It never rains, it pours...

Whew! I submitted a purchase offer for an Echo Park buyer today.  Showed a condo in Van Nuys.  Set up showings for tomorrow in Valley Village. I took two listings in Burbank, got one offer in on a listing that we then countered, and am about to write yet another offer in Sherman Oaks.  I don't remember being this busy since 2006.  Believe me, I'm not complaining and I'm not bragging.  But if you're wondering about how the market is doing, I think it's doing really well.  I'll be back on this blog when things calm down a bit.

Unvarnished truth in real estate advertising? We gots it.

Need a 3000+ sf short sale home in Sherman Oaks for $602,000? Check out the listing agent's text for this new listing on Meadville (unedited): The house has major foundation issues with mold. No warranties are giving. Buyer to hire a general contractor and mold company. There are cracks in the foundation with 3 to 4 inches off the back of the house. No termite report or termite completion. The retaining wall has major issues with water running into the back of the house. Part of the house in not in liable condition. Buyer to be aware of dog in backyard.Please be aware there is freeway noise. The seller holds a valid CA Real Estate. Their was additional structural damaged found after buyer inspection. The pool does not work or in operating condition. A lot of draining issues with leaking roof. If you are LOOKING FOR A HOUSE WITH MAJOR DAMAGE YOU FOUND IT. The retaining wall is worse condition then expected.
Such candor is kind of refreshing, no? Yes, that's the best picture, above. How long do you think it will take it to go pending?

My video is up on Yelp

My video is up on Yelp.  Just type in "real estate agents" near either Sherman Oaks, Burbank, Valley Village, Studio City, etc. and my name will come up.  Click on the link and you can view the video.  I'm trying to get a copy for this blog.

Lowest price and highest price active listings in Studio City, Sherman Oaks, Valley Village and Toluca Lake

Thanks to our manager, I have the stats on the lowest and highest prices for homes for sale in Sherman Oaks, Studio City, Valley Village, and Toluca Lake as of this day.  These are all active as of today, and it lumps condos and single family homes together. Sorry, Burbank, no stats for you right now:
Sherman Oaks lowest home price: $329,923
Sherman Oaks highest price: $2,495,000

Studio City lowest price: $489,000
Studio City highest price: $10,000,000

Valley Village lowest price: $379,000
Valley Village highest price: $1,595,000

Toluca Lake lowest price: $525,000
Toluca Lake highest price: $8,299,000

4604 Norwich in Sherman Oaks closed yesterday at $592,000

4604 Norwich in Sherman Oaks closed yesterday for $592,000.  It was listed at $550,000.  We had six offers in the first week from qualified buyers and the lowest was $565,000.  Although that sounds like it was probably an easy-peasy deal for me, it had serious challenges all the way through.  I blogged about the weird appraisal earlier and may expand on that some day.  Other issues: there was no money in the HOA reserves -- this was my very first time dealing with that, and we had to come up with ways to get it funded.  Oh, the list goes on.  As I said, I may blog more about this in the future.

All contingencies removed on 4604 Norwich, Sherman Oaks

Yes! Closing hopefully, next week.

4604 Norwich in Sherman Oaks - tons of activity and four offers are in

In spite of it being difficult to show, we've had almost 40 showings of the luxe condo in Sherman Oaks in the past week.  That has produced 4 offers, which is the level that I would expect.  The seller and I will discuss these tomorrow -- stay tuned.

Coming next week in Sherman Oaks: huge, super-deluxe townhome (and better pics, too)

I'll soon be listing this gorgeous, huge townhome at 4604 Norwich Ave. in Sherman Oaks.  It has four bedrooms, 4 baths, a bonus room, 2-car garage, open floor plan, roof-top deck, high-end finishes throughout, and 2400+ square feet.  It was built in 2008 and there are only 4 units in the complex.  The home owners' association dues are a low, low $144/month.  The complex is on a quiet, green residential street but it's close to Ventura Boulevard and all its attractions.  It will list at $550,000.  This is a terrific option for those looking for lots of "done" square footage at a lower price. 

