Redfin sets the blogosphere on fire, along with lots of agents

Late last week, Redfin announced an important addition to their site -- an agent scouting report.  Now, you'll be able to look up just about any agent anywhere in the country and see their statistics -- average sales price, number of buyer and seller transactions, map where those transactions occurred, etc. 

The r.e. blogosphere has gone crazy over this. I'm a Redfin Partner agent myself, and I often look at the Redfin site to get property info that I can't get on the mls (yes!).  I don't think this will be useful for many, many reasons.  My main area of concern is this: real estate is not baseball, and statistics don't really tell potential customers much.  Stats simply measure number of properties bought and sold, and as we all know, a real estate transaction isn't necessarily a unit that can be measured.

We'll see how this plays out in the coming weeks.

Cutest house of the week -- in Atwater!

I showed this home at 4122 Edenhurst ($495,000) in Atwater today.  Even though it's not large, it was totally impressive -- completely redone, yet period details intact and freshened up.  It has a cute (not permitted) guest unit, too and a lovely green backyard.  And the neighborhood...!  I don't show there very often, but I'm going to pay A LOT more attention to it from now on.  Atwater has totally come around in the last few years, the residential homes have been spiffed up and there's lots of pride of ownership evident now in the area.  The home prices are less than what you'd find in similar areas.  It has cool restaurants, golf courses and horse stables nearby (I stepped in a road apple) and a bike path now runs along the L.A. River.  Well, okay, it still has LAUSD schools, but it also has its very own Costco (what more could you want, right?).  If you work downtown, in Pasadena or even the east SFV, it's really well-located.  It would be a great option for those looking for homes in the $450k-$600k range.

U.S. to lower the size of mortgage it will guarantee - but I don't think that's going to have too much of a negative impact

Here's an article from today's L.A. Times about lower loan limits that will go into effect at the end of September.  While many of my colleagues are wringing their hands over this change, I'd like to point out three things. 1) The limit is reducing from $729,750 to $625,500.  So any loan amount over $625k will now need to have jumbo financing. Therefore this will really only impact home buyers, and home prices, between those two loan amounts only -- that's only a price spread of $104,000+.  2) Jumbo rates are at an all-time low. 3) Yes, many of the areas I serve have high home prices; but a greater amount of neighborhoods have home prices that don't exceed $600,000 in the first place.  So will there be wide-spread harm? It remains to be seen, but I doubt it.

Questionable mls pictures on otherwise cute homes for sale

This is 916 N. 6th Street in Burbank.  It's currently for sale at $549,000.  Although it's not my listing, I've been in this home several times over the years. In spite of the creepy Alice-in-Wonderland-with-a-knife, it's really nice -- it has 3 beds in 1481 square feet and lots of original details have been preserved.  Only one bathroom, though.  This house and the two next to it (one of which I sold) were built by the same builder in the late 1920's and it's in a great Burbank hillside neighborhood.  The current owners are selling this at a loss.  Now, I know weird listing pictures are nothing new at all, but for the sake of marketing, don't you think this interior picture of Alice (there are four angles) should have been left out?  Somehow, weird interior pics just don't make me want to buy otherwise splendid character homes.  Other shots show Frankenstein's monster in the living room, skeletons, etc.

Burbank - Toluca Lake townhouse of the week

This unit is located at 330 N. Maple #D in Burbank and the pictures don't quite do it justice.  It's a 2 bedroom, 2.5 bath, with a large bonus room that leads directly to a common parking garage.  The bonus room would make a great office, media room, etc.  Plus, this is in a great location -- it's just down the street from Warner Bros and close to all Toluca Lake restaurants, Starbucks, etc.  The master bedroom is large and sunny and -- oh, I'm gushing.  Plus, the HOA is $309.  Oh yes, the price is $369,000 but I bet the owner would listen to all offers.  Seriously, although the decorating needs some updating, this has lots of potential.

How the short sale at 2012 W. Verdugo in Burbank is going

We are now two months into the short sale process on 2012 W. Verdugo in Burbank and maybe, just maybe, we're getting close to approval.  The short sale package, including an accepted offer, went to both BofA (1st lender) and Chase (2nd lender) in late July.  Subsequently, the banks put my seller through several paperwork hoops.  They also had a full appraisal done about 3 weeks ago.  Usually, banks have just had a Realtor (not the listing agent) do a broker price opinion, but I'm told that more and more frequently they are ordering appraisals now.

At any rate, the banks finished their collection processes a couple of weeks ago and submitted the packages to their investors for approval.  I'm hoping we'll hear something this week or next week.  Keep your fingers crossed...

Houses of the weekend, or not

I've seen a bunch of new properties in the San Fernando Valley in the last few days and here's my take on them.  In some cases, here are my clients' takes on them, too.

3833 Ridgemoor, Studio City (pictured above) is a 2 bed, 2 bath + den in the hills for $549,000.  It has been listed for awhile.  The setting is gorgeous and green and I love the organic look of the wood siding.  But the house seems a little precariously pitched against the hill.  There are some signs of displacement and the floors slope, which is not uncommon in this area.  But that's not what my clients were looking for.

14312 Califa, Sherman Oaks but really Van Nuys is a 3+2 plus bonus room for $569,500.  This area is tricky, as are many SFV areas -- the major artery streets look beaten up and a little scary, but once you get off those and into the residential areas, the neighborhoods get very nice and peaceful.  Anyway, this house has been professionally redone and looks really nice.  It may be a flip.  We were a little put off, however, by the Realtor's flyer -- "On the Market Three Days and Already has Offers!"  That's really not what first-time buyers want to see, especially when, as in this case, it's not true, as the agent later confirmed.

12414 Albers, Valley Village is a 3+2 for $598,000.  Great neighborhood and a nicely updated done house with a great floorplan.  Some of the countertops and other finishes look like they're from the last remodel.  Nothing wrong with that, just saying. 

5732 Wilkinson, Valley Village is a 3+2 with a pool for $579,000.  This was my clients' favorite.  It has really pretty light wood floors, a custom remodeled kitchen and a stand-alone fireplace separating the living room and dining area.  The backyard is all tile, and while the pool looks recently redone, the yard slopes towards the house.  Needless to say, this is bad for drainage -- the last thing you want is a pond of water up against your foundation.  Fixable? Very likely, but for a price.

11641 McCormick in Valley Village is a 3+2 for $519,999.  It, too, has been nicely redone and just had the price reduced.  However, the location is really less than ideal.  You can hear the 170 Fwy, there is plane noise overhead, and you can see North Hollywood High (yikes! teenagers!) at the end of the street.  The backyard needs to be sodded, too.

One of the houses had a bidet (!) but I can't remember which one.  If a bidet is on your housing wish list (is it? be honest), call me and I'll put my memory hat on.

