For Buyers
Grab this Foreclosure! 2700+ sf Home in Beverly Hills Under $1.3M!
June 6th, 2009 Categories: Beverly Hills - BHPO, For Buyers, Real Estate
Feel like a deal? Then grab this home. Great buy in Beverly Hills Post Office, not too far up in the hills for just under $1.3M. It’s a bank-owned property, contemporary home with over 2700 sf, 4 bedrooms, 3 bathrooms, quiet location. Needs some cosmetic work (folks, it IS a foreclosure- that’s to be expected) and some landscaping (again, common with foreclosures- the bank is NOT sending over a gardener to take care of things). But get in a designer and a landscape architect and you’ll have one heck of a home for a ridiculous price.
Let me know if interested ASAP. I’m sure it’ll go into multiple offers soon…
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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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$10,000 Tax Credit for Buyers! Breaking Down the New Home Tax Credit
March 19th, 2009 Categories: For Buyers, Real Estate, Real Estate News
To flush out the new homes on the market, California is offering a tax credit for qualified buyers who, between 3/1/09-3/1/10, purchase a qualified residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.
California allows the new home buyers a total tax credit amount equal to the lesser of 5% of the purchase price, or $10,000. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (max is $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.
California has allocated $100,000,000 for this tax credit. Buyers must apply for the credit within seven calendar days after the purchase/close of escrow. Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once the $100,000,000 has been allocated, the tax credit will no longer be available.
A qualified principal residence is defined as a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of 2 years and is eligible for the property tax homeowner’s exemption.
What is an acceptable property type? Any of the following can qualify if it is a principal residence and is subject to property tax, whether real or personal property: a single family residence, a condominium, a unit in a co-op, a houseboat, a manufactured home, or a mobile home. (Note: A home constructed by the owner/taxpayer is not eligible for the New Home Tax Credit because the home has not been “purchased.” )
Who is a qualified buyer? Any taxpayer who purchases a qualified principal residence.
For additional info and the details about how to apply for the credit (timing, forms, fax number, etc.), please click here and consult your tax professional.
Note: Thank you for Steve Kenilvort & Elly Carleton with First Capital for helping break down this tax credit.
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Beverly Hills Homes & Condos are STILL Selling
March 4th, 2009 Categories: Beverly Hills - BHPO, For Buyers, For Sellers, Real Estate, Real Estate News
A quick update about our Beverly Hills real estate market… it’s not ALL doom and gloom out there! Though the properties may not be getting snatched up at the clip that they were in 2007, homes and condos in Beverly Hills are still selling and savvy buyers right now are doing very well. Currently there are 22 properties in escrow (4 in the Beverly Hills Flats) and we’ve had 50 sales since September 2008, in all price ranges from an $8,000,000 spectacular Trousdale home (closed mid-February) to a 2-bedroom condo selling for $510,000.
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Tackling THE Question of the Day, Week, Year: How’s the Market Doing?
January 19th, 2009 Categories: For Buyers, For Sellers, Real Estate
“How’s the market doing?”
That seems to be the daily question I’m hearing right now from everyone. And I have to answer with: “Why do you ask?”
The reason is that it’s different for everyone. If you’re looking to buy, it’s a pretty great market. Prices are at places I haven’t seen in years. In certain communities, I’m seeing 2003 prices. In others, I’m seeing 2004 prices. Other areas are holding surprisingly well and haven’t had any slowdown in the least (these are the places that were moderate in their appreciation from the start).
If you’d looking to sell, time to get strategic with your pricing. You can still turn this market around in your favor- but you must tune into what market value is for your home and go over different scenarios with your agent. Homes ARE still selling. Buyers ARE still out there. Certain communities are still chronically short in homes available- and, the key here, available in the right price range. If you’re smart with your pricing, you WILL sell.
If you’re looking for investment properties, now’s the time to really start to crunch some numbers and give it some serious thought. I’m seeing fantastic deals on those and positive cash return- something new in our Los Angeles market.
Could you wait to buy? Wait to sell?
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HUGE Penthouse in the Heart of Beverly Hills!
