Full Page Ad in this Weekend's LA Times

Here is a preview of our upcoming full page ad in the LA Times this weekend for my listing at 457 Cuesta Way in a prime Bel-Air location.  Price was just improved and is now listed at $14,888,888. You can see a detailed tour and get more information on the property at 457Cuestaway.com.  

2 Story Town Home in Highly Desirable Agoura Hills

I am pleased to present my newest listing.  Lying in the beautiful Rondell condominium complex in highly desirable Agoura Hills is this large two story town home with an attached garage.  The resort like community boasts endless lush green grassy lawns, a large pool and spa area, and a tennis court.  This property is in a great location in the back of the complex, so is ultra private and peaceful. The recently remodeled unit has a nice open floor plan with a ton of windows allowing natural light to flood the property.  Three bedrooms and one full bathroom upstairs and a half bath downstairs.  Functional chef's kitchen with newer stainless steel appliances.  Units don't become available in this community very often so now is your chance.  

4049 Liberty Canyon, Agoura Hills

3 beds | 1.5 baths

1,157 sq. ft 

$449,000 or for Lease at $2,750/mo

Listing & Pictures by Eric Smilay

If you would like to see this property in person, please feel free to contact us anytime @310.600.9172 or emaileric@smilayproperties.com. We would be happy to assist!

Professionalism in Real Estate

It is no secret that obtaining one's real estate license is not nearly as difficult or take as much time as, say, getting a law degree or becoming a doctor; however, as Realtors® we are intricately involved in assisting people with what will most likely be the largest purchase/investment of their lifetime. I take the responsibility that goes with that involvement very seriously. That means, among other things, being a professional in my dealings with clients and other agents, knowing everything that I can about the real estate market and always putting the client first. Unfortunately, in my seven year career in this business, I have found that this fiduciary duty is not always being met.

Putting client’s first includes responding to emails and returning phone calls in a timely manner whether they are from current clients, potential clients or other agents. It also includes promptly conveying all offers and counter-offers and assisting the client through what may be the unfamiliar territory of inspection, financing, escrow and closing.

The bottom line is that, as Realtors®, we owe it to our clients, and the other agents and brokers with whom we work with to operate at a high level of professionalism. This is serious business, and should be treated accordingly. After all, what is involved is not selling 50 cent candy bars, but rather homes costing hundreds of thousands or even millions of dollars. Fortunately, there are many agents and brokers that I know who act in exactly the same way. These men and women are an absolute pleasure to do business with, and their clients are lucky to have them on their side.

A year ago I wrote about the fact that the client and agent's interests should be exactly aligned. That means that what the client wants to accomplish in the transaction is what I want to accomplish and it is why I try to go above and beyond to get the best deal possible for each and every one of my client's. Any agent who doesn't think and act in a similar manner, I would encourage you to step up your game, be a professional, and let's work together to get deals done for our respective client's to the best of our abilities in 2012. Otherwise, you should be in a different line of work.

SOLD! Classic Ranch Style Listing in Sylmar

SOLD for $295,000 in under 3 weeks! It would have been full price, but appraisal came in a bit low. Seller's are very happy, and I am happy for them and was pleased to assist.

Well maintained classic ranch style home with special sunken living room, featuring a cozy fireplace and soaring post & beam detailed ceiling. The property has great curb appeal with a gate, long driveway, and a well manicured yard. Upon entry one is immediately struck by the openness of the home. The gleaming wood floors set the stage for a large formal living room with white fireplace that merges into a nice dining room area. Step down from there into a special family room with walls of glass allowing natural light and architectural details. The room leads out through sliders to a nice lush backyard, perfect for soaking up the sun or relaxing under the covered area. Three bedrooms, one and a half updated baths, and immaculate. Standard sale, no waiting for bank approval.

14372 Beaver St, Sylmar

$297,000 3 Bed 1.5 Bath 1,519 Sq. Ft 7,150 Lot Sq. Ft.

Listing & Photos by Eric Smilay for Smilay Properties

If you would like to find a similar style home, please contact us anytime @ 310.600.9172 or email smilayproperties@gmail.com.

Agent & Seller Interests, Are They Aligned?

I was speaking to a client yesterday regarding the sale of a property, when they said something that made me think as well as kinda bothered me a bit. I am paraphrasing, but they said something to the effect of, I understand you want to reduce the price as you just want to make the deal regardless, while I as the seller want to maximize the highest possible sale. I understand where they are coming from on the surface, but had to disagree. Obviously, the real estate agent only gets paid when a deal occurs; thus, the incentive is to make the deal. I get that. That being said, I believe both parties interests should be, and with me at least, are aligned. I want to get all my client's the highest possible return on their homes, period! Nothing else makes me happier. In fact, I really don't like having the "we need to reduce the price" conversation with any of my sellers. Sometimes though it is just plain necessary, assuming both parties have the same objective--selling the home! Often, this conversation stems from seller's wanting to list their homes higher than suggested from the start. Unfortunately since real estate exploded into the mainstream consciousness in the past few years, and so much information available, everyone feels like an expert. That coupled with the emotional connection/bias that many have to their homes, and the recent decline in values, always makes pricing a somewhat contentious conversation. It is an accepted fact that if there is no interest from the market, a price reduction to attract a buyer's interest is usually necessery. If nobody is calling for appointments to view the property, either it is not a great product, or more likely the price is too high. Now, if a seller just wants to swing for the proverbial fences and if they get their number great, but if not they are content to stay, this is a different story. In this instance, I would say the objectives may be different. As an agent the profession is to adequately represent and inform their client in order to get the highest amount possible, but at the end of the day get it sold for their client's at an acceptable price. If a seller calls me to sell a property for them, I would think they would want my professional advice, and to sell the property. What good does it do either party to have a listing that doesn't sell?

The bottom line is, at the end of the day in a good faith business transaction, both parties interests should be exactly aligned. We are on the same team and should be working towards the exact same goal.

Brentwood Penthouse

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4115866452/[/flickr]Lying in prime Brentwood village N. of Montana is this huge contemporary 1,920 sq. ft top floor penthouse. Unit features soaring ceilings adding volume in living room, newer dark rich wood flooring, & large private master bedroom. Other features include cool fireplace & wet bar in great room, Loft (could be 3rd bed), in unit washer/dryer, & multiple large balconies. Great property in an unbelievable location just steps to Katsuya, upscale shopping, whole foods, & more. This one is special. Offered @ $875,000.Click here for more images...

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.