Best Of The Summer 2013

 

 

Thanks to all my clients past and present for their loyalty and continued business, and for making it a great Summer.

9706 Kirkside in Escrow (Short Sale)

9706 Kirkside Road, Beverlywood

Visit: http://9706kirksideroad.com

Short sales can take a long time. Fortunately, I was able to find solid, patient buyers who were willing to endure the lengthy, and sometimes frustrating short sale process. In the end this home will go to a good family who will cherish this property. The seller will benefit from getting out from "underwater". Stay tuned for final sales price.

New Listing - Two Story, 2 bedrooms in Prime Silver Lake

Terrific Silver Lake starter home. This classic two-story, 2 bedroom 2 bath home awaits your decorator’s touch. Formal living room and dining room, with original 1921 built-in, a floral-covered pergola and patio, and lovely landscaped yard highlight this home. Elevated above the street on a street-to-street lot. Located in the heart of Silver Lake, close to all that this exciting neighborhood has to offer. Property is commercially zoned (buyer to investigate). For more photos and a downloadable flyer Visit: www.1108westerlyterrace.com
Listed for $499,000

New Listing – 9706 Kirkside Road, Beverlywood

Unmatched value in prime Beverlywood. Short sale. Warm and inviting 5 bedroom with Den, 2.75 bath traditional. Property features 2 fireplaces, eat-in kitchen, private backyard, brick patio, 2-car garage on a lovely Cul-de-sac street. Lots of storage space in large attic. Room for growing or large family. Fantastic opportunity in a terrific location. Short sale negotiator in place.
Visit http://9706kirksideroad.com to see more photos and download a flyer
Listed for $1,150,000

How to convert a garage…

In today’s lending environment a great large number of loans are denied because of garage conversions that don’t past appraiser's muster. It used to be that no one cared whether or not a garage had been converted. It was seen as value added. But now, as banks become more conservative, underwriters are reticent to approve loans for homes where a garages may be used for other purposes. Mainly the red flag goes up when things like plumbing and kitchens are installed in garages. It makes appraisers and underwriters squeamish when additional “living space” is bootlegged into a property.

But let’s face it, here in Southern California many, many people’s cars never see the inside of their garages, and garages often become the family storage locker. Some homeowners, in an effort to create extra space, succeed in adding the much needed office, sauna, or bathroom. However, when it comes time to sell they find that the investment in their property pays no dividends. In fact, they may end up paying more by having to undo their project and restore the garage to its former state.

By contrast, some homeowners get it right. My clients Jeff and Frank who I helped purchase this gorgeous 1930 Spanish, recently completed a brilliant conversion on their detached 2-car garage. 

Frank is a Pilates instructor and massage therapist. It has been his dream to have an in home studio where he can teach, workout with Jeff, and treat clients. They called me a few months after moving in and asked my opinion on how they could convert the space while not jeopardizing a possible future sale.

What I basically told them was: to make sure that whatever you do never takes away from the functionality of the space as a garage. Don’t get too ambitious and add a bathroom or anything that will make it look like living space. Leave the garage opening available. Even if you remove the garage door, do yourself a favor and make it easy to pop a garage door back on when it comes time to sell.

Granted, I don’t think they will be moving from this great home anytime soon, but they have certainly avoided any future headaches.

Here is the how the garage looked when they purchased the house:

Inside, they installed drywall and enclosed an area that still serves as storage for yard and garden tools,

and hid it behind a mirrored wall.

And in what I think is a great choice, they hung the ceiling leaving a portion of the support beams exposed instead of covering the entire ceiling with sheetrock.

They added handsome sconces on the walls by Troy Lighting. On the floors they laid a rubber gym surface that comes in four foot rolls, made by RB Rubber from Linoleum City. It’s a great surface for their Pilates equipment.

Frank and Jeff removed the old solid wood door and replaced it with Marvin glass sliders from Benchmark in Culver City. The wood accents around the doorway are Oak with Mexican-style “clavos” for effect. They “hatchet-distressed” the fir lintel beam to give it some age. The lantern above the door is made by Artistic Lighting and Designs. All lighting was purchased through Capital Lighting and Wholesale Supply in Culver City.