My house of the week, however, is another Burbank townhouse at 230 Bethany #119.  It's an REO and is listed for $347,000.  It has two huge patios, and nobody above or below it.  Plus, a bonus room has been designed to be a third bedroom or den.  This is a very popular complex in Burbank and in my opinion, this is a killer price for a unit this nice in this location.

 More later!

Colfax Elementary in Valley Village is too good for its own good

This article by Cathy Flynn just appeared in the North Hollywood/Studio City Patch.  Also, I just noticed that a former Valley Glen elementary school is now Ararat Charter.  Anybody got any info on that?

Colfax Reaches 910 API and Closes Its Doors to New Enrollment

This highly sought school becomes a little too popular.

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Can a school be too good?
With all the news these days of failing schools, falling test scores and high school graduates who are not prepared for college, the schools that are doing well make the headlines, are celebrated, and publicized as a goal for other schools to emulate.
And then there’s Colfax Charter Elementary School in Valley Village.
It used to be a well-kept secret that Colfax was a great little gem of a school – kind of like Carpenter without the bucks. The school is diverse, with a very active parent base. Its charter dictates that its core academic curriculum be integrated with arts, science and technology, and Colfax’s graduating students easily excel at the middle school level along with high-performing private and public elementary schools that are much more affluent.
Three weeks ago, API (Academic Index Report) scores were announced and Colfax hit an astounding 910 (anything over 900 is considered very impressive). But Colfax is not hanging up its banner to publicize the good news.
Why?
Colfax has reached its capacity, and new students – even if they live in the Colfax district – are now being turned away and forced to go to nearby Riverside Drive Elementary School in Sherman Oaks.
In 2008, with just over 500 students, Colfax became an affiliated charter, which means that they are still a part of the Los Angeles Unified School District, but they have flexibility in instructional programs and budgets.
Ten years ago, Parents Association of Colfax Elementary (PACE) had an annual budget of about $3,000 to pay for capital projects and extracurricular activities. Today, the budget has increased 100 fold to nearly $300,000. Parents collectively pay for classroom aides, extra science and math programs, a working farm (with both plants and farm animals), violin and keyboard instruction, chorus, orchestra, visual arts, theatre, dance, a computer lab and laptop carts.
Early this year, principal Susana Gomez-Judkins could see that Colfax was filling up. A well-publicized first day registration in April attracted a line of about 80 families rushing to enroll their children for the fall. More families registered in the following months. A preschool class for special needs children was relocated to Riverside Drive to make room for the additional enrollees. Late spring, an LAUSD redistricting committee closed the option areas that Colfax shared with nearby Carpenter Community Charter School in Studio City, Riverside and Rio Vista in Toluca Lake. But on Aug. 31 – exactly one week before the start of the 2011-2012 school year – Colfax had reached its capacity limit.
“We would love to take everyone in the area and accommodate all the kids,” says principal Gomez-Judkins, but she is adamant about keeping the school small.
She is reluctant to consider constructing additional buildings or bungalows for the school.
“It would impact the ability for us to provide a quality program.” She notes that the original charter dictates that Colfax serves approximately 500 students, yet that number has mushroomed to its current population of 647.
“Obviously we have an obligation to serve all the neighborhood kids,” Gomez-Judkins states, and she finds it heartbreaking to turn away children who live walking distance from the school. Yet she must abide by the policy of  “last one in, first one out” when it comes to enrollment.
Although it may at first glance seem like a ruthless task, Gomez-Judkins is actively pursuing families who have lied about their residency and actually live outside the Colfax district. A spot taken by someone who should legally be going to a different school prohibits someone else who rightfully lives in the area from being allowed to attend.
This has sparked occasional rumors from parents who speculate that other students may live outside the area. Gomez-Judkins intends to keep inaccurate rumors from turning into a witch hunt by having parents tell her directly.
“It’s not hearsay, it’s not a rumor, it’s not some other person told me,” Gomez-Judkins advises. “If you have first-hand knowledge about it, don’t gossip about it with your friends. Tell the front office and don’t tell anyone else. That limits the witch hunt mentality.”
An example would be if they were invited for a play date and the house was in Van Nuys. Gomez-Judkins has been known to knock on the door of the home listed on the enrollment form and ask to see the child’s toothbrush.
The principal used to have a hard time playing bad cop in kicking out the families who lied on their application, but now she feels like it’s a necessary evil that’s required to protect the families who deserve to be enrolled.
The cap will have an even greater affect on next year’s enrollment because overcrowding may prompt the necessity for fewer kindergarten classes.
Gomez-Judkins suspects that Colfax grew more popular when it became an affiliated charter.
“But Riverside Drive is now an affiliated charter. Carpenter is an affiliated charter. Sherman Oaks Elementary an affiliated charter,” the principal states. “Increasingly there are more options for people to pursue in the affiliated charter area. There are a lot of great things going on in the local schools. Colfax doesn’t have to be the only one drawing in these kids. There are a lot of other schools looking for those families to change their school communities.”
Perhaps it will be just a matter of time before Riverside Drive Elementary becomes the hot new affiliated charter school and they, too will need to cap their enrollment and send students off to yet another public school.

Refinancing a bubble?

The following editorial appeared on the opinion page of today's L.A. Times.  I think it's worth printing in its entirety, and my take is at the bottom:

Rock-bottom mortgage interest rates offer borrowers the opportunity to free up a significant amount of cash by refinancing their loans and lowering their monthly payments. Unfortunately, that option isn't available to millions of borrowers because plummeting property values have left them owing more than their homes are worth, rendering them ineligible for a better loan. Others are trapped by poor credit ratings or restrictions imposed by their second mortgages. The Obama administration, which has tried without much success to help some of these borrowers refinance, is looking for ways to enable more of them to do so. There are trade-offs, but it's an effort worth making.

At issue are several trillion dollars' worth of mortgages backed by Fannie Mae and Freddie Mac that charge interest well above today's prevailing rate. Enabling these borrowers to refinance could save them hundreds of dollars a month. It also would help more of them avoid foreclosure, reducing the amount Fannie and Freddie lose to defaults. That's good for the taxpayers, who are covering the companies' losses. Cutting the borrowers' payments, however, would necessarily trim the revenue collected by Fannie, Freddie and the investors who purchased securities based on those mortgages — potentially by billions of dollars.

Advocates say that the public would come out ahead because the reduced payments would be more than offset by the reduction in defaults and the benefit to the economy. The Congressional Budget Office agreed in a recent report based on one possible implementation of a refinancing plan. Even so, it's not a slam dunk. Some barriers to refinancing, such as those posed by second mortgages, are stubbornly hard to overcome; that's one reason the existing refinancing program for "underwater" borrowers has helped only a fraction of the number anticipated. Nor would the program do much for those most at risk of foreclosure, given that borrowers who have fallen behind on their payments aren't likely to be eligible.

