Los Angeles Buyers, This Rant is for YOU!
September 29th, 2008 Categories: Buying Real Estate
I have to rant a little, so please excuse me.
I just got off the phone with a very nice gentleman who thought he and his wife would buy a house without an agent and they entered escrow a couple of days ago. You know, he’s an attorney, they know the neighborhood, why would they need an agent?
Well, let me first off explain to you that what is going to follow is just not my opinion because I’m a real estate agent. I simply hate seeing people being taken for a ride. I also hate to see people get into trouble when it could have easily been avoided. I also hate to see people with misinformation, hurting them in the long-run.
So here it goes…
First of all, they weren’t even planning on getting a physical inspection. Do you realize what a costly mistake this could be? This is the FIRST inspection you get. The second you get acceptance on an offer, book your physical inspection. And I hope you have a good inspector. Not all are created equal. And there are other inspections you should get after that. Don’t end there. This is a time that you would talk with your agent about what inspections they’d recommend. Each property will be different.
Second, if you don’t have a good agent negotiating on your behalf during the initial negotiations and then DURING the escrow, you are really shooting yourself in the foot. You may think that you’ve just saved a bunch of $$$ but how do you know that you didn’t just give it right back to the seller because you didn’t get the price you could have landed IF you had an agent? Do you realize that you should renegotiate during the inspections if something unexpected comes up? Well, you should. And if nothing unexpected comes up, you’re probably missing something.
Third, how did you even figure out the price to settle on? Did you look at home sales on AND off the market? In Los Angeles, many many homes sell off the market. I hope you’re factoring those into your sales price. Did you look at how the market has changed each year and work that into your sales price? How about your price per square foot? Did you go through the Property Profile? It really doesn’t matter what the seller is asking for their price. You must must must make sure you’re not overpaying, especially in this market.
Fourth, if you don’t have an agent, you may be told by the listing agent that you don’t need an agent. BEWARE!!!!! They know that you will NOT know what you should be doing- and that it’s probably going to be clear sailing for them because you won’t know what you don’t know (did that make sense?). They’ll make you sign disclosures to relieve them of any responsibility and then whatever you miss, well, it’s your fault since you chose to not have an agent. And I DON’T mean that you should work with the listing agent. That’s a whole other post.
Last (even though I really could go on and on), how about all the fees and closing costs that you’re going to be paying- agent or not? If you had a good agent, they could also negotiate those for you and get you some money back in your pocket. How about all the repair costs that are going to surface during your inspections? Again, your agent would be negotiating those costs down for you.
Real estate is a different ball game from any other business. Any fool can write an offer. There are about a hundred items that you would not know to cover unless you work in the business day after day. You only know all these things from dealing with countless situations with previous clients. Basically, if you don’t have someone watching your back, you’re flying blind on probably the most important purchase you’re ever going to make. If I was buying a property in an area outside my area of expertise, I would use an agent!!! They are that important.
OK, I’ve said my peace. Thanks for listening.
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Pancakes with the Beverly Hills Police: 12th Annual Police Service Day & Pancake Breakfast
September 12th, 2008 Categories: Beverly Hills - BHPO, Events, Things To Do
Come meet your neighbors and police officers over some hot pancakes this Sunday morning. Free station tours for the kiddies. Sponsored by the Beverly Hills Police Officers Association and the Beverly Hills Rotary Club. Parking is available in the Civic Center parking lot. (Go to the car show after and make a day of it!)
Sun, Sept 14, 8AM-12PM
Beverly Hills Civic Center Plaza
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Classics for Charity XV in Beverly Hills this Sunday
September 12th, 2008 Categories: Beverly Hills - BHPO, Events, Things To Do
If you’re in the Beverly Hills area on Sunday, stop by an incredible classic car show- the notorious “Classics for Charity.” It’s sponsored by Mercedes-Benz of Beverly Hills so you know it’ll be great!! They’ll have more than 250 Antiques, Classics, Exotics, Customs, Hot Rods & Motorcycles. Lots of fun, food & entertainment for everyone- bring the family!
