Deals on L.A. Homes in 2011

So here’s our property report for our first caravan of 2011. (Caravan is every Tuesday when we run around and see new listings on the market.) There are great deals out there and the great deals at the entry level of the market (under 700k) are selling in multiple offers.

The winner of the day was 5260 Glenford St. in the Baldwin Vista hills area. This house is a true mid-century modern, built in 1956 up in the hills right off of La Cienega with killer views of downtown, the gorgeous mountains behind downtown and a panorama of the entire city! The house is about 1800 square feet, needs some updating but great architecture with lots of glass to enjoy the views. It’s priced at an unbelievable $499,000. The house came on the market on Sunday 1/9. We saw it on Tuesday 1/11. By then it already had 4 offers. That says it all. If you want a deal you can get one, but you cannot wait. You must be poised to act and in a case like this, the house will go to the highest bidder. We expect this house to sell around $550,000 and it’s a great deal at that price.

The other fabulous bargain is on 2419 Banyan Dr. in the Brentwood hills. This one is also a true mid-century modern, built in 1965. It’s got 4 bedrooms, 4 baths and is approximately 2600 square feet and in the Kenter Canyon School District. It has vaulted ceilings and a great flow and plenty of glass to bring the outside in. It also needs some updating, but definitely is a house you can move into. The price of this house is $1,249,000. This is an unbelievable price for the home and the neighborhood. A few years ago houses just like this in the same condition were selling between $1,500,000 and $1,600,000. This house has fallen out of escrow 3 times due not to a defect with the house but due to buyers who either flaked or had a drastic change in their situation. Someone is going to get an incredible deal on this place!!

Dream Homes

Every once in a while we see a home that captures our imagination and speaks to us on a soul-felt level. Last week we had the privilege of seeing one of those homes. It’s located in Bel Air, on Stone Canyon, which in itself is idyllic. The address is 1280 Stone Canyon. It’s an English Country Tudor located on almost an acre of wooded, gently rolling land. The house has everything you could want and more. It’s authentic, it has impressive scale and style, it’s romantic yet feels comfortable. Believe us, you wouldn’t feel weird living there. It’s not stuffy or off-putting at all. There is incredible privacy and a yard that wraps around the property has a gorgeous pool, a life size doll house and a half pipe for the kids. There’s a full guest house for grandma, trees to climb and grounds to stroll. It’s priced just under 10 million and it’s worth every penny! Where are those lottery winners from Pico Rivera? Believe us, the winning number in Westside Real Estate is 1280. If you you’re interested in this property or real estate on the Westside of Los Angeles in general don’t hesitate to call The Savvy Duo.

Let’s Hear It For The Seventies!

Aaah, the seventies… a magical era filled with free love, fantastic American films and fearless fashion. But there’s another product of the magical era that doesn’t get the attention or praise it deserves – THE CONDOS. No, not the condoms, they didn’t use those back then. I’m talking about the ubiquitous condo buildings, built as such, (not as apartment buildings that have been converted) throughout the city. It was an era of construction! While some of these units may be relics with faux marble mirrors and shag carpeting, there are some fantastic and overlooked features that they have to offer. The first is space. Yes, plain and simple, space. They just built bigger units back then, with higher ceilings, larger balconies, taller doorways and more, bigger, better closets. There is elegance and grace inherent with that kind of space. Clearly land value and construction costs were so much less then that developers were able to build with less density and still satisfy their margins. Westwood has a wealth of these types of buildings and we have seen several phenomenal opportunities in the past few months for buyers to grab large, spacious, elegant units at excellent prices. Many of them need to be updated, but their potential is enormous. Many of these types of units that are selling now are being sold by the original owners or their heirs. I suppose I have a soft spot for these units too because sometimes I walk into a unit that’s as clean as a hospital, with Wedgewood tchatkies on display and ornately framed Marc Chagall prints on the walls and I feel like I’m in my grandmother’s apartment. I can almost smell the matzo ball soup. But I digress. If you are a buyer out there looking for a condo, don’t pre-judge the seventies. If you are willing to do some cosmetic updating you could end up with a gem, much bigger than any new construction out there and I’ll bet you the building will even have a pool, a spa and a sauna (talk about retro!).

