Coming soon in Sherman Oaks - a 3 bed,3.5 bath home with a wine country vibe for $1,850,000

This lovely house is 14840 Round Valley Drive in Sherman Oaks, and it will be on the market next week. OMG, I'd buy it if I could. It's a totally private retreat. You can gaze out at the panoramic view while sitting under your own oak tree (that's Amy, above). Inside, the midcentury-inspired interior features huge windows that open to the massive front yard and yes, the views.  Just about everything has been redone, too.  Now, all you need are a few hundred vines... Check out 14840RoundValley.com for more pictures and come visit me at the open houses next Saturday and Sunday, the 8th and 9th.

Is the housing market going to crash soon?

Every day, somebody tells me that the housing market is going to crash.  I am not an economist or statistician, so take the following with a grain of salt.  With all due respect to the experts, I just don't see the fundamentals necessary for a crash in the near future.  

• First, yes, our housing price rises here in CA can't go on forever.  I said that in 2006, too.  Prices are now above what they were in 2008, though. Housing prices are high due to two factors in L.A.: 1) not enough inventory, and 2) there's a lot of money concentrated here.
• Currently, unemployment is low.  It would have to go up by several points to have an impact on local housing sales.  Last time, it was 8%-9% before we saw a lot of foreclosures here.
• Interest rates are still relatively low.  When I started in this business, interest rates for mortgage loans were around 8%.
• Banks and lending institutions have tightened up quite a bit and are no longer giving mortgage loans to anybody that can fog a mirror.  Buyers now have to show that they can actually pay a mortgage back.
• Even at the height of the Great Recession, home prices here in the Southland, in areas with desirable housing stock, low crime, and good schools, only went down an average of 8%.  Do the math -- even if there's a 10% price reduction, say, in Sherman Oaks, Studio City, or Burbank, an $800,000 home here will be selling for $720,000.  That's not really enough of  difference to make a home super-affordable.

Again, I'm not an expert, but I know what I see.  Could there be cataclysmic event that turns the market on its ear? Sure, but if that happens, we will all have bigger fish to fry than housing prices.  And on that cheery note...feel free to challenge my assumptions or ask questions.

3rd anniversary of Judy Graff Properties, Inc.!

Today marks the 3rd anniversary of the formation of Judy Graff Properties.  Three years ago, I made the move away from large agencies and opened my own full-service real estate company.  I have never looked back.  JGP is slowly growing, but will always be providing the difference, and leading with a heart for service.  Thanks to all the clients and agents that have made this endeavor such a success!
Graphic courtesy of Steve, of course.

5544 Ventura Canyon in Sherman Oaks finally closed last week

5544 Ventura Canyon is a beautiful flip done by colleagues/friends of mine.  It closed last week at $888,000.  That was the third time it had been in escrow.  Yes, it fell out of escrow twice, which is a record for me.

Why? The house attracted very well-educated buyers who expected the home to be structurally pretty. They wanted the bones and guts of the house to be as top-notch as the finishes and top-off.  Alas, there were items that were just not up to that standard.  The flippers wound up fixing and redoing a lot of the structural stuff.  Finally, we got just the right buyers and the house closed last week.  The obvious moral of the story is that flipping houses can be very un-lucrative.  If you are considering flipping a house, make sure that you inspect, inspect, inspect beforehand.

And if that wasn't enough...a new price for the new year

5544 Ventura Canyon in Sherman Oaks is now listed at $888,000! This splendid re-do features four beds, 3 baths, all the bells and whistles, and is in a fab neighborhood.  I will be holding it open Friday from 11 to 2 and again on Sunday, the 8th, from 1 to 4 pm.  More details can be found in my previous post and at JudyGraff.com.

Open Friday and Sunday - 5544 Ventura Canyon, Sherman Oaks

Happy New Year! Need a redone, sexy 4 bedroom, 3 bath home in a fab neighborhood? For $909,000? Come visit me on Friday the 6th from 11 to 2 or Sunday the 8th from 1 to 4 at 5544 Ventura Canyon in S.O. With inspired finishes throughout, the home features an open plan with European Oak engineered wood floors, dining room, and a gourmet kitchen with quartz countertops, custom cabinets and Viking stainless steel appliances.  Rebuilt for today's living with upgrades including LED lighting, dual paned windows, new HVAC, new electric 200 amp panel, and a new roof. The spacious master suite has a customized walk in closet, and a luxurious bathroom with marble counter, double sinks, & an over sized shower.  Each bedroom has exquisite sliding glass doors.  Pretty, green backyard is a canvas for future projects or even a pool. I look forward to seeing you.

14784 Round Valley in Sherman Oaks has sold for full price

This is 14784 Round Valley in Sherman Oaks and it just closed escrow.  I would have bought this house if I could have -- the back area was very uniquely designed and the interior had everything I could want.  The home belonged to my agent and colleague Debby.  The sales process wasn't particularly smooth and the first escrow cancelled because those buyers didn't want to deal with the septic tank. Oh, those septic tanks! The second buyers didn't have a problem with septic tanks, but we had a problem with their agent's "team" of helpers (that will be the subject of another post soon).  But at any rate, onward! Debby and family are now on to a new life.

Second chance on 14784 Round Valley, Sherman Oaks

If you missed it the first time around, now is your chance to own this amazing hillside home in Sherman Oaks.  Yes, 14784 Round Valley is now back on the market at $1,189,000.  See more pictures at 14784RoundValley.com.  (Don't miss the glamourous back area.) We will be holding it open Friday, the 26th, from 11 to 2 and again on Sunday, the 28th, from 2 to 5.

