The Iconic Issue - May 2023 by Iconic Homes LA

May 2023

Real Property Transfer Tax and Measure ULA FAQ:

HOW OFTEN IS THE CITY’S REAL PROPERTY TRANSFER TAX APPLIED?

The City’s real property transfer tax is applicable on all documents that convey real property within the City, unlike property taxes which occur annually. The real property transfer tax is an excise tax on the privilege of selling a real property interest, not a tax on the property itself, and is calculated on the consideration or value of the real property interest conveyed

DOES THE CITY IMPOSE A REAL PROPERTY TRANSFER TAX OTHER THAN THE SPECIAL TAX IMPOSED UNDER MEASURE ULA?

Yes, the City imposes a real property transfer tax on all documents that convey real property within the City The present tax (“Base Tax”) is computed based on the consideration or value of the real property interest conveyed at a rate of 0.45%. The special tax under Measure ULA (“ULA Tax”) imposes an additional tax on top of the Base Tax.

WHAT IS MEASURE ULA AND HOW DOES IT WORK?

Measure ULA established the ULA Tax to fund affordable housing projects and provide resources to tenants at risk of homelessness The ULA Tax is imposed on all documents that convey real property within the City of Los Angeles when the consideration or value of the real property interest conveyed exceeds a threshold of five million dollars, or is ten million dollars or greater, respectively

WHAT ARE THE RATE COMPONENTS OF THE BASE TAX AND THE ULA TAX UNDER THE CITY’S REAL PROPERTY TRANSFER TAX?

The Base Tax rate of $2 25 per $500 or part thereof (“Base Rate”)

The ULA Tax rates of, 1) 4% for properties conveyed over $5,000,000, but under $10,000,000, and 2) 5.5% for properties conveyed at $10,000,000 or more (“ULA Rates”).

The chart below is summary of the rates:

*Note: the City’s Base Rate is $2 25 for every $500 or fractional part thereof A transfer in which the value of the property conveyed is not divisible by $500 will be rounded up to the nearest $500 for the calculation of the Base Tax This does not apply to the ULA Rate calculations, which are percentage-based

WHEN DOES THE ULA TAX GO INTO EFFECT?

The ULA Tax is applicable to qualified conveyances of real property interests that occur on or after April 1, 2023.

Baobab Luxury Safari Resort

New Luxe Treehouse Resort in South Africa

The elevated lodges at Baobab Luxury Safari Resort will offer stunning vistas in a forest setting and the unique ability to create drinking water from humid air. The Italian design firm has unveiled renderings of the forthcoming Baobab Luxury Safari Resort, which it plans to build in South Africa The resort’s conceit centers on airy, design-savvy treehouse lodges set amid the verdant South African forest. But that’s not all: These treehouses are designed to autonomously produce their own green energy and water for your stay, making the property a first of its kind. They will also distribute water to communities nearby, as part of the firm’s goal to enhance the infrastructure, agriculture and manufacturing on the world’s second largest continent. Ideal for couples or families that want to reconnect with nature and wildlife, the luxe treehouses will literally offer an elevated vacation experience with a decidedly eco-conscious ethos.

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El Cosmico

World’s First 3-D-Printed Hotel

El Cosmico, a well-known glamping site in West Texas, will be reimagined as a 62-acre community with a hotel, pool, and spa. Nomads might already be familiar with El Cosmico, a hippy-style glampingsite way out west in Marfa. The off-grid desert campground, founded by hospitality visionary Liz Lambert, is one of the area’s most beloved attractions where vacationers can opt to sleep under the stars in a safari tent, yurt, teepee, or vintage Airstream. Now, Lambert has teamed up with Austin-based startup Icon and architecture firm Bjarke Ingels Group (BIG) to reimagine and relocate the hotel using 3D printing technology. The project will expand the current 21-acre spread into a remote, 62-acre community with dome-shaped guest dwellings and huts, a circular infinity pool with cabanas, an open-air spa, and additional shared spaces where guests can gather for workshops. Everything from the design down to the building materials will take inspiration from the natural landscape.