Sunday, September 14, 9AM-4PM
9250 Beverly Blvd. (corner of Santa Monica Blvd & Civic Center Dr.)
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News Blast: Beverly Hills Flats
September 9th, 2008 Categories: Beverly Hills - BHPO, Buying Real Estate, Selling Real Estate
Just a quick news briefing to keep you in the know:
The pocket on Sierra with the huge lot just sold for around $10M…
718 N Rodeo just went back into escrow- listed at $5.8M…
624 N Oakhurst is in escrow- asking $5.675M…
1303 Park Way is pending with an accepted offer at $4.65M, their listed price. They were taking overbids, if any, today in court.
New listing on Linden for $8.5M, 6,800 sf with a 14,000 sf lot, beautiful villa… gorgeous tilework, wood beams, front courtyard, incredible backyard…
Things are moving in the Flats.
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How to Sell Your Home: Staging Matters
September 2nd, 2008 Categories: Real Estate, Selling Real Estate
Sellers, have your heard of staging your home? Have you wondered if it could help you sell?
If you’re new to the idea, basically with staging, you hire a company to come in and do anything from very light staging (they can even use what you currently have and rearrange) or bring in their own furniture and pieces to create an attractive home environment.
We see that homes that are staged typically sell faster and for more money when compared to similar homes that are not staged. Why do you think developers spend hundreds of thousands of dollars on staging? They know how crucial it is for a buyer to feel right at home the second they walk in the door.
There are 5 key items that are important when selling your home:
1. PRICE (your #1 determining factor)
2. Condition
3. Timing
4. Ease of showing
5. Agent
Staging relates to Item #2- the condition of the home. From personal experience, we always see buyers react to homes that are staged much more positively than homes that are either vacant or not staged. It’s really a night and day difference.
If you’re thinking about selling, ask your agent if your home may be a candidate for staging. They can give you a few company referrals so that you can call them to get their ideas and bids. Yes, it’s money upfront that your paying out to sell your home but the finished product- and result- is worth it!
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Propportunity! Gorgeous Mediterranean Home in Santa Monica by Beach
August 30th, 2008 Categories: Buying Real Estate, Santa Monica
There is a fantastic home for sale right near the beach in Santa Monica…. It’s in the best of the best neighborhood- north of Montana, west of 7th, palm tree-lined quiet street, walking distance to Montana, the bluffs, beach and promenade. It just got an exciting price reduction to $4,495,000- a GREAT BUY for this neighborhood! (And to think that it started on the market in April at over $5,700,000! They are moving fast on this house!)
To tell you a little about it: The home is over 4300 sq ft, not including the guest house in the back. The lot is the best part- it’s over 11,000 sq ft and feel even bigger because it’s narrow and deep. If you know Santa Monica, you’ll know that this is a great size for a lot near the beach (an average lot north of Montana would be 7,500 sq ft). Inside the house are 5 bedrooms- the master plus 2 upstairs and then 2 additional bedrooms downstairs- and 3.5 baths. It has an huge kitchen and family room lined with french doors that open to the pool and cabana area. The guest house is totally self-contained with its own balcony and kitchen. Below the guest house is another room that could be a great maid’s (currently being used as a gym).
If you even have an inkling for this kind of home in this location, let us know and jump on it. We can send you pictures and more info. This is the kind of house and price that people kick themselves over when they don’t make a move. It’s priced to sell!
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Los Angeles Times “Puts to Bed” the Real Estate Section
August 8th, 2008 Categories: Real Estate, Real Estate News
This really shouldn’t come as a huge surprise knowing about all the staff cutbacks that have happened at the Los Angeles Times recently, but the paper has printed its last edition of the Real Estate section. This part of the paper has been an important source of LA home information since 1901.
They’ll continue some regular columns in their new Saturday Home section and Sunday Business section, as well as put online content on their site throughout the week.
