I am not condoning this behavior by posting this article, but the fact of the matter is that at least these people are getting some enjoyment out of the homes (as long as they don’t do any permanent damage) and by draining the water out of the pools they are detering mosquito breeding, etc. One man’s foreclosure is another man’s skateboarding haven?
Read on…from today’s New York Times:
Skaters Jump in as Foreclosures Drain the Pool
Real estate, the buying and selling of, can appear to some, as a “sport.” During this holiday season I have definitely been bombarded with the question of the minute “how’s the real estate market?” Not, “wow, it’s been really cold in L.A. over the past few weeks, hasn’t it?” Or, “how about those Lakers?” But rather, “how’s real estate?” I mostly answer with, “I’m not at liberty to discuss this topic with you at the moment, but if you check out my blog you may be able to learn a little more about statistics and opinions of our current market here in Los Angeles.”
I don’t REALLY say that to people, calm down! Real estate, like most, if not all, industries in our economy, has been affected by the changes over the last several months. Loans are more difficult to acquire, but they are available and with amazing record-low interest rates. People are still buying and selling. There are more foreclosures due to adjustable rate mortgages and job losses/changes in income. There are a LOT of people still waiting for that “deal of the century” and when that “deal” appears they are all going to be fighting over it at the same time.
That will make a TRUE sport out of real estate. Bring on the games!
Tis the season for wish-lists…so I am going to share some of my favorite houses in L.A. Lucky you!
On the first day of Christmas….fa la la la la….I’ll list 6 instead of 12…seeing too many houses all at once can make your head spin! 
1) Mid-century modern on Laurie Drive in the hills of Studio City - I am a Valley Girl after all! This house made me fall in love with the architecture of A. Quincy Jones. From then on my curiosity about mid-century homes in L.A. grew and perhaps one day I will live in this house! After today’s weather those hilltops are snowcapped, but these photos are from 2005 when the house was last on the market. It sold for a cool $2,695,000. This house was originally built in 1961, but was meticulously preserved and remodeled. It tops my list and who said you can’t find your dream home in the Valley? Why do I adore it so? The mix of old and new, the single-story floorplan, and views without compromising a yard with pool, and finally, ultimate privacy. Plus it’s geographically desireable, really between the Valley and the City.
2) You can actually see the distinctive round lights from the cardio room at Crunch gym at Sunset and Crescent Heights, if you squint…high atop Woods Drive sits this 60’s landmark that has remained in the same family since it was new. You’ve likely seen photos of this house before as it has graced the pages of many a magazine (and commercials for that matter) as the backdrop for numerous ad campaigns. It’s appeal is nearly universal, but what I find most interesting is how the house looks like nothing special from the road…as they say, what’s “inside” is what counts!
A couple of links to satiate your curiosity:
http://www.greatbuildings.com/buildings/Case_Study_House_22.html
http://www.youtube.com/watch?v=TRaKFwMF52U
p.s. Pierre Koenig was the architect and Julius Shulman’s photos of this house are the most famous.
…giving credit where credit is due. Recognize this?
3) Speaking of Pierre Koenig another property caught my eye one caravan, to eventually be auctioned off by Christies, this scaled down version of the Stahl house hides away in the Wonderland Park area of Laurel Canyon. A petite pied-a-terre it’s hard to believe that this home commanded such a mighty price, but needless to say, homes as “art” do not always reflect the norm for comparable sales! Listed for $2.5mm the final sales price was $3,185,000:
The Wonderland Park Ave. house above was Case Study house #21 and the Stahl house was #22. The Case Study program was the brainchild of a wonderful magazine enterprise by the name of Arts and Architecture. I’m stealing this verbiage from Wikipedia because I am feeling a bit tired and realize that I have 9 more properties to write about!
Wikipedia’s entry on the Case Study Program: “
The Case Study Houses were experiments in American residential architecture sponsored by John Entenza’s (later David Travers’) Arts & Architecture magazine, which commissioned major architects of the day, including Richard Neutra, Raphael Soriano, Craig Ellwood, Charles and Ray Eames, Pierre Koenig and Eero Saarinen, to design and build inexpensive and efficient model homes for the United States residential housing boom caused by the end of World War IIand the return of millions of soldiers. The Eames’ CSH #8 was assembled by hand labor in about three days.
The program ran from 1945 until 1966. The first six houses were built by 1948 and attracted more than 350,000 visitors. While not all 36 designs were built, most of those that were constructed were built in Los Angeles; a few are in the San Francisco Bay Area, and one was built in Phoenix, Arizona. A number of them appear in iconic black and white photographs by architectural photographer Julius Shulman.”
