Great Brentwood Village Condo Lease

[flickr size="medium" float="left"]http://www.flickr.com/photos/42659427@N02/4568191610/[/flickr]Lying in the desirable Le Provencal building N. of Montana just steps to all that San Vicente has to offer. This immaculate 1521 sq. ft 2 bed/ 2bath condo features great open floor plan, large rooms, upgraded carpet, and multiple balconies. The master bedroom has a ton of closet space as well. The unit is in the back of the building away from Barrington, so is very quiet and peaceful in the heart of the city. Walking distance to all the goods and services San Vicente and Brentwood Village has to offer. Available June 1st. Offered at $3300/mo.

[flickr-gallery mode="photoset" photoset="72157623968301860"]

Which Is The Better Strategy?

[flickr size="medium" float="left"]http://www.flickr.com/photos/42659427@N02/4156178432/[/flickr] I recently put in an offer on behalf of a great client of mine, and the strategy of the listing itself made me think. The agent's (perhaps the owner) made the conscious decision to price the property at or slightly under market value in an attempt to build a buzz of interest. The play was to price it slightly on the low side and hope for multiple offers to bid up the price and maximize the return. They certainly did not invent this strategy, but it is interesting in the current real estate environment where everyone is negotiating everything because they feel like they can. These are made up numbers and not the ones in the deal I am involved in, but the question is which is the better way to maximize the value for your client: Ask $725,000 and accept offers in the $675,000 range, or ask $650,000 and hope people bid up the value over $700,000?

My thought and usual plan is to think of the psychology of the buyer and allow them to feel like the are getting a good deal. By this I mean, ask slightly over market value and allow someone to "negotiate" the price down. This can also be tricky, as you don't want to price it too high or buyer's won't come and look at it in the first place. If done well though, both sides can end up right where they want and each walk away happy. This is the key to negotations in my opinion, especially in real estate, as there will be an escrow process with multiple other opportunities to negotiate and a necessity for both sides to work together toward the closing of the deal.

Lastly, in the deal I am involved in, the agents are waiting until they have the first open house and broker open house before presenting the offers to the owner. Clearly they are expecting their strategy to work and have multiple offers on the table for their client at that time. I understand the thought process of course, but my offer was stellar, and my suspicion is that if the owner knew about it he would sign it right away. Perhaps the owner wanted this way. In the meantime, my buyer and I will continue looking as well, and I hope for their sake they don't lose us in hopes of some ridiculous offer. The latter of which is tough in today's market, where buyers ultimately have the upper hand currently.

Hip Silverlake View House For Lease

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4369085072/[/flickr]LYING IN A GREAT LOCATION HIGH UP IN THE HILLS IN HIP SILVERLAKE W/ EXPLOSIVE VIEWS OF THE MOUNTAINS IS THIS MODERN UPDATED HOME. ENTER INTO A LARGE FLEX SPACE (CAN BE A BEDROOM OR LIVING ROOM/MEDIA ROOM) W/ LARGE DESIGNER BATH DOWNSTAIRS. UPSTAIRS FEATURES BAMBOO WOOD FLOORING, OPEN FLOOR PLAN, AND A GOURMET KITCHEN W/ ALL NEWER STAINLESS STEEL APPLIANCES & CAESERSTONE COUNTERTOPS. 2 BEDROOMS AND ANOTHER MODERN BATH UPSTAIRS AS WELL. TONS OF DUAL PANED WINDOWS THROUGHOUT FRAME THE VIEWS FROM EVERY ROOM, AS WELL AS ALLOW NATURAL LIGHT TO FLOOD IN THROUGHOUT THE PROPERTY. VERY PRIVATE W/ LARGE DECK TO RELAX AND ENJOY THE VIEWS!

Offered @ $2,795/mo.

Click here for more images...

Know What You Can & Can't Afford Before Looking

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/3931945503/[/flickr] It is imperative that one speaks to a lender before beginning their housing search. This is true for a number of reasons, but mainly for knowing the actual costs associated with various purchase prices. Most people are mainly concerned with how much is the place going to cost them every month. A lender can look at your situation in less than 15 minutes, get you pre-approved for a specific amount, as well as discuss what the current interest rates are. This last point is the key point. Just a few tenths of a percentage point can significantly increase or decrease your monthly outlay. I have previously written on this topic that available financing is just as important as the purchase price.

