I’m so excited that we closed 538 S Plymouth this week! What we’re seeing in this market, since interest rates went up, is that first and foremost on buyers’ minds is LOCATION LOCATION LOCATION! Second on buyers’ minds since Covid is a great backyard space. And third is an eye on future appreciation. No longer do people just think of buying the right home, in front of most buyers’ minds is a home as an investment vehicle. Plymouth checked all these boxes and that’s why it sold immediately with multiple offers over asking!
Our listing at 6325 Primrose is an amazing deal now at 1,775,000! The house is new construction with bespoke finishes, 3 beds + 4 baths, a private backyard, 2 car garage, and a huge deck off the primary suite with cool views! This house is bathed in sunshine everywhere from the deep windows throughout. The Hollywood Dell area is cool, a short walk to The Hollywood Bowl & Highland + Hollywood. There’s super convenient access to the 101, 170, 405 freeways and Downtown LA. The house is unusually well done and it’s a treat to visit and walk through it! I’m excited for a buyer to discover it and fall in love!
I’m excited for Devin’s new listing at 1140 N Formosa #2. The offering is a modern 2 bed 3 bath, open concept, sunshine filled Lorcan O’Herlihy West Hollywood Townhouse! The loft style space is architectural, spacious, and comes with views + 24 hr access to Formosa Park! We’re thrilled with the enthusiastic response immediately out the gate! There are multiple offers coming in & this one will be sold soon!
I’m excited for Jack’s new listing at 2358 Lyric, a Mid-Century Modern Jewel in Franklin Hills with sweeping, unobstructed jetliner views. Built in 1964, the home has 4 beds, 2.5 baths, 2 stories, wide plank hardwood floors, high end finishes and so much sunshine! The home is solar powered so utility bills are low. There are no stairs to the main entrance,and the primary suite is on the first floor. The area is awesome and this house is cool! Priced to rent immediately, It’s not a surprise that an application came in right away.
We leased 6303 Bryn Mawr with multiple applications immediately once we dropped the price to one the market would happily bear. My general philosophy on leases is that landlords maximize their funds when they price their property for lease at market rent so that it leases right away. Leasing a property 1 or 2 or 3 months sooner nets more money than going months with the house vacant and no rent. I also observe that when tenants fear they’re paying over market rent they stay short, and when they pay market or under market rent they happily stay a long time. Long term tenants end up netting non air bnb landlords more money, and long term tenants look for empty vs furnished spaces because most own and enjoy their own furniture!
Post commission lawsuits a little over 7 weeks, with the new laws in effect since August 17, we are seeing more unrepresented buyers at open houses. Under the new laws, buyers choose to be represented or unrepresented. If a buyer chooses to be represented, by law the buyer needs to sign a buyer broker agreement with a commission amount. Buyers can be confused by the new laws + forms, be wary of the commitment of a form, and worry that they may be responsible to pay the buyer side broker commission if they sign up to be represented. The new laws hitting so close to the elections, at a time when people believe more interest rate cuts will be coming, is throwing a wrench into some buyers’ eagerness to buy a home right now. I got the most beautiful note + gift for Rosh Hashanah from a buyer I represented with Berel this year; the biggest value to the grateful buyer was all the time spent walking the buyer through the inevitable fear + anxiety that comes with a huge purchase. Buyers need strong representation to write strong offers. Savvy sellers are smart to support, encourage, and compensate strong buyer representation to maximize their sale. I hope strong agents keep pushing through the adjustment to the new laws and continue to expertly represent buyers because strong buyers agents are essential to houses getting sold for top dollar. We eagerly invite expert selling agent cooperation on our listings!
Seth and I flew to NJ for Rosh Hashana with 120 pounds of prepared food in tow! We hosted Dovid, Avigail, and Chaim and we LOVED every minute! As a kid, My Mom was either in LA on the phone with her Gestetner siblings and their offspring, or we were visiting My Mom’s family on the East Coast. The Gestetner family is large because 2 Gestetner brothers married 2 Solomon sisters; my grandparents had 9 kids and their brother + sister had 11 kids. My Mom was the youngest in her family with 9. Hanging with my cousins from both families, I couldn’t help but marvel at how our Gestetner genes are crazy strong!!!!!! A whole lot of us cousins are ultra high energy, driven + LOVE to work, enjoy artistic + creative + culinary + fashion + homemaking pursuits, have a serious wanderlust for travel, love to do generous acts of kindness, and love each others’ company!!!! For a dose of self care, I deliberately chose to host our family holiday in an Airbnb right smack in the middle of a suburban neighborhood filled with my favorite cousins, and it hit the spot! It’s always so hard for us to leave our kids…I have serious withdrawal from 2 year old Chaim’s laughing hugs + spreading his arms as wide as he can to show how Grandma loves him SO much! Thank goodness we have more holidays coming next week!!!!! Can’t come soon enough!!!!
Wishing everyone an awesome week ahead!
Xoxoxoxo,
Sheri