We all know that the emphasis in marketing for homes- and the corresponding advertising dollars- have gone online. Very few people are going to their local real estate pages in the paper and rely on that to find their future home. We’ve known this for awhile now.
I’d guess that the paper had the ad money for the length of time it did because when the market was booming, brokers had the cash to put into advertising that they knew wasn’t very effective just because they could. It was easier to appease sellers and continue the same old thing because it was less work that educating people about how the marketing paradigm had shifted away from print media. Now that everyone is watching their wallets much more closely, better advertising dollars are spent on being where the customers are.
Personally, I think this is unfortunate news about losing the section. Yes, anything people really want to know about, they can find online and do their research there. But in terms of replacing reporters, generating new content with depth and having the research behind feature articles, that’s pretty tough to replace with bloggers and a hodgepodge of web content.
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Buying Second Homes for Bi-Coastal or Multi-State Residences
July 14th, 2008 Categories: Buying Real Estate, Real Estate
Question:
What’s the best way to obtain financing for someone who travels all over the United States and already has a home outside of California?
Answer:
”Dual primary” is the way we treat the financing for a client that has “two
primary residences”. This way the home-buyer can get better pricing with a
higher loan to value than if the property is treated as a second home.
We offer this for clients that are bicoastal, for example - Business
Owners or Doctors that have offices on both coasts, Venture Capitalists
and Investment Bankers who have clients on both coasts.
For a conversation about your particular scenario and how you can get the best rates, call Dan:
Dan Millstone
First Republic Bank
1888 Century Park East, Suite 1600
Los Angeles, CA 90067
Direct (310) 407-1309
Mobile (310) 295-7476
Fax (310) 407-1395
Email dmillstone@firstrepublic.com
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Propportunity! Chic Family Traditional in Westwood Hills
July 2nd, 2008 Categories: Buying Real Estate, Westwood - Century City
If you or someone you know is looking for a really well-priced, gorgeous traditional home in the Westside, let us know ASAP! Here’s some quick stats:
- 4 bedrooms, 4.5 baths
- 3200 sf
- Pool with flat grassy backyard
- Beautiful tree-lined street
- Master on 1st floor, 1 other bedroom down
- 2 bedrooms up with play area
- Gorgeous hardwood floors
- Classy & chic
- Under $2.8M…
- It’s worth it!!!
This is a tough home to find in Westwood… grab it! Let us know if you’re interested and would like some photos!
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European (Foreign) Home Buyers Flood the Los Angeles Real Estate Market !
June 20th, 2008 Categories: Real Estate
There IS a silver lining in our boo-hoo real estate market cloud! Europeans and other foreigners are swooping in and buying up Calfornia (especially Los Angeles) real estate at a beautiful discount!
Galavanting within the highest volume-producing real estate office here in California, we are witnessing the influx of (mostly high-end and luxury) home buyers coming in from London, Switzerland, Italy, Dubai, England, Germany, Ireland, Greece, China, Canada; many making all cash offers on high-end homes.
The strength of the Canadian dollar, the Euro, and other foreign curencies, on top of a slowdown in the U.S real estate market, is making the United States an enticing place for foreigners to buy property. Buying now while the dollar is weak and their currency is strong may still be more advantageous than waiting for the prices to drop in few months time. Of course, we don’t have crystal balls to be able to guarantee all suggestions, but generally speaking it’s hard to argue that right now, prime Los Angeles real estate is being offered at a tremendous discount for Europeans and other country’s residents.
ATTENTION!! REGARDING FINANCING FOR FOREIGN BUYERS
Typically, a foreign buyer will need to provide lenders in the US with the following to become approved for a mortgage:
- At least 50%-65% down payment
- Type of visa one is staying in the country with
- Provide a social security number if available
- What business entity is making the purchase
- Where the funds are coming from to make the purchase a.k.a. proof of funds
If you’re in need of speaking with someone expert at lending to foreign buyers, call us. There are only a few outstanding lenders in town who are experienced with the often complicated and process of funding a foreign buyer, let us refer you to the best.
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