Archive for May, 2009
Deal of the Week: Rancho Park, Best Under $1M
May 18th, 2009 Categories: Cheviot Hills - Rancho Park, For Buyers, Real Estate
Great DONE Rancho Park home with 3 bedrooms, 2.75 baths with over 2100 sf for $950K! If you know your Westside homes, you’ll realize this is a DEAL.
It’s not your typical Westside bungalow- it’s open and airy and full of light. The house was totally redone & rebuilt in 2005 so it’s like you’re getting an almost new home. 2 bedrooms in the front, the master is in the back. The closet & bath in the master is fantastic with tons of space. The garage is converted to a guest room with bath, perfect for a home office or big playroom. The house utilizes every square inch of space- you will be amazed at the smart design.
Outside is totally hedged and private. Perfect entertaining space inside and out with a great patio & firepit. Low maintenance yard to boot. Overland Elementary. Walk up the street to Landmark Theatres and the Westside Pavillion. Easy freeway access so commuting is a piece of cake.
What’s not to love? Let me know if you or someone you know is in this price range! This home will sell soon…
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Multiple Offers Again in Los Angeles Westside Market
May 13th, 2009 Categories: Cheviot Hills - Rancho Park, For Buyers, For Sellers, Marina Del Rey - Venice, Real Estate, Real Estate News
Homes aren’t selling? In the last 8 days, our office has been involved in 16 multiple offer situations. This is happening in all neighborhoods. For example the home in Marina Del Rey at 137 Roma Court had over 10 offers on it over the weekend- a fantastic buy at about 3900 sf, asking price $1.575M after a price reduction. Another home in Cheviot at 10311 Glenbarr, a charming Spanish with courtyard, beams & all, also went into multiples after a price reduction.
That seems to be the key- most of these homes with multiple offers had price reductions. They didn’t sit, wait and hope for the market to catch up. Instead, they saw that they were overpriced right away, took charge and caught up to where the market had shifted. Thus, they sold.
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Is it Spring? Change is in the Air!
May 9th, 2009 Categories: Real Estate
The other night while listening to NPR, I heard an interesting interview with Christopher Thornberg of Beacon Economics. I respect him and like to hear his take on what’s going on with the market. For years during the “boom,” he was telling folks that if they needed to sell, do it now and don’t look back.
The reason I’m bringing this up is because during the interview, I heard something I hadn’t heard in years from him… that it IS a good time to buy. He said, like what many think, that the market will probably be this way until the end of the year, we’ll stay at the “bottom” for a couple of years after that, but there is finally real opportunity if you’re looking to buy a home.
People ask me every day if they should buy now or wait… or sell now or wait. There is no crystal ball. But there are very real deals out there if you’re looking to buy. You need to analyze your long-term goals. Are you in it for the long haul or to buy and flip? Real estate continues- and will always be- one of the BEST long term investment decisions you’ll ever make.
For selling, yes, you’re down from the peak you were at a couple of years ago. Will the market ever come back to those prices? Well, look at the historical cycles of real estate. It shows that the market does come back… in time. It may take 10 years, but it comes back eventually and then surpasses. Do you want to wait it out, however long it takes to come back to today’s prices, or do you want to sell now, maybe not make as much as you would have a couple of years ago… but be able to move on with your life? Perhaps in doing so you’ll make up the difference with getting some fantastic property at a huge discount in return.
There are huge opportunities out there for EVERYONE in this market- for buyers AND for sellers. Remember, we’re just in a “pre-boom” right now!
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