Children aren't the only people who need to go back to school

Lately, I've been getting really elementary questions from other Realtors.  Not just from one Realtor, but from several.  Not just about a house's condition or a plan during an escrow, but really simple questions that, uh, anybody with a r.e. license should know.  What's going on? Aren't you heads of brokerages teaching your people about r.e. practice? We all need refreshers from time to time, but...makes me wonder if I'm really dealing with licensees or if the state of California has dumbed down the test made the license exam even simpler than ever.

Open today, 8/18, from 2-5: 5227 Denny #101, North Hollywood and 2112 N. Brighton, Burbank

Seeking an adorable 2+1+den in Burbank for $430,000? Please visit me today at 2112 N. Brighton. If you'd rather have a really cool 3 bedroom condo in trendy Noho, please visit colleague Scott at 5227 N. Denny #101 in North Hollywood.

2112 N. Brighton will be open Sunday, August 18, from 2 to 5

Here's a pic of 2112 N. Brighton in Burbank. More pics can be found later today on my website at JudyGraff.com. Brighton is an adorable 2 bed, 1 bath home with a den, a generously-sized kitchen and 2 separate garages. It is listed for $430000 and is open on Sunday, 8/18, from 2 to 5. Come visit me and Steve!

Don't give up your home search yet. 2 beds+1 bath+sunny den in Burbank for $430000 lists Friday.

Just when you thought you'd never find a home, along comes 2112 N. Brighton in Burbank. With 2 beds, 1 bath and a big, sunny den. Big yard. Two garages: a single car plus 2-car garage off the alley. Hardwood floors, generously-sized kitchen, dining area, coved ceilings, included appliances, great neighborhood. Just waiting for your creative touches. And affordable, too. See? Wishes can come true. 2112 N. Brighton will be available to see on Friday and open this Sunday, 8/18, from 2 to 5. I'll have pictures on Friday. Sellers are motivated and will respond to all reasonable offers -- I know, it seems too good to be true, doesn't it?

Monday reading from Sunday's NY Times. Trust me, it's interesting!

I know that reading about Fannie Mae and Freddie Mac is kinda boring, but this may help explain it all for you.  Gretchen Morgenson is a business columnist for the NY Times.  In my opinion, she's one of the best business writers ever, and her columns always explain a lot in plain English.  Her column from yesterday's NYT is The Housing Market is Still Missing a Backbone (title should link).

In a section about winding down Fannie Mae and Freddie Mac, Morgenson writes "...to prove how hard this will be, both companies later in the week announced enormous profits for the second quarter of this year, most of which go to the government in the form of dividends. Together, the companies reported $15 billion in profits; with Treasury on the receiving end of this lush income stream, it will be tempting to keep the mortgage finance giants in business." She continues "...For starters, banks have grown accustomed to earning fees for making mortgages that they sell to Fannie and Freddie [Emphasis mine.] Generating fee income while placing the long-term credit or interest rate risk on the government’s balance sheet is a win-win for the banks."

Morgenson goes on to discuss why it's so hard to lure private investors into the mortgage market.  She's not talking about a flipper that has, say, 30 houses.  She means the institutions that buy millions and millions of dollars worth of bundles of thousands and thousands of mortgages.  Anyway, this is a great read from a very talented columnist.

News of the week: 5227 Denny #101 is still available! And more...

Do you know anybody looking to buy in Noho? Or anybody that simply wants a gorgeous three-bedroom condo? Consider 5227 Denny #101, pictured above.  Yes, it's 3 beds, 2 baths, fireplace, big newer kitchen, bamboo floors, 2 extra storage spaces, 2 patios, and much more in one of L.A.'s coolest neighborhoods.  It is listed for $420,000 and the HOA fees are $261/month.  I can usually arrange a showing with just a bit of advance notice.

In other news, prices are still going up and inventory is still down.  It looks like small (under 1,000 sf) homes across the east San Fernando Valley are hitting the $500,000+ mark now.

And Realtors are continuing to list properties low and then entertain multiple offers and bidding wars.  One client set has been waiting a week now to hear about their offer, which they increased from the original price.

Stansbury is in escrow.

In more upbeat news, I will likely have a small house listed in Burbank soon, along with a 3+2 in Noho that's currently being fixed up.  These may be on the market later this month; just not sure yet.  There may be one coming in Valley Glen, too.

I met a friend and former client at the lounge at Amarano last night and it was swinging! With a chic, younger (than me) set, of course.  Amarano is a boutique hotel right on the border of Burbank and Toluca Lake.  It's a really classy place and we had lots of fun.  My only criticism is that they could improve their house Cabernet.

Bragging. This full page ad is running in the L.A. Times' SFV real estate section today.

This ad from my company congratulates me for being in the top 1% of my office for the first half of 2013.  Thanks, clients, for making this possible!

You didn't know how much stuff you had until you had to move it.

This is a pic of client Mario's stuff during his recent move.