This is an REO, which means it was foreclosed on and is now owned by the original lender.  For those of you that don't know, these types of sales usually go much more smoothly -- and quickly -- than short sales.  I will have much better pics later this week.

Outstanding property of the week in Sherman Oaks

The picture is not good, but I had the rare pleasure of showing this 3-acre property yesterday at 15036 Marble in Sherman Oaks (listed for $1,700,000). That's right; three acres. With a house. And views to forever. On a private drive. Right in the heart of Los Angeles. I didn't know such a thing even existed.

The house is nice and has lots of wood accents. It's kind of 70's and probably any new owner would want to contemporize it. But the really special thing is the land. I thought I was in a hilly oak grove in Santa Ynez -- it seemed that private. The owner has put little outside features here and there like railroad-tie steps, hammocks and picnic tables. Although an owner could cut the top of the hill off and put a mansion up there, it would take a lot of engineering. Personally, I think the highest and best use of the property would be to leave the land as is --as your own personal Neverland. 

I promise to stop gushing and give you all my usually-jaundiced view of the local market soon.

Don't buy this house

I wish I could publish an address or more details about the home I'm about to tell you about, but... It's a short sale in Sherman Oaks.  It is underpriced in the high $500's.  I know the history of this house, and the sellers, very well.  The sellers need to move on to other things in their lives, and want to sell it.  Here's the problem: the sellers have a ton of cash assets that they want to protect. And they are people of means. They actually could pay off the mortgage with very little problem. Will the lien holding bank allow them to walk away from the house without touching those assets? My favorite short sale negotiator says probably not.  Which would make for a long, difficult short sale transaction that probably wouldn't close.  Wish I could tell you more, but...

As we go forward in our distressed-sale market, I think you'll see a lot more of these types of short sale transactions happening, or trying to happen.  The keys to look for -- and avoid -- are this: homes in affluent or more expensive neighborhoods, no true hardship (job loss, serious illness, etc.).  The questions to ask are: how much is still owed on the loan? What is the sellers' motivation and what is their situation?  Stay tuned for yet more permutations in the wacky world of local real estate.

I'll be doing a presentation on blogging...

Tomorrow, I'll be doing a brief presentation on blogging and social media conversion for my Sherman Oaks John Aaroe Group office.  Any suggestions? Be nice now.

I've joined a new real estate company!

Yesterday, I ended my eight-year long association with Dilbeck Realtors and joined Aaroe + Williamson, a division of John Aaroe Group.  My new office will be in Sherman Oaks, but I'll still be covering Burbank homes for sale, Studio City real estate, Toluca Lake, Toluca Terrace, Glendale, Hollywood Hills, North Hollywood, Valley Village, Valley Glen and Sherman Oaks real estate.  And of course, as needed, Pasadena, Eagle Rock, the West San Fernando Valley, Silverlake, downtown L.A., etc., etc.  I cover the waterfront for my clients.

It was difficult to leave Dilbeck Realtors.  I've been in that office for 8 years (10 if you count when it was Coldwell Banker) and the people there are like family to me.  I know that's cliche to say, but it's true.  I have been very comfortable there.  Too comfortable.  I am ready for new real estate challenges, a new outlook, and new clients, and the John Aaroe Group fits the bill. (Call me or email me offline if you want more details.) I'm thrilled to be with r.e. geniuses John Aaroe's and Michael Williamson's relatively new real estate company.

For those of you that are curious, yes, I investigated other brokerages (again, email me offline...), including Redfin. I think Redfin may indeed be the wave of the real estate future, but I was not ready to jettison my own online presence -- and that includes blogging for you, dear reader.  But I hope to become a "partner" agent for Redfin once my feet are on the ground at JAG.

I don't have a new phone number yet, but if you would like to contact me, please call me on my cell, email me or answer here.  And please wish me luck!