Nevertheless, the government should try to enable more people whose property values have plummeted to refinance. These borrowers are caught in a trap not of their own making; if not for that trap, Fannie, Freddie and investors would have seen their revenues cut long ago. Lowering more borrowers' monthly payments won't cure all of the housing market's many ills, but it will brighten those households' financial outlooks. That will boost consumer spending and avert some foreclosures, helping the communities hit hardest by the housing slump. 

I agree that underwater homeowners should be allowed to refinance.  The alternatives -- either short sales or foreclosures -- only drag down property values for all the other non-underwater neighbors.  Plus, the end result is the same -- no, the investors won't see the profits they were promised, but they wouldn't either if these homes are short saled or foreclosed.

New, improved loan fraud through independent "loan coordinators"

A lender told me the following story yesterday: a buyer came to him for a purchase money loan on a particular property.  The buyer had an independent "loan coordinator" working with him in addition to his own Realtor.  Sufficient documentation, including several Wells Fargo bank statements, paycheck stubs, and verification of employment were turned into the lender with the loan application.  Everything was proceeding along just fine.

Then, one of the lender's staff did the last minute check to make sure the bank statements matched the bank records.  They didn't.  The Wells Fargo bank statements were forgeries.  Excellent forgeries, says the lender. 

Needless to say, the loan didn't go through.  The lender says that the independent "loan coordinator" wanted to know exactly what triggered the denial.  The lender thinks the loan coordinator wants to know how to do his job better next time.

Meet the new neighbors in Glendale -- coyotes!

Residents in North Glendale got a somewhat unwelcome surprise when a family of coyotes moved into an abandoned, fire-damaged house on Brockmont Drive.  Read about it here in the L.A. Times.  As many as seven coyotes may be living in the house, and some of them are youngsters...as in teenagers.

The powers-that-be in Glendale are currently deciding how to deal with the coyote family, which while making all the neighbors a bit nervous, has not caused any real harm...except for the fact that the teenage coyotes stay up late at night partying and playing music by Howlin' Wolf and Three Dog Night at peak volume.  Also, the Acme Supply Company truck has been seen outside the house delivering dynamite and other items used by at least one "wily" coyote to catch roadrunners.

There is no indication in the article about whether the coyotes plan to rehab/remodel the house and whether or not they've applied for any building permits.  The coyote family has not yet rsvp'd for the annual Brockmont block party, but if they come they plan to bring their special rodent kabobs.

House, er, townhouse of the week in Toluca Lake

This is 4354 Cartwright in Toluca Lake.  The picture doesn't quite do it justice.  It's a 2 bed, 3 bath, 1380 sf. with an attached direct-entry 2-car garage, a loft and four -- yes, four -- decks or patios.  Two of the decks are roof-top and have views.  The building is mid-block away from busy streets and is in a nice residential neighborhood.  You can even walk to Firenze! Or the BMW dealership on Lankershim! Or St. Charles!  And if all that isn't enough, it just had a price reduction to $349k.  And the hoa is a low $230 a month.  I'm very impressed by this townhouse complex -- so much so that my husband and I made an offer on another unit here for ourselves last November (alas, we were outbid.)

Now for the bad news: it's a short sale.  But if you're willing to wait out the process, you'll have a really nice unit.

Tune in "Professional Grade" on HGtv and watch Ross and Tracy remodel their bathroom!

Professional Grade is a new HGtv show that runs on Saturday mornings. Here's the official blurb: Savvy and resourceful homeowners tackle a room renovation trying to achieve professional quality results on a limited budget. If they can fool a team of master contractors into thinking they spent more money than their actual out-of-pocket costs — the homeowners will win the difference.

Please make sure to record this on your DVR, because clients and Burbank residents Ross and Tracy Necessary will be the subjects of an upcoming episode.  They remodeled their master bath and did a breathtaking job.  I was on-hand for the "reveal" and shot a couple of videos of the process which you can watch, below.

Let's be careful out there in Studio City and Van Nuys

From a forwarded email:


Hi everybody:

An agent in the Studio City office forwarded this email from a friend

Monday to warn us about

a dangerous man in the area. Please read the email below with the

expectation you will take

extra precaution.



"Please pass this along to your friends, family and co-workers in the

L.A./Valley areas!



I am sending this out to friends in the area to be extra-aware. There is

a serious criminal who

has car-jacked three women in the last two weeks in the Valley (two in

Studio City and one in

Van Nuys). I was one of the victims (see below). This man was just

released from a maximum

security prison and is a junkie. He is about 6'5" tall, black hair down

to his waist (it was

in a pony tail), appears either Hispanic or American Indian, and is

suspected to be in the

North Hollywood area. Each case was a woman alone, sometimes pumping

gas.







Last Friday evening, I was car-jacked while exiting the CVS at Laurel

Canyon and Ventura Blvds.

in Studio City. Thank God, I'm OK (only a big bruise) but he got my car,

purse, keys and all my

ID. Studio City is considered a safe area, and there were lots of people

around at the time.

This was a brazen act of opportunity by a dangerous man.







Please spread the word, and take extra care. I am extremely cautious,

but let me tell you it

only took 10 seconds..."

Happy New Year! Four months early and not a moment too soon

September has always felt like the beginning of a new year to me, no doubt because this is when the new school year starts. Real estate-wise, it has always seemed like the end of one selling season and the beginning of another. After all, buyers are looking to buy because interest rates are down and homes are more affordable.  Sellers, inventory is low (actually, lack of inventory is the r.e. market's biggest problem right now, IMO) and some houses which previously had price reductions have now sold over list price.   So let's declare it a new year for real estate in Los Angeles, too. Let's pop the cork on some champagne, put the past behind us and start fresh, si? At least until the traditional Xmas slowdown...

From Sunday's L.A. Times: Read the second part of the headline first. Home prices soar (what?) AND monthly payments are more affordable

Sunday's L.A. times had a syndicated column by Lew Sichelman entitled Home prices soar in some areas as buyers opt for more expensive properties.  Lower mortgage rates are making monthly payments more affordable.  Does it seem that those are two different subjects to you? Well, the first part of the article says,

"[Prices] didn't just rise, though. They shot up by double digits, as much as 54.5% in Kansas City [Kansas City? Really?], almost 39% in Detroit and nearly 28% in Indianapolis from the second quarter last year, according to a survey of the nation's 32 largest metro areas by the Federal Housing Finance Agency.

Of course, house prices didn't really soar that much in a year's time. What's far more likely is that people in those places and several others bought more than the usual number of expensive properties in the April-May-June period." Okay, that explains it.  
The article then switches horses in mid-stream and discusses low interest rates. 
One consultant states, "Buyers also shouldn't worry about whether prices will continue to fall... because mortgage rates have only one way to go, which is up. Even a small jump in rates will wipe out any savings buyers might achieve by waiting for prices to drop further." And here's an interesting mathmatical take-away: " If prices remain flat and rates rise a full percentage point, to 5.5% from 4.5%, the same $200,000 house will cost 12% more each month to own, Yamano said. And if rates should spring up 2 percentage points, to 6.5%, your mortgage payment would jump 25%."  I don't think anybody needs to worry about interest rates rising today, but the article is correct: they have no place to go but up, and I think it's a good idea for would-be buyers AND sellers to be mindful of this.

