listed at $65 million, a neighborhood record. The level of building has escalated during the past several years. In 2006, Jennifer Aniston bought a Levitt-designed house for $13.5 million that she renovated and sold for $35 million five years later. Jeffrey Katzenberg bought a six-acre property for $35 million in 2009 that he razed and rebuilt into a 12,000-square-foot rustic residence.
While much is under construction, few renovated houses have hit the market. Celebrity hairstylist Sally Hershberger has listed hers for $6.9 million. Courteney Cox and David Arquette are in escrow to sell a $5.45 million residence they renovated then listed for $19.5 million in 2013. Still, there are concerns about tearing down the work of well-known architects, some of whom appear on a list the city can use to determine whether a house should be preserved. Architecture fans hope certain properties are saved from demolition, including Elvis Presley's former estate designed by Rex Lotery. It recently sold for $14.5 million, only eight months after trading for $9.8 million. In response to the fatal accidents, large development projects requiring heavy-haul trucks were put on hold. The California Highway Patrol is investigating both cases, but the problems seemed to lie with the trucks' ability to navigate safely down the steep street. Investigators suspect that in at least one instance there might have been a problem with the truck's brakes.