(The image above is 1551 Greenfield #302, over 2k sq. ft. sold in 12/09 for 710k)

Short Sales – Are they all smoke & mirrors?

This week I want to talk again about short sales.  This is based solely on what we are currently experiencing – it’s not necessarily a rule.  But, the new trend is that the list price of the property – what buyers see on the mls and Redfin

Our listing 11453 National

and a host of others -  has nothing to do with the price at which the property will actually sell.  We have one short sale listing and a couple of buyers “in escrow” on short sales and in each case the bank has come back for more money that the list price.  We have called on other short sale listings and talked to brokers who have explained that though it’s listed at x, the real price for which the bank will sell is x + y.  I have talked with brokers who have explained that for a buyer to actually get a property they need to pay in excess of 50k higher than the list price.  On our own listing at 11453 National we listed at 675k but in order for a buyer to get an acceptance from the bank they will need to pay 680k plus whatever termite work is needed.  We have a buyer who has offered full price on a condo downtown listed at 196k.  The bank came back asking for 204k, higher than any other comp in the building.  She has agreed to that price, but still we do not have a formal approval and we’re waiting.  So what’s the point of all this??  Buyers beware!!!  There is so much misleading information out there.  Nothing is what it seems at face value and it’s important to work with a realtor who can get to the truth about each situation quickly so that a lot of time and energy is not wasted.  Each case is individual and banks have a different value proposition on each property, so there is no rule regarding how much they will take relative to the outstanding loan amount.  Sometimes we wonder if it benefits banks to show more of a loss and therefore they refuse seemingly good offers.  It’s challenging dealing with buyers right now because they are all very attracted to short sales – thinking they’re a great deal.  Often it’s best to deal with regular old sellers, and we’re not coming from the perspective that it’s easier for us.  If a seller needs to sell their property then that’s what they will do.  They will evaluate what the market brings them, try to get the most money they can, and then if they really must sell they will sell.

The hottest properties in L.A cost 500 – 700k

The real estate market is so happening in the 500k – 700k range – it’s astounding! We had a listing this year in Brentwood around the 2m mark – gorgeous contemporary house and we would get about 80 – 85 hits per week on the listingbook site (which is basically an extension of the mls with tons of functionality). Our current listing is a short sale in West LA on National Blvd. It’s a really good house that needs cosmetic updating but has a great floor plan and really good space. It’s listed at 675k and we get about 425 hits per week on the same website. So far we have received 4 offers on the property. It’s a short sale so the initial accepted offer may or may not be the ultimate owner of the house. More on that next week – we’ll talk about our short sale experience. But back to the point, the amount of buyers in this entry level price range is creating an incredible demand and propping prices up. A large percentage of homes priced in the 600’s are getting multiple offers these days. Today we saw some good ones on Caravan and we’ll explain briefly.
4083 Bledsoe in Culver City is listed at 659k. It’s been on the market for 5 days and it has 3 offers already. (Seems like old times.) The house has an unconventional floor plan, but it’s clean and cute, has good space and it’s on a nice street.
5045 Pickford in Culver City is listed at 658k. It’s a 2 + 1 that’s around 1000 square feet, but the house has great bones and some architectural charm. It’s in a fantastic neighborhood right near Lindberg Park and walking distance from great shopping, public library, etc. It’s been on the market for 9 days and they were expecting an offer today.
6373 W. 84th St. in Westchester listed at 650k is adorable, beautiful, tasteful and charming. It’s also 2 + 1 around 1000 square feet but on a large lot with room to ultimately expand the house. Today was the first day that one was shown. It will sell right away.
If you need more information about these homes or about Los Angeles real estate call or e-mail The Savvy Duo.

Discover a New Neighborhood in Los Angeles Today!

So we haven’t blogged in forever – but WE’RE BAAACK! The week’s blog is about a neighborhood that we feel is yet-to-be-discovered by many. It’s time that the secret was out!! This neighborhood offers FANTASTIC opportunities to Los Angeles homebuyers and if you’re looking for a house you owe it to yourself to consider this area. It is, namely, View Park/Windsor Hills.

