Monday, July 06, 2015

Think it's easy to buy L.A. real estate with $1+ million in cash? Think again.

Not to give you home buyers out there even more reasons to be disappointed, but.  Some former clients of mine returned to town after moving to the San Francisco Bay area some years ago.  They had made cash offers on properties in Berkeley and the Oakland hills but were aced out on price each time.  It's not that they were submitting low-ball offers -- most of their offers were over asking -- but they were repeatedly beaten out by offers over $100,000+ more than asking.  The Bay Area real estate market is too crazy, they said.

It's not that bad here, I said.  I was wrong.

In the course of one week, we made three offers on properties in Studio City, Sherman Oaks, and Glendale.  All of the offers were all cash.  All were over the purchase price -- some significantly -- and all were $1.4 million or thereabouts.  Yes, million.  You'd think sellers would be crawling over themselves to take these wonderful, beaucoup-bucks cash offers, but you'd be as wrong as I was.

The first property went for significantly over the asking price for all cash.  We offered $50k over asking on the second property but seller terms were a little grab-y and it went into multiples anyway.  My buyers offered significantly over the list price, all cash, on the third property.  Plus gave the sellers a free 60-day rent back (unheard of in a normal market).  The sellers dithered.  And dithered.  And finally accepted on a Saturday afternoon.  We buttoned up the deal.  And the sellers changed their minds Sunday morning. Ugh.

My poor clients were very philosophical about all of this, and went on vacation to lick their wounds.  And in the meantime, they've decided the Bay Area is not so bad after all.

As for me, sure; these are not great experiences for a Realtor.  Yes, there's the income issue.  But also, it takes just as much work to not get an accepted offer as it does to get an accepted one. Sigh. Onward!

Tuesday, June 23, 2015

629 N. Keystone, Burbank is closed -- what a difference five months can make in real estate!

If you've been reading this blog, you know about this home in Burbank at 629 N. Keystone.  Great house with lots of improvements, great neighborhood, open floor plan -- very un-Burbank.  I originally listed this for $779,000 last September. We had lots of activity, but no offers, so we took it off the market just before Halloween.

I relisted Keystone again in April.  Again at $779,000.  And immediately got three offers, all over the purchase price.  We sold it three weeks ago for $805,000.  That wasn't even our highest offer -- we received an offer for $820,000 but were afraid that it wouldn't appraise.  The $805k offer was all cash.  The point is that the housing market is certainly on fire here in the San Fernando Valley.  We went from no interest to heavy, willing-to-pay-more interest in just a few short months.

FYI, a large portion of the buyers that came through my open houses this spring were new parents from over the hill who are looking for decent housing stock and good schools for their children.

Monday, June 08, 2015

What happens if either a buyer or seller passes away during an escrow?

This is one of the strangest sales I've ever been involved in. Names and address withheld here.  Recently, I represented a buyer couple with an off-market sale in Laurel Canyon.  They wished to buy their neighbor's house. The actual seller was the neighbor's mother and the family lives in Utah.  The seller family hates Realtors (o what a surprise) and they represented themselves in the deal.  That is never easy and working with the sellers was like trying to pull a mule up a ladder.

It took a long time to get the property in escrow, but the buyers really wanted to purchase it.  In the middle of the escrow, the seller passed away.  Without a will or a trust.  Which means probate court in both California and Utah to properly dispose of the seller's assets, including this house.

What happens with a property transaction when a party to the sale passes away? It stops the escrow, and often ends it.  Things didn't look good here -- I thought it would be hard to get the whole seller family to agree on anything having to do with the disposition of the assets.  That's what the probate process is for. But my buyers were determined.  They found a California probate attorney that claimed to be able to get the probate done in 60 days (it can sometimes take 6 months).  And they helped the Utah folks find an attorney in that state.  It's a much quicker process in Utah.

