She ain’t nuthin’ but a gold digger….

First of all I love this ad. How can you not? And, even though I can scour the MLS for properties in the pre-foreclosure state, this is a good way to access the lion’s share of them all at once.

Check out the link to find properties that are “short sales.” This means, in a nutshell, they are listed for sale at prices less than what the current owner owes. It’s all about market value, supply and demand. Basic economics. The only downside is that the process can be grueling and arduous, but who ever said that buying a house is fun? Oh, I did!

www.shortsense.com

You should have been in pictures!

This house is so damn cute. It’s like an over-sized hotel suite in Shabby Chic style replete with the original Bachelder fireplace from 1928 – but the entire house has been given a perfect face-lift. White walls and moldings, character hallways, picture window from the guest bedroom looking out to the spa-esque dipping pool + guest house for visitors, family members or to rent out and help pay the electricity bills or car payment – but maybe you just have a bike, manual and motor, because there ain’t no garage at this abode. Barreled ceilings, tasteful fixtures and finishes….doesn’t need a thing, except maybe the addition of a California Avocado tree in the luscious garden. The property has been on the market for 138 days and has been reduced to the cool cool price of $1,399,000…take away the one from the front and it would likely have 1000 bidders and maybe sell for a mil. At this price it’s going to sit. Sorry seller. Not sure what your agent’s been telling you as to why your house isn’t selling, but the days of buying the worst house on the best street are back in vogue. This is one of the best houses on a great street – BUT, it has two bedrooms in the main house and one detached guest house/room which just isn’t enough, even in Santa Monica, to substantiate the list price. I’m sure the owner doesn’t want to lose money on the investment, and some true love and care was placed into the remodel/upgrades, but if he or she really must sell they are going to have to heed this advice and reduce, reduce, reduce! At $1.2 mm this could be someones dream home. Add an extra bedroom later on down the road. Maybe a new master on a second floor addition, or push out toward the back. Until that day comes, take the design elements and buy the foreclosure on 25th Street for $800K (mentioned in an earlier entry) and do the upgrades yourself….

Click on this link to see photos & more info. about this home:

http://guests.themls.com/view_photo.cfm?mlsnum=09-345757

Cracker Jack Box

A few weeks back I watched Breakfast at Tiffany’s for the “umpteenth” time with a friend of mine who had yet to see the Capote flick. I think the scene where they ask the Tiffany’s salesman if he would be able to inscribe something on the inside of a ring they got out of a box of Cracker Jacks is extremely relevant to today’s economic times.

People still want luxury, but it’s the little luxuries that make more sense right now. Consumerism will never die, it just ebbs and flows and though it has waned, there are still needs and supply and demand is alive and kickin’.

The pent up needs in our local real estate market are reflected in the statistics of recent sales. The Eichler home in Granada Hills on Lisette (where for the last several nights there has been a light so bright I thought a spaceship had landed to save us all – but it was just a movie crew) had 25 offers thanks to the low, low list price of $479,000. It will be interesting to find out exactly what it ends up selling for. A house on Marmont Ave., just above the Chateau on the Sunset Strip, that was a probate, not a foreclosure like the Eicher house, sold exactly for the asking price of $949,000. Whoever snatched that up has views for life, or an amazing rental property/investment. I’m telling you, you’ve got to listen to me!

There is a sweet house on 21st Street just north of Ocean Park, south of Pico in the Sunset Park area of Santa Monica that has been on the market for 60 days at the list price of $824,900. This foreclosed property boasts the bone structure of a early mid-century English cottage, with charming details such as a bay window in the front living room and arched hallway entrances, built-in cabnitry in the petite dining area. The kitchen needs to be built out with a stove and oven, but I can just imagine a refurbished O’keefe & Merrit or a brand new Wolf or Viking and how the punch of the new with the old could make for the perfect chef’s dream.

I see so much potential in this house, not only because of it’s stellar location (um, walk to Zabies or Mrs. Winston’s on Ocean Park and bike to Trader Joe’s on Pico), but because I envision it being loved by the new owners, who will grow roses and herbs and take advantage of the spacious yard and ample room to grow. The house does need cosmetic work (don’t we all?), and could use a second full bath (there is only one full bath and one powder room), but I know that it’s been loved before and will be loved again. Wow, houses really are like people after all!

Here are some pics. Looks way better in person. Have a swell weekend!

Oh and p.s. Cracker Jack boxes sure are fun, only if you could live in them!