Welcome back to the Real Estate newsletter, which this week will mostly be dedicated to recapping the deep dive from Andrew Khouri and myself into the once-unattainable million-dollar home.

For decades, popular perception of Southern California’s million-dollar homes was of estates in Beverly Hills or bungalows near the beach. Today, seven digits might not even get you two bathrooms.

In a historic market that surged during the pandemic, homes worth $1 million or more became the norm in once-affordable communities, and due to rising incomes and historically low borrowing costs, the number of people who can afford such a price skyrocketed. Today, L.A.’s typical $1-million home is a 1,500-square-foot abode with three bedrooms and two bathrooms. Not bad but not exactly luxury living.

In the city of L.A., 15 neighborhoods joined the million-dollar club during the pandemic, and most of them were clumped in three areas: northeast Los…

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