Anyway, surprise! The property went through probate in two months, the sale was back on, and it closed last week. Kudos to my buyers for their very hard work and perseverance.  Where there's a will, there's a way, no pun intended.

Friday, May 29, 2015

View Park, LA - my latest neighborhood discovery

You can live in L.A. for decades and still discover new places and neighborhoods.  That's why I love Los Angeles.  Last weekend's discovery was View Park and Windsor Hills.  I was completely knocked out by the stunning housing stock, the manicured landscaping, and the very quiet neighborhoods.  The rolling hills reminded me of Beverly Hills.  Much of the housing stock is large 1950's and 1960's homes, but there are also 1920's and 1930's character homes here. It was hard to spot any home that wasn't expertly kept up. This area is largely unincorporated, which means lower taxes when you sell and private water companies. While prices are soaring there as everywhere, the neighborhoods are still a bit cheaper than corresponding SFV ones -- $800's and $900's for larger houses, $600's for light fixers.  If you absolutely must live on the Westside, this neighborhood may be an excellent option.

Monday, May 25, 2015

Price reduction on 5227 Denny in Noho -- now listed at $430,000. Plus bonus for buyers.

Even though we haven't been on the market even a week, the sellers have decided to lower the price on this gorgeous 3+2 condo to $430,000 from $449,000.  Also, the sellers will credit their buyer $1000 towards closing costs for a less-than-30-days close.  If you're thinking about moving to this up-and-coming area, please come check out 5227 Denny #101 during the open house on Tuesday, the 26th, from noon to 2 pm.  More open house info to follow.

Thursday, May 21, 2015

Gorgeous 3+2 condo in Noho for $449,900

This beauty is 5227 Denny, #101 and it's in the rapidly developing area of North Hollywood Arts District. Features include a front-facing unit, huge kitchen that opens to the sunlit living room, long Caesarstone countertops, glass tile backsplash, bamboo floor, custom paint throughout, decorator window treatments throughout, high ceilings, fireplace, and big, sleek bathrooms with modern fixtures. 2 balconies allow for barbecuing and gardening. This unit has 2 dedicated, private storage rooms downstairs and the building has a bike room, too. Security bldg with guest parking, too. Close to the Red Line, Chandler Bike Path, cool restaurants...there is simply nothing like this unit in the neighborhood. Please call me for a showing.

Sunday, May 17, 2015

Movies about real estate: "5 Flights Up"

Today's New York Times has an article about a new Diane Keaton-Morgan Freeman film, "5 Flights Up."  Link here.  I hadn't heard of the movie, but it's apparently about a late-middle-aged couple who are selling their Brooklyn apartment.  And making an unexpected fortune, of course.  And naturally, there's at least one venal, grasping Realtor in the film, because hey, that's who we are. Or who Hollywood thinks we are (don't get me started on who we think they are).  But I guess there would be no story if there wasn't a bad Realtor guy driving the action. Anyway, the article contains many comments from NY real estate agents about how our biz is portrayed. Personally, I can't wait to see it!

Thursday, May 07, 2015

Transactions that close and ones that don't close -- yes, it happens

The media always makes it sound like everything is coming up roses for all Realtors, right? Nope.  Here are some recent cancellations and what happened and why.

1. A home in Eagle Rock.  This was a great flip on a hill.  It was really nice inside and inspected really well.  Then we had a geologic engineer come to take a look at the hill and foundation.  There was a foundation settlement difference of over 4".  The city of L.A. only allows 1.5".  My buyer clients gave it some thought and decided to cancel.  They were broken-hearted, but that kind of stuff really costs a LOT to fix.

2. A home in Burbank.  My buyer client backed out just before closing.  Yes, that can occur in certain cases even after all contingencies are removed.  In this case, the client received some disclosures at the last minute, which opens up the buyer's right to review/disapprove/cancel.  She was never committed to the house anyway so this gave her a (bogus-but-legal) reason to cancel.  No, we are not working with her any longer. This was a big time suck for everybody involved.