Need an aviary? You might want one after you see this

It's always fun showing property in the hills of northeast Los Angeles as you never quite know what wildlife you'll find (animal AND human). Today I met these red-billed hornbills, who have their own professionally- built backyard aviary.

Why contractors should NOT attend open houses when they've done the work on that house's flip

...Because they will be snagging all the open house guests to show them all the cool new plastic face plates they've put over the electric outlets. Contractor/investors, forget what you've seen on HGtv's Flip or Flop.  Let the potential buyers discover the house's ambience, not the $1.75 parts, on their own.

4484 Stansbury in Sherman Oaks is open Sunday, 2 to 5. Comes complete with its own beer garden.

Please come visit me and check out 4484 Stansbury in Sherman Oaks tomorrow, 7/28, from 2 to 5.  This splendid redo has 3 beds and 2 baths in the main house.  Plus, there's an additional unit above the garage with a full kitchen and 3/4 bathroom, open beam ceiling, and hardwood floors.  If that weren't enough, there's a pool house with 3/4 bathroom, too. It's very close to Westfield Fashion Square, Jinky's, Guitar Center, Boneyard Bistro and more of Sherman Oaks' hotspots. We call this area below the "beer garden."

You can check out more pictures on line and at my site: JudyGraff.com.  The house is listed for $799,000. For those of you who'd rather hang in the house, here's the living room:

Burbank's Benmar retaining walls

If you've been around Burbank for awhile, you know about the BenMar development from the 1950's.  This tract was converted into the 91504 ranch houses that we know and love.  But why are all the BenMar retaining walls failing? Are 60 years the maximum time that cinderblock can hold back dirt? Just asking...

4484 Stansbury in Sherman Oaks is listing on 7/25.

If this address sounds familiar, it is because I've already blogged about it.  I listed and sold it this year to the folks who have now beautifully refurbished it. I'm thrilled to be listing it again. There are three units on the property.  The front house is a delightful 3 bed, 2 bath with a redone kitchen, hardwoods, remodeled bathroom, tons of closets and french doors to the side patio/"beer garden."  The pool and backyard lead to a unit over the garage with a full kitchen and 3/4 bath plus open beam ceiling and private entrance.  Plus, there's an adorable pool house/office with a 3/4 bath, too. This is in the heart of Sherman Oaks and is very close to Westfield Fashion Square -- the neighborhood is called Library Square. Listing price: $799,000. The house will be open from 2 to 5 on Sunday, July 28.  You'll find more photos on my website at www.JudyGraff.com after tomorrow.

Open Sunday, 7/21, from 2 to 5: 5227 Denny #101, North Hollywood

If you're looking for a gorgeous condo, you owe it to yourself to see this one.  Three beds, 2 baths, single story with no steps, huge kitchen, new since 2009, bamboo floors, big closets, fireplace two patios, faces the street, and wheelchair-accessible (see post below).  It also has two extra, dedicated storage rooms and the building has a bike room.  It's very close to the Noho Arts District and public transportation, too.  Listed for $420,000; the building's HOA fees are a low $261.  Steve and I will be there from 2 to 5 today.

Need handicapped-accessible or age-in-place housing?

If you, or somebody you know, is looking to own wheelchair-accessible or age-in-place housing, consider 5227 Denny #101 in North Hollywood.  This 3-bed, 2-bath ground floor condo has no steps, a ramp to the building, and extra-wide doorways.  It may be ADA-compliant, too.  Plus, it's gorgeous.  The building was built in 2009 and the unit has a huge, "done" kitchen, living room with fireplace and sunny exposure, two patios, laundry in unit, lots of closets plus two extra storage spaces in the garage.  The decorating is gorgeous with chandelier-type lights and decorator-drapes plus bamboo floors.  It's listed for $420,000 and the HOA fees are a low $261.  The building is a few blocks from the Red Line, Orange Line, and all the attractions this developing community has to offer.  See more pics at JudyGraff.com or contact me for more info.

Credit Unions for Mortgages? Yes

As you may have heard, some credit unions are getting into the mortgage lending game.  This is good for borrowers as credit unions are not-for-profit.  Have I tried out one of these credit unions as a lender on a property? No, and I am a little nervous that it may take longer to get the loan to go through than it usually does.  But back to the highlights:
- Credit union interest rates are a little bit cheaper than conventional lender interest rates.
- CUs are big on adjustable rate mortgages, although they have fixed-rate loans available, too.  ARMs haven't been popular in recent years, and most people prefer fixed-rate mortgages.  But in a time of rising values, I think there is no reason to fear ARMs -- once a property has equity, a borrower can refinance into a fixed-rate loan.
- Current CU lending guidelines say a buyer needs 10% down for an ARM, or 20% down for a fixed-rate loan.  The borrower's credit score needs to be pretty high, too.
- CUs will make loans on properties that other lenders won't touch.  For example, they will make loans on condos where the condo building's owner occupancy is low.
Note for 7/18/13: a Twitter contact says 5% down, 5/5 ARMs are coming soon to credit unions.

