Santa Monica
Santa Monica, the ending point of historic Route 66, is the quintessential urban beach community, bordered to the north by the Pacific Palisades, the south by Venice and Brentwood on the east. It offers world-class restaurants and shopping, gorgeous wide beaches, varied local communities and a casual atmosphere.
Within Santa Monica are many smaller neighborhoods: the architecturally and historically significant homes in Santa Monica Canyon, the beach bungalows and craftsmans within Ocean Park, the estate neighborhoods north of Montana Avenue, the charming homes of Sunset Park- just to name a few.
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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Termite Inspections, Reports and Work - Who is Responsible?
May 21st, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Buying Real Estate, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Home Improvement, Home Resources, Inspection Resources, Malibu, Marina Del Rey - Venice, Pacific Palisades, Real Estate, Real Estate News, Santa Monica, Selling Real Estate, 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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Go Native, Go Green: Privy to LA’s Most Creative Gardens in the Native Plant Garden Tour
March 31st, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Santa Monica, Sherman Oaks - Studio City, Things To Do, West Hollywood, Westwood - Century City
Come see how native plants can brighten your yard and make it gorgeous- while saving you time and water! It’s taking place soon- Saturday, April 12 and Sunday, April 13, 2008, 10:00-4:00p.m. each day.
This is a two-day self-guided journey through 38 Los Angeles home gardens of all shapes, sizes and design styles, each containing at least 50% California native plants. You’re invited also to attend a free presentation, “Designing Native Plant Gardens,” with author/garden designer Alrie Middlebrook on Saturday, Apr. 12, 6:30p.m., at Barnsdall Gallery Theatre, 4800 Hollywood Blvd., Hollywood, CA 90028.
Proceeds benefit the programs of the Theodore Payne Foundation for Wild Flowers & Native Plants., Inc., California’s only non-profit native plant nursery, seed source, bookstore and education center. They’re located at 10459 Tuxford St., Sun Valley, CA 91352. 818-768-1802. Open to the public Tuesday-Saturday, 8:30a.m.-4:30p.m.
Admission: $20/person.
Tickets and info: www.theodorepayne.org
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Multiple Offers Sweep Santa Monica, Beverly Hills, Westwood, Hollywood Hills…
March 17th, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Buying Real Estate, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Santa Monica, Selling Real Estate, Sherman Oaks - Studio City, West Hollywood, Westwood - Century City
Per our last posting, there are plenty of reports from reputable sources and sensationalistic news articles that can argue the ups and downs of our Los Angeles Westside real estate market all day long.
We could argue for the stability of our unique market and likewise we could tell you it’s all going to hell in a hand basket. You’ve heard it all before.
What we’d rather do is to give you a small sample of what’s actually happening behind closed doors (as the seller reviews with his/her agent, the spread of offers to purchase their home). As they say, “show me the money” and in our market, there seems to be lots of it flying around. Yes, still.
Observed Multiple Offers on Hot Properties in the last 14 days:
1211 Sierra Alta, Hollywood Hills - $2,595,000 (2 offers 1st day on market!)
866 Stanford, Santa Monica - $2,075,000
2337 Camden, Westwood - $1,095,000 (13 offers!)
1173 South Point View, Carthay Circle - $1,379,000
710 Kingman, Santa Monica - $2,000,000 (5 offers!)
Great investment opportunities under $500,000 are sold quickly in multiple offers:
1702 South Sycamore, 2030 Curson, 1839 Alsace, & 1800 Bronson
Remember that this is just one small slice of the action per one agent’s travels in just a few days. Are there more examples like the above? You bet.
Do you care?
Yes! If you are thinking of selling and you have ascertained that this market is not a good seller’s market. Keep in mind that it’s all relative - if you compare today’s seller’s market to the height of action in 2005/2006 where things were really extremely out of whack and abnormal, then your assumptions could be supported. Compare today’s market to that of a “normal and healthy” real estate market andyou’ll see that this is still a fabulous, not just good but fabulous time to sell! Just be sure to work with great real estate agents who understand how to market your property to sell immediately.
