re$real

re4real will be flying the friendly skies again, off to visit real estate in faraway lands. I was just recently in Sydney, Australia, where surprisingly the condo/housing market is on par with prices in Los Angeles. The only difference being their escrow period – it is much different than ours. They have a “cooling off” period, but don’t do the due dilligence like we do here. I’ll report from Cape Town, South Africa and London soon! Sit tight!

Watch it like a hawk? Or, let it simmer in the “crock-pot?”

I visited this property back at the end of May when it had just hit the market. My initial intrigue with it led me to “do the math” myself (well, at least a rough estimate of) and hypothesize as to what it would take to make the mortgage (+ taxes, + insurance, + utilities, etc., etc.) on this sweet 1906 gem in the heart of Venice beach. I estimated it would be a hair over $6,000 a month, IF you were able to buy the property for $200,000 off the sticker price. Now, two months later, I revisited the property, this time online, rather than in person, and noted that there has not been any reduction in price. The agent’s caveat in the written details state that the property can be “delivered vacant or with 1 tenant paying $3150 per month (ahem, 1 bathroom, hmmm, well your guests can pee in the ocean when it’s occupied): additional income – lease 2 parking spots!” WOWZIE! Oh, yes, this is a “duplex” per se, with 2 units, 1 lower, 1 upper, each with own washer/dryer, 2 bedrooms, 1 bath each, remodeled to reflect modern aesthetics and accomodate 21st Century living – but incorporating touches from the early 1900’s, including the original O’Keefe & Merrit stove. So, if you can cover $3500 month, stand having a tenant live within close proximity (and handle the stress that the tenant might not always be able to pay that high rent – but then again, life’s a crap-shoot and if you want to gamble in real estate, you’ve got to take the chance sooner or later!), and maybe, just maybe, rent a couple-o-parking spots out to some neighbors for some extra milk money – perhaps you can make an investment in this god-awful market! But, that is, if the seller will budge on the asking price. Seller, seller, where for art thou? And, why is your head in the sand like an ostrich? Here’s a link to the listing agent’s private site for the duplex: www.1900pacificave.com

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!

Beverly Hills seems like the place to be…but what about Granada Hills?

Believe it or not, a single family residence can be had in Granada Hills, for a price that won’t leave you with Beverly Hills sticker shock. For under $500,000 you can get a 3 bedroom, 2 bath house with a 19,000 square foot lot…in a great neighborhood, that is literally 25 minutes from Beverly Hills – of course when the 405 allows for such a pleasant, timely voyage. Good schools, lots of hiking, a great all around neighborhood to grow up in – I should know, it’s the town I’m from! Plus you are still in the City and County of Los Angeles. Who knew?

This one is “value price ranged” or is it “value range priced?” I don’t know, and don’t think it really matters, but it’s suggested “retail” price is between $415,000-$499,000. And the thing is, who’s paying “retail” these days? Just imagine the deal!

I see London, I see France, I see the Getty out the window!

Well…you could see London and France if you put photographs up inside…but the view of the Getty to the northeast isn’t just a virtual reality! This house on 7th, just north of Ocean Park, in Santa Monica (walking, skateboarding, or biking distance from la playa), has much of the original details from whence it was built in 1948 by the original owner/architect…who’s family owned the property up until now – well, essentially they still do, it’s a probate sale, but no court confirmation is required.

At $1,050,000 it could be a good investment especially considering that it’s on an R2 lot, which means that there is the potential for future development (i.e. add another structure or tear down and build two units/houses/condos/townhouses…you catch my drift), possibly live in one and rent the other out…blah blah….

In addition to the “investment” potential, the house itself has the potential to be aesthetically revamped and either brought back to it’s original early mid-century spelndor, OR taken to an entirely new level of contemporization (is that a word? it’s allowed in the blogging world…who says so? ME!)

There aren’t any pix online, except for a view shot, and this shot does not do justice to the real life views from the vintage picture windows.

It’s going to be open this Sunday…so if you want to see it, I can give you more details.

There’s something bohemian about this part of town that is so refreshing, yet you are still in the middle of it all. Almost like you’re on a street in San Francisco….it’s definitely worth taking a peek if you’ve ever thought about Santa Monica as a home-base.

This is RE4REAL signing off for the evening…buenos noches y buena suerte!

Lambo Gallardo OR down payment for a house?