Speaking of condos with low owner occupancy, please check out my listing at 5227 Denny #101 in North Hollywood. It will be open this Sunday from 2 to 5.

Sold in Burbank's sweetest, and most carbohydrate-y, spot

My clients Andy and Lynnette just closed on this 3+2 on Niagara in the heart of Burbank’s Magnolia Park.  If you follow me at Judy Graff, Broker Realtor on Facebook, you’ll see the picture of them and their two adorable kids in front of the house.

Lynnette and Andy have been looking for over a year now. Like all of my other buyer clients lately, they made other offers on other properties, only to lose out in multiple offers.  How’d they get this one? The sellers wanted a young family in the house, and Lynnette wrote them a beautiful letter. We still can't believe their luck. Yes, the house needs work, but like many of my buyers, Andy and Lynnette plan to fix it up themselves over time.

The location of the house is amazing.  L&A are mere steps away from Bella VistaRestaurant, which has perhaps the best pizza in Burbank.  If that weren’t enough, Monte Carlo Deli across the street offers gelato, Italian food, and an Italian grocery. Yummy Cupcakes is also just a few steps around the corner. And just down the street: from Urban Eats, Porto’s, Romancing the Bean.  Best of luck with everything, and bon appetit, Andy, Lynnette, Louis and Juliana.

Just sold a Silverlake duplex. Termites did not convey with the property.

Client Mario just closed on an adorable, redone (i.e. flipped) two-on-a-lot property in Silverlake.  This was pretty thrilling as Mario had been looking to purchase property for a very long time and had lost out on several offers prior to this.

There was trouble about the termite report.  The main house was built in 1915 and the second house was built in 1920.  This is an OLD property.  Evidently, it had never had any termite work done, so the report came back at about $7000. Seller was not happy.  But it was no surprise to us – that’s almost 100 years of happy termite families raising their termite young, and so on.  Termites eat wood, and over 100 years, they can eat a lot of it. (And by the way, we’ve all seen much more extensive and expensive termite work.)

But at any rate, we came to an agreement with the sellers, deaded the termites, and Mario now has two charming houses to fill in one of the coolest Los Angeles communities.

Coming soon: 5227 Denny #101, North Hollywood

This beautiful 3-bedroom (yes, 3) condo is coming back to market at the end of this week.  If you didn't see it when it was on the market in the spring, you owe it to yourself to see it now.  It's about 1300 square feet and was built in 2009.  It has a huge kitchen with stainless steel appliances including a wine refrigerator, two elegant full baths, in-unit laundry, front-facing balcony, 2 extra storage units in the garage, and a low hoa of $261!  It's in the up-and-coming North Hollywood Arts District and the city is busily working on widening and landscaping Magnolia Boulevard in the area. Perhaps best of all, it is listed for only $420,000.  The first open house will be July 21; call me for a showing before then.

Tonga Hut in North Hollywood

Remember my blog from a year or two ago re Tonga Hut in North Hollywood? Of course you do.  Los Angeles Times has a great article on it today, but there's no link.  In the meantime, here's an article from 2008.  For you lovers of all things tiki and cocktails, there's also the Tiki Bar on Lankershim in North Hollywood, too.

Home buyers, home sellers and pocket listings

If you're a home buyer in Los Angeles and the San Fernando Valley, you may be asking all of your contacts, and your Realtor, for "pocket" listings -- those homes that sell before they ever go on the market.  Since the home buying public doesn't know about these listings, there isn't the frantic purchasing competition that drives up the prices.

If you're a seller, you may also be looking to list your home as a "pocket" as it's a much more convenient sales process. You don't have tons of people traipsing through your house, you don't have to be gone for the open houses, etc.  Your Realtor just networks with other agents and brings you a buyer that way.  It's especially nice and convenient for sellers during our current hot real estate market.

Those are the high points of pocket listings.  Here's the downside for buyers.

I just represented buyers who purchased a pocket listing in west Burbank. George and Yvonne, like most buyers, had been looking for quite awhile and had made a lot of good offers on other properties.  They were thrilled to find a four bedroom, 1900+ sf. home in their price range without having to compete with 25 other buyer groups.  What a relief!

Then, we had the physical inspection.  Lots and lots was wrong with the house, including major structural stuff.  The seller would not consider crediting any money for the work that would need to be done, including health and safety items. The buyers even lost $1000 of termite work. We implored the seller and even asked to meet with her. No dice. The seller's position was that if the buyers didn't want to take the house absolutely as is, the seller would just put it on the mls and probably make even more money. 

The buyers went forward with the sale because, as we all know, inventory is limited, that's a large house in a good neighborhood, etc.  So here's the take-away for you buyers considering purchasing pocket listings:  While it might be easier to buy a "pocketed" home, your negotiating power (such as it is) is seriously diminished because the seller has nothing to lose by cancelling your sale and starting over with the process.

