Open Sunday, 1 to 4 pm - 10862 Bloomfield, Toluca Lake

Looking for a luxury unit in a beautiful Toluca Lake building? This stylish condo has it all in 1300 sf. High ceilings, open floor plan, big kitchen with lots of storage and counter space, high-end finishes, huge windows, two large bathrooms, patio, in-unit w/d, fireplace, two parking spaces, and security building too! Expertly maintained unit and building with proactive management company.  All appliances (some brand-new) are included too. Check out the website at 10862Bloomfield103.com.  It's in a great neighborhood close to all that Toluca Lake/Studio City/North Hollywood/Universal have to offer.  And...it's listed for $585,000.  It will be open on Sunday, July 28, 1 to 4 pm, or you can call me for a private showing at 818-370-4837.

My Toluca Lake short sale closed!

If you're a regular reader of this blog, you may have been following my "how my short sale is going" posts for 10862 Bloomfield #103 in Toluca Lake.  IT CLOSED! 

Last Monday, Chase, the lender, finally sent the approval letter to me.  It had been a little over 4 and 1/2 months since the short sale package plus offer was submitted to Chase.  While we had verbal approval at the end of May, it just took forever to get Chase's letter -- and you can't close a short sale transaction without having an okay from the lender in writing.  Since the buyer was paying cash, we -- meaning, mostly, the escrow officer -- was able to slam this shut on Friday. (Paying cash is a much faster transaction than getting a loan.)  We had worked in advance with both buyer and seller and had all disclosures and other contractual items reviewed and signed off in June.

A couple of details.  Yes, there were two loans.  Both, however, were with Chase, so Chase just wrote the 2nd off.  The seller/borrower was still current on her HOA payments and mostly current on her taxes, and there were no other outstanding liens against the property.  The seller could definitely prove her hardship, as she was denied a loan modification in 2009 and was laid off this year.  Since I represented both the buyer and seller, the commission was cut in half.  Bah.  But it's closed now and everybody is happy.

Short sale listing in Toluca Lake

 

This is the exterior of my new listing at 10862 Bloomfield, #103, Toluca Lake 91602. This 2006-built condo has all the bells and whistles, including 2 beds, 2 baths (since when is that a bell or a whistle? nevermind), 1300 square feet, hardwood floors, patio Italian marble in the kitchen and baths, high ceilings, security building, and a fabulous location in Toluca Lake.  And it's $383,000.  Here's the bad news: it's a short sale, but I'm committed to getting this turned around as soon as possible.  Call me with questions or for showings.

Spikes at 10862 Bloomfield, Toluca Lake

This is 10862 Bloomfield in Toluca Lake. This 22-unit building was built in 2006. It has three short sales and two foreclosures on the market -- at least it did until this week. One foreclosure has been listed since December for $317,900. It sold over full price last week with cash multiple offers. No surprise, that's a pretty low price. The second foreclosure has just been listed for a couple weeks at $355,500. It is on the same floor as the first foreclosure and has the same features, size, etc. It has also sold with multiple offers and may close (depending on variables including the appraisal) as high as $370,000!

There's two ways to look at this. The first way is the foreclosures-have-halved-local-equity way: that's a lot of foreclosures/short sales for condos that originally sold for $600,000-$800,000. The second way is the market-is-rebounding way: that's quite a sales price increase for two essentially-the-same units in the same building (I've seen several units in this building).

The short sales are comparably priced, too, but as we all know, short sale offers are difficult to get accepted.