A Bel-Air Home that Blends Modern and Historic Elements Asks $31.5m

In Los Angeles, a home with a rare combination of historic and contemporary architectural pedigree is coming on the market for $31.5 million.

The circa-1949 house in Bel-Air was originally designed, and later owned, by architect John Elgin Woolf, known for his Hollywood Regency-style. More recently, it was renovated and restored by the architect and landscape guru Mark Rios and his husband, reproductive endocrinologist Dr. Guy Ringler. Rios, one of the architects behind the renovation of the Hollywood Bowl in Los Angeles, has designed homes for entertainment heavyweights like Clive Davis and television producer Darren Star.

Rios and Ringler paid $12 million for the roughly 8,400-square-foot, five-bedroom property in 2021 and embarked on an 18-month renovation. They moved into the house in 2023.

“We wanted to make it contemporary, but still not change the spirit and iconic quality of the architecture,” Rios said. “I kept on thinking, ‘If Jack Woolf were alive today, what would he do?’ And then also, ‘What would Mark Rios do?’”

When they purchased the property, Rios said, the home had fallen into disrepair. The layout was a relic of decades past, with servants’ quarters and separate primary-bedroom suites. A prior owner had installed an elevator from the kitchen to her dressing room to facilitate mid-party wardrobe changes.

The couple revamped the layout, converting a library into a media room with bright red walls. The new centerpiece of the home is a lounge with a fireplace and bar.

Outside, the couple aimed to make the pool area a more social setting for entertaining. They turned a pool pavilion into a Moroccan-style sitting area, which they jokingly refer to it as “the drug room” because of the psychedelic colors, Rios said.

For a recent dinner party, the couple re-created the menu from a New Year’s Eve party thrown at the house in the 1960s, serving beef wellington and “some kind of seafood mousse,” Rios said. They even hired a musician to impersonate the 1960s trumpeter and pianist Herb Alpert.

They are selling because they are spending more time at their home in Montecito, Calif., Rios said. The property is listed by Linda May of Carolwood, an affiliate of Forbes Global Properties.

Bel-Air, which was largely unaffected by the recent Los Angeles wildfires, has seen a handful of deals close at $30 million or more over the past year, Zillow shows. A nearby estate with an addition by architect Paul Williams sold for $39 million in November.

Write to Katherine Clarke at Katherine.Clarke@wsj.com

The spring property market is shaping up as the most active in recent memory, according to property experts Two Red Shoes.

Mortgage brokers Rebecca Jarrett-Dalton and Brett Sutton point to a potent mix of pent-up buyer demand, robust seller confidence and the First Home Guarantee Scheme as catalysts for a sustained run.

“We’re seeing an unprecedented level of activity, with high auction numbers already a clear indicator of the market’s trajectory,” said Sutton. “Last week, Sydney saw its second-highest number of auctions for the year. This kind of volume, even before the new First Home Guarantee Scheme (FHGS) changes take effect, signals a powerful market run.”

Rebecca Jarrett-Dalton added a note of caution. “While inquiries are at an all-time high, the big question is whether we will have enough stock to meet this demand. The market is incredibly hot, and this could lead to a highly competitive environment for buyers, with many homes selling for hundreds of thousands above their reserve.”

“With listings not keeping pace with buyer demand, buyers are needing to compromise faster and bid harder.”

Two Red Shoes identifies several spring trends. The First Home Guarantee Scheme is expected to unlock a wave of first-time buyers by enabling eligible purchasers to enter with deposits as low as 5 per cent. The firm notes this supports entry and reduces rent leakage, but it is a demand-side fix that risks pushing prices higher around the relevant caps.

Buyer behaviour is shifting toward flexibility. With competition intense, purchasers are prioritising what they can afford over ideal suburb or land size. Two Red Shoes expects the common first-home target price to rise to between $1 and $1.2 million over the next six months.

Affordable corridors are drawing attention. The team highlights Hawkesbury, Claremont Meadows and growth areas such as Austral, with Glenbrook in the Lower Blue Mountains posting standout results. Preliminary Sydney auction clearance rates are holding above 70 per cent despite increased listings, underscoring the depth of demand.

The heat is not without friction. Reports of gazumping have risen, including instances where contract statements were withheld while agents continued to receive offers, reflecting the pressure on buyers in fast-moving campaigns.

Rates are steady, yet some banks are quietly trimming variable and fixed products. Many borrowers are maintaining higher repayments to accelerate principal reduction. “We’re also seeing a strong trend in rent-vesting, where owner-occupiers are investing in a property with the eventual goal of moving into it,” said Jarrett-Dalton.

“This is a smart strategy for safeguarding one’s future in this competitive market, where all signs point to an exceptionally busy and action-packed season.”

Two Red Shoes expects momentum to carry through the holiday period and into the new year, with competition remaining elevated while stock lags demand.

A Bel-Air Home that Blends Modern and Historic Elements Asks $31.5m

Architect Mark Rios and his husband, Dr. Guy Ringler, spent 18 months renovating the house, which was originally designed by John Elgin Woolf.

Buyer demand, seller confidence and the First Home Guarantee Scheme are setting up a frantic spring, with activity likely to run through Christmas.