From Toluca Terrace, a must see car wash video

This should prove for all time that the SFV Valley is the coolest part of L.A. 

House (tale of woe) of the week and news you can use

The house pictured above is a foreclosure in Burbank's Rancho district.  My clients, who are well qualified and have been looking for a home for over a year, made a very smart, clean offer on this cutie. The dollar amount offered was in line with comparable neighborhood sales.  Alas, we learned that another higher offer came in at the same time.  We countered, but ...sigh.  Stay tuned for the outcome.

Now on to the really good news: mortgage interest rates are hovering around 4%, with points, for a conforming loan.  Jumbo loans have rates at low as 4.75%! Nobody is predicting an interest rate rise any time soon, either.

And here are a few tidbits for condo owners.  California has passed a law permitting solar panels to be installed on any condo.  An HOA can issue restrictions, but those restrictions can't be prohibitive.  Also, all condo projects and HOAs must now allow pets! Yes, once again, an HOA can issue restrictions (like a weight restriction, for example) but the restrictions can't be prohibitive.

Calculated Risk: Real House Prices and Price-to-Rent

Have you checked out Calculatedrisk.blogspot.com? Today's post has lots of info about the national real estate market. Check out the graphs here -- they basically say that we're back to year 2001 as far as price appreciation goes.
Calculated Risk: Real House Prices and Price-to-Rent: Case-Shiller, CoreLogic and others report nominal house prices. However it is also useful to look at house prices in real terms (adjusted fo...

One in four male Realtors packs heat!

Thanks to our friends at Agent Genius for reporting this.  Now, I'll have to look around my office and wonder who is or isn't ...uh...loaded.  I wonder how many Realtors have actually used their guns on the job, although I'm sure that 100% of all Realtors, male and female, have wanted to use guns on the job.

Toluca Lake home for sale -- nicest from yesterday's caravan

The nicest house that I saw on caravan yesterday was 4355 Clybourn in Toluca Lake (pictured above).  It's a 2+2 with separate office and pool for $749k and it has a really comfy ambiance.  That's a terrific price for this neighborhood, too. (You may recall my posts on the short sale that's catty-corner across the street, 4362 Clybourn -- I've just heard that the foreclosure sale has been post-poned again -- that makes about six postponements.)


I also saw another Toluca Lake home that is on a cut-through street and is priced at about $1.5 mil.  It just wasn't that awe-inspiring, unless you count the Michelob tab at the wet bar, the bidets, and the pet bunny.

A not-so-open letter to potential buyers

My buyer clients recently had a disappointing experience with a deliberately under-priced home in Burbank.  It was originally on the market for $600's+ and had a $100,000 (!!!!) price reduction after 30 days.  That's really a big drop for a home in great condition and it immediately drew four offers. Yes, even in this market, some underpriced houses are drawing multiple offers.  Here's the heavily edited post-mortem email that I wrote them.

"[Buyers] I know the [street name] house was a disappointing situation.  But here's some "back story": ...[Some Realtors] are known for deliberately underpricing their properties in order to attract multiple bids and sell them quickly...The strategy is very controversial, but [some agents] and their sellers find it successful. My experience has been that properties sell just as quickly when they're priced correctly, but that's me. 

Additionally, [some agents] often have their own buyers for their properties -- who they then have bid against each other for the under-priced houses.  The [street name] house was really under-priced for that many square feet in Magnolia Park, so I wasn't surprised that it drew so many offers so quickly, even in this market.

So the take-away is that if it seems too good to be true, it probably is.

Here's what you can do so you're ready to rock next time:

- Follow through with [buyers' lender] and obtain a full pre-approval.  Those mean more to listing agents and sellers than a pre-qualification.  Also, be able to show proof of funds to close in a liquid form.  In other words, your entire down payment, plus about 2%-3% for closing costs, should be readily available on a page or two from a bank or financial institution.

- Most listings are added to the mls Tuesday, Wednesday or Thursday.  We can check every day, and if something is appealing, get in before the open house.  [Of course, this requires that you use a Realtor in your home search.  Just saying - ed.] And also, not all homes are open every weekend.  This way, you won't miss anything.

 - ...[Adjacent areas] to your [dream location]...may be worth considering.  [They may]...have great housing stock, and prices might be coming down.  It might be worth considering.  Perhaps you'll let me give you a tour sometime...

Anyway, please call me with any questions and know that I'm here to help."

Hotpads Map of Homes for Sale here!

Check out the bottom of this page.  A new widget has just been added -- a map of L.A. homes for sale, courtesy of Hotpads.com.  I hope you like it.

For real estate, these are the "dog days"

Regardless of how the r.e. market is doing, every mid- to late-August, the local real estate market slows down.  Of course, it's doing that this year, too.  I often refer to this period as "the dog days of summer."

The official definition of "dog days" on Wikipedia is really interesting; here's a quote: "A casual survey will usually find that many people believe the phrase is in reference to the conspicuous laziness of domesticated dogs (who are in danger of overheating with too much exercise) during the hottest days of the summer. When speaking of "Dog Days" there seems to be a connotation of lying or "dogging" around, or being "dog tired" on these hot and humid days. A similar myth asserts that the time is so-named because rabid dogs are supposed to be the most common then. Although these meanings have nothing to do with the original source of the phrase, they may have been attached to the phrase in recent years due to common usage or misunderstanding of the origin of the phrase."

Why does the real estate market slow down? People are getting in their last-minute vacations, getting kids ready for school, no longer feeling the imperative to close before the end of the summer, etc, etc.  Of course, bad economic news has an impact as well, but trust me, it's always slow at this time of year.

If you're a buyer, and are disappointed by how few homes there are for sale in Burbank, Studio City, Toluca Lake, Valley Village, etc., please know that you're not alone.  Inventory usually picks up about the second week in September.  And of course this is the time for price reductions on homes that have been on the market for awhile.  Remember, you're only looking for one house.

A really nice surprise in Valley Village

This home is the nicest surprise of the week. It's located at 5523 Voletta Place in Valley Village, and is now listed at $709,000.  The neighborhood is very cool in a late 1970's-early 1980's way as the same developer built all the homes in this and adjacent cul-de-sacs.  The house has five, yes, five bedrooms, 3 baths, a big redone kitchen, a pool, new windows, attached garage, lots of system upgrades and more in 2500+ sf.  I personally think this is a fabulous deal in this neighborhood for somebody that needs a lot of space.

Craigslist: Go-to spot for real estate and rental scam artists?

