There is something special about a house that has been lived in and loved for decades. That doesn't mean that it's easy to sell.

12412 Rye Street in Studio City closed escrow a couple of weeks ago.  The owner is a senior citizen who left the state to move closer to family.  The home is beautifully maintained and gorgeously landscaped.  Unfortunately, it had a floor plan that just isn't popular anymore -- 2 beds, 1 bath, and a huge den tacked on to the back of the house.  And, a large apartment building loomed over the back yard.

Nevertheless, I was excited to sell such a little gem. I competed for the listing and for a few months, the listing was "open" -- other agents (six others, I think) could bring buyers and market the home too.  But eventually, I obtained an exclusive listing at $890,000, which is low for the neighborhood. I thought qualified buyers would be storming the place.

It didn't happen that way.  Although contractor-buyers had swarmed the neighborhood in the early part of the year, most were busy with new builds or just plain not interested by June.  Individual buyers could only see all the work they'd have to do to contemporize the layout.  And we started to get crazy lowball offers, like $700k (buyers, if you are contemplating making lowball offers on any of my properties, know this: if the seller would take a price that low, I'd buy the property myself.)

The seller lowered the price to $849,000 in July and we finally began to get some realistic buyer activity.  We actually had multiple offers just before we accepted one for $840,000.  The buyer is an architect/contractor and closed with a collateralized hard money (as good as cash) in 10 days.  Whew! We then had a bad time with the estate sale person (another story for another time) but the home was finally emptied and closed escrow.  I hope the new buyers do something beautiful to the place that makes their new buyers really happy.