For Sellers
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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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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Quick Take on Our Los Angeles Westside Home Market (for Home Owners)
October 23rd, 2008 Categories: For Sellers, Real Estate
These past 2 weeks have been full of questions from clients- What’s happening with the market? Should I wait to buy? Is it going to get better in 6 months? Should we wait to sell until the market recovers? How much is my home worth NOW?
Here’s some food for thought if you’re thinking about selling…
Real quickly, our market is slow. Kind of. If homes are priced right, they are still selling. Same old story. Most of our toniest neighborhoods never have enough homes to sell and that hasn’t changed. Other neighborhoods where you’d expect homes to still sell at a quick clip are just sitting there. What’s happening?
If you price your home based on 2006 figures, you will not sell your home. Just being candid with you. It will sit on the market and you will end up either taking it off the market in total frustration or chasing the market down. I don’t want that to happen to you because you will end up with less in your pocket than had you looked at the figures we’re dealing with for THIS market and priced accordingly.
Homes are still going into multiple offers. A total fixer in Trousdale (Beverly Hills) just had 7 offers on it. Why? Because it had killer views and we never have enough homes in Trousdale- and it wasn’t outrageously priced. A home is coming on the market in Little Holmby that will also have multiple offers on it. Why? Same thing. It’s all about price and value right now.
Basically, the key to selling right now is that the buyer must feel like they’re going to get a deal for your home. Is something spectacular or undeniably valuable about your home? Well, you’re also in a good position. But still keep that price within reason.
If you want to wait, know that it is an option. The market will recover at some point and I think everyone can agree on that. The timing of that is another story. Is it 2 years? 5 years? You must be prepared that your home will still go down in value and then have to head back up to today’s prices. But there’s a silver lining, if you sell now, just know that you may have to take a hit on the price of your current home but you’re going to get a DEAL on your next one!
If you’re thinking about selling, let us know and we can do the numbers for your neighborhood. We’ll tell you exactly if it’s going down or up and by how much. Then you can know what you’re dealing with and make a wise decision on your next step.
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News Blast: Beverly Hills Flats
September 9th, 2008 Categories: Beverly Hills - BHPO, For Buyers, For Sellers
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: For Sellers, 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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Termite Inspections, Reports and Work - Who is Responsible?
May 21st, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, For Buyers, For Sellers, Hollywood Hills, Home Improvement, Home Resources, Inspection Resources, Malibu, Marina Del Rey - Venice, Pacific Palisades, Real Estate, Real Estate News, Santa Monica, Sherman Oaks - Studio City, West Hollywood, Westwood - Century City
So you’re about to buy or sell a house and the subject of termite inspections come up in discussion - usually when the offer is being written and/or presented.
Here is what YOU need to know:
CUSTOMARILY, the Seller is responsible for the inspection, providing the buyer with a termite report, and ultimately a termite clearance at the close escrow. The Seller usually pays for Section I work, and the Buyer can pay for any Section II work needed.
What is “Section I” and “Section II” work?
Section I is any EXISTING termite infestation, damage or wood destroying organisms such as dryrot fungus and the like. This may include local treatment, whole house tenting, and replacement of damaged timber.
Section II is anything found to possibly invite termite infestation or cause wood damage in the future, such as debris in the attic, earth to wood contact, etc.
There are circumstances when the Seller is NOT responsible for all the “termite work”, some examples are:
- When it’s an ALL CASH purchase. The termite clearance is necessary to close escrow because it’s often a condition for funding by the lenders.
- When the property is a TEAR-DOWN. If the intent by the buyer is to bulldoze the property to the ground, no one really cares if there are termites or rotted wood all over the place.
- When the SELLER specifies in the contract they will not do any work, or caps the dollar amount they are willing to pay for work needed. The Buyer then can agree to pick up the difference.
95% of the homes that are sold here in SoCal require some termite clearance action. Homeowners are well advised to maintain a termite treatment regime once a year to keep those buggers away.
Call us anytime for a referral to a reputable company to add to your home vendors list!
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