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4207279630/[/flickr]

Also, you don’t want to look at million dollar homes, if you can only qualify and afford half a million dollars. Not only is this a waste of time for you, your realtor, the listing agent, etc, but once you see those homes, all of a sudden the half as nice homes aren’t going to be nice enough anymore. There is nothing wrong with admitting that you can only afford a certain level, as I am sure most people wish they had $20M plus homes, but for most (including me), this just isn’t an option, and so it is not even worth discussing. When searching for properties, one must be real about what they can and can’t do, and take it down from the hypothetical to reality.

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4018289792/[/flickr]

With that information in hand, one can then go out and find the best available home in or close to the area where they want to live. Once you find the home you like and are ready to make an offer, including a pre-approval letter with your offer will make it all that much stronger. It shows the seller that this person is serious, has done their due diligence, and if we accept, they are more likely to be able to close the deal. At the end of the day, closing the deal is what everybody involved in the transaction’s main concern is.

Searching For & Recognizing Value in Today's Real Estate Market

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/3931867083/[/flickr] In todays economic, and specifically real estate, environment every buyer/leaser wants to negotiate. No matter what the price is, people want to offer less, just because they feel like they can. There are many instances when homes are priced well, and are deals at the asking price. I would caution against missing out on a deal, while trying to negotiate a steal. That is very important. I understand the concept of buying low and selling high as well as anyone, so trust me I get it. Negotiating on behalf of my buyer client’s is on e of my favorite parts about being a real estate professional. In some instances one can negotiate much lower than the asking price, but in others they may just lose out on the house they really wanted. The thing is, every seller on the market is not necessarily desperate, and with a plethora of information available, Los Angeles is one of the most knowledgeable markets in the country in terms of people knowing what houses are worth in the areas they are looking. Let me give you a specific example.

Recently, I represented buyers on a purchase of a foreclosed property in the Hollywood Hills. The asking price was $700,000 and the listing described it as a “fixer”. The listing agent for the bank told me he never even visited the property. I knew the house very well having previously met the original builder, as well as leased out the home twice for the investor /buyer that eventually foreclosed. It needed new carpets, but was not a fixer at all, and had designer baths, imported stone work, and a gourmet chef’s kitchen. It also had the roof engineered to be a deck, but did not have stairs to go up there; nobody could have known that but me, since I met the original builder when it was first completed. I told my client’s that I am not a hard salesman type, but this is an absolute deal and if you are interested, you will need to act quickly as this will sell fast. That was not just salesman jargon, but a real fact. They recognized the value and called me 20 minutes after we saw it to make an offer. We ended up offering $720,000 (yes, $20,000 over asking price) as there were 7 offers in a matter of days. Some of those offers were under asking, which is my point. We got it, and the property appraised by a bank at $850,000. Banks are conservative by nature, so the home is probably worth closer to $950,000. While some were negotiating off the asking price trying to get a steal, my client’s knew I was telling them the truth, recognized the value and offered over asking and got an amazing deal!

Beyond the basic dollars and cents of the deal, it is also not like buying stock, and if it is the home where you want to live, that has intrinsic value in and of itself. In closing, definitely use your negotiating power as a qualified buyer/leaser in today’s market, but when a deal arises, don’t miss out on it thinking you can negotiate it down even lower. If you find the house you like, it is priced well, and you want to live there with your family for years, then take advantage of historically low interest rates, lock it down and enjoy.

The Calm After The Storm

Some really nice pictures taken of the sky and the Hollywood landscape after the storm stopped last night in Los Angeles. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4345915793/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346658026/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4345916829/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346672254/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346666540/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346668198/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346661982/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4346661194/[/flickr]

Newly Listed Modern Architecturals in Mar Vista

Today is Tuesday, which means it is Broker Open House day from 11-2. I don't always go to these, unless I have a buyer for something, or a competing listing, but I am glad I did today. It was interesting, and good to see the new homes out there. They all range from $1.9M-$2.2M and have their pluses and minuses. In general though, except for the first house below, I all thought they weren't really as cool or designer as the prices suggest. They were definitely nice, but none of them really had the top tier finishes. The builders, and even their agents, may think they are the best of the best, but to be honest they really weren't. In general, except for the first one, they didn't have that "WOW" factor I guess is the best way I can put it. What do you think? Greenfield Modern Listed at $1,895,000 in the Westside Village, this 2600 sq. ft award winning architectural had a real point of difference, and was easily the best of the day. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4270378022/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4270378766/[/flickr]

The best part, how the walls literally disappear, and make the space feel larger as well as that Cali indoor/outdoor feel.