I recently received this email from one of the Realtors in my office: "FYI


FELLOW AGENTS, PLEASE BE AWARE !


My ads for a rental listing, have been scammed!


I have a lease property in Sherman Oaks, and it is at $3,250 per month.


Scammers have advertised the property on Craigslist for $1,500.


They say the the tenant just has to mail a check for $3,000 and they will mail them the keys.


If you call the scammers, they say that :


"the Real Estate Agent has priced the home too high,


and all I want is $1,500 per month, so let's bypass the agent...."


They are also sending out emails to people in Los Angeles, saying that they are the owners, and using the owner's name.


So before we represent a tenant and rent out a property, maybe we should check out the owner's ID.


People are knocking on the door of the house every day wanting to get inside to see this well priced home...


I have had over 25 people call me this week about renting the house for $1,500 per month."
In response, another agent emailed this:
They have been taking my for sale listings and posting them as rentals the same way. Also, if you have a vacant property don’t list it as vacant in the MLS or post pictures showing it as vacant. They are targeting these homes and breaking in and stealing the appliances and in one case all of the copper plumbing from under the house.
I won't be posting anything else on Craigslist!

More affordable to rent or buy? In most cities, buy. Yep.

Thanks to Agent Genius for posting this Trulia article.  In most cites, survey respondents say that it is more affordable to buy rather than to rent.  The exceptions are NYC, Seattle and San Francisco.

The two delicious flavors of probate properties

I know, talking about probate properties is boring and has nothing to do with ice cream.  But you may need this info some day, and yes, if you're in the middle of a probate real estate transaction, you can get through this.  I'm posting this because I'll have a listing later this year that's currently tied up in probate court.

"Probate" is when the state (any state) steps in when somebody has died without leaving a will.  The state oversees the distribution of assets to remaining heirs and claimants.  Fair, no? But with regard to houses, there are two delicious flavors of probate proceedings: 1) probate properties that need court confirmation to sell and 2) probate properties that don't need court confirmation to sell and close.  Both processes are complicated, and that's why there are estate attorneys and whole bodies of law devoted to this. 

How do you tell one from another? If you're an heir or claimant to the estate, the court and attorneys will determine this for you.  If you're a buyer, the multiple listing service must say the property is subject to probate court and must also say which method is being used.  And if you're confused, please feel free to contact me for links and other info.

Staging video for 1106 N. Cordova

This is a really rough look at the living room staging for 1106 N. Cordova in Burbank.  This is my first "sequenced" video and I promise to improve my technique before posting anything else.  But at any rate, you can see the big difference that staging makes.

Um...exactly WHAT is being carved here at Tacos del Toro?

This is part of the wall mural at Tacos del Toro on Laurel Canyon at Oxnard in Valley Village.  The mural has cartoon pigs being put in cooking pots, tacos being made, etc.  But exactly what is going on in this section of the mural? And specifically what cuts of meat are being used in the tacos?

With all the turmoil in the financial markets, how's the local real estate market doing?

Revision note: oops, the quote is from Franklin Roosevelt.  Heh, heh I knew that heh.

Will the current world financial market turmoil have a negative effect on real estate here in Southern California?  Sure. Dramatically? Nobody knows. Most experts who thought we were at the bottom of the market no longer think that. Just being honest here, folks.  Here's what I know for certain:

- Life goes on;

- You need a roof over your head;

- In most cases, you'll need to pay for that roof, either by renting it or buying it.

- The only thing we have to fear is fear itself.

I know what you're thinking: "Gee, thanks, Winston Churchill. That was sure profound."

Point is, I don't know if it's a good time to buy or sell or rent or short sale for you until I know your specific, particular situation. Nobody else knows either. So please feel free to reach out to me.  Because one other thing I do know for certain is that I can help you sort out your options.

3 Factoids about Los Angeles Architecture! Amaze and delight your friends!

John Aaroe Group's new architectural division is sponsoring educational classes for its Realtors (I know we all think Realtors are expert on everything, but surprisingly, that's not the case...). I took the first class yesterday, taught by expert Eleanor Schrader Schapa, and learned many, many things.  Among the factoids and tidbits about L.A. building styles:
 - We all know adobe is basically sticks and mud.  In the 18th century, the binder used to hold it together was donkey pee.  I did not learn how the donkey pee was collected.
- "Craftsman" homes were so named because any craftsman/builder/dad-that-could-swing-a-hammer could put them together.  Sears Roebuck even sold craftsman homes in kits that contained all necessary building materials.
- Many people, including me and Walt Disney, have been enamored by the French Normandy style homes with their turrets and "witches' caps." In Europe around WWI and before, those turrets were actually bird coops.
I can't wait for the next class.

And now for a little good news

The Federal Reserve Bank has announced that they will keep the prime rate low for two more years.  This likely means that mortgage interest rates will stay low, too.

I said I'd tell you how the Burbank short sale is going

Well, it's going fine. So far.  The buyer has been a real trooper and has already removed his physical inspection contingencies.  All paperwork is into the banks -- yes, there are two -- and my negotiator thinks somebody will be assigned to the files next week.  I expect a call to schedule a brokers price opinion visit anytime (that's like an appraisal, but is done by a Realtor that the bank hires).  Stay tuned.

The Riverside townhouse in Burbank seemed too good to be true...

This unit at 400 W. Riverside #4 in Burbank has been on the market for awhile, but just had a MAJOR price reduction down to $344,500.  That's a very low price for a 3-bedroom, 2.5-bath unit that's over 1500 square feet.  With its own attached garage. And they were offering a 3.5% credit!  In the Burbank Rancho -- your horse could live nearby! And redone inside with a new kitchen, smooth ceilings, relatively low hoa fees, a pool, bla bla bla.  My clients and I went racing over there last night.  It seemed too good to be true...

Alas, it was.  The listing agent told me this a.m. that they were probably going to accept an over-full-price offer today.  No time for my clients to write one.  Jeez, that was fast, especially for a foreclosure.  And so disappointing for us, too.  But as I said below, the best cure for the "home that got away" is always another home. Sigh.

How buying and selling real estate is like dating -- Rule #1

Remember everything your mom told you when you had your heart broken by your sweetheart?  (Cue Celine Dion singing "My Heart Will Go On") The same advice holds true for buying and selling homes: The only cure for the house that got away is another house.  For sellers, ditto on buyers that got away.  Stay tuned to this blog for other posts on how real estate is like being single and dating.

January Jones is at Aroma Cafe in Studio City

My spies have just seen January Jones at Aroma Cafe in Tujunga Village.  Isn't it kinda hot for coffee?

Winner homes -- and not -- of the weekend

We were all over the place this weekend.  I won't give the address of the "winner" house since my clients are interested in it, but it is in Toluca Lake and has very fanciful decorating.  The bathroom picture is above.