George and Yvonne are very creative and I'm sure they'll have great success in turning this home back into the gem it once was.

Plaintiffs in DOMA are from Burbank, CA!

Here's some more good news: the plaintiffs in the Supreme Court DOMA case are from Burbank! And if that isn't enough, I'm going out of town for a few days.

Rising mortgage interest rates and home sellers and buyers - what it means

By now, you've probably heard that mortgage interest rates are rising and may go up as high as ('gasp') 5% by the end of the year.  That's still historically very low, but here's how it will affect you.

If you are selling your home in Burbank, Studio City, Toluca Lake, Sherman Oaks or any other place in our region, rising rates will have a dampening effect on activity.  Some buyers will be knocked out of the market and that should "stabilize" prices a little bit.  Higher interest rates usually exert a downward pressure on prices.  That doesn't mean that you won't get multiple offers for your home if it's priced right; it just means that there may be less offers than we've been experiencing. The offers may not be quite as high, either, especially if home inventory increases. However, your home will sell if it's priced right and marketed correctly.  (See the marketing page on my website at JudyGraff.com.)

If you're a home buyer in the San Fernando Valley, all of the above will be good news for you except the interest rate part.  Yes, it will cost you more to buy a home.  But you won't have as much competition (some of my Valley home buyers wrote eight to ten offers before getting one accepted) and prices won't be rising as much.  And if inventory increases, that will have a downward effect on prices.  So keep looking.  Your house is out there.

If you're a buyer and you're currently in escrow, make sure your lender locks in your interest rate.

Caveat: some of the neighborhoods here in the Southland are immune to the effects of rising rates.  The really, really expensive high-end L.A. markets are still awash in cash, with a lot of that coming from overseas.

How can we miss you when you won't go away? Or the story of the Studio City condo

This is the story of the Studio City condo that my buyer closed on last month.  The names have been changed to protect the guilty.  Yes, this was one of the bad ones.

My buyer had made several offers already when this condo came on the market in early February.  Our offer on it was immediately accepted. Yay!  It was a short sale, but the short sale was approved in record time – also “yay” and “it’s a miracle” -- and we prepared to close 30 days later in mid-April.

A week before closing, the seller’s dad announced that they had no idea the condo was closing and they not only would not be leaving, they also would not sign the necessary paperwork to close it.  We were incredulous. How could that be? Well, turns out that they just hadn’t found a suitable place to move to yet.  At that point, not only had my buyer made moving plans that were difficult to alter, but his loan documents were ready, and the condo itself was about to go to foreclosure if it didn’t close shortly.

Through the coming days/weeks, the seller’s dad refused to give us a closing date or a move-out date.  Contract? Ha! It meant nothing to the sellers.  Nobody could budge them.  The communications were extensive – I have over 400 emails about this in my file and that’s just me (so much for you guys that think we Realtors just open doors and say, “Here’s the kitchen.”)  The sellers stopped communicating with those of us who they believed to be “against” them.  I pretty much assumed that this was a lost cause.

Where was the listing agent? Missing in action. Why didn’t my buyer client cancel the sale? Because the condo was perfect for him and, sadly, by late April he was already priced out of the Studio City housing market.

Although it is typically discouraged, my buyer reached out to the seller dad.  And seller dad began to communicate directly with the buyer.  They actually got somewhere (by this time the seller dad had pretty much alienated everybody else on the team, and my buyer has the magic touch.) Of course, my buyer had to do the accommodating. The foreclosure was postponed again. Whew!  And a month after it was supposed to close, the seller dad gave my buyer a date for both closing and for possession.  My buyer was able to move his plans around to accommodate the new date.

And the closing finally, finally occurred. The sellers moved out.  As much agony as we went through, my buyer client’s efforts made this happen.  We were thrilled to celebrate on his new patio last week, and toast the buyer’s persistence.

Prices of homes for sale increased locally, as if you didn't know

In case you did not see the L.A. Times, home prices increased 24.7% year over year.  And not just for homes in Burbank, Toluca Lake or Studio City either -- this is an average of five counties.  L.A. county home prices increased 30.2% to an average of $410,000 per house.  Here's the link to the article.

621 N. Keystone in Burbank closed today

621 N. Keystone in Burbank closed today for $607,500.  It originally went into escrow at $615,000 but there were some needed repairs that lowered the price.  We held our breath on the appraisal but it came in to value and is now the highest price by square foot in the neighborhood. The sellers are wonderful and the buyers are, too.  It was something extremely rare -- a smooth escrow (very unusual these days).  I hope the buyers and their baby daughter will be very happy in their new house and I wish my wonderful seller clients the best of luck, too!  Thanks to Gary Mazziotti, my partner on this transaction, and the terrific buyers' agents too.

New interest rates and new r.e. stats

Yes, interest rates went up this week.  Again.  Conforming loan rates are now hovering around 4.2%-4.3%. The lenders that I've spoken with don't expect them to go down much in the near future, if at all.  They are still at historic lows, but that probably doesn't make you feel much better if you're a buyer.