Now, onto the good news: 8554 Burnet #141, North Hills, pictured above, closed at $370k this week.  The transaction was textbook-smooth and my sellers were wonderful.  So were the buyers and their agent, Jennifer Santulan.  This is a stand-alone home in a planned unit development.  These kinds of properties are excellent options for many people -- you get a (small) yard, a nicely-sized home, an attached garage, community amenities, and a security complex.  There are many complexes like this in the Valley, and I wish there were even more.  Seems that these planned unit developments would solve the density question in L.A. nicely, no?

Monday, April 27, 2015

Not such great experiences with Beverly Hills agents lately

I've had lots of contact with Beverly Hills agents over the last many months.  Many of their clients are -- gasp! -- coming to the SFV for more affordable real estate and good schools.  And the experiences have not all been pleasant.

I think they think we're rubes and peasants out here.  And courtesy is in short supply.  So is thoroughness and research.  But I guess if you only sell bajillion dollar listings, the more-affordable market here is pretty bush-league for you.  

And buyers, why would you hire a Bev Hills or Westside Realtor if you're looking way outside of Beverly Hills? Did your business manager suggest it? Bad advice, that. But never mind, we welcome you anyway!

Friday, April 17, 2015

Pink car night in Studio City

I spotted these two pink cars last night in the space of 20 minutes last night.  My client and I were having dinner on the front patio of Laurel Tavern in Studio City when the first car, a Ferrarri without license plates, pulled up.  Of course it was driven by a beautiful blonde woman; this is L.A. The url on the side of the car said (no vowels, you can figure it out, I don't want any backlinks to or spam from any weird Russian websites). Of course, we googled the url and turns out that it's a p_rn site.  Hey, p_rn stars need burgers and brews, or whatever, too.
The pink stretch limo drove by shortly thereafter.  I don't think there was a connection between the two. But it was certainly unusual to see two such notable vehicles on the same stretch of road in a short time span.  I love L.A.!

Monday, April 13, 2015

Coming back to market this week -- 629 N. Keystone in Burbank!

The glamorous 629 N. Keystone in Burbank will be back on the market this week and ready for its next owners.  If you saw the house last summer, you'll remember its secluded front patio with herb garden, barbecue, and firepit.  The house also features an open floor plan, saltwater pool, 3 big bedrooms and 2 baths, 2-car attached garage and gorgeous back patio. All landscaping is new, including the front and back pavers and the drought-tolerant plants.  The kitchen is huge and was designed for serious chefs and many of the systems are upgraded.  It features 1728 square feet on a 7129 square foot lot and has a central Burbank location.  It will be listed for $779,000 and will be open this coming Sunday from 2 to 5.

Monday, March 30, 2015

7720 Goodland closed and multiple offers are no fun

7720 Goodland in North Hollywood closed last week for $31,000 over asking.  We had fourteen offers.  I know that multiple offers aren't fun for buyers, but they are not fun for sellers either.  Of the fourteen, half were cash and half required a loan.  Half were above asking, half were below.  I had about 25 individuals asking me if I would write an offer for them.  I said no, because I hate doing dual agency in that situation -- the folks asking me to write are just looking for an angle in order to get their offer pushed.

If you're in a multiple offer situation, here's what NOT to do:
- Come in with a low price if the comparables don't warrant that.  Unfortunately, sellers are more interested in dollars than they are interested in your pretty face.
- Turn in incomplete offers.  Please make sure your agent checks all the boxes.
- Don't provide enough proof of funds to close.  I was surprised at how many buyers turned in offers without proof of enough liquid funds to cover the down payment and closing costs.  Or turned in old financial statements -- please make them current.  Or turned in financials that didn't have any of the actual buyers' names on them.  Yes, I know your parents love you but I need to see money in your name, not theirs'. Yes, we Realtors do look at that and, surprisingly enough, most of us can count.

