Thursday, March 26, 2015

Karate Kid Apartment in Reseda Hits the Market for $4.75 Million

Image courtesy Berkadia
Fresh on the MLS is the listing for the infamous South Seas Apartment at 19223 Saticoy Street Reseda for $4.75 million that became a focal point for the SFV's cult classic film, The Karate Kid (1984). Filming locations were discussed on this blog including links to many other great sites that provided original content for filming locations. The listing description states:
The iconic South Seas apartments, once featured in the 1984 Karate Kid movie, is comprised of 37 units. The property is a two-story, garden-style building situated on . 75 acre of land near the northeast corner of Tampa Avenue and Saticoy Street.
Jared Cowan's LA Weekly article, How A Movie Shot In The San Fernando Valley Made Us All The Karate Kid published on June 17, 2014 providing an astounding review of the instrumental role the SFV played in film's plot. Cowan was fortunate to interview with the director, John G. Avildsen,, and location manager, Richard Davis Jr, regarding the choices for various locations in the film including South Seas described below:
Daniel's apartment building, the South Seas, near the corner of Tampa and Saticoy in Reseda, has become a mecca for movie enthusiasts, with fans posting photos online to commemorate their visit. Davis remembers that Avildsen liked the bleakness of the complex's exterior, which ultimately helped build empathy for Daniel.
[Elizabeth] Shue agrees: "It's just a devastating feeling when you feel not good enough because of where you live and what your house looks like, and whether the paint is chipping and how embarrassed you'll be if someone comes over."
Avildsen also loved the image of a half-empty pool of dirty water - the complex's pool was drained specifically for the film, symbolizing, Davis says, "the shabby California dream that [Daniel] wasn't buying just yet."


Property records show that the apartment measures 40 Beds/48 Baths on 21,305 sqft on a total lot size of 30,517 sqft built in 1963. There are 12 1 Bed studios, 10 1 Bed/1 Bath,  4 2 Bed/1 Bath, 5 2 Bed/1.5 Bath, and 6 2 Bed/2 Bath units. The property currently brings in $394,895 with $183,323 in net operating income at a gross rent multiplier of 11.63.   

The property is currently owned by Sagamore Hill One LLC which appears to have acquired the property on March 8, 2001 for $1,570,000. The LLC links back to Scott G and Lisa M Miller of Pacific Palisades. The LLC purchased this property from Kaleb Sarraf who purchased from Janet Elerding on January 13, 1994 for $805K with an unknown date and price for the Elerding purchase. So tts possible Elerding was the owner when filming took place. Speaking of Elerding, she owns many properties and was once accused of rental deposit fraud in the O.C. back in 1990 as stated in a August 1, 1990 LA Times article

Image courtesy Bing Maps
On a related note, the empty field next door (shown above) which has surprisingly been undeveloped ever since the SFV started was recently acquired by WH Saticoy 16 LLC for $1,680,000 spanning 6 parcels on December 26, 2014. The LLC links back to Williams Homes based in Santa Clarita which simply means that its only a matter of time before this area is developed. 

Another surprise during my research is that the previous owners of this land were the Harry Grossman and Jakobovits Trust who also owned that other massive open land on Winnetka and Parthenia that was sold to and is currently being developed by.....wait for it....Williams Homes that was discussed on this blog. For those that recall in the film, this is the location where Daniel LaRusso gets beat up by Johnny Lawrence and  gang before Mr. Miyagi saves him and then safely takes him back home to the South Seas apartment. 

Coincidentally, the other property available to purchase that was used in the film was Mr. Miyagi's home located in Canoga Park which unfortunately has been torn down in the late 80's so it would have been a "former site" purchase which was back on February 28, 2014 that sold for $446,000 which was discussed on this blog. The only other available property is the Encino mansion of Ali Mills which hasnt hit the market in a long time so maybe its due. It is currently owned by Farid and Gloria Nassif  who possibly might have been around when filming took place. Imagine being able to purchase the Canoga Park, Reseda, and Encino property all around the same time.

I wonder if the sale of the property is related to the recent acquisition by Williams Homes of the nearby land. So who wants to start a fund and join me to raise $4,750,000 to get this landmark?

You can view more SFV Architecture and Real Estate










Read More

Friday, March 13, 2015

Boulevard Building in Encino Postcard



You can view more Encino Postcards here.

You can view more SFV Postcards here.

Read More

Garri Dance Studios in Burbank Postcard




You can view more Burbank postcards here.

You can view more SFV postcards here.
Read More

Pickwick Swim School in Burbank Postcard



You can view more Burbank postcards here.

You can view more SFV postcards here.

Read More

Thursday, March 12, 2015

Bel Air Palms Motel in Burbank Postcard



You can view more Burbank postcards here.

You can view more SFV postcards here.
Read More

Toluca Lake Aerial Postcard



You can view more Toluca Lake Postcards here.

You can view more SFV Postcards here.
Read More

Toluca Lake Village Welcome Sign Postcard



You can view more Toluca Lake Postcards here.

You can view more SFV Postcards here.

Read More

Miami Vice at Universal Studios Postcard



You can view more Universal Studios postcards here

You can view more SFV postcards here.
Read More

Girard (Now Woodland Hills) Multi-Pic Postcard



You can view more Woodland Hills Postcards here.

You can view more SFV Postcards here.

Read More

Massive Mixed-Use Expansion Planned for Sportsmen's Lodge in Studio City

Image courtesy Our Studio City
Image courtesy Bing Maps
I have no idea how I missed this but back in on May 15, 2014, Sportsmen's Lodge in Studio City/Sherman Oaks presented a plan to the Studio City Neighborhood Council Land Use Committee for a major makeover of the existing site. That plan includes the following:
  1. Demolition of existing 61,000 sqft Event Center to make way for 97,807 sqft mixed-use shopping center for #2 - #5 below. 
  2. Construction of a 24,251 sqft facility for 5 separate restaurants
  3. Construction of a 37,518 sqft shopping mall retail space
  4. Construction of a 30,000 sqft Equinox gym
  5. 445 parking spaces
The images below provide a brief glimpse of the future project. Today, I received a notice what appears to be an appeal for the conditional approvals for this project. I am not a planning expert so I am not sure what the next steps would be but local residents have already mobilized to fight at Our Studio City and a Google Site. However this project seems like a done deal as leasing  is available from Newmark Grubb Knight Frank which is now dubbed Sportsmen's Landing. On a side note, this location was recently used for the filming of 2013's Bad Words starring Jason Bateman.





Images courtesy Newmark Grubb Knight Frank
The old days will soon be forgotten easily:



You can view more SFV Architecture and R.E. here

Read More