Yes! If you are thinking of buying and you’ve been convinced to ”wait it out.” This tidbit ought to enlighten you to what’s actually going on with prices of good homes in great neighborhoods…such as ours. If you wait, you may miss out on a chance to own your dream home in a market where the majority of competing home-buyers are sitting out the game while the game keeps on keeping on.
Bottom line in real estate sales:
Where there is a will, there IS a way…and it’s all negotiable!
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SOLD! To the Highest Bidder at a Santa Monica Home Auction
March 3rd, 2008 Categories: Buying Real Estate, Events, Real Estate, Real Estate News, Santa Monica, Selling Real Estate
If you haven’t attended a live home auction recently, you’re like the rest of us because they just don’t take place all that often!
I witnessed my first home auction this Saturday at 710 Kingman Ave in Santa Monica. The property is a beautiful Spanish contemporary on a lovely tree lined street. The home is in great condition, 4 bedrooms with 3.5 baths in just over 3,000 square feet, on a 7,500 square foot lot. There is a beautiful tropical grotto style lagoon pool in the back, with the master balcony overlooking it. Fabulous home in a great neighborhood.
The living room was filled to capacity. It started with the expected dictation of the auction’s rules and regulations followed by a fun and LOUD practice bid for those participating in the process to get warmed up to the real deal. Yes, the Santa Monica Pier was auctioned off.
Opening bids for the home started at $2,000,000. The energy in the room blew the roof off as the auctioneer swung his gavel in the air rambling (in his professional auctioneer way that only an auctioneer can) off the increasing prices while the (five registered bidders’) paddles shot up in succession of one another…until we reached…da da da dummm…MARKET VALUE.
SOLD! with the crack of the gavel promising the home to the winning buyer for $2,450,000.
(Understand, that with an auction home sale, the buyer pays the costs of the sale, so the price sold is the amount the seller nets not what the buyer ends up paying. The buyer actually will pay about 8% on top of the $2.4M he’s agreed to pay for the house itself.)
A home auction is quite like dealing with mulitiple offers on a property that’s for sale, with some minor differences. As one of the buyers, you know what the other buyers are willing to pay when everyone is standing in the same room at the same time with the same goal. For the seller, the process of the auction saves time and the paperwork of having to counter offer all buyer offers in writing, a process that can take days.
Most obviously illustrated for all to see is that on the day and time of the auction when real serious buyers (cashier checks in hand!) turn out for the bidding to bid against each other for said property, there is no doubt about the home’s market value once THE MARKET SPEAKS.
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Top 10 Things to Do in Santa Monica
February 27th, 2008 Categories: Santa Monica, Things To Do
In my humble opinion, Santa Monica offers the best of everything if you want to be by the beach. It has the restaurants, shops, parks and casual atmosphere to suit just about everyone. Here’s a quick sampling of some of my favorite things to do in the area:
1. Visit the Santa Monica Pier. Play some games in the arcade. Watch the fisherman (or rent som
e gear and join in). Let your inner child out on the gorgeous carousel. Grab some good ol’ carnival food or run into Rusty’s Surf Ranch for a quick bite.
2. At sunset, enjoy drinks at the cush Casa Del Mar. This is a popular place to go at that time- so get there early…
3. Buy some straight-from-the-farmer produce at one of the Farmer’s Markets throughout Santa Monica. On Wednesday mornings, Santa Monica hosts the largest Farmer’s Market in the country near the Promenade. On Sunday, head to Ocean Park and Main St. for a market that feels more like a small town fair complete with pony rides, local music and mouth-watering brunch foods.
4. Stroll and shop along Montana Ave. in the northern part of town, where you’ll find 10 blocks of casual but luxurious shops, cafes, bistros and bakeries. You can find a specialty shop for nearly everything here.
5. Stroll and shop along Ocean Park’s eclectic and trendy Main St. in the southern part of town near the beach. Grab a bite at one of the many cafes, take a tour of the California Heritage Museum, walk the side streets nearby and view the local architecture of beach bungalows, craftsmans and modern homes.