The second pleasant surprise was at 543 Stocker in Glendale.  This is a typical 80's townhouse.  I have a bit of a prejudice against these as they're usually in neighborhoods that are way over-built by now, but was clean and nice and has 2 decent-sized bedrooms.  The living room is a little small, but for $299k...

And then there's 4276 Kling in the Burbank portion of Toluca Lake, which is a short sale.  Everybody, including me, loves this complex.  I could probably sell five townhomes there today alone if the price was low enough.  Alas, it just wasn't for my buyers. 

And now for the losers:  The first is a 1960's condo in Glendale.  The neighborhood is okay, and the place was clean, but it looks like the complex your grandmother lived in during the 1960's.  Just very apartment-y.  And there's no laundry in the unit.  And the home owners association dues are $429, but that includes all utilities.  This poor little unit just had nothing about it to love.

Then there's the condo on Oxnard in Valley Glen.  My clients and I have tried to see this twice.  The first time we were told it couldn't be shown because the bed wasn't made.  This time, we had an appointment and somebody was going to meet us there to wrangle the large dog.  But we were stood up.  My clients were very good-humored about it, but I felt really badly that their time had been wasted.  I think that just might be it for condos in Valley Glen, but you never know.

Sunday a.m. newspaper reading with New York Times' Gretchen Morgenson

Today's Sunday a.m. reading comes to us courtesy of the NY Times and their stellar regular columnist, Gretchen Morgenson.  Her article is entitled Some Bankers Never Learn and it's about the (new, not-so-improved) rise of risky low-down loans. Title and above should link. Ms. Morgenson talks about the Dodd-Frank bill and what it would mean to the mortgage market.  My favorite quote: "Basically, Wall Street would have to eat a bit of its own cooking."  The columnist comes out squarely on the side of requiring all mortgage loans to have 20% down.

Although it sounds great in theory, and I love Morgenson to pieces, I need to differ with her on this.  Where are people supposed to get that 20%?  Considering the economic client of the last few years, how would it be possible for any middle-class person to have saved that much unless they happen to be employed in a very few select industries? Or have tapped the Bank of Mom and Dad? Yes, zero-down loans are risky -- but can't we compromise and go with 5% down loans?  Unless we want to see our markets tank again?

Need a 4+3 in Burbank? 947 Cambridge is for sale

Although it's not on the multiple listing service yet, 947 Cambridge in Burbank is for sale.  This is a 4+3, about 2600 square feet (tax records say 3 beds, 2250 sf) in a divine neighborhood -- on the corner of Sunset Canyon, as a matter of fact.  I haven't been inside, but neighbors say it's very nice and has an added multi-generational advantage of having a handicapped bath downstairs.  I'm not sure what the price is yet, but I expect it will be in the high $700's to low $800's.  And did I mention Jefferson Elementary? And wonderful neighbors (not me)? And fireworks overhead on July 4?  I'll have more news as there is some, but if you know anybody looking for a decent-sized home in a great neighborhood with terrific schools, this might be it.

Coming soon! Aaroe Architectural Properties Division and website

I'm thrilled that my company, John Aaroe Group, will soon be launching an Architectural Properties Division and website.  Even if you're not in the market for an architecturally notable house, the site will have lots of fun educational tools about L.A. architecture.  These will include bios of notable L.A. architects, a link for all architecturally significant cities and neighborhoods, a link to all historic preservation overlay areas, and more. The company is also offering classes to its agents on Los Angeles architecture, and you can be sure I'm going to take them.  Keep checking www.aaroearchitectural.com -- the site should be coming soon.

More about open house thefts in the San Fernando Valley

Dang.  Here's more about recent open house thefts, courtesy of a colleague:

On Sunday, July 24 an agent from my office was holding an open house at one of my listings in Encino. At about 3:30 pm two women came in and immediately fell in love with the house. They claimed to be mother and daughter. The agent took them around the house together at first. They really seemed interested in seeing the closet space. The daughter then asked to use the toilet and then the mother and the agent went downstairs (the mother said she wanted to see the downstairs bedroom) the daughter returned to the master bedroom and stole jewelry from a jewelry chest. When the agent was downstairs with the older woman, the woman told her she had recently lost her husband and was now raising four children alone. She said she just recently sold her house in Beverly Hills and wanted to pay cash for the house. The agent realized that the daughter was absent for a while, and after the open house we learned from the seller that there was a theft of jewelry from the jewelry chest in the master bedroom. The owner of the house had strung together the drawers and secured the jewelry chest but the ties had been cut and all the drawers had been emptied. Neither one of the women was carrying a particularly large handbag. The younger woman stated she recently had a baby (appeared pregnant). We think that there must have been a concealed pouch under her “loose” blouse that she put all the jewelry in. The daughter is a petit brunette with long hair. The mother has long blond (bleached) hair , brown eyes, approximately 45-49 years old. They told the agent they were speaking Romanian.



Another agent at our company was holding an open house a couple of blocks away the same day. It seems like the same two women (or women part of this group) came in to the house. They were speaking a foreign language. The house was staged (nobody lives there), so they left quickly (realizing there was nothing to steal) but they managed to steal the agent’s cell phone. They told the agent a similar story….woman recently lost her husband, sold house in Beverly Hills, etc.

When I told this story to some other agents in our office, two agents remembered a very similar situation with two women who came through an open house of ours a few months ago. One was older, one was younger and appeared pregnant. They wanted to split up and one of them asked to see the closets. The two agents were holding the open house and followed them around so nothing was taken. The older woman gave the same story about losing her husband, selling her house in Beverly Hills and paying cash.

It seems as though there is a band of women (gypsies ?) going to open houses to steal. Their MO is to split up. One of them engages the agent sitting at the house pretending to be a real buyer while the other one does the stealing.

If anyone else had a similar theft please ask them to call us so we can let the LAPD detectives know.

That was fast. 2012 W. Verdugo Ave. is in escrow

I listed 2012 W. Verdugo in Burbank last week for $525,000.  It went on the multiple listing service on Monday.  By Wednesday night we had a great offer.  By Friday we had opened escrow.  By today we have three good backup offers.  Did I mention that it's a short sale?

I must have fielded at least 20 calls a day from Realtors, and at least 15 calls and emails a day from buyers. (Because it's a short sale, I can't represent both buyer and seller.)  The house was mobbed during showing hours.

What can we infer from this very fast activity? That the market is "back"? I wish. That it was priced too low? No -- with that amount of traffic, we should have had 20 offers.  That people really like mid-century architecture? Yes.  That people want to live in little Burbank, in spite of the fact that it's not exactly a bastion of hipness? Yes.  That people are more educated about short sales than they used to be? Yes. That...oh never mind. 

But the fun (and the work) is just beginning since it's a short sale, and I'll keep you all posted.  Did I mention that the 1st lending bank is BofA? MMMmmm, my favorite!