The transaction went...okay.  The agent turned everything over to an unlicensed, untrained assistant, so that was a challenge.  And the buyer wanted to do additional inspections after she had already removed her inspection contingency.  But the transaction closed.

And by the way, we did NOT take an all-cash offer -- we took one with 20% down and a conventional loan!

Wednesday, March 18, 2015

A new Yelp review

Please check out my new Yelp review from the sellers of 5248 Ventura Canyon in Sherman Oaks. Josh and Danielle were dreams to work with even though they live in Cupertino.  Here at the house, we had a cooperative tenant family with four-year-old twin boys and a six-year-old, too, so showings were sometimes a bit noisy.  We received three great offers in 10 days and ended up taking the one that was $46,000 over list price. 

Of course, into each escrow a little rain must fall, and we had a kerfluffle towards the end -- I always love it when an inspector says, "That spot could be mold."  The buyers were true champs, though, and the sellers plus 3 different mold-inspectors and plumbers got everything fixed. The property closed today at $825,000.

Friday, March 13, 2015

4 beds, 3 baths, stand alone townhouse with attached garage and yard. How much would you expect to pay?

I will be bringing to market a delightful townhome next week.  It's in a gated community in North Hills/Van Nuys, and features 1630+ sf, is completely detached from other units but has its own, direct access two-car garage and includes a small, completely private yard for pets, gardening, or parties.  All spacious bedrooms are upstairs and there's plenty of closet space.  More info will be coming next week, but here's a question for you:

How much would you expect to pay? ______________ (your answer)

Nope! It's only $359,999.  That's right! This is not a "come-on" price, nor is it a short sale or foreclosure.  Is is one of the most incredible deals in the Valley, though, so please let me know if you're interested in seeing it.  It will be on the mls with lots more pictures on Monday.

Monday, March 09, 2015

The Realtor has two brand new experiences. Neither of them were good.

Last week was quite a week.  I had two new situations that I've never had before in my eighteen years in practice.

First, a seller client passed away in the middle of our escrow.  I represent the buyer on this one.  This essentially puts a hold on the sale until all title issues can be cleared up.  It was a complicated deal to begin with as the seller was a FSBO (for-sale-by-owner).  What did I do on this one? Nothing, and let the estate take care of everything so we can close.

Second, I was blithely invited to commit loan fraud.  A potential buyer on one of my listings wanted to get a loan for x-amount of dollars, but also wanted to give the seller a lot of money outside of escrow so he wouldn't have to pay property taxes on the whole amount of the sale. (A property gets re-assessed by the County Tax Assessor when it changes hands.  In a normal sale, it is assessed at the purchase price.)  I pointed out that this is loan fraud, it's a federal crime, and I don't want to go to jail and neither does this buyer.  The buyer plainly didn't care.  What did I do on this one? I refused to write the offer, which would have been much lower than what the seller would have accepted anyway.

Sheesh! What will this week bring?

Monday, March 02, 2015

Studio City on the cheap

Everybody thinks Studio City is really expensive.  Some of the homes are. Some of the stores and restaurants are.  But some aren’t, as well, and I’m here to tell you how to save your hard-earned pennies in our neighborhood.
1.     You can eat relatively cheaply at Jinya Ramen, Cactus Tacqueria, Henry’s Tacos, Lemonade, Spitz, and more. The food at these places is delicious and cheap.  Okay, the first four don’t serve alcohol, but there’s…
2.       $2 beers at Jinky’s ALL DAY! $3 for craft brews! Really, now you have died and gone to heaven, right? And the food at Jinky’s is good and not expensive either.
3.       Get a massage for as low as $25/hour. You know all of those massage places along Ventura Blvd? With the neon signs in the window? Most of them are legit! Some have you leave your clothes on, but the massage is just as good.  I am not going to name my favorite place but it says “foot massage” in the window, and is cute, clean and peaceful.  
4.       Shop for clothes. There are lots of really cute clothing shops here, both in Tujunga Village and on Ventura.  For deals, though, check out Crossroads Trading Co. As they say, “Whether you call it recycled, resale, vintage or thrift, we call it Fashion.”  Want something a little more upscale? Great Labels on Ventura is exactly that at a discount.
5.       Lots of free recreational opportunities. Studio City is close to some of the best hiking/walking trails in L.A.  The famous Runyon Canyon, of course, plus Fryman Canyon, the L.A. Reservoir (3.5 miles around), and my personal fave, the L.A. River walks.  
6.       Acres of free parking.  If you’re willing to walk a bit to your destination, the lots behind the Laurel Canyon and Ventura intersections are huge and free. Not all day, of course, but you can easily park for two hours there.