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Circular Sun House

Frank Lloyd Wright’s One-of-a-Kind Circular Sun House Lists in Arizona

Also known as the Norman Lykes House, the round residence is one of just 14 circle-style homes from the renowned architect, Frank Lloyd Wright. Crafted by legendary architect Frank Lloyd Wright, this eyecatching Arizona residence is recognized as the designer’s final project before his death Consisting of a series of overlapping concentric circles and displaying crescents, circles and triangles cut out of its curving concrete block exterior the innovative structure was commissioned in 1959 and built in ’67 by shipping magnate Norman Lykes and his wife Aimee It’s one of only 14 circular homes created by Wright during his lengthy career. Completed by Wright’s apprentice John Rattenbury in 1967, the “Circular Sun House” also known as the “Lykes House” was extensively updated and remodeled in the early ’90s by the same architect, without any alterations to the original footprint. In its current iteration, the three-bedroom, three-bath house has just over 3,000 square feet of split-level living space highlighted by slate floors, mahogany walls, extensive built-ins and meandering hallways Expansive arched windows also offer picturesque canyon, mountain and city lights views.

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Lalela’s Mission

Lalela provides educational arts for youth from underresourced communities to spark creative thinking and awaken the entrepreneurial spirit.

Lalela’s Impact

Lalela’s award-winning educational arts programme has enriched the lives of more than 55,000 children from lowincome communities through our after-school and holiday workshops in Sub-Saharan Africa. Many of the students who started at Lalela 10 years ago have not only completed high school and tertiary education, but have manifested their dreams into noteworthy careers and successful and meaningful life paths, in so many ways due to the transformative power of the arts.

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William Kentridge: In Praise of Shadows

SPECIAL EXHIBITION

Nov 12 - Apr 09, 2023

William Kentridge’s first monograph presentation at The Broad and his first major exhibition in Los Angeles in two decades will feature more than 130 works in an engaging and interactive design by Belgian designer Sabine Theunissen. Surveying 35 years of the celebrated South African artist’s practice, this landmark exhibition includes all 18 works from the Broad collection with substantial loans from across the United States and South Africa Curated by Ed Schad, the exhibition is organized both thematically and chronologically throughout the museum’s first-floor galleries. A highlight of the exhibition is The Broad collection’s 30-minute five-channel video and multimedia installation The Refusal of Time (2012).

Kentridge grew up in Apartheid-era Johannesburg, and he has continued to live there throughout his life His studio practice is inherently collaborative and expansive, spanning drawing, filmmaking, printmaking, sculpture, theater, opera, and installation. In addition to key drawings, sculptures, prints, and tapestries featured at The Broad, the artist’s 11 Drawings for Projection films will be on view, as well as a series of films that reflect on early cinema, including 7 Fragments for Georges Méliès, Day for Night, and Journey to the Moon (all 2003), a suite of nine short films that prominently feature the artist himself and celebrate the artist’s studio as a site of experimentation and associative play.

Many recent drawings will be shown that were created for his monumental performance project The Head & the Load (2018), which unearth the neglected histories of Africans and Africa in World War I Important early works rarely or never before seen in the United States such as Domestic Scenes (1980) (54 etchings tied to Kentridge's work in theater) the Art in a State of Grace, Art in a State of Hope, Art in a State of Siege (all 1988) show Kentridge’s long-lasting political engagement, upholding artistry and the creative act as its own form of transformative knowledge

THE ICONIC ISSUE

The Iconic Issue will keep on the cutting edge of today's luxury real estate market. The curated collection of properties shared within have riveting design, distinct architectural style, great location, or that emotional response we all want in our dream home. Be among the elite who can easily share these exceptional homes via the links inside. Please feel free to reach out to me for further information

WHO WE ARE ICONIC VALUES

We are a full-service residential marketing & sales group with deep expertise in the luxury sector Combining over 20 years of experience executing multi-million dollar real estate transactions, we are uniquely qualified to help you achieve the greatest value for your properties.

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MARK RUTSTEIN FOUNDER

Mark is a native South African hailing from a world-renowned family of real estate developers whose projects have included Atlantis and the exclusive One and Only group of Kerzner hotels

Consistently ranked among the top producing real estate agents, including having been named Variety's "Hollywood's Top Real Estate Agents" for four consecutive years, Mark credits his success to a business built on repeat clients and referrals, serving his clients with the utmost level of dedication, professionalism, and care.

Mark's experience working with clients in the entertainment and sports industries in the US and abroad has provided him with the perfect background on which to build his business. As founder of Iconic Homes, Mark is deeply committed to the confidentiality of his clients and continues to help high-profile individuals

He is actively involved in several non-profit organizations and sits on the board for Artists for a New South Africa, as well as for Lalela, an international arts education initiative For more than three decades, Mark has been proud to call Los Angeles his home and currently resides in Bel-Air.