From today's L.A. Times: What it's like to lose your house

L.A. Times runs a regular "Postcards from the Recession" column.  Today, the column has a terrific, first-person article about what it's like to lose your home to foreclosure/short sale.  The title should link; if not, click here.  The writer, Kathy Gosnell Seiler, is a copy editor at the LAT.

Great new site: dumbagents.com

I just discovered www.dumbagents.com.  Hilarious oh-no-they-didn't listing pictures straight from the mls.

Open house thiefs

Got this email today; this is sad but has happened to all of us:

"Please be aware that there may be an individual or small group targeting open houses for valuables or checks. I have a client in Studio City that had a checkbook stolen during an open house that has resulted in thousands of dollars potentially lost by writing checks in CA and MN over the past week. As careful as we are during open houses, this is something to watch out for, especially if there are a number of people in a group. FYI, in this case we believe it to be a group of 3 women and the "main" client represented herself as "Michelle" who said she was an asst to a celeb previewing properties. Please pass this on to other agents you know so we can all keep an eye out."

I like to think my intuition is great and I can spot people who are up to no good.  (I'm always suspicious of teenagers in groups.)  But when this happened at a listing of mine six years ago, it was two adult men who pulled up in an expensive car just before we closed.  Another time, it was an eight-year-old girl who pocketed an iPod during a regular showing (she and her parents returned it). Most of us agents always caution our seller clients to remove money, jewelry and small collectibles from the property they're selling because we just can't be everywhere at once.  I also warn my clients not to hide their valuables in obvious places, such as top dresser drawers.

Rumor: Frankie Laine built and owned my listing in Burbank

Don't you love a little bit of Hollywood glamor? Especially when it's from the last century? I heard a rumor today from a senior Realtor who came to my brokers' open house at 2012 W. Verdugo in Burbank.  She tells me she thinks singer Frankie Laine built and owned the house.  If you did, thanks, Frankie!

Outstanding property of the week in Sherman Oaks

The picture is not good, but I had the rare pleasure of showing this 3-acre property yesterday at 15036 Marble in Sherman Oaks (listed for $1,700,000). That's right; three acres. With a house. And views to forever. On a private drive. Right in the heart of Los Angeles. I didn't know such a thing even existed.

The house is nice and has lots of wood accents. It's kind of 70's and probably any new owner would want to contemporize it. But the really special thing is the land. I thought I was in a hilly oak grove in Santa Ynez -- it seemed that private. The owner has put little outside features here and there like railroad-tie steps, hammocks and picnic tables. Although an owner could cut the top of the hill off and put a mansion up there, it would take a lot of engineering. Personally, I think the highest and best use of the property would be to leave the land as is --as your own personal Neverland. 

I promise to stop gushing and give you all my usually-jaundiced view of the local market soon.

2012 W. Verdugo, Burbank just listed at $525,000, rare mid-century 4+2+pool!

Looking for that rare mid-century at Burbank prices? Want style and substance? I just listed this Eichler-esqe 4 bedroom, 2 bath, 1955 sf. home with separate studio and pool. The many architectural features include an open-beam ceiling with loft, stand-alone wood-burning fireplace, brand new concrete counter tops and brand new glass block tile in the large, sunny kitchen. This unique beauty also has a master suite with pass-thru walk-in closet, 3 bedrooms downstairs plus bonus room, central heat and air, French doors to back, some new windows, glass block wall in bathroom, separate laundry room, large covered deck, fully-wired separate studio with window a/c, an entertainers patio which leads to the gorgeous pool and spa and much more. Even though this is on a busy street, it's a terrific neighborhood and is close to all, with outstanding Burbank public schools. It's a short sale, but I'll be using a professional negotiator, so I think this will go smoothly. See my website at JudyGraff.com for more pics and contact me for showing info.

Avast, ye landlubbers! The backstory on the Burbank backyard pirate ship

Finally, we all get to learn about the builders and owners of the Burbank backyard pirate ship.  I first blogged about the ship, Red Dragon's Revenge, about four years ago and CurbedLa.com picked up the story.  Since then, both this blog and Curbed have republished the photos. And now, Burbank Leader/Glendale News Press has the history! No link as of now, though; you'll have to get a hard copy of the paper.

The builder/owners on Angeleno street are Anne and Richard Lainhart, who "shared a love of all things scalawag and Renaissance." Richard built the ship with friends in the Angeleno street backyard. (You can't see this from the street; my pics were taken from the alley.)  City inspectors and most of the neighbors got onboard.  Richard is quoted in the article as saying that the ship is a work in progress.  It has a 27-foot mast, five sails and a below-deck galley and is dry-docked in concrete 14 feet deep.  It has held as many as 60 people for parties. 

According to the article, the Lainharts enjoy reenacting other historical eras, too, and are members of the L.A. area Sherlock Holmes society.  Lainharts, thanks so much for the delight you've brought us all. Long may the Red Dragon's Revenge sail the backyard seas of Burbank.

Don't buy this house

I wish I could publish an address or more details about the home I'm about to tell you about, but... It's a short sale in Sherman Oaks.  It is underpriced in the high $500's.  I know the history of this house, and the sellers, very well.  The sellers need to move on to other things in their lives, and want to sell it.  Here's the problem: the sellers have a ton of cash assets that they want to protect. And they are people of means. They actually could pay off the mortgage with very little problem. Will the lien holding bank allow them to walk away from the house without touching those assets? My favorite short sale negotiator says probably not.  Which would make for a long, difficult short sale transaction that probably wouldn't close.  Wish I could tell you more, but...

As we go forward in our distressed-sale market, I think you'll see a lot more of these types of short sale transactions happening, or trying to happen.  The keys to look for -- and avoid -- are this: homes in affluent or more expensive neighborhoods, no true hardship (job loss, serious illness, etc.).  The questions to ask are: how much is still owed on the loan? What is the sellers' motivation and what is their situation?  Stay tuned for yet more permutations in the wacky world of local real estate.

Coming next week: mid-century modern with 4 bedrooms in Burbank

More details to follow, but next week I will be listing a 4 bedroom, 2 bath home in the center of Burbank for $525,000.  It has a pool, loft and separate studio too! Want style galore? This one has mid-century features like open-beam ceiling, stand-alone fireplace, etc. plus the kitchen has just been redone.  Yes, it's a short sale, but we have a professional negotiator working with us on this.  I'll have it listed Monday and will have lots more details then.

A snake at yesterday's Burbank showing - real buyer or just lookie-loo?

Yesterday's showing of a Burbank hill estate was going very well until we came upon this visitor (shown in the photo above).  I don't know what kind of snake it was, but it was about six feet long.  Our reaction: first, we freaked out.  Then we all pulled out our cell phone cameras and began snapping away.  As the snake began to move closer to the house, listing agent Vangelis Korasidis offered him/her another property to view -- the inside of a green-waste bin.  It was nice and shady in there, and obviously offered the true ambiance the reptile was looking for in a home.  The snake went right in.  The stalwart Trent of Jennings Termite showed up to escort the snake off the premises, and in all the commotion, the snake decided it didn't really appreciate the neighborhood character.  It charged into the hillside bushes and wasn't seen again, which is probably a good thing as it did NOT appear to be a serious buyer.