Driving on the 405 freeway going south last week I ended up behind a green Lamborghini Gallardo, whether or not it’s really “green” or not is a whole different story! I suppose if you are going to be trapped in the hell that is Angelino traffic, you might as well be riding in style, but I can’t imagine that riding in a Lambo at 4 miles per hour is any fun. (I can’t really imagine riding in a Lambo at all since I’ve never stepped foot in one, but I did steal my brother’s Hot Wheels Lambo back in the ’80s and obsessed over the switchblade doors!)

Yesterday I did a drive-by of a new listing in Santa Monica canyon. Excellent location for $1,299,000: 3 bedrooms, 2 baths, completely remodeled with 6-burner Wolf range in the kitchen for all of you aspiring “Top Chef” candidates, wood floors, Carrera marble counters, California closets, and original 1960 mid-century flare  that includes the stone fireplace & house facade.

I think this is a great price for the location and size of the property. Plus, if you forgo the Lambo you will be able to afford the down payment! Another reason that I am confident this is a GOOD DEAL is that the most recent comparable sale at 674 Kingman, in the Canyon, sold in 10 days for $50,000 over the asking price of $1,299,000 & that property needed updating. Perhaps this new listing on Dryad Road will slide under the radar and you can steal it! It is the lowest priced listing on the market in the 90402 zip code for a single family resident. I can provide more statistics if you are interested.

My blackberry shots of Dryad Road:

and…the pro’s shots!

The ‘bu

25200 Malibu Rd. Unit #1, Cliff May Building
2 bedroom 2 bathroom with direct access to the beach.

Insider information from the listing agents:
This unit has created quite a stir among the locals who feel that is one of the best opportunities in years to live on famed Malibu Road.
Just bring your tooth brush and your furniture and you can move right in and enjoy all that beaches of Malibu has to offer.
The sale will take place on May 8, 2009.
The overbid amount will be $1,339,250

Court Date Is 5/8/09 @ 9:15Am @ 1725 Main St., Santa Monica, Dept N.

If you are serious and want to throw your hat into the ring, let me know!

And…a little about Cliff May for those of you that are curious (borrowed from www.ranchostyle.com, yes it’s late and I am tired so I am blogerising rather than summarizing!).

 

 

Indoor-Outdoor Living First and foremost, Cliff May homes are unique in their relationship to the outdoors. They are Californian, built for individuals who want to erase the lines between indoors and outdoors and embrace the spectacular Southern California climate. And in an environment where the sun shines 300 plus days a year and the average high temperature is 75 degrees, why would anyone want to live differently? It is not uncommon in Cliff May homes to find that every room in the house has a connection to the outdoors. Floor-to-ceiling glass takes the place of walls to bring light and nature in, creating a relationship to the outdoors that is as much a part of the home as the decor. Perhaps the San Diego Union put it best when it featured an original Cliff May design under the heading: “Home with a Garden in Every Room.” Builder and Pioneer In the early 1930s Cliff May was designing homes in San Diego and Los Angeles. Then, and throughout his career, he was building homes for the Southern California climate and for people who wanted to enjoy it. He was a builder and a promoter and he pioneered a style—the California ranch house. In an interview in 1936, May explained: “ The early Californians had the right idea. They built for the seclusion and comfort of their families, for the enjoyment of relaxation in their homes. We want to perpetuate these ideas of home building.” What made Cliff May exciting to anyone interested in home design was his drive to perpetuate ideas of livability rather than façade. His passion was designing homes that were in harmony with the way people wanted to live. He watched families use his houses—watched them give parties, prepare meals, use the patio for entertaining . Each idea that brought pleasure to home owners was worked over and improved in the next house he built. No new idea in planning, no new material, escaped May’s attention. Large expanses of glass and sliding glass doors, for example, came into his designs the month they were available. The Father of the California Ranch Home May loved wide open spaces. No wonder. A descendant of an early California Spanish family, he was raised on a San Diego ranch. Considered by many to be the father of the California ranch-style house, May is noted for combining the western ranch house and Hispanic hacienda styles with elements of modernism. His approach called for houses to be built out instead of up, with the continual goal of bringing the outdoors in. May studied business and accounting at San Diego State for a couple of years but left school around the time the stock market crashed in 1929. While still a student he made furniture, which he sold in a model home. That led him to home building after leaving school, and he built and designed his first house in San Diego when he was just 23. Still, May never became a member of the American Institute of Architects with the designation of AIA, but rather, spent most of his career as a licensed building designer. “I was proud that I got where I did and wasn’t an architect,” he said in an interview with the Los Angeles Times at the age of 79. Cliff May was ultimately given the designation of licensed architect when the State of California, under Governor George Deukmejian, did away with the agency overseeing building designers. Want More May? If you are looking for further information on Cliff May, may we suggest delving into the resources that are listed on the Cliff May Library page or the articles “For Cliff May, Less was More” from the Rancho Style Newsletter, Issue No. 3 and “California’s New Best Seller” from the Rancho Style Newsletter, Issue No. 4. Also avaiable to download—and highly recommended—is the research paper Cliff May and the California Ranch House by Laura Gallegos, a graduate student of California State University, Sacramento. This paper provides an extensive look at the roots and influences of Cliff May’s work and discusses the significance of his ranch house designs in American culture. You will find the paper listed as a resource on the Cliff May Library page. You can also download the paper directly by clicking here.