They now have a terrific Pilates/massage studio/home gym. It is still essentially their garage, but as you can see it’s a hell of a lot more.

January Market Report From C.A.R

LOS ANGELES (Feb. 15) – California home sales rose in January, marking three consecutive monthly increases and posting their highest level since May 2010, while the statewide median price declined to its lowest level since June 2009, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). 
“With lower home prices and rates edging up from their historic lows of late last year, prospective home buyers should consider the opportunities in today’s market,” said C.A.R. President Beth L. Peerce.

Click here to check out this market report video from C.A.R.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 546,420 in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide, representing 90 percent of the market.  January’s sales were up 5.1 percent from December’s revised pace of 520,080 and up 2.5 percent from the 532,870 sales pace recorded in January 2010.  It was the first year-over-year sales increase since May 2010.  The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the January pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home sold in California was $278,900, down 8.6 percent from a revised $305,020 in December and was down 2.0 percent from the $284,600 median price recorded for January 2010.  The January 2011 median price was the lowest since June 2009, when it was $274,640.
“Although prices typically fall seasonally in January and February of each year, the decline in the median price can primarily be attributed to the aftereffects of last fall’s foreclosure moratoria,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “More distressed properties are coming on to the market, which led to an uptick in sales of distressed properties during January.  We expect this trend to continue as lenders expedite the disposition of these properties,” she said.
Here are other highlights of C.A.R.’s resale housing report for January 2011:

• The Unsold Inventory Index for existing, single-family detached homes was 6.7 months in January, up from 5.0 months in December 2010.  The index was 5.7 months in January 2010.  The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Thirty-year fixed-mortgage interest rates averaged 4.76 percent during January 2011, compared with 5.03 percent in January 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.25 percent in January 2011, compared with 4.33 percent in January 2010.
• The median number of days it took to sell a single-family home was 61.8 days in January 2011, compared with 32.9 days for the same period a year ago.
• View Unsold Inventory by price point.

Technorati Tags: Market report,California real estate,sales,real estate,Los Angeles real estate

A Midwesterner’s Reflections on Southern California in February

It’s funny how the brain collects its data by way of the nose. It was fourteen years ago almost to the day that I drove the long and sometimes treacherous 1,800 miles from my former Chicago home to Los Angeles. I escaped the Midwest during a snowstorm and then nearly drove off a mountain road in an Arizona blizzard. But I made it.

Over the years, February and the emergence of the flowering pink Jasmine and aromatic Victorian box trees would bring back the memories of my arrival in LA. Back then, I mistakenly attributed the gorgeous perfume in the air to the ubiquitous bougainvillea plants. It would be some time before I knew from where it came. My impressions of this city in my first months here were a world away from the smoggy LA that I had expected to find.

After last year, the aromas of February will forever be attached to a far greater arrival than my own. My daughter’s birth February 12^th coincides with the sweetness that welcomed me to this beautiful part of the country. And her sweetness has reassigned those smells in my brain’s hard drive. She will grow up a “California girl” and will probably take for granted what makes Southern California such a special place to live.

Now I hate to sound like the chamber of commerce, but why would you want to live anywhere else? While nearly half the country braces for another arctic blast after the latest pile up of snow, our preparations for bad weather consist mainly of remembering where that damn umbrella went, and will it still work after 10 months of hibernation; or is this a “sweater day?”

Yesterday as I went out for my run I was brought to a screeching halt by the breathtaking views of snowcapped San Gabriel Mountains. I paused, and after saying a few private words of gratitude, thought: “Where else in America can you see this and still be just a twenty minute drive to the ocean?”

I don’t know, but I’m glad that our home here in LA is one of those places.


Oh yeah and there’s this good news:
Luxury home sales jump 21% in California
Homefront Los Angeles Blog: Feb 10th
Homefront Los Angeles Blog: Jan. 19th

Cheaper to buy than to rent in 72% of largest U.S. cities

Trulia: Former homeowners flooding rental market

By Inman News, Monday, January 24, 2011.
Via Inman News™

Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.

"Since the start of the 'Great Recession,' many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets," said Pete Flint, CEO and co-founder of Trulia, in a statement.

