Upscale Brentwood new construction & charming Westwood condo

After a couple of weeks of deviation, we’re back to reviewing what we’ve seen on caravan. Yesterday we saw 11925 Currituck in Brentwood. It’s listed at 4.895m. It’s brand new construction, traditional in style, the square footage of the house is approximately 6300 and the lot is approximately 8500. It’s lovely with high –end, high quality finishes and has a grand scale. There is a subterranean garage and the lower level of the house (the basement) is smartly used. There is a screening room, an exercise room and a wine cellar. The lot seems small, but the house is well plotted on the land so there is more yard than one might think from reading the description. It will be really interesting to see how quickly and for how much this sells. We personally feel that the price is too high. There was a house in the neighborhood on Westgate that sold in February for 4m. It was also traditional, brand new construction and beautifully done. That house was on a bigger lot and had a pool and the house itself was only slightly smaller. It was closer to Sunset so there was potentially a little noise in the backyard, although we don’t remember it being significant. It is a comp that will work against Currituck in terms of the way it is priced. At one time the brand new traditionals were flying off the shelves in Brentwood no matter what the price. We think those days have passed, but time will tell.

If you don’t have 4m to spend don’t fret. We found an awesome opportunity yesterday in Westwood! It is a condo that really and truly feels like a home on a beautiful street called Ilona Ave. This condo came on the market last fall for over 700k. It went into escrow in the high 600 range. After a lengthy escrow period, the day before it was scheduled to close, the buyer’s lender pulled the loan and refused to fund. Total nightmare for buyer and seller! The buyer lost his 3% good faith deposit and the seller lost time. Now the seller put the unit back on the market at 595k. It’s a fantastic unit, oozing with charm and character. The building is a mid-century style, built in the ‘50’s. It’s got lovely curb appeal and the street is populated with single family homes, not big buildings. There are 3 bedrooms and the 3 bathrooms, laundry inside and a totally re-done, high-end kitchen with a Viking stove and Sub-zero fridge. The unit is upstairs, has tons of light and lovely views, wood floors, intricate crown mouldings, great closet space and well proportioned rooms. It’s a 1 flight walk-up and there is a 1 car garage. This is not for someone who wants the newest of everything; this is for someone who appreciates quality architecture and wants something unique and with character. We love this unit and will do everything in our power to sell it. It’s an amazing opportunity and a very special place. Please call us if you’d like to see it. It’s worth your time!

The inside story — how a realtor sells her own home.

This week I, Lorin Ruttenberg, am going to talk about the experience of being a realtor and selling my own home. No matter how much I deal with home sales and see other people going through a full spectrum of emotions, it doesn’t prepare or prohibit me from experiencing the same. At times it was like my experience counted for nothing. Thank G-d I have my partner and my real estate shrink, Monica Garcia-Grilli who always takes my calls and amazingly doesn’t seem to lose patience with me.

My living room

Our first open house was a zoo. Monica held it open while I was showing properties to some clients. That very same night, we got our first offer. It was under list price, from a couple who had seen the house that day and wasted no time. I thought it showed decisiveness and commitment – two qualities I am looking for in a buyer. However, the number didn’t thrill me. Two days later we got another offer from another couple. The offer was clean with a 20% down payment and verification of funds. They had also been at Sunday’s open house and were in love. All well and good, still the number didn’t thrill me. I countered both of these offers and gave them the maximum 3 days to respond so that I could see if anything else would come in during the interim.
We held the broker’s caravan on Tuesday and I held the house open myself. The response from the brokers was great. Everyone thought the house was well priced and adorable. The next day I got a call from one of the brokers who had come through requesting a showing for her clients. We set it up for Thursday. They were a young couple with a toddler. At the showing their broker had to leave early and I had the opportunity to hang out with the young couple. This is where the problem began for me. Unfortunately, I fell in love with them. They were just sweet and wonderful and they loved the house and I felt like they “got” the house. They were artistic and the wife wanted to use my office as an art studio and the kid was adorable. My enthrallment with them was not diminished when the humbly told me they would be making an all cash offer with the assistance of their parents. Later that day their agent called me to request a showing the next day, with their parents, and she conceded that they were very interested in the house. In my mind they were the buyers.
Meantime, yet another offer came in from yet another couple who had seen the house on Sunday. It was lower than the first two offers, but I countered it because after speaking with the agent it seemed like the money was there to purchase the house.
The next day my beloved couple came to the house with their son, their parents and their agent. Everyone seemed to genuinely love the house and they were open about expressing that. The parents were low-key and gracious and I could see how they raised such a lovely daughter. They stayed at the house for at least 45 minutes. So now I’m totally on edge and wondering when the offer was going to come in. Their agent called me later that day and asked me a couple of questions about the roof. I answered them and when I asked if they were writing she said it looked like it was going in that direction. Yeeeeahhh!
So, while all this is going on the first two couples who wrote offers responded to the counter offers that I sent. The first couple, who had submitted an offer on Sunday night, dropped out. The second couple responded and did not come up in price at all. This ticked me off to no end. I felt like they should have made some sort of gesture, even if it were only to come up slightly to create a sense of good will if indeed we would end up in escrow together. I was hoping and fantasizing at this point that I could reject them and that my beloved (all cash) couple would come through.
The next day I was an anxious mess. No news, and in my business no news is usually bad news. Finally, late in the day the agent of the beloved ones called me and said that at this time they are not moving forward on my house. There is another house in which they are interested that they wanted to explore first, but it was unknown if they would be able to get that house. I was heartbroken, but at least I knew something. I felt at least the relief of knowing reality. And, I still had 2 offers to deal with.
The next day was Sunday – time for another open house. It was not as busy as the first open house, a week earlier. Nonetheless, people were very excited and openly enthusiastic about my house. During the open house a gentleman came with his wife and three kids and told me he was sent by his relatives to see the house. The relatives were none other than my golden couple. I said to him that I thought they were not going for my house and he replied that they were still “undecided.” Oh no – hope started to creep back in. After they left the golden, anointed couple with their son came again to the house. We talked for quite a while and frankly I felt like I clicked with them. I told them that I wanted to sell the house to them. We discussed nitty gritty details like where to put the television and the black-out shades in the master bedroom. I told them that I needed to respond by Monday at 5:00 to the couple who had sent me the counter and that I was waiting on a response from the 3rd people who submitted an offer. The wife said that they had some heavy-duty thinking to do that night.
On Monday I called their agent and asked if they were really not making an offer on my house. The answer was no, that indeed they were not. I felt like a guy I was totally into just broke up with me.
Later that day I learned that the couple who had submitted the 3rd offer would not be responding. So, I had one offer left at a price that I felt was unfairly low. What was I to do? It was an excruciating decision for my husband and me. If we were to counter a little higher to this couple we ran the risk that they could walk away. In that situation we had no leverage because there were no other people bidding on the house at that moment. If we rejected the offer and stayed longer on the market there were no guarantees that offers would come in any higher. The cold hard truth, and I know this from years of experience, is that the longer a house is on the market the lower and lower the offers come in. Additionally, the market is declining so what the house is worth today it might not be worth a month from now. We decided to stipulate that we would give absolutely no credits or make any repairs, but we would sell the house at the price the last couple standing had come back with.
We are currently in escrow with them. We will see what happens. We will not give anything further to them so if they ask we will say no and they will have the choice to walk away or not. Meantime, more people have seen the house and love it, but no one who has seen it is in a position to make an offer right now. I’ve come to the conclusion that it’s all about timing and that the way this goes is not totally in my control. Things happen for a reason and it seems like the lucky couple who got my house for a steal are meant to have it – at least at the moment. I have felt in the last two days a sense of well being and faith in the process. Maybe they’re buying my house right now because something fantastic is about to come on the market for me and I wouldn’t be able to buy it I weren’t in escrow on my house. Maybe I’m meant to hold open our new listing in Brentwood on Sunday instead of my own home because I’m destined to meet a client who will buy a much more expensive house and I’ll earn more money than I would have on my own house anyway. These are just two possibilities and maybe neither will pan out. However, there are so many forces at play and the range of possibilities is infinite. That’s the exciting part. It will be interesting to see how the chips fall and I am choosing to believe that it will all work out for the best – as everything does. In hindsight, I usually realize that things were right and perfect even if they were difficult and I’m sure I’ll have that experience this time around. I never cease to marvel at how the real estate business really becomes an all encompassing spiritual journey – but it does. And, btw, I’m mentally prepared that my golden couple will re-appear and want the house when it is too late. More to come…