And here are some interesting local stats from California Association of Realtors:

- From 2001 - 2007, all-cash purchases were about 6.2%-8.4% of total sales,

- In April 2013, all cash purchases were 29.3% of total sales,

- 27% of California sales are to non-U.S. citizens,

- 66% of investor buyers are holding for the long term,

- 75% plan to hold for about 6 years,

- 25% are flippers,

- 67% investors are paying cash,

- For those who sell, the return on investment is around 14%,

- 78% of investor purchases were single family homes,

- 14% were multi-family homes.

Will this all change? Of course.  When? I don't know.  But the real estate market has really surprised all of us with its quick turn arounds in the last few years.

Real estate in Spain

Just what you wanted to know -- how's the real estate market in Spain?  Well, since I was there last week I'm able to tell you.  The Spanish economy is not good.  Unemployment is really, really high and of course the Spanish are experiencing somewhat of the same kind of real estate market that we did in 2008+.  A lot of smaller areas have new developments that are unsold and, in some cases, not even finished.  The picture above is of a town in Don Quixote country.

...But of course, in the highly desirable centers of the bigger cities, premium apartments and homes in the bigger cities are going up in price.  Sound familiar?

But what of all those lovely character homes in the centers of the old cities? Wouldn't it just be fabulous to own one of those? Apparently, nobody wants them.  There is no place to park.  The streets are just a few feet wide.  (Imagine trying to get your brand-new front-loading washer dryer set delivered.)  All electrical wiring is on the outside of the building.  It's a real problem to get anything fixed as the municipalities won't let you make changes to the outside of the residential buildings.  Sellers have to hang for-sale signs from their windows as there are no yards to put posts in (see above).  So as interesting as this all was, I think I'll stick to San Fernando Valley real estate for now.

I'm leaving the country...

...because Studio City real estate and Burbank real estate have been so rough.  Seriously, I need a break and am taking a short vacation from San Fernando Valley homes and condos.  I will be posting again in early June when I'm back.  Have a great Memorial Day.

HGtv's House Hunters Renovation

I shot an episode of House Hunters Renovation last week with some clients who recently purchased.  It was really fun -- the crew were really nice and very professional and of course I love my clients. Unfortunately I can't tell you any more than that right now and I don't yet know when it will be on.

229 N. Beachwood in Burbank closed last week

This is 229 N. Beachwood.  It was a flip, and was purchased by my wonderful clients Scott and Robin.  The escrow went off without a hitch (what a nice change)!

You may remember Beachwood when it was on the market in 2012.  That's it, above.  It was, uh, fanciful.  Whimsical.  With halls leading to dead-end rooms.  Everything was painted a different color.  There were lots of cats (my fave!).  The flippers who bought it opened it up, redid the landscape, kitchen and bathrooms, and flooring but kept lots of the character features.  My clients fell in love when they saw it.  

The flipper group were also very willing to address all issues that came up during the inspection (not uncommon with a flip).  Thanks, Mike Toledo, for being so heads up.  And Scott and Robin, how will you decorate all that new space?

Houzz.com

I've just discovered another monumental time-suck Houzz.com.  It's like Pinterest, but it's just for decorating and finding contractors.  You want real estate decorating porn? Well, here it is, baby!

Closed last week: 16909 Flanders, Granada Hills

My listing at 16909 Flanders in Granada Hills closed last Friday for $539,000.  We had it in escrow for $550,000 but the appraisal came in at lower, so everybody took a haircut.  I have a history with this house.  I sold it to the previous seller, sold it for them to the current seller, and now have sold it to future sellers.  In the meantime, I went to a lot of fun parties there and was even naked in the pool (see below -- it was in the line of duty).  If you're a buyer, it's worth it to check out this neighborhood.  The housing stock is really nice, prices are still reasonable and Granada Hills High just won the state academic decathalon.

Realtor rap: "All the houses gettin' sold"

Realtor rap: "All the houses gettin' sold" by Brian Block in North Virginia.  Brian, it's like that too, here.

Multiple offer winners

Our manager has helped this week with several multiple offer situations.  Here's what she tells us are the winning combination of elements for the buyers who ultimately bought the properties:

1.  Contingency removal forms accompanying offers.
2.  Buyers releasing money upon removal of contingencies...some earlier than that.
3.  Lots of letters and family pictures.
4.  Buyers making clear no repairs, no credits.

Red alert! Buyer clients got an offer accepted!

Buyers, it can happen to you, too! My buyer clients just got a purchase offer (in the low $500's) accepted for a home in Valley Glen. Thanks to wizard agent and heavy lifter Amber Dolle.  The buyers have written about ten or eleven offers before this, and obviously all were rejected.  Moral of story: if you're a buyer, hang in there.  Be prepared.  Your home is out there.