Okay, this should get you started with enjoying the Studio City community without spending a lot.  Have I left out anything? Please let me know, if so.

Monday, February 23, 2015

Check out the real estate podcast that I guested on

My guest podcast from Real Estate Radio Show is now available.  Click HERE for the link or visit  I think the actual site's text about me tells even more than the podcast.  Thanks, Greg and Tracy!

Friday, February 13, 2015

Open Sunday, Feb. 15, from 1 to 4: 5248 Ventura Canyon Ave., Sherman Oaks - $779,000

Sherman Oaks has many interesting homes and this is one of them.  All of the public rooms have been redesigned in a mid-century style and feature gorgeous flooring, skylights, circular flow and lots of built-in panel cabinets.  The three bedrooms are spacious and one has a bonus room.  Plus, there's an inviting pool.  Please come visit Steve and me and check out this jewel on Sunday.  See for more pictures.

Sunday, February 08, 2015

New listing: 5248 Ventura Canyon Ave., Sherman Oaks. 3+3+bonus room+pool+mid-century touches for $779,000

This is 5248 Ventura Canyon and it's brand new on the market.  The home has particularly splendid mid-century touches like an entrance atrium, "hidden" wood-paneled storage cabinets, terrazzo tile, and a unique living room with a triangled wood ceiling. The storage panel cabinets connect each of the public rooms to one another with an easy flow. It also has 3 bedrooms, 3 updated baths, a bonus room attached to one bedroom, and a gorgeous pool.  The kitchen has been tastefully updated while still keeping the mid-century mood.  The family room/dining room has beautiful honey-colored wood floors, and two sets of sliders to the backyard.  This beauty is between Chandler and Magnolia, just east of Woodman.  Please see for more pictures and call me for more info.

Saturday, February 07, 2015

Open Sunday, 2/8, 1-4 pm: 5927 Wilkinson in Valley Village 91607

Check out this great 4 bedroom, 3 bath + den home in Valley Village for $725,000.  It will be open tomorrow from 1 to 4.  I'll be there along with Steve, the sargeant-at-arms.  Wilkinson is 2132 sf (feels bigger), with a fireplace, attached 2 car garage, sunny kitchen with large breakfast area, dining area, newer master suite, lots of closets, laundry room and two patio areas.  The green backyard has mature cypress trees for privacy.  This neighborhood is close to Whitsett and Oxnard, has many close-by mass transit options, and is also really close to houses of worship.  See for more pictures.

Monday, February 02, 2015

7720 Goodland in Noho is now on the market. 3+2 for $399,000. That's not a misprint.

Looking for the perfect home at an unbelievable price? Check out 7720 Goodland Ave., North Hollywood, 91605. How’s this for home features: stellar residential neighborhood, 3 bedrooms (could be four), 2 baths, 1509 sf (feels bigger), dining room, kitchen with eating area and plenty of counter space, big living room, beamed ceilings, fireplace, green backyard, separate 2 car garage, great vintage details – and priced at $399,000. That’s not a misprint.  This home has loads of original mid-century charm – either enhance the period details or re-do with your own decorating taste. Tax records show four bedrooms. One was converted to a dining room and can be converted back. This is a probate sale but no court confirmation is required -- call me if you'd like to know more.