Just around the corner from the Mexican restaurant in Jerry Maguire!

What?!! I love Paco’s Tacos on Centinela in West L.A. – betwixt Culver City and Mar Vista – on the way to Playa del Rey…thanks Lynne for introducing me…but, you failed to mention that it is the famed location in one of my favorite flicks of all time, Jerry Maguire!

And, thanks to Bobby R. for actually making me aware of this tidbit of info. this past weekend. Who knew?

This has nothing and everything to do with real estate. The fact is that YOU can live within a bike ride from this esteemed establishment, where they hand-make the tortillas and serve them warm with the nectar of the gods, yes, butter!

This house on Chase Street  in the Palms/Mar Vista/Culver City-Marina adjacent ‘hood is super charming and the house is not too shabby that was just listed for sale for $679,000. It’s a 2 bedroom, 1 bath, with room to grow, a nice yard and converted garage that could be a guest room, play room, office, man cave, etc.

Plus, you can have Paco’s every night of the week if you choose! And Tito’s for lunch…

Buy me! Buy me! Buy me!

T.G.I.F.!!!

Take a looksie….a 1 bedroom condo in Santa Monica under $400,000 – listed for $399,000!

 

 

 

 

 

 

And this adorable Single Family Home in West L.A./Westwood adjacent for $679,000! 3 bedrooms, 2 bath…this would make a great long-term investment, to either live-in and/or rent out (UPDATE as of APRIL 14, 2009 – this house is in ESCROW!! you snooze, you lose!)

If you want to check out the above mentioned house at 2844 S. Bentley this Sunday be sure to head north and visit me at my open house at 2125 S. Bentley Unit 101 – we just reduced the price to $699,000 for this beautiful, like-new (1 owner, built in 2002) 3 story townhouse with attached 2 car garage and rooftop deck off the master suite that offers views to downtown and Century City. All hardwood floors and stainless appliances….stop on by, I would love to see you. I won’t have rosemary-pesto panini’s, but maybe if you’re lucky I’ll bust out some Easter treats.

http://guests.themls.com/profile_page.cfm?mls=09-349693&tab=search

April Fool’s Day is over

What if, tonight on the 6:00 pm news, the reports tell you that housing sales in southern California are picking up? Will this statement mean anything to you? Who knows…but one thing is certain, consumer confidence is heavily persuaded by the press. That being said, are you going to wait until you hear this NEWS on the news, or are you going to be one of the forces behind the wave of change?

Reports, widely seen on the news last night, show that caffeine intake before a strenuous workout can decrease post-exercise soreness and increase strength and focus during the workout. Starbuck’s stock is up today. Coincidence? I think not.

Surely buying a home is not the same as purchasing a cup of joe, but the concept of supply and demand is relevant. Many will wait until the “last minute” when the market finally “bottoms out.” And they quite possibly will all be fighthing over the same beans!

Venice Bungalow – waiting to be refurbished before summer sets in! $699,000

http://guests.themls.com/profile_page.cfm?mls=08-331209&tab=search

Pied-a-terre @ 999 Doheny. Own a unit at this West Hollywood full service building on the corner of Sunset Blvd. & Doheny. Walk to the strip. Rent out or live-in. Full-service building with valet. Common areas are slated to be remodeled, investment opportunity. $429,000

http://guests.themls.com/profile_page.cfm?mls=09-358847&tab=search

Two Thousand and Nine

No, the title of this post is NOT the price you can pay for a house in Los Angeles these days, but the fact does remain that there are some sweltering “deals” to be had for those ready to get their feet back into the real estate market.