This neighborhood is situated between Angeles Vista on the south, Stocker on the north, La Brea on the west and Crenshaw on the east. If you have never driven through these streets please do yourself a favor, pull out your Thomas Guide and go (pg. 673). There are plenty of mid-century homes, built in the late ‘50’s & early ‘60’s. There are also lots of streets with English Tudor, Spanish and stately Traditionals built earlier, between the ‘30’s and ‘40’s. You may be wondering if the homes in a neighborhood called View Park have a view. And, yes, many of them do. The neighborhood is at the top of a rolling hill and depending on orientation there are views of Downtown, the San Gabriel Mountains and Mt. Wilson to the north. To the south and west one can see the Marina Del Rey, LAX, Santa Monica Beach and the Santa Monica Mountains. The streets are windy, curvy and hilly with houses that vary dramatically from one to the next in terms of architectural style. The neighborhood has such authentic charm that we have coined it “Westwood South.” It really looks like the hilly neighborhood know as “Westwood Hills” adjacent to UCLA.

View Park is literally minutes from Culver City, Westchester and The Marina. And, the most incredible thing is that it’s possible to get a very lovely house between 500k – 700k. Of course things like view, condition and lot size factor greatly into pricing. There are deals there as low as the 300k – 400k range and prices top out around 1m. The value here is astounding to someone coming from the Westside. One would have to far outside of the normal Westside realm to compete. And the really, truly beautiful thing is that View Park is not far! If you are looking for a great home at a great value let us know and we’ll turn you on to something new and wonderful. And, look out for future blogs about undiscovered, hidden gem neighborhoods.

Only one great deal this week – Mid-Century fixer in Brentwood

It was a disappointing caravan this week. Everything we saw (Brentwood, Westwood and Mar Vista) felt over-priced. But we chose to have a positive blog and not trash other peoples’ homes. After all, everything looks good at the right price so really there are no homes to trash, only pricing strategies.

So, that said, the only well priced property we saw this week was 1436 Alllenford Ave. Ok, it’s on Allenford, a busy street and yes it’s next to Paul Revere Middle School. However, you don’t see the school at all from the property and you do not hear the street from inside the house or from the backyard. The house is over 2300 square feet and the lot is over 14k. It’s not all flat, but a significant portion is and there is room to install a pool. The house is an original mid-century modern built in ’54. The floorplan is excellent. There is lots of glass in the common rooms and everything is oriented to the backyard. The kitchen is open and has an eating area. It’s a one story house that’s calling out for remodeling. It has potential to be the hippest of the hip. It’s priced at $1,299,000. It’s not so easy to sell a house on a busier street, so this house may be obtainable under list price. For anyone who appreciates mid-century and wants to create something really cool – this is a great bet.

If you’re interested in this property, or other homes on the westside of Los Angeles, call The Savvy Duo.

Deals on homes – Brentwood & Beverlywood

After a brief hiatus, our caravan review is back. There is a great piece of property for sale in Brentwood and we think the price is right for all it has to offer. It’s located at 250 S. Canyon View, which is one of our favorite streets in Brentwood. You really connect with nature there and don’t feel like you’re in the city at all. But the best thing is that you really are smack in the middle of everything there. This property is on over 21k square feet of land and the house is over 3200 sq. ft with a guest house. This house is up a private driveway and not visible at all from the street. The privacy it offers is great for a celebrity or high profile person. It’s a traditional home with gracious rooms, a pool and a full guest house. The master is downstairs and there are 2 very large en-suite bedrooms upstairs. The upstairs could be re-configured to house more bedrooms. The house needs some cosmetic updating but it’s got great bones and it’s a stately, elegant solid residence. Oh yeah, the price – $3,299.000