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4270379824/[/flickr]

Maplewood Listing Listed at $2,195,000 on a hilltop in a great location, this 3000 sq. ft home had some real nice outdoor space no question, but in general I though the finishes used were nowhere near top of the line. For this price, in this location,they should be. Master bedroom was quite small as well, which will be a problem for selling I believe.

On a side note, this gentleman fell off his bike right after I took this pic. He was 70 years old, and was super nice, and appreciative of me helping him up. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269636809/[/flickr]

Huge rooftop deck with nice views. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269637847[/flickr]

Brooklake Modern Listed at $2,199,000. This house is 3800 sq. ft and was okay. It is big, but it tried to be architectural and designer and frankly it just isn't. I actually liked the inside better than the outside. The master was nice though, very large, and again with the pocket doors that slide away and lead out to a nice deck with views.

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269638929/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269639917[/flickr]

Mountain View "Green House" This property was listed at $3.4M and boasting of "green" features in 2008, but is now in foreclosure and listed at $1,930,500 by the bank. It is still a mammoth house at 5,000 sq. ft, and in a great location (arguably the best location compared to the others). It needs some touching up, and as you can see has great views, but the developer took out most of the fixtures to probably use on another house. This is not uncommon for developers to do. May be the "best buy" of all enclosed on this list, due to location and size.

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269642845/[/flickr]

Appliances Gone. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269640865/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4270386150/[/flickr]

[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4269644031/[/flickr]

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.

San Diego Highrise Condo

Designer Condo in boutique building on Pacific Coast Highway in San Diego.

New Apts Coming to Hollywood

In the next few month's there could potentially be thousands of new residents and visitors flocking to Hollywood to either stay at the new W hotel or call the area home, as multiple new apartment buildings are coming. I have previously posted a picture of the apartments at 1600 Vine, and now here is a look at the construction activity of two more apartments underway just north of Hollywood Blvd & East of Highland. Here is also a first look at the stucco exterior of the one closes to Highland, Jefferson at Hollywood.

Jefferson At Hollywood (see http:jeffersonathollywood.com/ for more info). [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223735280[/flickr]

Jefferson At Hollywood Apt [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222976419/[/flickr]

Construction On Both Sides of the Street [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222977829/[/flickr]

Apt Building Across from the Jefferson [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223736704/[/flickr]

Tale of Two Sides The 6600 Block of Hollywood Blvd

As Hollywood continues to grow and redevelop I thought it would be interesting to show the transition process. This transition is clearly prevalent in the differences of the type of restaurants, stores, and entertainment venues that reside on the north side of the 6600 block of famed Hollywood Blvd. versus those on south side of the street. Besides Kress (restaurant & nightclub), there are really no name brand stores or modern upscale venues on the south side, but instead the buildings are still occupied by an abundance of tattoo shops, smoke shops, costume stores, and other "mom and pop" retail spots. This is in contrast to the north side, which is flourishing with several newer high end restaurants, name brand retailers, & modern updated architecture. North Side of the Streeet

East Restaurant [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222945315[/flickr]

American Apparel [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222948705[/flickr]

Lucky Devils Restaurant [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222946945[/flickr]

Napolean Beauty Shop [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222953165[/flickr]

Loteria Restaurant & Formerly Mood Nightclub Being Remodeled Currently [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223726494[/flickr]

Geisha House Restaurant Front [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223721824/[/flickr]

Essex House Restaurant [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222991519[/flickr]

Bella Restaurant [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223749992[/flickr]

South Side of the Streeet

Various Shops Surround Vacant Ritz Theatre [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223747198/[/flickr]

Wig Shop & Others [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223713158/[/flickr]

Small Shoe & Clothing Stores [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4223723518/[/flickr]

Supply Store & Others [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4222985925[/flickr]

Hollywood & Vine Expansion Pictures

Just a few of the pictures I took today of the Sunset/Hollywood & Vine area of booming Hollywood to visually represent previous posts about the area's rise. This is obviously just a snapshot of a small area, and I will have more of new shopping on Cahuenga, new loft buildings, hotels, and more soon. I live in and around this area, so shooting in Hollywood is easy. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4207472826/[/flickr]

[flickr-gallery mode="photoset" photoset="72157623053549844"]