6. Take a surfing lesson. Yes, the water gets cold in the winter so if you’re there at that time, rent a wetsuit- and some booties if possible. Try to go out in the early morning, you’ll most likely see dolphins and a seal or two if you’re lucky. Check the surf report before you go.
7. Grab some food at a local restaurant. Try Father’s Office for burgers and microbrews (get there early or be prepared for a wait), Border Grill for healthy and creative Mexican, Capo for pricier Italian faire (but worth every cent), sophisticated French cuisine at Melisse (always voted as one of the top LA restaurants), The Lobster for, well, lobster and fantastic seafood right by the Pier. The list could go on.
8. Throw on your workout gear and head to the Santa Monica Stairs. There are 2 sets- the official “stairs” are at 4th and Adelaide and then there’s another wider wooden set about 100 yards down (if you’re at the top of the stairs, it would be to your right). It makes for a nice loop- and it will test every shred of endurance you can muster. Follow those unwritten rules:
9. Stroll along the bluffs next to Ocean Avenue and enjoy the Promenade at Third St. (between Broadway and Wilshire). Take in the sunset at the bluffs, watch the performers along the Promenade- you’ll have a great time.
10. Rent a bike and tour the beach. Or play some volleyball. Or just hang out. It’s the beach, for Pete’s sake. You’ve got options.
Have fun!
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Taking the Pulse on the Westside Market
February 26th, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Real Estate, Santa Monica, West Hollywood, Westwood - Century City
Here’s a little inside scoop on what’s happening in our market. I won’t bore you with tons of detail but it’ll keep you posted on the latest happenings. It’s your chance to be a fly on the wall in the most powerful real estate office near and far…
The market is moving. In the last 2 weeks, our office has had more escrows opening than in the previous 30 days combined. REOs are making up about 10% of that volume- which means a solid 90% of the deals are NOT REOs, just regular sales. Last week our office has 16 closings, ranging in price from $300,000 to over $14,000,000. People are buying and writing offers for well-priced homes. We are seeing multiple offer situations every week.
The reason why it matters what our office is doing is because we have a very strong group of agents that work in every area of the Westside. It’s a good place to look to gauge overall market activity.
General concensus is that we don’t have enough good, “done” homes for sale. We aren’t seeing a build-up of inventory of homes in most areas. Homes are selling off the market, before the first open house. Homes are even selling when the for-sale sign is being nailed into the front yard (as happened with one home in the Beverly Hills Flats recently).
During Caravan today, I saw people crawling all over a home under $700,000 in West LA. It was an adorable place but wedged between 2 apartment buildings- and had apartment buildings across the street. It didn’t matter to all the buyers there ready to jump on a nice well-priced home. The house will have multiple offers and the owner is going to review all offers next Monday.
Another popular home today was a lovely Spanish in the Beverly Hills Flats over $9,600,000 on a 12,000 sq ft lot. Not an ounce of wasted space- it had a gorgeous outdoor entertainment area in the front, koi pond, pool area and 2-story guest house with an office, bedroom with bath, exercise room with bath. A hefty price for a lot of that size but the home is incredible.
Summary: People are buying but the home has to have value and must be priced aggressively.
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Hello LA!
October 18th, 2007 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Real Estate, Santa Monica, Sherman Oaks - Studio City, West Hollywood, Westwood - Century City
Welcome!!
Please come back soon for the launch of a very exciting blog about the Greater Los Angeles area Real Estate & Lifestyle!
Merrie & Noelle, the LA HOMES INSIDER girls, will keep you up to speed on the latest happenings and trends in our ever changing market. Looking for those fabulous deals and (sshhh…quiet) listings you know are out there, but not maybe in yet in the MLS? Are you looking for professional representation to market and sell your property quickly, profitably and as painless as possible? (don’t wait for the blog, just CALL!)
Stay tuned…you’ll WANT to know what the LA HOMES INSIDER knows about the real estate market where YOU live.
Merrie Kung & Noelle Hettlinger
Coldwell Banker Beverly Hills North
301 North Canon Drive E
Beverly Hills, CA 90210
310.736.5599 mkung@coldwellbanker.com
310.621.9800 nchettlinger@gmail.com
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