"Though necessary for achieving true economic recovery, stricter bank lending practices have also further aggravated the struggling housing market in the short term. Even highly qualified homebuyers face intense scrutiny on their income, savings, existing debt and credit history before they can get a mortgage loan."

Trulia's rent vs. buy index compares the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of Jan. 10, 2011.

A price-to-rent ratio of 1 to 15 means that it's much cheaper to buy than to rent in a particular city. A ratio between 16 and 20 means that it's more expensive to rent than to buy, but, depending on the family's situation, buying could "make financial sense," the site said. Any ratio above 20 indicates that owning is much more costly than renting in a city.

In 36 out of 50 of the country's most populous cities, buying a two-bedroom home is less expensive than renting one. These cities include many areas that have been hit hard by foreclosures, such as Las Vegas, Phoenix and Fresno, Calif.

Read the full article Here:

Los Angeles, San Fran, San Diego and Washington D.C. region post gains as home prices still falling in most U.S. cities

While this article paints a dismal picture of the national real estate market, there is some good news for our region…See below and click the link to the article.

Of the 20 major metropolitan areas tracked by the Case-Shiller index, only three regions aside from Washington posted year-over-year gains: Los Angeles, San Diego and San Franciso.

Washington region posts gains as home prices still falling in most U.S. cities

        

NoHo Arts District Rentals – Available December 1st – 3 bedroom and 2 bedroom with bonus space

Gorgeous Newly restored 3 Bedroom 2 bath Craftsman with private yard, formal dining room, covered rear patio, lovely landscaping, Central heat and AC, alarm system. washer /dryer, Brand new everything. 1 car Garage, and additional off street parking. Pets will be considered. Offered at $2,500/month.

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Recently remodeled classic California cottage. Spacious 2 bedroom with a loft, and over 150 extra sq ft of bonus space. New kitchen, new bath, AC,  washer /dryer, private secure rear yard. 2 parking spaces. Pets will be considered. Offered at $1,800/month

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Easy to show. Email Anthony – anthony@anthonydp.com

www.anthonydp.com has launched!

Introducing the all new anthonydp.com! Your one-stop spot for Los Angeles, Beverly Hills and Westside real estate. Easy navigation, elegant, simple design, integrated MLS search tool. Click the link above and check it out.

Homefront September Newsletter is now available online

This month's newsletter is now available. Click the link below. Feel free to share it online, or click the link at the top of the page to join the email list.

Follow this link:
HOMEFRONT SEPTEMBER 2010 EDITION

Just Sold - 1815 Ridgeley, Mid-City

Lovingly renovated Mid-City Spanish, wonderful curb appeal, open floor plan with great layout, lots of natural light, and an expansive oasis-like backyard that has been fully landscaped. Brimming with character this home features:




Refinished oak hardwood floors, Moorish arched window,coved ceilings, crystal doorknobs and restored doors/hardware,Italian butterfly granite counters in kitchen, new cabinetry, and remodeled bathrooms with authentic Mexican tiling, French doors, redwood deck, private lanai, tankless hot water heater, copper plumbing, and restored Spanish tile roof.
Sold For $535,000

Just Sold - 5506 76th Street, Weschester

Located in the Osage heights area of Westchester - This spacious 3 bedroom 2 bath, 1400 square foot home boasts gleaming hardwood floors, permitted master suite and two story garage/office additions, den, sun porch, and lots of closet space. Close to the Westchester charter school on a quiet residential street.
Sold For $596,000

Great New Condo Listing - 938 Palm Avenue #10, West Hollywood

Terrific price, spectacular location for this stunning West Hollywood condo. Two bedroom, 2 bath second floor unit in small pool building in the heart of prime WeHo, north of Santa Monica Blvd. Features include: open floor plan with newer Australian Merbau hardwood floors, designer kitchen with stainless steel appliances, 4 skylights, enormous master bedroom suite with Jacuzzi tub, and spacious closet, in-unit laundry, large dining room, recessed lighting, 2 side by side parking spaces and additional storage locker, building boasts a lovely, private pool area. No need to drive anywhere, this great home is walking distance to great shops, restaurants, bars, and grocery stores.

Listed For $485,000

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