house philosophy.

New Listing in Brentwood

I have a new listing that I just put on the market in Brentwood. The house is on Stonehaven Way, in a sweet neighborhood south of Sunset Blvd. (Rumor has it that Gigdet grew up nearby, so you know that it has to be family-friendly). The 3-bedroom, 3.5-bath main house was built in 1947, but it has been substantially updated since then. It's currently owned by two British interior designers who have outfitted the place quite nicely with updates such as the new pool and glassed-in spa, skylights, wired for sound, alarmed gates/security system, high-def, and more... Though it's close to everything in Brentwood, it's also very private. It feels like a compound with an outdoor built-in BBQ, large patio for entertaining, 2-story guest house, converted windowed garage (without permits, but could easily be converted back), and large grassy landscaped garden with a variety of fruit trees and specimen palms. To see more photos, check out the website.

Home for the Holidays

Here's a teeny tiny image of the house I just sold at 917 Chautauqua in the Pacific Palisades, I'd love to show you more, but I'm having technical difficulties with the Multiple Listing Service. (Please feel free to check it out yourself, MLS # 07-225329). Suffice it to say, it is a beautifully-designed Cape Cod with 5 bedrooms and 5.5 baths. I wanted to share it with you dear readers, because it is just one example of the fact that real estate is alive and well on the west side. This house went on the market in early October. They had over 250 people in to see it at the first open house. By the next day they had 7 offers on the house, my clients' being one of them. It was a tough, but very fair fight, and I have nothing but nice things to say about the listing agent who handled a potentially difficult situation with aplomb. In the end my clients won the bid with a very clean and creative offer (not to mention a couple hundred thousand dollars over the asking price of $3,495,000). The escrow closed mid-December, and my clients are thrilled with their new home (that's SOME Christmas gift...if only I could have found a bow big enough...)

Since my Chautauqua deal, I've witnessed many other multiple bid situations, several of which have been in the Little Holmby area. (I have 4 buyers interested in that neighborhood now, and apparently they are not alone!) I have not personally been involved in any of the transactions, but I've monitored them for my clients. (Most recently, a fixer-upper at 542 Warner Avenue sold for $2,480,000, and the average days on the market for any listing in Westwood is just 22 days!) It's a surprising market.

On the other hand, there are two agents in my office who specialize in bank-owned foreclosures in the Los Angeles area, and right now they have over 100 listings. Granted, there aren't many on the west side (a couple in Culver City and Marina de Rey, that's about as close as they get), but the agents say that they're coming... A word to wise, careful of foreclosures, typically it's difficult to get more than 10% off market value, and they are sold "as is," as in the bank is not going to do any repairs. Allison Rogers, columnist at Inman News, wrote in her hilarious book Diary of a Real Estate Rookie, that foreclosures are "like a box of chocolates--you never know what you're getting--and the average Joe can't handle surprises."

Summer Sales

Despite all of the negative real estate press and the recent mortgage market upheaval, the West Side of Los Angeles is still hot. Due to tight inventory, the most desirable properties (homes that are priced well, turnkey, or have potential for upside) are even more competitive! Imperfect or over-priced properties, however, remain on the market until they are reduced. Multiples on the "good" properties are still the norm. Both of my recent sales were multiple situations. Case in point: my listing on Cresta Drive in Beverlywood sold in 5 days; but from day one I was fighting off the offers (as my clients were out of town).  

In this market, it is crucial to be able to act quickly, and have a good agent who can help you bid strategically in order to succeed in a multiple bid situation.

Happy house hunting!

MY RECENT SALES:

9017 Cresta Drive (3 Bedroom Single Family Home in Beverlywood)  - $1,259,000; Represented both buyer and seller; multiple offers.

151 Tigertail (Estate in Brentwood) - $3,600,000; Represented buyer; multiple offers.

Just Sold!

I wanted to share some good news: I sold a gorgeous house in Brentwood.

Because they were willing to do a bit of work, my clients got an exceptional deal. The house had a lot of deferred maintenance, and needed some updating. The "lower" price keeps their property taxes down, and after updating they will have the exact finishes that they want. (Not to mention they will substantially increase the value of their home.)

Representing these buyers was a terrific experience—I love real estate, finding deals, and imagining the end result: a home with character and style for my happy clients. If you have a moment and are curious: check out the website for the house:

http://www.108southwoodburndr.com/

Got that Fixer Feeling?

I don't know if we're in the best market for flipping, or if this property would even work as a fix and flip, but if you are looking for a terrific opportunity in Brentwood Park to live in yourself, this house is it. Located on Carmelina, equidistant between San Vicente and Sunset, this 2,012-square-foot Spanish-style house on a  6,795-square-foot lot is amazing. Something like this doesn't come on the market often. Other renovated properties in the area are selling, and have sold for, in the $2.8 to $3.6 million. While that all sounds fab, I must admit, that this is a big project. The house was built in 1929, and it looks like it. It's what people in the real estate business call: "original" condition (as in everything needs to be replaced and/or updated). You could just clean and up-date the existing 3 bedroom/2 bathroom house, but to add real value, you would want to expand. The front yard is lovely and large, the house could easily extend out into the yard, and another bed and bath could be added upstairs.

The upside to buying a fixer like this is three-fold... 1) You get to choose the finishes you want, and have the house designed exactly to your tastes. 2) You're buying a house at a "low" price, and your tax basis will be on a house worth $1,895,000 house (that's the current asking price), rather than a house worth $2 to 3 million plus (which is what you'll have when you're finished). And 3) you're creating added resale value.

If you're up to the challenge, I believe this is a terrific opportunity.