4) Rewind to a completely different genre and time: 1933 Spanish “romantica” redesigned by a previous owner, publicly known as Kelly Wearstler, of Viceroy Hotels and Eastern Columbia building fame. This house is perched on a ledge on the “other” part of Hollywood Boulevard, the less traveled part in the hills above Sunset, with substantial views. I love the courtyard that surrounds the pool, but the “piece de resistance” for me was the amazing cacti, a natural sculptured work of art in the yard viewable from various vantage points throughout the home. Take a peak:
p.s. this house sold for $5,750,000 in mid-October of this year (2008), it was on the market for 35 days with an original list price of $6,495,000.
5) Okay, back to mid-century marvels. The Eames house on Chautaqua in the Palisades is quite a sight to see, but you can only get inside once a year if you are a member of their foundation, but you are welcome to peruse the grounds at other times. You can admire the original architecture and decor, like a museum standing still in time, on the parklike settings and admire the ocean view from the lot. The neighboring homes are worth a gander as well.
http://www.eamesfoundation.org/visit_house.html
6) Half-way there! Views, views, views….and infinity pool, need I say more? This stunner is perched on a promontory high atop Nichols Canyon. It sold last june for $3,800,000:
Happy Holidays!!!
You can buy a 3 bedroom condo in North Hollywood – yes, near the drive-thru Starbucks for under $500K. I’m thinking you might be able to get one really close to the $400K mark. Not too shabby.
There’s a single family home near Eagle Rock, in Glassel Park, just off the 2 Freeway for $435K and I’m guessing this one will likely go for less….it needs a TON of work, but there’s land and potential and it’s freeway accessible, so not far from the Valley, Glendale, Pasadena, Hollywood or Downtown. Oh, the area is called “Sagamore Park” and the house will be open this Saturday and Sunday from 1-4. Photos were not up as of this post, but they should be up shortly:
http://guests.themls.com/profile_page.cfm?mls=22119148IT&tab=search
Finally I meandered over to Venice to check out another deal of the week – a bungalow listed for $705,000 – good sized lot on Flower at 6th…and the street/neighborhood is on the up and up….but you would be right around the corner from the Venice Family Clinic…which maybe that is a good thing if you work there! Plus you can walk to the new Whole Foods, quite possibly my favourite new Venice landmark!! This property is in probate and subject to court approval, but that just means that the court has to approve your “bid” or offer…no biggie. It needs a lot of help, and will likely be torn down, but with the LARD1.5 zoning there is a possibility of building 2 houses on the lot, blah blah blah. Check it out yourself:
http://guests.themls.com/view_photo.cfm?mlsnum=08-334383
Post that!
This house was just put on the market for $2,395,000 just off lower Sunset Plaza Drive. I know that someone could bring it back to it’s original splendor. It even has views from the pool and master bedroom that would be maximized with a remodel. It has the swagger of a “Mad Men” set without the furniture or people, but the luster is there, waiting for the right person to make it pop. I certainly hope that this house is revamped rather than just vamped and torn down, that would be a shame. The listing agent told me that the former owner was an actress and starred in the movie “All About Eve,” a photo is including in the link below. The home is located on a cul-de-sac and has a very private lot. Here is the exact verbiage from the MLS (Multiple Listing System):
FIRST OFFERING SINCE 1966: THE BAXTER-HODIAK REMODEL, JOHN LAUTNER ARCHITECT, 1951. VIRTUALLY UNKNOWN TODAY, THIS LONGTIME RESIDENCE OF AGENT HAL GEFSKY HIDES LAUTNER’S EXPLOSIVE OPEN PLAN INTERIORS, DESIGNED FOR FRANK LLOYD WIGHT’S GRANDDAUGHTER, BEHIND AN ORIGINAL NORMAN FACADE. PHOTOS AT THE GETTY REASEARCH INSTITUTE REVEAL THE EXCITING POTENTIAL TO RESTORE A UNIQUE HOLLYWOOD CELEBRITY LIFESTYLE WHERE ENTERTAINING IS THE FOCUS OF THE LOWER LEVEL & PRIVACY & SELF FULFILLMENT THE SPACE ABOVE.
http://guests.themls.com/view_photo.cfm?mlsnum=08-330679
I don’t want to neglect the “Adams” of the world, so here is a house that will appeal to those bachelors out there:
http://guests.themls.com/view_photo.cfm?mlsnum=08-276119
This house is defintely impressive – at the end of a prestigious street high above Sunset Boulevard, just east of Doheny Drive, you can live in the lap of luxury, while swimming laps and staring out at your city views. Complete with Vegas-style black-out curtains in the master bedroom, this home is perfect for creatures of the night. A great party-pad or second home for someone who is ready to drop $7mil. It has been reduced $1mil since it’s initial offering on 4/29/08. There was not a Bentley or Maserati GranTurismo in the garage, but maybe we can make arrangements for that:
http://www.youtube.com/watch?v=b6bLp1vCIGg
Ciao for now!
