The Realtor’s Prayer
Chicago real estate magnate Sam Zell presides over a REIT that recently became the largest owner of office property in the nation. But when he addressed 1,500 members of L.A’s real estate community last week, he didn’t quote “The Art of War” or “The Money Game” when describing the future of real estate. Instead, he cited a bumper sticker he once saw in Texas.
“It said, ‘Please God, give us one more oil boom. We won’t screw it up this time,’ ” he told the audience at the 3rd Annual George Smith Partners luncheon. And to that, Zell added: “Please God, let us maintain this real estate boom. We won’t screw it up this time.”
Malibu and El Nino
Malibu seems to cope with fires, floods and mudslides of Biblical proportion every year. With El Ni & #324;o preparing to deliver the storm of the century, one would think that property sales in the area would be way down.
One would think.
Instead, Malibu real estate agents say they are riding a five-year high that they do not expect to end any time soon. “My business is booming,” said Glen Myers, a Malibu specialist for Coldwell Banker Los Angeles. “The Malibu real estate market is just now coming into its own. Despite all the recent hype about hurricanes and such, the economy and interest rates indicate that sales will continue to go up over the long run. The weather won’t drive buyers away.”
Other real estate agents have similar confidence that their business will not be substantially affected by winter storms. “People who live in Malibu are a different breed,” said Rick Barrett, an associate broker in Prudential Jon Douglas Co.’s Malibu office. “We accept that nature rules the roost, but people who want to live in Malibu will live in Malibu, no matter what.”
Clipping Coupons
If you felt bad before about Los Angeles not having its own professional football team, it just got worse: Even cartoon characters are making fun of us.
In an advertisement attached to the TV guide in Sept. 21’s Los Angeles Times, Hank Hill, star of Fox Broadcasting Co.’s “King of the Hill,” is seen clutching piles of the type of coupons typically found in a Sunday newspaper.
“Maybe if you people in L.A. used some of these coupons you could save enough to buy a football team,” says the fictional Texas family man in the ad.
So is this a sign that Rupert Murdoch, head of Fox parent News Corp., wants to revive plans to build a National Football League stadium adjacent to Dodger Stadium once his purchase of the Dodgers is complete?
Only Hank Hill knows for sure.
No Early Retirement
Don’t anybody plan on moving into Michael Eisner’s office as the chairman of Walt Disney Co. The 55-year-old boss of the Burbank-based entertainment conglomorate isn’t stepping down anytime soon.
Asked how long he plans to stay in the captain’s chair, Eisner said “forever” in an interview with PBS talk show host Charlie Rose last week.
Rose persisted, asking Eisner if he planned to step down at age 65 or 70 or even 75.
“What would I do?” Eisner said. “I am no good at gardening. If they want to wheel me in and let me look at a pilot, I’m there.”