Open today, Sunday, 4/21 from 2 to 5 - 621 N. Keystone, Burbank

Come visit Steve and me at this gorgeous character home in the heart of Burbank.  You might even be able to see Rusty the cat (that's him in the dining room).  It features 3 beds, 1 bath, 1272 square feet, all the original details you could hope for in a character home, a redone kitchen, redone bath, huge backyard, and central Burbank location.  It is listed for $635,800 and we'll be there today from 2 to 5.

Good luck finding a house? Now, good luck finding a Realtor, too!

This will make you hate us Realtors even more.  But many of us are now turning down the opportunity to work with buyers, especially in certain price/location ranges.  Why? Because we can't find you anything.  Not only that, but we already have two, three, or even four client groups looking in the same price range/general vicinity and we can't find them anything either.  Oh, if only inventory would increase...

Sunday morning reading for those that didn't go to Coachella

Two great articles about real estate have appeared in today's Sunday papers.

First is an article re bubble market tactics.  It's by Kenneth Harney for the L.A. Times.  It discusses the pros and cons of escalation clauses, no-contingency offers, and low listing prices to draw lots of bidders.

Next is an article from the esteemed Robert J. Shiller for the New York Times entitled "Why home prices change or don't."  It's a bit wonky, but among other items, it discusses how technological advances in home building have helped keep costs down.  I thought it was really interesting.  

Happy reading or happy hanging out at Coachella.

Coming Monday: Darling 3+1 character home in Burbank for $635,800

Listing on Monday: this adorable 3 bedroom, 1 bath Tudor revival at 621 N. Keystone in Burbank.  It features all of the architectural details one could hope for in a period-style home, plus a remodeled and expanded kitchen and updated bathroom. Hardwood floors, sun porch, fireplace, central a/c and heat, and big dining room complete the picture. The third bedroom opens to a covered patio, plus another deck overlooks the big backyard.  This home is ripe for thoughtful expansion -- or to just live in and love like past generations have done.  Yes, it's centrally located in Burbank (and less than a block away from the donut shop on Keystone and Magnolia!). Stats: built in 1929, 1262 square feet, 7072 sf. lot, and listed for $635,800.  The first open house will be on Sunday, April 21, from 2:00 to 5:00 and more pics can be found on my website at judygraff.com.

What do robots have to do with real estate?

I received a box from California Association of Realtors the other day.  Actually, it was from their ad agency.  It contained this robot (which, yes, spins and shoots fake lasers) and a card announcing a new ad campaign.  But can somebody tell me what robots have to do with real estate?  Is this new equipment that we'll be required to buy?

The wild and wool-y real estate market

Well, pardners, my experience in the local market has been like a buckin' bronco lately.  Yes, I'll have some campfire stories to tell y'all, but first I have to get all the cattle driven back into their pens.

Here's some good news, though: 1122 N. Cordova in Burbank has closed for $540,000.  That's $5000 over list price.  We originally had it in escrow for $545,000 but those buyers wanted $11,000. We said "happy trails to you" and got another buyer.  This buyer paid cash at $540,000.  Now, if we can only get the Cordova sellers into a new home.

Open today, 3/24, from 2 to 5 - 16909 Flanders in Granada Hills

Come visit me at this lovely 3 bedroom, 2 bath plus den and pool today from 2 to 5.  It features an open kitchen/dining area with a breakfast bar, living room and den oriented around the backyard pool, luxe master suite with tons of closets, parquet floors, living room and dining room with fireplaces, custom lighting and window treatments, sunny exposures, 2 car garage with direct access and more.  The backyard is immaculately gardened and features a pool-side cabana and built-in fireplace.  Listed for $540,000, it's on one of the loveliest streets in Granada Hills.  And yes, Steve will be dj-ing his playlist!

San Fernando Valley ranch-style homes

I attended a fascinating presentation today by architect Alan Hess on ranch homes in the San Fernando Valley.  Mr. Hess has written many architecture books about mid-century modern homes, coffee-shop architecture (the so-called "Googie" architecture), specific architects like John Lautner and Frank Lloyd Wright, etc.  Needless to say, he knows what he's talking about. I learned the following nuggets:

- Did you know how the "ranch" got its name? Why, from popular culture and the movies, of course.  This particular style of development ran parallel to America's love for anything "western."

- Toluca Woods was the first large-scale planned community and predated Levittown in NY.

- The suburbs aren't just sprawl.  At the time they were built in the 1950s, they solved America's post-war housing shortage and were really planned communities.  Most were anchored by grocery stores, schools, and other things consumers needed at the time.  They were the original walking communities (nobody in those days knew about the need to walk to the tanning place or the craft beer bar.)

Most of Mr. Hess's books can be found online at Amazon.com.

Just listed! Gorgeous Granada Hills pool home

16909 Flanders, a 3+2 pool home, just listed for $540,000.  I am particularly fond of this house.  It belongs to my friend Debra, the designer extraordinaire, and before that it belonged to my friends Brad and Joe, who were also designers extraordinaire.  I've been to lots of fun gatherings in this house over a decade and a half. I suppose I shouldn't tell you this, but I've been naked in the pool.*  More pics are coming later today and can be found at my website at www.JudyGraff.com.