Tuesday, January 27, 2015

Coming next week - 4+3+den in Valley Village

This inviting home will be on the market next week.  It features 4 beds, 3 baths and a den -- more pics coming soon -- and exudes original charm.  It is in a fantastic Valley Village location close to the Whitsett/Oxnard area and is on a quiet cul-de-sac.  Best of all, it will be listed for $725,000.  Here's your chance to snag a big, mid-east-SFV home at a great price! Contact me for more details, showings, etc.

Friday, January 23, 2015

Upcoming Noho listing is having an estate sale tomorrow. Here's your chance to see it before it goes on the market.

A few days ago, I mentioned an upcoming listing in North Hollywood.  You have an opportunity to see it tomorrow, Saturday, before it even goes on the market! The address is 7720 Goodland in North Hollywood and it's a 3+2.  It used to be a 4+2, but one bedroom was converted to a dining room.  It needs decorating and/or remodeling, but it's a steal at $399,000.  Large vintage kitchen, big living room with fireplace, sizeable master suite, beamed ceilings, separate 2 car garage, green backyard and a a lovely, quiet pocket of North Hollywood.

You can preview the listing at tomorrow's estate sale, conducted by estate sale manager extraordinaire Lara Nethery.  That's one of Lara's pictures above, and here's Lara's blurb:
This quaint home is all about vintage and mid century! Mostly art, furniture, electronics and collectibles. Please see my craigslist ad for more info and pictures. 

Hope to see you!! 

7720 Goodland Avenue
North Hollywood, CA 91605

Thursday, January 22, 2015

Eight Studio City revelations

Exactly a year ago, I moved from Burbank to Studio City.  Although I was quite familiar with Studio City already, here are eight things that I've learned this past year about my new neighborhood.

1.  The L.A. River is really the L.A. Slot.  The only water in it is in the little narrow channel in the center unless it pours rain.

2.  Halloween is a really big deal here.  Some of the houses in the neighborhood are decorated like movie sets, and it's really fun to see.  No other holiday has quite the presence in the neighborhood as Halloween.

3. Jinky's Studio Cafe provides an essential service.  Perhaps not quite as essential as LADWP, but...

4.  IMO however, Aroma has the best French toast and Dupars has the best pancakes.

5.  If I live 100 years, I'll never make it to all the sushi restaurants here.

6.  Almost everybody here is nice, at least the people that I've met.  That's pretty important when you're a door-knocking Realtor.  And just about everybody in the single family homes here has at least one dog.

7.  The Trader Joe's parking lot is the most treacherous TJ's parking lot ever.  If you shop at any Trader Joes, you will know that the competition is very heavy.

8.  It is relatively easy to get people involved in community concerns such as (over)development and crime issues.  Good thing, that.

Thursday, January 15, 2015

Coming next month but I can show it now: North Hollywood 4+2

Early next month, I will be listing a 4 bed, 2 bath home in a really nice residential section of North Hollywood.  It has been in the same family for years and needs updating and decorating, but the rooms are spacious and the house is ripe for a new family's vision.  It has a covered patio, family room, fireplace, and big back yard.  Here's the best part: it will list for about $400,000.  With the new 3% down payments and low interest rates, here's a wonderful opportunity for folks who otherwise thought they might not be able to buy a home this year.  No pictures yet, but I can show it to qualified buyers.

Tuesday, January 13, 2015

Another good Yelp review -- thanks, N&L!

I just helped N&L buy their first home.  We had a lot of challenges and a lot of laughs, too.  Here's their Yelp testimonial.  I am so grateful that they became my clients as they were wonderful to work with.

As I pick the obvious 5 stars Judy deserves Yelp is informing me that the meaning of this rating is 'Woohoo! As good as it gets!' and I couldn't agree more.