RE4REAL is back!!! Hope everyone had a lovely time during the holidays and that an eventful new year is underway…now, let’s discuss what is happening in 2009 so far:

-Since 1/1/09, in the Greater Los Angeles area, 313 single family residence listings in the $500,000-$1,000,000 range have hit the market. In that same price range, 104 properties have sold, and 143 are in escrow.  Of the properties that are in escrow, 8 were listed in the new year…the remainder were all listed in 2008. All of the properties that have “sold” thus far - meaning they have closed escrow in 2009, were listed in 2008 – it is very unlikely that a property will close escrow in less than 2 weeks, but it is not unheard of.

-In the $250,000-$499,000 price range, 199 single family residences have sold in 2009 – of these properties,

In this category, 295 homes are in escrow as we speak, er write, or read…well you get what I mean! Eight of those properties in escrow were listed in 2009, the rest in 2008 – and believe it or not, a few stragglers from 2007! Yes, we’ve got inventory that’s been sitting on the market for quite some time, but some of them are finally going to sell…that’s the most interesting part, finding out why those properties have taken so long to sell and what has changed in the market, or changed with the sellers, to substantiate the sale.

There is a variety of factors that goes into whether or not a property will sell, regardless of the economic temperature. The properties that have been sitting for a year or longer are obviously highly overpriced – even if there is something significantly “wrong” with the property, it could still be saleable at a “reasonable” price. That is the difficult part – coming to terms with what is “reasonable,” especially given these volatile economic times.

-64 houses $1,ooo,ooo and above are in escrow, and in this price range 45 properties have closed escrow since New Year’s Day 2009. Three that are in escrow were listed in 2009 and BELIEVE it or NOT, one property in Tarzana (that’s the West Valley, and this particular house is located south of Ventura Boulevard) comes up as listed and sold in 2009…whether or not it’s a “glitch” in the system is yet to be determined. The thing is that with statistics you always have to take them with a grain of salt because there are several factors that come into play that can muck up the entire formula, first and foremost, human error. Theses statistics that I share with you are gathered from the Multiple Listing System and calculated by me, so we must leave room for error, but I do feel they help give a sense of where we are at two weeks into the new year. The market is breathing. People are investing in real estate in Los Angeles. And now, for the nitty-gritty details, like (uh-oh I promised not to abuse that word!), what is the price differential between original list price and sales price and days on market for properties that are selling in today’s real estate market?

-Of the 45 properties in the million dollar plus range that have sold thus far, 41 were listed in 2008, 1 in 2009 (see aforementioned property), and 3 were roll-overs from 2007.

Okay – this might be “cheating” but here is the way the MLS calculates the data:

Market Analysis Report

# of Listings Average DOM Low Price $ Median Price $ High Price $ Average Price Total $ *Avg. Price w/ Sq.Ft. $ *Average Sq. Ft. *Avg. Price/Sq.Ft. $ ***Avg. Price w/ LSZ $ ***Average LSZ ***Average Price/LSZ $ Average SP/Average LP

Active – – – – – – – – – – – – –

Backup 32 70 1,025,000 1,397,000 11,950,000 2,014,219 2,014,219 3,219.09 625.71 2,014,219 14,297.25 140.88 –

Hold – – – – – – – – – – – – –

Pending 32 63 1,075,000 1,485,000 4,195,000 1,631,905 1,631,905 3,687.16 442.59 1,640,998 17,943.90 91.45 –

Sold LP 45 46 1,085,000 1,749,000 16,500,000 2,388,878 2,455,583 3,825.74 641.86 2,439,756 19,688.30 123.92 –

Sold SP ** 45 47 11,500 1,547,000 14,500,000 2,147,663 2,200,053 3,765.39 584.28 2,188,028 19,739.95 110.84 90.73%

Expired – – – – – – – – – – – – –

Canceled – – – – – – – – – – – – –

Withdrawn – – – – – – – – – – – – –

Ah-ha! I already see an error, the $11,500 – a glitch, a lease price being submitted for a “sales price” therefore throwing off ALL of the stats – unless I go in an manually recalculate them for you – i’m nice, but not that NICE, and I am getting tired.