Anyway, here's the description: Luxe living in Granada Hills can be yours. This 3+2+den has been designed for both entertaining and relaxed living. High beamed ceilings, open plan kitchen/dining room, living room and den that open to backyard,  parquet floors, large pool and covered cabana, lots of storage and glamorous decorating (check out the lighting!) are just some of the features.  Terrific neighborhood above Rinaldi. Tax records say 4 beds, one is used as den. 1867 sf, 7540 sf lot, built in 1957.

*It wasn't as fun as it sounds.  I was there by myself, it was really windy, and leaves were blowing into the pool.  I needed to put the pool cover over, which had bunched up in the middle of the pool.  Realtors don't usually carry around bathing suits, and nobody else was around, so...

5227 Denny #101 in North Hollywood - mini-open house tomorrow

Need a gorgeous, 3 bedroom, newer condo in North Hollywood Arts District? I'll be having a mini-open house tomorrow (March 17) at 5227 Denny #101 from 2 to 4.  It's listed at $420,000 and the HOA dues are only $261.  You can see more photos on my website at www.JudyGraff.com.

Yes, this just fell out of escrow.  In this market, it's not just buyers getting screwed, it's sellers too.  I can't wait to name names here.

Coming this weekend: gorgeous pool home in Granada Hills

This weekend, 16909 Flanders in Granada Hills will be coming on the market for $540,000.  Yup, it's beautiful --3 beds, 2 baths, den, dining room, pool, and decorated to the nines by my old friend and owner, Debra.  I hope to have pictures by Saturday or Sunday.

Second chance at 1122 N. Cordova in Burbank is back on the market

Update 3/12: we're back in escrow with a cash buyer.Here's your chance to own a great 3+2 in Burbank's Magnolia Park now that the previous buyers have flaked out (yes, more dirt to come -- later).  No open houses are planned at this point, but call me or your own Realtor if you'd like to see.  The home is super-close to all of Magnolia Blvd's attractions and features a/c, hardwood floors, a huge backyard, huge master suite, all copper plumbing, new windows and more.  It's listed at $535,000 and I have a couple of non-scary inspection reports for serious buyers.  More pictures can be found at www.JudyGraff.com.

Deal graveyard, early March edition

A couple of deals fell apart last month and I'm here to dish the dirt.

The first was 2912 Buena Vista in Burbank, pictured above.  This sharp flip is owned by a group out of the Inland Empire who have their own real estate company.  My buyer clients originally submitted a full-price offer in January, but had to go through all sorts of gyrations to get the sellers to accept it a month later.  As many of you know, all real estate contracts must be in writing, and the Department of Real Estate and California Association of Realtors have contract forms.  These forms have been vetted by many generations of attorneys.  There is no reason not to use them.  So I was surprised to get back the sellers' personal contract for my buyers to sign.  No surprise -- the sellers' contract took away all of the buyers' rights.  And also removed all of the sellers' responsibilities.  I advised the buyers not to sign the contract, and predictably, the sellers sold it to somebody else.  Yes, we're disappointed.

The second deal-gone-bad was on 702 E. Olive in Burbank, another flipped home.  My buyers (not the same ones as on BV) loved this home and initially I could see why -- there were huge spaces for entertaining and nice character details. Yes, it is next to an apartment building, but still. The buyers came in over the (then) purchase price and were in escrow for $620k.  For a 2-bedroom in Burbank.  But as I said, they loved it.

Then we did the inspection.  The inspector noticed that there were no vents in half the house. Chimney had cracks.  Roof tile was falling off.  And best of all, there was a lot of loose asbestos in the semi-finished basement, which is a very, very serious health hazard.  The sellers-flippers refused to remedy anything (really? asbestos? You're gonna leave it just lying there?) and after very careful deliberation, the buyers decided to move on.  This house, too, went right back into escrow at a higher price.  To add insult to injury, the escrow company decided to keep $200 of my clients' money for opening escrow and receiving the buyers' deposit (reputable escrow companies don't usually do that).  Needless to say, these buyers are also sadder, but much, much wiser.

Busted over using Kurt Cobain...ooops

http://northhollywood.patch.com/articles/meet-the-newest-real-estate-marketing-strategy-kurt-cobain

Cordova in Burbank and Denny in North Hollywood are both in escrow

1122 N. Cordova in Burbank's Magnolia Park went into escrow last week.  Now, we just need to find the sellers a place to live (offers have been submitted).  More about that later.  And 5227 Denny #101 in the North Hollywood Arts District is in escrow.  We got the call saying the offer was being submitted about an hour after the first showing on the first day.  And we have to find those sellers a place too (offer submitted there as well).  Whew! Yes, we are very lucky.

