Someone Should Buy This!

I posted this home a few weeks ago after it's first price reduction and thought it was a good buy then, but now it has just been dropped another $50,000! To me, this is a cool updated home with a great pool in a prime Studio City neighborhood south of Ventura Blvd. Someone looking for a hip one story mid-century home with a pool that is good size should really take advantage of this opportunity.

Take a look at this nice foreclosure opportunity in a prime Studio City location, south of Ventura Blvd. I have shown this house to a couple of buyer's, and I must say I really like it. I am actually surprised that it has not sold yet, even though it has only been on the market less than 1 month. It is a large, four bedroom, mid-century modern that sold at the height of the market for $1.3M. It is tough to find a house this size with a pool, great floor plan, and a decent level of finishes for under a million, which is why I think this is a good one. I must admit they did "Ikea" the bathrooms out a bit, but the modern high design concept is there. The finishes could be upgraded, but the open floor plan, real prominent stone entryway, hardwood flooring, and a ton of french double doors leading out to the large pool are all winners. All the bedrooms are good sized, and the master has a ton of closet space. One doesn't get as great a view as you would higher up on Wrightwood, but there are some palm tree, mountain, and a bit of Universal City building views from the bedrooms. The backyard is simply an entertainer's paradise with it's fire pit, spa, and huge deep private pool. If you want to be south of the blvd in Studio City in a good sized home with a pool and appreciate mid-century style, this is it without question. I think long term it is a bit of a deal too.

3760 Wrightwood Dr, Studio City

$949,900 (reduced from $1,024,900) 4 Bed 2.5 Bath 2,861 Sq. Ft/ow 8,831 Lot Sq. Ft

Pictures by Eric Smilay for Smilay Properties Listing Courtesy of Joan Duffy - Ewing Sotheby's Int'l Realty

If you would like to visit this property in person, please feel free to contact us anytime @ 310.600.9172 or email eric@smilayproperties.com.

Studio City Mid-Century Modern S of the Blvd Foreclosure Opportunity

Take a look at this nice foreclosure opportunity in a prime Studio City location, south of Ventura Blvd. I have shown this house to a couple of buyer's, and I must say I really like it. I am actually surprised that it has not sold yet, even though it has only been on the market less than 1 month. It is a large, four bedroom, mid-century modern that sold at the height of the market for $1.3M. It is tough to find a house this size with a pool, great floor plan, and a decent level of finishes for under a million, which is why I think this is a good one. I must admit they did "Ikea" the bathrooms out a bit, but the modern high design concept is there. The finishes could be upgraded, but the open floor plan, real prominent stone entryway, hardwood flooring, and a ton of french double doors leading out to the large pool are all winners. All the bedrooms are good sized, and the master has a ton of closet space. One doesn't get as great a view as you would higher up on Wrightwood, but there are some palm tree, mountain, and a bit of Universal City building views from the bedrooms. The backyard is simply an entertainer's paradise with it's fire pit, spa, and huge deep private pool. If you want to be south of the blvd in Studio City in a good sized home with a pool and appreciate mid-century style, this is it without question. I think long term it is a bit of a deal too.

3760 Wrightwood Dr, Studio City

$999,900 (reduced from $1,024,900) 4 Bed 3 Bath 2,861 Sq. Ft/ow 8,831 Lot Sq. Ft

Pictures by Eric Smilay for Smilay Properties Listing Courtesy of Joan Duffy - Ewing Sotheby's Int'l Realty

If you would like to visit this property in person, please feel free to contact us anytime @ 310.600.9172 or email eric@smilayproperties.com.

Studio City Mediterranean Foreclosure Opportunity

This property, judging from the pictures, does not look like the standard run down state that most foreclosure properties are in. This one looks well upgraded, including a total Viking kitchen, rich hardwood flooring, and nice upgraded bathrooms. What I really like most though, besides the price which is great, is that "king of the hill" look that the property gives off from the front. Very Scarface-esque.