Buyer’s remorse is a feeling that NONE of us want to have; especially in these times of “economic uncertainty!” If one more person says “economic uncertainty” I am gonna……!!!! Honestly though, it’s getting a little tired. Time for us to move on with our lives, to bigger and better pastures. Surely many, if not most, of us have been affected by the changes in our economy of late, but that is not to say that we should stop living our lives.
This is where “buyer’s remorse” comes into play. I just leased a new car. Yes, I know, crazy! And I must tell you that I have not felt one iota of buyer’s remorse…regardless of the fact that California has a “no cooling off period” and even if I did feel remorse there would be nothing I could do about it. I want to tell you WHY I do not have remorse: I did my HOMEWORK. I shopped, and researched and read and bargained and haggled and FOUGHT and persisted and FINALLY I made a decision; I settled on the fees, signed the lease documents, procurred a new car loan and drove away…into the California sunset. Well actually it was raining as soon as I drove off the lot, is that good luck? Or is that only for wedddings and/or funerals?
I know that a car purchase and home purchase are not the SAME type of transaction, but the take-away from today’s post is that if you put the time in and really think about your decision to buy a property, and you and your realtor are aware of the market, regardless of WHEN you make your purchase, even in a time like NOW, you can feel at peace. You can make a solid investment. You can obtain a mortgage on a property and write the interest off against your income to help save at tax time. You can feel good, not guilty, about acutally buying something during these times. You are not necessarily going to have “buyer’s remorse” next summer after you’ve been living in your new home for half a year. Even if the housing market dips, why should that affect you? You made a decision, stuck to it, and you live with it. YOU LIVE IN IT.
It’s not like buying a CAR or a HANDBAG or a WATCH. You can’t live in those items. Well, you know what I mean.
You’re worried about losing your shirt in L.A. real estate? What if you continue to wait, even though you’ve done all of your research and are ready to go now? Are you just waiting because other people are waiting? Ask yourself that question, “what are you truly waiting for?” The market to “bottom out?” So that means that your proclivity to purchase property is completely dependent upon when other people decide it’s okay for them to buy too? If it’s because you truly cannot make that financial step right now, that makes sense, but if it’s because you think you’ll get a “better deal” at some unforseen time in the future, good luck to you. When that special “time” does arrive, you and everyone’s brothers and mothers are going to be in the same boat, all fighting over one property and the multiple offer will be alive and kicking.
If you are ready now, and you know of something good that would make you happy, go for it. Don’t wait until the end of time. Time is man-made, and your time could be now. When you are ready, be different, make decisions and move on, or rather, MOVE-IN!
To substantiate my “rants” here are some statistics for those of you who are curious about what is REALLY going on in L.A. Real Estate!
| Santa Monica Single Family Home Sales November 2008 |
|
|
Sold Listings:
|
|
As I’ve mentioned before, Listing Price is very important. If you list your house at a price that does not reflect the CURRENT fair market value, the property is going to sit. Do you want your house to be a formerly expensive “item” of value that is now on the “sales rack?” Last call! Everyone loves a good sale, but a good sale when it comes to real estate and a good sale in retail are two completely different animals. You DO NOT want this happening if your GOAL is to sell your property. Which, I am going out on a limb here, must be your intention, if in fact you are putting your house on the market…unless it’s just to “test the waters,” then go ahead, have fun, pick a “mystery price” out of hat and list, list away!!
My advice is to get down to business A.S.A.P. and list at the market value and keep your DOM low.
No, I am NOT referring to Dom Perignon, but bubbly is definitely acceptable once escrow closes!
DOM = Days on Market. In reference to the Santa Monica single family homes that sold in November – 4 sold in their first 30 days on the market, 3 in the 31-60 day bracket and the final 2 were in the 61-90 day category. All the other puppies are still “sitting” and not necessarily ”sitting pretty.” Average days on market was 32…just a hair over the month mark. Nothing stale about these sales!
Also, take a look at the average selling price vs. average list price again. The discrepancy is not extremely noteworthy…this is because the properties were not priced too far away from their actual fair market value.
| Average Selling Price: | $ 2,852,666 |
| Average List Price: | $ 3,028,222 |
| Avg Sales Price/Avg. List Price: | 94.2% |
You start to see the large variances in average sales price vs. average list price on the homes that have been on the market for a long time. Your negotiating power as a seller lessens the longer your property stays on the market, which in turn increases the gap between your original list price (wishful thinking/dream price) and the acutal sales price.