Okay – look at the “average SP/Average LP” it’s 90% – that means that the properties that have sold in 2009 so far are only off their list prices by 10% and that is including the “glitch.”

The bottom line is that although there are some that would like to turn real estate into a science, it’s really not…the principles of supply and demand will always dictate and when a property is priced right for the market at the time it should sell in a reasonable amount of time for a reasonable price. That is not to say that there are not exceptions to this statement, especially given the number of listings in areas like the San Fernando Valley that are short-sales or foreclosed and not selling, even at $550,000 and under, but that is likely because demand for such properties is even less than demand for properties $1,000,000 above in other areas of Los Angeles. Sometimes it is difficult to ascertain, but it goes back to those who have the buying power, especially in this economy. Those who can readily obtain a loan or have the funds available to finance a purchase are likely not going to be looking for primary residences in the market where distressed properties are so abundant. But, these distressed properties do present good opportunities for first-time buyers and investors as an opporutnity to get into these properties are such prices may not last forever. And again, these statements are just an opinion, none of this is meant to be indulged in as fact, but I think with proper research you can grasp the nature of what is happening in Los Angeles real estate and realize that it’s not that much different then it has always been – but the inventory has changed and demand has been quelled by wide-spread economic panic, but it does still exist. There are deals to be had and still a market for sellers with good equity to stand to profit in these times.

Now that your head is spinning, TAKE THAT and have a little patience! And call me when you are ready to buy or sell!

http://en.wikipedia.org/wiki/Take_That

http://www.youtube.com/watch?v=JFhkhRZhDas

Or, if you’re a G & R fan…voila!

http://www.youtube.com/watch?v=M10eWdR-dcI

Foreclosures: A little something for everyone?

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

http://www.nytimes.com/2008/12/29/us/29pools.html?_r=1&hp

“How about them Dodgers?”

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!

A few of my favorite things…

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.

http://photo.themls.com/members/picture_gallery.cfm?num_photos=11&mlsnum=05-056325&sn=11223&st=LAURIE&unum=&city=STUDIO%20CITY&zip=91604

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:

http://photo.themls.com/members/picture_gallery.cfm?se=0&num_photos=4&mlsnum=06-137605&sn=9038&st=WONDERLAND%20PARK&unum=&city=LOS%20ANGELES&zip=90046

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:

http://photo.themls.com/members/picture_gallery.cfm?se=0&num_photos=5&mlsnum=08-290915&sn=8658&st=HOLLYWOOD%20BLVD.&unum=&city=LOS%20ANGELES&zip=90069

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:

http://photo.themls.com/members/picture_gallery.cfm?num_photos=23&mlsnum=07-161869&sn=2222&st=ASTRAL&unum=&city=LOS%20ANGELES&zip=90046

Happy Holidays!!!

Bargain Hunting & Not Just for Holiday Gifts!

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.

www.NoHoVillaggio.com

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!

All About Eve…but don’t forget Adam!

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

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!

Stats…it’s all about the DOM!

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

Total Sold Dollar Volume: $ 25,674,000 Average Selling Price: $ 2,852,666 Average List Price: $ 3,028,222 Avg Sales Price/Avg. List Price: 94.2%

Median Price: $ 2,254,000 Average Days on Market: 32 Number of Listings Sold: 9

 Sold Listings:

1. OZONE AVE $ 935,000 2. CHELSEA AVE $ 1,200,000 3. CALIFORNIA AVE $ 1,375,000 4. LINCOLN BLVD $ 1,900,000 5. 24TH ST $ 2,254,000

6. 1230 GEORGINA AVE $ 2,810,000 7. 25TH ST $ 4,700,000 8. MARGUERITA AVE $ 5,000,000 9. 21ST $ 5,500,000

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!

Winnebago…why not?

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!

Gobble it up….

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!

The Pink Panther et al

I recently visited the new SLS hotel on La Cienega. The Patisserie has been glazed in a lovely shade of pale pink, which I felt was very soothing and fresh-looking. Then, on Saturday night, I was at Charlie O’s, a Jazz club in the Valley, and Plas Johnson, the great saxophonist, was playing his original hit, the theme from the Pink Panther….and the pink sightings kept on coming. A pink life-sized faux pony rolling down Rodeo to the Juicy Couture store, a pink Mini-Cooper, Angelyne’s pink Corvette, the landmark Beverly Hills Hotel….and then, a Pink House.