Studio City is getting a movie theater once again. But...

Here's today's article from Studio City Patch re the new SC movie theater that will be opening up in the old Aura place.  Even though I like the idea of a movie "art house," this sounds kind of small. Somehow I just don't think this will steal much business from Arclight.

"South California" a 51st state? But it wouldn't include Los Angeles

According to today's L.A. Times, 13 California counties want to break away and form their own state.  It would be called "South California" and would NOT include Los Angeles, because L.A. is too liberal.  I say: fine, as long as we can still annex Disneyland. 

Luxe resort -- at private home in Encino?

Here's the fanciest house I saw this week -- and it's in the flatter part of Encino.  Looks like a resort, no? It's at 17941 Rancho and is listed for $1,299,000 (It's a short sale and according to listing agent, the gap between what's owed and the current value is $500,000.  Yikes!). It has 5 beds, 3 baths and 4172 square feet and currently is being used as a rental.  Of course, the house is lovely, it has a big built-out kitchen with high end appliances, etc. It also has a built-in many-thousand-dollar espresso machine.  Really? Do people like espresso that much? But anyway...

The really special feature is the backyard and pool.  It looks just like a  resort pool -- seriously, you'd think you were in Puerto Vallarta or at least Scottsdale.  As you can see, it has a waterfall.  And a big water slide.  And a swim-up bar.  There are 3 built-in barbecues, a regulation-something sports court, a backyard powder room, and a separate, private shower.  If you owned this house, it would almost be criminal NOT to entertain ALL THE TIME.  Too bad the city won't allow "day" resorts.  That certainly seems like it would be the highest and best use of this property.

Who pays the difference in a short sale? - A quiz

Let's quiz your short sale knowledge! As we all know, a short sale is when the owner/seller needs to sell the property and it is worth much less than what's owed on the mortgage.  The lender/bank/lien holder okays (or doesn't) a short sale, whereby they get less money.  But who pays the difference?
a.  Nobody.  The bank(s) just eat the difference.
b. The seller pays.
c.  The buyer pays.
d. Casey Anthony.
e. Harry Potter.
f. a., b., and c.
g. a. or b. pays some of the difference.
h. a. and c. pays some of the difference
i. Both g. and h.
Blind and/or bored yet? Give up?
The answer is i.  Either the banks eat the whole difference or come after the seller for "debt settlement" which is a portion of the difference.  Increasingly, sellers are saying no, they won't pay anything and they refuse to be on the hook for the difference in the future. Instead, they'll let the house go to foreclosure.  So who steps up, or doesn't? That's right, the buyer. And no, dear buyer, you usually can't tack on that contribution to your loan.

Not to make this too complicated, but some short sale negotiators anticipate such a thing and get closing costs for the buyer negotiated up front.  That way, if the secondary lender/lien holder comes back and wants to be paid off, there's already an amount of money sitting there that can be used for this purpose.  Got it? I know it's confusing.

If you're a buyer, and you're considering making an offer on a short sale, it's useful for you to know some details going in.  These include how much is owed to the banks and other lien holders (such as county taxes or home owners' associations).  It's also good to know how many other lien holders there are -- the less, the better.  It is also helpful to know if the seller has assets, as the more assets the seller has, the more likely the bank is to come after them.  And the more likely they are to turn to you, dear buyer.

1106 N. Cordova, Burbank closed today and here's how it went

1106 N. Cordova Street in Burbank closed escrow today.  We had two offers very quickly after putting it on the market at the end of May, and it sold over list price at $464,000. The transaction went very smoothly -- I wish all transactions could go this well!

Here's how we got offers over listing so quickly: 1) The sellers had the home expertly upgraded.  No, it wasn't a flip in the classic sense as the owners had lived there 17 years until they bought a bigger house last summer.  They spent some money, and it showed. 2) It was beautifully staged. (That's the living room, above.) I thought this was essential as the house was small and I knew furniture would make it look bigger.  I'll post a before-and-after video soon. 3) I marketed the hell out of this.

The inspection went pretty well as far as inspections go, although the water heater conked out and the sellers had to replace it. The buyer, her agent and his team were really on top of things and responded to everything in a reasonable, timely manner.  And we had a back-up offer.

However, there's pain in every escrow.  The only pain here was with the appraisal.  As I said in a previous post, the first appraisal came in low.  Even though the buyer was putting down a hefty sum, Wells Fargo balked.  The buyer changed lenders (Great Western), we had a second appraisal that came in to value, and the lender got the loan done in two weeks (!!!).  And everybody is happy!

I'll be doing a presentation on blogging...

Tomorrow, I'll be doing a brief presentation on blogging and social media conversion for my Sherman Oaks John Aaroe Group office.  Any suggestions? Be nice now.

Can't wait for Carmageddon? Enjoy a sneak preview and train your hurry-up-and-wait chops with...BURBAGEDDON!

Do you feel the need to practice up for Carmageddon on July 16-17?  Now you can...with Burbageddon! Thanks to its Party of the Century, all streets of downtown Burbank will be closed on July 8 from 10 a.m. to 8 p.m. for Burbank's centennial festivities.  How will those of us who need to get around, and through, the area in vehicles do so? Who cares! The sponsoring organization reports that it will be "A supersized festivity with flybys, parades, multiple stages, memorabilia, mascots, children's entertainers, stilt walkers, awesome food from Downtown Burbank restaurants, community booths and more, the Party of the Century will be the ultimate night on the town for kids and families alike. Encompassing six city blocks including San Fernando Boulevard, Palm Avenue, AMC Walkway, Orange Grove and Olive Avenue, it will express the civic pride and community spirit that have characterized Burbank’s first 100 years. Things will really heat up when the sun goes down. That's when the grand finale with a stunningly choreographed firework show will cap festivities in a profusion of light and sound." Noisy flybys (no, Glendale, we are not declaring war on you*) and fireworks for the 2nd time in a week? My cats and everybody else's dogs can't wait! I'm not quite sure why it's necessary to close all the streets all the day, but I'm sure we'll be having such a good time that we won't mind idling for hours taking alternative routes.

*Following the ceremony at approximately 5:45 P.M. will be the Air Parade, an awe-inspiring pageant in the sky that honors Bob Hope Airport and pays homage to Burbank’s close ties to aviation. Included will be McDonnell Douglas F/A-18 Hornets. B-25 Mitchell bombers, Burbank/Glendale/Pasadena Police Notar helicopters, Aero Squadron World War II planes, helicopters from Los Angeles County Sheriff “Air 5” Rescue, Los Angeles County Fire, Long Beach Police and the Orange County Sheriff departments and more.