This is not a time for GREED, it’s a time for reality. If you are not ready to play fair, expect for your property to become exactly what we are talking about here, a STATISTIC!
That’s it for today…stay tuned!
I googled Winnebago and I think it means “dirty water,” but then I could be wrong as I believe it’s also a reference to a Native American Indian tribe (pardon my ignorance on this matter to those that care). Anyway, I happened upon a television program this weekend that documented the creation of the aforementioned Winnebago – MOTORHOME that is!
And, believe it or not, those puppies are pricey. A fancy house on wheels could cost you around $300,000 (or more!). I’d rather see you buy into one of the mobile home parks in Malibu, or go the more simplistic route and get yourself an Airstream, a la M.M., and live at the bottom of Corral Canyon (where Dawn and I will be hiking tomorrow – I’ll bring my camera just in case – last time I was there the Papz were going nuts – not over me, over Mr. “I’m not the sexiest man alive this year Hugh Jackman is” and when exactly was Matthew the sexiest winner? Doesn’t Brad usually win? Okay Cheryl, get a grip, this is NOT TMZ! Anyway, you could have a second home in Malibu there in the trailer park, but why not have real indoor plumbing instead? This is the West….but not the Wild Wild West!
Buyer beware – the home owner’s dues for the Mobile Home park are pretty steep, but for $720,000 you can have this view (+ a house that for some reason remains a mystery to us)http://guests.themls.com/view_photo.cfm?mlsnum=08-327251
Or…the least expensive condo in the ‘Bu $480,000:
http://guests.themls.com/view_photo.cfm?mlsnum=08-254337
The priciest one on the market right now #3,975,000:
http://guests.themls.com/view_photo.cfm?mlsnum=08-252815
Or splurge on the best holiday present of them all, the most expensive house on the (public) market in Malibu, the City by the Sea, just a cool $65mil:
http://guests.themls.com/view_photo.cfm?mlsnum=08-294463
Or, “If you believe in love…” you can have Cher’s Malibu manse for $45mm:
http://guests.themls.com/view_photo.cfm?mlsnum=08-301707
p.s. I told you I’d give you two posts in one day…well it was nearly the same day!
It still amazes me that properties are being listed at $100,000 to $1,000,000 over market value. I mean what are the sellers thinking? That maybe, just maybe they will miraculously trick some louse into buying their over-valued house in THIS market? Think again. Buyers are savvy and sellers need to be more so, otherwise they are not going to be “sellers” per se, just “listers.” And their houses will sit and sit until they are as stale as, well you know, that leftover Thanksgiving stuffing.
Here is a great value in LOS FELIZ:
http://guests.themls.com/view_photo.cfm?mlsnum=08-295033
Listed NOW for the LOW LOW price of $1,849,000 I think this would make a good long-term investment for someone. The house itself is 4 bedrooms and completed with a very nice guest house with saltwater fish tank. Los Feliz Boulevard is a very prestigious street, with Old Hollywood lore and you can walk to Griffith Park, the Greek Theatre and shops/restaurants on Hillhurst.
Thanks to Blaine I came across this very INTERESTING property in the Sunset Strip. This house had a loan on it for $3million just about a year ago and the owner had to foreclose on his mortgage. Countrywide bought it out for $2.4mm and they are NOW selling it for $1.595mm. The catch is that the home needs a lot of cosmetic work – new surfaces, etc. But, it could be the perfect fit for someone who wants to have a recording studio in the home that is super close to Sunset Blvd…the Viper Room, Key Club, etc., yet nestled just ABOVE the strip with City views akin to those you see while dining at Asia de Cuba in the Mondrian.
http://guests.themls.com/view_photo.cfm?mlsnum=08-328527
By the way, the Lloydcrest house was reduced to $1.499mm – the sellers are ready to go.
Brentwood – I think this property COULD be transformed into a Mid-Century marvel, but I would like to see it closer to the $1,000,000 mark – not $2,000,000….you’re going to need that extra mil to do the remodel. But, in this market ANYTHING goes…so you just never know what it will actually end up selling for. We’ll watch it and see. What I like about this property is the privacy – it’s far enough up the canyon yet not TOO high up, plus you have beautiful hillside vista views and a long driveway down to the lot, nestled amongst trees. It could be a real show-piece, but it needs MAJOR help!
http://guests.themls.com/view_photo.cfm?mlsnum=08-328013
That’s it for now kids. If I’m inspired, perhaps I’ll make two posts in one day – to make up for my absence!