December 5th, 2008 Categories: Beverly Hills - BHPO, For Buyers, For Sellers, Real Estate, Real Estate News
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Don’t Be a Deer Caught in the Headlights- A Real Gameplan for you to Survive in our LA Real Estate Market
November 23rd, 2008 Categories: For Buyers, For Sellers, Real Estate
Los Angeles is full of abnormalities.
No, I don’t mean just the locals. I’m also talking about the real estate market. We’ve got neighborhoods that are doing well next to those that have hit the skids. We have homes that will go into multiple offers but others down the block that have sat on the market for months and months. To really figure out what to do in this market, you just have to go back to common sense.
If you are planning on selling within 2-3 years, I’d suggest selling now- but price it right. The reason is that when looking at the Westside, we’re still building inventory and homes are not moving off the market to keep up with the supply. That means there are a lot of choices for buyers out there and no sense of urgency. No urgency means no energy to write an offer. Furthermore, that means the prices are still going to go down and then the market is going to need to recover and come back to the prices of today. The ONLY homes that are selling are those when the buyer feels like they’re getting a deal. How to price? Look at all your competition and price below them- we’re not talking 5% below. To sell now, you must price between 10-15% below. You must set your home up as a good deal.
If you want to be in your home for say, 3-5 more years, then it may be more prudent to wait to sell until we’re on the next upswing.
For people thinking about buying, should you buy now when the prices may still come down? If you think there could be a definite possibility of moving again within 1-2 years, consider waiting. If you’re looking for a home where you want to stay put for awhile, concentrate right now on finding the right home, whether you find it now or 6-9 months from now, and make sure to get a great deal that you’re happy with. You’d really be crazy to not be looking right now with the prices the way they are and great interest rates. Homes aren’t cars-you can’t go to the dealership down the street and get the same thing. When you find one you really like, grab it- just make sure you get it at a great price.
Real estate continues to be one of the best long-term investments you can make. You’ve got an asset that’s going to appreciate over time, you can take advantage of serious tax benefits to owning and you can live in the asset (take that, stock portfolio!). That’s hard to beat. Just remember to buy smart!!
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Movin’ on Up: Los Angeles Buyers are Seeing Opportunity
November 3rd, 2008 Categories: For Buyers, For Sellers
Here’s something that I’m hearing a LOT lately from people all throughout the Westside and Valley:
“We’re thinking that since we don’t want to stay in this home forever, this may be the time to move up. Prices have come down and now maybe we can get a bigger house or go to a better neighborhood. But we don’t know what to do because our home has also gone down in value. Do we wait to sell? Do we lease out our home until the market comes back?”
This is a very common situation that many Angelenos are finding themselves in right now. For people wanting to move up, prices definitely are looking more agreeable. Yes, when you sell, you most likely are not going to get the summer of 2007 price- BUT you are going to get a much bigger discount on your next home. You’re basically rolling your equity in your current home into the next property. If you need to sell to buy, sell NOW. Time is of the essence. You can always do a lease-back or some kind of short term lease. But if you need that money and need it soon or semi-soon, you may want to give serious thought to selling NOW. I mean it, please take action and get on the phone and call your agent or call/email us.
As far as leasing goes, it may be an option to consider if you don’t need the money out of the home to buy your next one. You have to decide, though, if you want to be a landlord for the next couple of years. Prepare yourself by really knowing the numbers in your neighborhood. Find out how much it would sell and how much it would lease. Give some serious thought to if it’s worth it. (And I insist, please really think about it.)
If moving up is what you’re considering, this is YOUR market!
There are major opportunities out there!
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Los Angeles Buyers, Get Your OWN Representation!
September 29th, 2008 Categories: For Buyers
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, there’s a few important reasons why you’d want to have your own agent. Here it goes…
First of all, they weren’t planning on getting a physical inspection. This is the FIRST inspection you need to get. The second you get acceptance on an offer, book your physical inspection. And there are other inspections you should get after that. This is a time that you would talk with your agent about what inspections they’d recommend- mold, chimney, geological, sewer line, electrical, plumbing, etc. Each property will be different.
Second, if you don’t have a good agent negotiating on your behalf during the initial negotiations and during the escrow if need be, you may be 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? Read the rest of this entry »
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