Brand new listing in Sherman Oaks

14784 Round Valley Dr. in Sherman Oaks is coming on the market Wednesday, July 27, for $1,189,000. See more pics at 14784RoundValley.com. This 1999 sf. contemporary is heaven in the hills. Superbly maintained, this private and peaceful 3-level home has a tree house-like indoor/outdoor feel.

This 2+loft+3 features a professionally-landscaped entertainers’ outdoor area with lap pool, spa, fountains, and adorable pool house. Inside, the 2^nd floor living space is both huge and cozy and features the dining room, fp, powder room and access to the wonderful wrap-around deck.

Remodeled kitchen and baths include caesar stone counter tops, stainless steel appliances, and custom vanities. The big, bright master has a fireplace, en-suite bath with jetted tub and walk-in closet.  Another full bath is adjacent to the sunny 2nd bedroom.  The loft with its large closet can be repurposed as an office, den or 3rd bedroom.  You'll love gazing out the wall of windows at the hills, terraced garden, tree tops, or twinkling city lights.

Please contact me for more details.  It will be open for brokers this Friday, and open to the public on Saturday and Sunday.

My clients just bought a home in Sherman Oaks and I learned more about septic tanks than I thought there was to know.

Congratulations to Joe and Amy on their recent purchase of a wonderful mid-century home in Sherman Oaks!  Over the months, we saw every home in Sherman Oaks and Studio City, but nothing clicked.  Then, we arrived at this Sherman Oaks home and it was love at first sight.  It was recently bought and flipped by a celebrity flipper couple; click here for L.A. Times article.  Yes, we had competition, but Joe and Amy really brought a lot of creativity to the offer process and ultimately prevailed.

Did you know that portions of Sherman Oaks' hillside properties are on septic tanks and not city sewers? Neither did I until this sale -- septic tanks are not common in L.A.  So as part of the buyers' due diligence, they had the entire septic system inspected.  And we read reports previously obtained by the sellers. And learned lots and lots about tanks, pits, depth of pits, how often the clean-out needs to happen, care and handling, drainage, etc.  We combed over the findings (the inspection videos are on Youtube, if you are brave enough want to see them).  This is definitely NOT the sexy part of real estate.  At the end of the day, all was well and we all are much better educated than when Amy and Joe began their journey.  The house and view are truly lovely and I'm sure Joe, Amy and their dogs will be very happy there for many years to come.

R.E. market has low inventory and fierce competition

The L.A. Times had a substantial feature in today's paper about how many homes aren't for sale, and the resulting strong competition among buyers.  Title should link; if not, click here.  Trends I'm seeing in Sherman Oaks and Studio City: overpriced homes for sale that are not reducing their prices but just waiting for the market to catch up.  Also, some of the higher-priced properties are only having two or three public showings, total. If you miss one, you're out of luck for seeing these select homes.

2+2 chic condo in Sherman Oaks' hottest neighborhood is now on the market

Looking for a very cool condo around Hazeltine and Moorpark in Sherman Oaks? This is 14115 Moorpark #202 and it's really lovely.  It has 2 beds, 2 baths, 1250 sf, beautiful laminate floors, huge living room, on-trend kitchen and dining area with re-done cabinets and new appliances, long pass-through bar, fp, and big balcony.  It also faces trees instead of your neighbor's stucco!  There are two tandem parking spaces and extra storage in the garage. And, it's walking distance from The Local Peasant, mega-Ralphs, Westfield Shopping Center, Cafe Bizou, Mendocino Farms, etc. Price is $420,000 and the HOA is $425/mo.  The building is well-managed and even has a pool and spa. HOA includes earthquake insurance and yes, allows 2 pets per unit!  I will be holding it open on Sunday, March 27, from 1 to 4.

Before and after with JB and Karen

Clients JB and Karen bought a 2 bedroom, 2 bath condo in an older Sherman Oaks building last year.   As you see, the kitchen wasn't anything to write home about.  The remainder of the unit is pretty basic, too.

And here's the after picture.  Karen and JB both have full-time jobs, aren't flippers, haven't done this before and just got married as well.  Even though they only got to this project on weekends, they managed to turn the kitchen/dining area into a show place.  Kudos, guys! I look forward to seeing what else you do with the condo.

Need a gorgeous Sherman Oaks condo on a blissfully quiet street? Check out 14560 Benefit #207, 2+2, $525000

I just listed this sublime, move-in ready condo below the boulevard in Sherman Oaks.  It's next owner is going to be really lucky -- the front balcony faces the peaceful, green street (no views of stucco here), it's 1518 sf, has a big kitchen with all appliances included, fireplace, new carpet, some new paint, and lots of closet space. The master closet is bigger than my first apartment.  The bedrooms are suite-like and can be closed off from the rest of the unit, which makes this a perfect roommate set up. The well-managed security building has a pool, rec room and spa.  It's walking distance from all of Sherman Oaks' fun stuff, and the local public elementary school is the excellent Sherman Oaks Charter.  The first brokers' open house is Tuesday, 8/4 from 11 to 2 and the first public open house is 8/9 from 2 to 5.  Please call with any questions!

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!

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.

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 5248VenturaCanyon.com for more pictures.

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 5248VenturaCanyon.com for more pictures and call me for more info.

Coming soon in Sherman Oaks: 5248 Ventura Canyon Ave.

I think the website speaks for itself. 5248VenturaCanyon.com. Please call me for more details.

Karen and JB closed escrow on their Sherman Oaks condo today!

My wonderful first-time home buyers, Karen and JB, closed escrow on their new home today.  This couple met in college and will be married next year.  Even though they are still in their 20's, they wanted to take the plunge into home ownership and we looked at Sherman Oaks condos for about a month until we found the perfect place. Best of luck with everything, K&JB, and thanks for introducing me to Local Peasant in Sherman Oaks!