That is what stopped me in my tracks. Why on earth would someone ever want to live in a pink house? Unless of course her name is Barbie and she is made by Mattel?

I would get sick of the Pepto Bismal pink. A touch of pink here and there (Becky I know you are already screaming over this story!) is perfectly acceptable. The pink cake mixer. A pink throw. Even pink carpet in a huge walk-in closet. But, please leave the pink houses to dolls and Dr. Seuss books!

Did you miss me?

I’m back! Okay, Sunday I will be holding this house open: http://guests.themls.com/view_photo.cfm?mlsnum=08-312073

It’s listed for $1,695,000 and in a GREAT neigbhorhood – nestled in between Coldwater and Trousdale Estates…easily accessible from the Sunset Strip or Beverly Hills, even Sherman Oaks, yet private and tucked away.

Truman Capote once lived in this home….a true mid-century property with a fresh contemporary aesthetic and feel. All of the windows are original, and immaculate, from 1959! The landscape is mesmorizing and the views from the top of the hill in the backyard are splendid. It’s a truly great value in a lovely area that holds it’s value (I HATE it when people use the same word twice in a sentence, but it had to be done here!).

Feel free to stop in and say hello. I will be there from 1-4:00 pm this Sunday, November 23.

Have a great Friday night y’all!

You always wanted to be Hef’s neighbor…

I forgot to show y’all the house I visited on Friday….Hef and the girls live just across the street…yonder….

http://guests.themls.com/view_photo.cfm?mlsnum=08-283821

So don’t blow it…

I’m not living under a ROCK, I know that the economy is slow…but that doesn’t mean you have to blow your chances to own a property in L.A. for a great price. The thing is that if you buy today and you have the money to pay your mortgage or even purchase in all cash (yes, loans are tough to get, but they are available), you will be making an investment. And, in six months from now if the economy continues to falter you very well might not be able to get the great financing rates that you can get today…interest rates may be up and that adds a lot to your monthly payments. The bottom line is that WE need to do our part to help stimulate the economy, without making foolish decisions. People recycle now to be “green,” why shouldn’t everyone take the same interest in our economy? If everyone stops buying EVERYTHING, then what is going to happen? The cars are going to continue to sit down at the Long Beach dock and rot in the Sun, houses will still sell to those who have the cash, when the properties are the right price…if you must sell your home in this market you have to understand one thing: Price is EVERYTHING. It has nothing to do with how much money, love and care you put into remodeling your kitchen, or what you bought it for…it’s fair market value only. The big “housing god” has no say on the value of your property, the only factor is supply and demand. The auto makers are still looking for a bailout. There IS no bailout for homeowners who MUST sell. Sure, there may be forgiveness for those that have defaulted on their mortgages, but for people that continue to pay their mortgages until they sell their properties there is no light at the end of the tunnel until they resign themselves to the fact that their house will ONLY sell if they price it right. That might mean they take a hit, but if they bought the house more than four years ago the hit is VERY unlikely. So, they break even rather than hit the jackpot like the investors, flippers and speculators did just a few short years ago. Big deal. It’s a better bet than the stock market. You can’t live in your stocks….

You want to lease while you wait? How about on a private street right behind Bartels Harley Shop in Marina del Rey? You can end your day at the nearby Ritz Carlton and enjoy a downtown vibe in your new loft. This building is a real find…originally built in 1960 it was a warehouse that has been completely remodeled into condo-lofts. Stainless Viking and Wolf appliances, commericial grade bathrooms with marble, wood and concrete floors and high ceilings. Some units are 2 and 3-stories. The owners are looking to rent out the units for now and sell as individual units in the future. Oh, and YOU can run your business out of the property as well as they are officially zoned “Live/Work.” Check them out…

http://guests.themls.com/view_photo.cfm?mlsnum=08-301845

Oh, and here is another song for you….somebody likes Gwen!

http://www.youtube.com/watch?v=h6Yi1fKZs4A

Demystifying “Brokers’ Caravan”