The next great house we saw is in Beverlywood. That is where the best deals on the Westside in a totally solid neighborhood reside these days. This one is located at 2257 Guthrie – an absolutely lovely, tree-lined street. It’s a traditional house but it has a very mid-century, open floorplan and feeling. This house was owned by an artist there is just a calm, groovy, S. California vibe about the place. The fact that it’s adorned with ‘50’s era paintings and sculptures and that whole thing flows out to the pool doesn’t hurt. It needs cosmetic updating but the structure and the floorplan are impeccable. The house is over 2800 square feet and the lot is almost 9k! This listing price is $1,149,000. I think this is definitely the buy of the week and we WOULD LOVE TO SELL THIS HOUSE TO SOMEONE WHO GETS IT. This house could be a masterpiece. Come one, come groovy and make this house what it’s dying to be. Call us about these or any other properties that peak your interest.

Real Estate Bargains in Brentwood & Westwood

Real Estate Bargains in Westwood & Brentwood

Two houses we saw yesterday are great buys in great neighborhoods. It’s a pleasure, in this new market, to see deals like this come down the pike.

First, 11431 Bolas in Brentwood for $995,000. That’s right, a house in Brentwood for under 1 million. It’s in Brentwood Glen – cute, charming, traditional, two blocks away from the 405 so freeway noise is not an issue. The house has 3 bedrooms and 2 bathrooms in a little over 1500 square feet. The kitchen is open and has an eat-in area. It needs updating but the space is workable. One of the bathrooms has some chipped tiles that are original to the house, built in 1939, but it’s a house you could move into and then fix up in stages. The yard is private and lush. It’s not too large, but there’s a nice grassy area for play. The price for the neighborhood is fantastic and a buyer could really add value and do well over the long term in this spot.

Next, 2051 Pelham Ave. in Westwood for $1,199,000 is another great house in a great neighborhood with great potential. This house is over 1900 square feet with 3 bedrooms and 2 baths and the lot is approx. 6750 square feet. This house, built in 1931, has absolutely gorgeous architectural and period details. They’re too numerous to mention, but beamed ceilings and antique hardware and lighting fixtures are a few. The solid wooden doors have reliefs and inlaid wood. The kitchen needs a thorough updating. The bathrooms have the original tile but it’s pristine and beautiful and lilac! The backyard has a pool and no grassy area. This is a house for someone who appreciates authentic Spanish architecture and character. Again, here is an opportunity for a buyer to purchase something and with the right kind of updating (keeping the architectural integrity) this is something that will have tremendous value down the road.

If you want to see either of these listings or are looking for a property that you can add value to and reap the future benefit, don’t be shy, call The Savvy Duo.

Mid-Century home in Brentwood & Fabulous View Condo in Mar Vista

We’re plugging our listings this week – and they’re worthy! Both will be open this Sunday, 5/17, from 11 – 2 so if you live anywhere near us come and take a look.

366 N. Kenter has been reduced to $1,989,000 from $2,125,000. It’s a gorgeous, totally done mid-century modern house. It has 4 bedrooms (all upstairs), 3.5 bathrooms, an office/den and a family room. The best thing about the house is the flow. The kitchen is totally open and the whole living space downstairs communicates beautifully from room to room. Also there are huge sliding glass doors, visible from all rooms, that open out to the lush, private backyard. The backyard has a fire pit, banquet seating, an eating area and a grassy play area. It’s totally enclosed and safe for kids and pets. It’s truly an ultimate entertaining home. The house was redone from top to bottom in ’04, so even the things you can’t see are updated.

3460 Centinela #301 is a fantastic condo and even more enticing is the price of $549,000. It has 2 bedrooms + 2.5 baths and it’s a top floor unit with a view. You look out and can see the ocean, the mountains and the marina. The view is enjoyed in all rooms except one of the bedrooms. You can be cooking in your kitchen and watching an incredible sunset over the coastline. The unit has hardwood floors, inside laundry, incredibly generous closet space and 3 balconies. The dues are $375 and include earthquake insurance. The building has a fabulous, resort-like pool, a paddle tennis court and a clubhouse with a gym. It’s in the prestigious Mar Vista Elementary school district.

If you would like more information or to make an appointment to see either of these properties call The Savvy Duo.