Proto Homes – New modern architecture we can afford!

About a week ago we had the pleasure of attending the “coming out” party for the first Proto Home located in The Baldwin Vista section of Baldwin Hills. You may not have heard of Proto Homes yet, but you will. This is really the beginning of a revolution in home building. The home is AFFORDABLE (especially for brand new construction!),FLEXIBLE meaning that the home will change to fit the owners needs rather than the owner having to fit into what the home dictates and INNOVATIVE for several reasons having to do with the building process itself. We will let you know when this home is open to the public for viewing, but in the meantime here’s a brief description.
The home is built around a patent- pending core or a “brain” if you will. This core is the basis of the homes innovation and affordability. The core is manufactured off site and then dropped in and the house is built around the core. This allows the homes to be completely built in about a four month period. (Affordable!) The core houses everything that runs the house including plumbing, electrical, HVAC, wiring, etc. (Innovative!) There are no wires or plumbing or anything that runs over, under or through the house. Everything is accessible and easy to reach and easy to fix if necessary. Never again do you need to have a trade’s person searching through your crawl space, walls or attic in pursuit of a leaking pipe or faulty wire. Everything is visible and accessible.
The home can change with the owners changing needs. (Flexible!) This particular model can be a one bedroom or a four bedroom house. There are soffits built into the ceiling in the second story of the house and custom walls can be slid in and out of them to create as many rooms as desired. If a couple were to move into this house and then have a few children down the road, they would not need to change their house. They would only need to order a beautiful, custom, affordable wall that becomes closets and shelving for the room it’s creating. They are easy to install and certainly much more cost effective than moving or adding onto a house. (Affordable!)
All of this is very practical and utilitarian, but we want to be very clear, style and aesthetic beauty have not been sacrificed! The home is largely comprised of open and airy space with incredible             natural light provided by long floor to  ceiling windows that let in light and views but they are not so big that they obfuscate privacy. The finishes are all sleek and high end, with marble counters and polished concrete floors, sleek cabinet design and thoughtful use of materials throughout. One of the coolest and sleekest things is that all of the homes are networked and can be controlled from your IPhone or your tablet. Out all day on a sweltering day in early September? No problem, an hour before you return home you can log on and turn on the state of the art cooling system. On vacation and want to make sure the house looks lived in? Switch the lights and music on and off and view the home via the security cameras. It doesn’t walk your dog for you yet, but we won’t be surprised if that’s coming.
Proto Homes will be built to be sold at the median price in any given neighborhood. This is remarkable because typically new construction is sold at the highest price point in any given market. What this means is that the consumer can buy a house that works for them and flexes with their needs for the same price as a house that was built 75 – 100 years ago that requires a lot of maintenance. Stay tuned because we plan to bring you much more information about Proto Homes and how you can have one of your own.

(photos courtesy of Proto Homes)

Where are those “patience pills?” Patience required when trying to close a real estate deal.

Ok, so it was lack of regulation that got us into this mess.  Well now there is so much regulation that any ideas of closing a deal early are pretty much pipe dreams unless we’re talking about all cash buyers.

FHA loans have always been a bit of a pain, but now, we spoiled people in high-end markets like West Los Angeles actually have to deal with them.  The loan limits for a FHA are $729,000.  People can now actually buy a house or a condo in our area with these loan programs.  What we’ve learned, through experience, is tha FHA appraisals are EXTREMELY specific.  There are all kinds of conditions that need to be met.  For instance, if there’s anything that’s non-permitted on a property it’s going to be an issue on a FHA appraisal.  If there are any non-permitted garage conversions (which is like 50% of the homes in WLA) FHA will not consider it a garage nor will they consider it a room.  It may need to be converted back to a regular old garage for parking or the property may get appraised as not having a garage at all.   It’s something to be aware of if you’re buying or selling.   We’re currently in a deal with a FHA buyer and they are making some minor repairs to the property before they close in order to get approval from the appraiser.   It will close about a week late.  Thankfully the sellers and the listing agent have been patient.

Other regulations in today’s market can be more frustrating because they make no sense!!  In order to prevent fraud, nowadays when a buyer tries to obtain a mortgage there is a form called the 4506 that must be submitted to the IRS.  The tax returns that the buyer submits to the mortgage lender must match the tax returns submitted to the IRS.  The 4506 form is submitted electronically to the IRS.  The form is often rejected without reason.  There is a lot of room in the process for human error.  If one number transcribed incorrectly, or if the borrower has moved and changed address the 4506 will be rejected and without an approved 4506 a buyer cannot obtain the loan.  Protection against fraud is a good thing, but trying to deal with the IRS and find out why — now that takes PATIENCE!  We have some buyers in that situation too.  Hopefully we’ll know something more in a few days.

In short, even people who have great credit and plenty of money for a down payment need to be prepared to be scrutinized and take their patience pill before they start the process.

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.

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.

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.

Great buys in Brentwood and Beverlywood

We saw some great houses this week, but we saw two deals that are simply fantastic and those are what we’re going to talk about today.
First, 13413 Bayliss in Brentwood is a steal! It’s a 3300 square foot house on a lot that’s almost 15000. The price is $1,595,000. The yard is to-die over, and it’s the focal point of the house. It’s private, lush, flat and has literally a fairy tale feeling. There is a beautiful pool that sets into the environment so naturally, it looks almost like a natural body of water. The house has a great floor plan with 4 bedrooms and a big family room off of the open kitchen. The house is in very good condition but needs updating. There is carpeting in much of the home and dated surfaces. However, not one wall needs to be moved and the work is really surface work. It’s in the Kenter Canyon Elementary district. If you are interested call us now! Even in this market, this house will sell and sell fast. It’s an AMAZING opportunity!

Another AMAZING opportunity is a condo at 1450 S. Beverly Dr. #106 in Beverlywood. The unit is over 1700 square feet and the building was constructed in 2001. It has been on the market for a few months and the price has come down to $589,000. It is a short-sale, which means that the bank is accepting a loss on the property. This building is literally across the street from the Beverly Hills city limit and walking distance to all of the great shopping that Pico Blvd. and downtown Beverly Hills has to offer. The unit is inhabited by the biggest slob ever know to man – and that’s probably why it hasn’t sold. It shows horribly. However, when you look through the stuff (that’s everywhere) there’s a great unit underneath. The bedrooms are on opposite sides of the unit, both en-suite. The entryway is wide and bright, the kitchen is huge for a condo with lovely wood cabinets, granite countertops and an island. The unit is located in the back of the building and the view is quite pleasant. It looks out to greenery and trees and has a long balcony. What this unit needs is a deep cleaning and a buyer with vision. Whoever buys this place is going to get a fabulous deal and live in a great part of town.