Doesn’t it sound mysterious…well, I suppose it is to those who do not eat, sleep and breathe real estate like we do. In the greater Los Angeles area “Brokers’ Caravan” takes place on Tuesdays from 11:00 am until 2:00 pm. It gives real estate agents, and clients who can break away during lunch time, a chance to preview new listings that have just hit the market. Caravan is a great way for me to alleviate the pain and suffering of taking a client to a house on a Sunday or making a special appointment to view a property and then be completely disappointed. This way I can use my own eyes and senses to determine whether or not it’s even worth it for you, my clients, to go and see the property…

Today I visited a couple of nice houses in Brentwood, one house in BHPO (Beverly Hills Post Office – Beverly Hills zip code, but it’s the City of Los Angeles), and a condo on Kiowa in Brentwood…that for $585,000 with a monthly home owner’s due of $300 (including earthquake insurance) seems like a deal…it does need upgrading – but, over 1300 square feet in Brentwood, walking distance from Whole Foods and Katsuya, hmmm….would make a nice holiday present for someone!

My favourite house of the day is on High Ridge in the aforementioned “Post Office.” It’s a brand-new construction, very elegant contemporary…two-story with views galore from both vantage points of the house – canyon views from the front of the house – glorified by huge picture windows and City views from the back of the house and infinity pool….the master bedroom has his and hers’ bathrooms and windows that go completely flush into the wall so that you can practically live indoors and out all at once on warm November days like this one.

The photos I shot with my Blackberry DO NOT do the property justice….so I am including a link to the MLS. All for a mere $7.7mm! But, I know of a house just two or three doors down that a “little old lady” lives in and is selling for about $1.6mm – knock it down and build your own dream house….might take a while, but all you’ve got is time, right?

Take a looksie:

http://guests.themls.com/view_photo.cfm?mlsnum=08-326659

What you waiting for?

As Ms. Stefani put it so eloquently in her song: http://www.youtube.com/watch?v=uTfbCOPApsQ

Why are you waiting to buy a property in Los Angeles? Is it because you blew your family fortune in Vegas or because your Starbucks stock isn’t doing so well? It’s Los Angeles. Everyone wants to live here. It’s 80 degrees on November 14th…enough said.

I can understand if you’re waiting to find the perfect foreclosed “diamond in the rough.” And when I see a good value, I will let you know about it, on this blog. The rest, is up to you…

Believe it or not properties are being listed everyday and selling everyday. My favorite new listing of the week is on Whittier Drive in Beverly Hills. The house nearly had me from hello as a 1960’s convertible Chevy Chevelle was parked in the driveway. With a mere $8,950,000 sticker – the house – not the car – what more could a girl ask for? Replete with personal yoga/workout studio ADJACENT (Josh – that one’s for you!) to the pool the house reminds me of a Kor group hotel (Viceroy, etc.) - imagine living in your very own private “mini” hotel. All you need to supply is the staff. Personally I’d like to see them throw in the car. Afterall, one of those private jet companies is offering a Bentley as a parting prize if you spend a cool mil with them…

I’ll try and swing by and snap a photo tomorrow for those of you junkies who need to put a face to the name.

I also know of an adorable studio condo on Stanford in Santa Monica – not too far from Busby’s….but far enough, and close to Major Motors – the high-end resale car lot. If you were to buy this condo you could actually afford any car on Major’s lot as the property was just reduced this week to $259,000. It’s a foreclosure – so it may take a couple of months for the deal to go through, but it could be worth every penny and would be a great long term investment and/or rental. (there are NO pix of this little gem online, so I took some myself…). My friend Cura and I are affectionatly calling this property “the Box.”

There really is something for everyone in today’s real estate inventory in L.A. Even in neighborhoods that you may have once thought out of your budget. And, until the end of the year, the FHA loan limit is $729,000 which means, if you qualify, you can get into a property with only 3% down – and that translates to more presents for friends and family at Christmas and Hanukkah!

That’s my two-cents for now. Stay tuned for more sense.

Blackberry pix of the Whittier house:

The pro’s depiction:

http://guests.themls.com/view_photo.cfm?mlsnum=08-326703

What does RE4REAL mean you ask?

It means “Real Estate for Real.” This is a blog about Real Estate in Los Angeles, from my point of view. I’m Cheryl Scott, a native Angelino and licensed real estate agent. I will tell it like it is, hopefully without saying “like” too much!

Let’s get started….

p.s. Thanks to Kimberly Metz for taking the photos of ME! You are the best. www.kimberlymetz.com