5227 Denny #101 in Noho is live on the mls!

This 3 bedroom, super-chic North Hollywood condo is now on the mls.  If you or anybody you know is looking for a unit in the Noho Arts District, this may just be the one.  Built in 2009, it's listed for $420,000 and has uber-low HOA dues -- only $261/month.  The kitchen is huge and new, there are two full baths, fireplace, balcony, extra storage and more.  We will be open on Sunday from 1 to 4.  More pics can be found at my website at www.JudyGraff.com.

Kurt Cobain recorded at my new listing! Well, or close to...

Devonshire Sound Studios on Denny and Magnolia in North Hollywood was famous back in its day as one of the premiere recording studios in the Southland.  Alas, Devonshire is now Salami Studios, but its storied history lives on.  And you can live close to that history at 5227 Denny #101.  This chic condo will be listed for $420,000 in a few days, and features 3 bedrooms, 2 baths, newer construction, a big kitchen, gorgeous bamboo floors and more.  As you may know, the Noho Arts District is undergoing a lot of rehabbing, including widening Magnolia and planting more trees.  I'll have the condo open on Sunday from 1 to 4; more pics tomorrow!  (And yes, I'm sure that Kurt is rolling in his grave.)

Record-breaking crowd at yesterday's open house

I counted over 200 people at yesterday's open house at 1122 N. Cordova in Burbank.  This is a record for an open house of mine. (Previous record was 135 last summer.) This is due to the still-low interest rates and the shortage of inventory.  Yes, the property has offers on it.

Open today from 1 to 4: 1122 N. Cordova, Burbank

Please come visit Steve and me today at this great 3+2 home for $535,000 in Magnolia Park.  Big backyard, fresh paint, new windows, all copper plumbing, big master, and hardwood floors are just some of the features.  Plus, the home is close to Portos, Its a Wrap, Romancing the Bean, Mindful Nest, the Chandler bike path and more Magnolia Park attractions.

Woohoo! More kudos for this blog

This blog is among Realty Biz News' 20 r.e. blogs that stay current. See the link here: http://realtybiznews.com/20-real-estate-agent-blogs-that-stay-current/98719470/

Just listed: Burbank 3+2 in Magnolia Park for $535k

Update 2/13/2013: If you're interested in seeing this home, you might not want to wait.  Showing traffic has been heavy.  Okay, buyers -- is your heart set on a 3+2 home in Magnolia Park super-close amenities like stores, shops, restaurants, the Chandler bike path, excellent public schools and more? Check out 1122 N. Cordova Ave. and prepare to have your dreams come true.  This well-maintained traditional has gorgeous hardwood floors, dining area, cute kitchen, big bathrooms (one new), huge master, plenty of closet space, copper plumbing, central air, a big backyard, two car garage, hot tub all new windows and new interior paint.  It offers lots of expansion opportunities for those that want to add on.  I will have it open for brokers Thursday, Feb. 14, from 9:30 to noon and it will have a public open house on Sunday, Feb. 17, from 1:00 to 4:00.  Please call or email me with any questions.

"Quiet" listings versus "pocket" listings

You learn something new every day.  I just learned that pocket listings aren't pocket listings if listing paperwork has been completed.  If that's the case, the listing is a "quiet" listing.  "Pockets" are only those homes that have no written agreement between the seller and the listing agent. So 621 N. Keystone is a quiet listing, not a pocket listing. 

Not on the mls! 3+1 character home in Burbank is for sale for $635,000

This is 621 N. Keystone, Burbank, and as you can see, it's a 1920's character home.  It's for sale but it's not on the multiple listing service.  It's what we call a "pocket" listing and it may be on the market soon, but for right now, it's being privately marketed.  It is nice inside and has original detailing including windows, fireplace decorations, hardware, etc.  It may need paint and a few cosmetics to restore it to its former glory. The kitchen has been redone and the bathrooms have been updated in original character style.  Of course, it has a great Magnolia Park location and a huge yard.  If you're interested, please contact me for a showing.

Gorgeous Cape Cod in Adams Hill is now on the market

Check out 1221 E. Palmer in the Adams Hill section of Glendale -- it will be on the mls Saturday and is listed for $499,000. More pics can be found on my website at JudyGraff.com.  This adorable home is notable for its outstanding maintenance and the restoration of its original character charm, along with its peaceful hillside location.  The seller has done a beautiful job in making this perfect -- no detail has been overlooked. With peek-a-boo views from almost every room, this 2 bedrooms, 1-1/2 bath cottage also features a dining room, gorgeous hardwoods, large kitchen, dormer windows, laundry room (all appliances stay), garage, storage, central heat and air, and a flat backyard. Updated electrical service and plumbing, refreshed landscaping plus a whole-house fan complete the picture.  Adams Hill is located in south Glendale and is adjacent to Atwater and Eagle Rock.  This pristine neighborhood of character homes was listed by L.A. Magazine as “One of the Ten Best Neighborhoods (That You’ve Never Heard of).”  Please call me if you'd like to see it -- it will be open on Feb. 10 from 1 to 4.