Buying a home can be an overwhelming and confusing undertaking at times, especially your first home. Having Judy on our team made all the difference in the world. She is a true professional, knowledgeable and has an incredibly creative approach that really helps her clients stand out from the myriad of other people bidding for that one property - especially in this competitive market. But more impressive than all of that is how much genuine care and importance she places on making sure her clients are educated during the process and that they get what they need. 

One of my favorite things about working with Judy is her sense of calm. She maintains a serenity that cuts through the challenges that are bound to pop up when buying a home. She is a source of protection and safety while at the same time being an incredibly forceful advocate for her clients. This is a very efficient mix! Judy is able to pull this off while keeping all interactions between the parties friendly and respectful. 

I guess the main thing I am taking from my experience with Judy is that she truly loves what she does and it really shows (in both how she treats her clients and the results she gets for them). I would not go with anyone else in any future real estate dealings because, as Yelp stated, Judy is 'as good as it gets'. Thanks for everything Judy. You're amazing!

Sunday, January 11, 2015

Good news for buyers re low down payments and lower mortgage insurance! And a teeny bit of bad news.

As you may know, low down payment loans are back.  Yes, 3%-down conventional loans (not just FHA loans) are available to buyers.  Before anybody gets all "slippery slope" on me, think about this: in L.A. and the SFV, with average home prices hovering around $500,000 to $600,000 for modest homes, who has $100k to put down on one? Or even $50k? Not young buyers, who are usually saddled with debt from student loans, have been paying high rent, and are usually salaried a little lower than older buyers.  Not move-up buyers, who have been paying a good part of their salaries for their existing homes and haven't been able to save.  (Only one buyer has to be a first-time buyer.)  Here's an article from Forbes about the new program.  Also, it's almost impossible to get a condo complex FHA-approved -- there will be far fewer condo approval issues with the new lower conventional loans.

And if that weren't enough, mortgage insurance has been lowered, too!  As many of you know, this is the premium that you pay if your down payment and loan-to-value is lower than 20%.  Here's an article from the Chicago Tribune about it.  I've always thought this was a rip-off -- this insurance sure didn't help anybody that was in trouble with their mortgage during the 2008-2009 recession.  But anyway, it's lower now, and will help buyers.

Here's the teeny bit of bad news for those of you buyers that live here.  It will still be hard to get a low-down loan accepted by your seller if you're in a multiple offer situation.  That's because sellers perceive -- rightfully so -- that high-down loans have a better chance of closing.  There are other ways to make your offer stand out, though, and we'll discuss that in future posts.

Friday, January 02, 2015

The saga of poor little 11485 Moorpark #17 in Studio City

This semi-charming townhouse was listed by me back in early October and finally sold in December after three, yes, three escrows.  Although it is only a little over 1000 feet and needs some upgrades, it has two bedrooms, two and a half bathrooms, and two balconies.  Best of all, it's in Tujunga Village.  Because of the needed repairs, we listed it at $399k, which was $10,000 the most recent (and smaller) sale in the building.  You'd think it would fly off the shelves, right? Everybody wants to live in Studio City and that's an excellent price, right?

We had lots of activity the first few days and got three offers.  Two were over $400k, and we picked one.  Those buyers backed out after their inspection.  Too much work for them, even though the price was right.   Dang.  Three weeks later, we received another offer.  A brand-new Realtor was the buyer.  I should have had a hunch that she wasn't sincere when she seemed more interested in a lower price than the actual condo.  She danced us around for awhile and finally cancelled after almost three weeks. Ugh.

But -- one of the original of the three would-be buyers noticed that we were back on the market and reinstated her original offer! Her offer had been $390 and the sellers took it.  The escrow went relatively smoothly and she closed just before Xmas for $390.  I hope she'll be very happy in her new home.  I loved working with my sellers, too.  Takeaway: Surprise! Even properties in hot areas at low prices can languish on the market.