3801 Sunshine Ct, Studio City

$749,000 3 Bed 2 Bath 1,802 Sq. Ft 13,440 Lot Sq. Ft

This is a top of the line chef's kitchen with all Viking appliances.

The property has an in ground spa in the backyard, which is very private.

Listing and Photos Courtesy of Joseph Breckner - Coldwell Banker

The last sale of this home was in 2006 for $1,160,000. This current offering represents a tremendous value on top of being a great place to call home. The property is gated, at the end of a cul-de-sac, and in a desirable South of Ventura Blvd location in prime Studio City. If looking for a property in this area, and like Mediterranean style architecture, this is a great opportunity. Timing is everything, and I don't expect this to be available for very long. If you wish to see this property, please feel free to contact us anytime @ 310.600.9172 or email smilayproperties@gmail.com.

Fixer Opportunity w/ CRAZY Views; Hollywood Hills

8320 GRAND VIEW DR, HOLLYWOOD HILLS

$683,400 3 Bed 3 Bath 3,375 Sq. Ft 5,053 Sq. Ft Lot

Amazing opportunity to own in the hills. Modern home with jetliner views from downtown to West LA and out toward the ocean. Set up to be a 3 bedroom / 3 bath, this home currently has a totally open floor plan with the first floor used as a garage that holds 7 and the upper floors are waiting for your interpretation. Balconies and a rooftop patio await your vision for the perfect home in the hills. Cash offers only! Listing & Write Up Courtesy of Joyce Essex -- Coldwell Banker BH North

As you can see by the pictures, this is basically raw space. It is clearly a fixer that needs work; however, this foreclosure is an opportunity. Homes on this street with these views can easily fetch well over $1M, so with some rehab work put into this one, an astute investor could potentially net hundreds of thousands of dollars. At over 3,000 sq. ft, the home is quite large, and with some vision could be dynamic. If you would like to see this property, please contact us anytime @ 661.600.7463 or email smilayproperties@gmail.com.

Truth About Short Sales & Foreclosures For Buyer's

Nowadays everybody is asking for a deal. Of course that makes sense, that is the name of the game right, buy low and sell high. Usually this ends up in a conversation regarding what they heard on the news about short sales or foreclosures. There is a lot of misinformation out there and confusion with regards to the difference, and specifically what is a short sale. Let me explain: Short Sale -- This is a sale in which the seller tries to get the bank to accept less than is owed on the loan. This is happening quite a bit currently, due to the combination of both people unable to pay their mortgage payments and the recent decline in home values. People are damaging their credit in order to essentially jump ship. As a buyer, one must be aware of the process, as well as be very patient. When you see a new listing on the market that is a short sale, usually that means that the price is not yet approved by the lender. In many instances, they have not even begun the short sale process, and will not until they receive their first offer. What I mean by being aware is that even if you offer exactly what the seller is asking, that does not necessarily mean the bank will approve that number--know that going in. Also, even if they do approve it, the process at the bank could take month's, so one must be flexible and patient. I have been in several short sale deals that took a very long time, and my buyer ended up purchasing something else, while waiting for a response. This is an important point also; I always include a short sale addendum with the purchase offer, which states that none of the contingency time lines, exchange of money, etc will happen until the bank has approved the price and then we will open up escrow. That is important.

Foreclosure-- This is a sale in which the bank is the actual owner of the property. The former owner could not make the payments any longer and the bank foreclosed on the owner and took the property back. This can be a much smoother and straight forward deal.

Please note that in most cases in either type of sale, the bank is not likely to make any repairs or provide any credits for repairs. They are losing money, so don't want to shell out anymore.

There are opportunities out there for foreclosures, short sales, as well as regular sales. I have several buyer client's recognizing this, and able to take advantage, and are getting some truly great deals. Speak to your real estate agent, go in with the facts on each property, and get yourself a deal that you can profit from when the market rebounds; not to mention, a home to enjoy in the interim.