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!

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

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

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

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!

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!

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!

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!

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!).

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!