This week’s Los Angeles housing inventory highlights

It’s a bargain!! No, this is not a joke, 127 N. Cliffwood in Brentwood Park listed at $10,495.00 is a great deal. It’s so gorgeous; we’re not sure where to begin. How about the solarium? It’s a gorgeous room with a glass and steel framed wall and polished concrete floors that looks out to a romantic courtyard, connecting the kitchen with the living room and library. The house, built in 1936, is a Spanish with a Batcheldor fireplace (one of the seven), artistically crafted doors, antique hardware and unique lighting fixtures. Yet, the house isn’t just a great character Spanish. It has a modern, minimalist flair which makes it feel contemporary and hip, not old. The yard is literally a park. The lot is over half an acre, all flat. There is a pool and a recording studio with a bathroom . This would make a great cabana to service the pool . Finally, there is an elegant, light-filled one bedroom, one and a half bathroom guest house with a full kitchen that is truly nicer than being at the Four Seasons. The bad news is that your guests might never leave. The good news is that they would stay out of your hair because their surroundings are so fabulous and romantic. You may never see them.

Ok, you can’t afford ten and a half million – no prob! There’s a great house in Mar Vista for $889,000.00. It’s at 12507 Stanwood and has three bedrooms and one and three quarters baths. It’s a beautiful tree lined street, the kitchen is groovy, and has a Euro vibe. There’s even a little family room that opens to a lovely yard. This house needs nothing, just bring your toothbrush and move in. Seems like a great price for something in such high quality condition in this neighborhood.

The point of our blog is not to trash houses – but sometimes we see something and we just can’t make sense of it. Unfortunately for us today it was 330 S. Saltair in Brentwood. It’s brand new construction, five thousand square feet on a lot that’s under eight thousand square feet listed at $4,395,000. The yard is small and there is no pool. The kitchen is small and in what we can only guess is an attempt at a French Country style. It simply doesn’t come together and the price seems “out there.” But what’s even more “out there” is when you compare this house to a gorgeous, fabulous, amazing house we saw a few months ago in the Encino Hills. The address is 4158 Adlon and the price was just reduced to $3,449,000. Ok, so it’s Encino and Saltair is in Brentwood, we get it. But the Encino house is right up off of Mulholland – not far at all. If that is an option, why would anyone chose the house in Brentwood? The house on Adlon is on top of a hill (a large hill) on a lot that’s over twenty five thousand square feet, largely flat and the house is almost seven thousand square feet of brand new construction. Normally a house like that can feel cold and cavernous, but not this one. The views of pine trees and mountains make you feel like you are in a Big Bear or Tahoe or someplace out of L.A. There e is a pool and flat yard for play. The outside comes in throughout the house via great windows and lots of glass. There is a fantastic outdoor “living room.” The kitchen is killer! The house is gorgeous, fabulous, beautiful! Seeing Saltair today and then seeing that Adlon is basically a million dollars less made us laugh and shake our heads. Hmm. The deals are out there, you just have to know where to look.