A Market Like No Other 🤯 – TBG Update 3/12
One thing we all miss in the last year during Covid is open houses – being able to walk through and see beautiful homes for sale just for fun and also having buyers know that if they’re kind of sort of toying with the idea of buying a house but they aren’t quite committed enough to call an agent and set up a whole formal showing, they can wander through houses at open houses and gather their thoughts by experiencing homes.
We coordinated with agents who are currently representing houses for sale in Hancock Park in the 6M+ price point, and 10 houses are going to have a host present from 11-2 this week Tuesday. The houses will be shown by appointment and with Covid guidelines but they will all have hosts present for the same 3 hours on the same date so that people can make consecutive appointments and experience all the homes in sequence. I’m looking forward to walking through all of them myself one after the next and checking each one out; I hope three hours is enough time to hit them all!
We have a six hour window of 10-4 on Sunday set up to show our new listing at 1445 Carmona, so far there are 17 appointments confirmed, and it’s pretty clear that by Sunday all 24 slots will be taken. The house is in turnkey condition, with 3 beds and 2 baths, a large sunshine filled cook’s kitchen, a grassy yard, and a garage converted to a TV room/office with a bar and a bathroom. It’s hard to find a turnkey house in the 1.5 price point in a central location in our city and so for many, this one hits the spot. The sellers are a sweet kind smart power couple and houses usually attract buyers similar to the sellers, so this house is likely going to be sold to cool smart people.
We have an amazing condo at 1536 Hi Point #103 that I’m so excited to show Sunday too. Priced at 50,000 below the last appraisal value, this one is also strategized to sell over the asking price. Townhouse style, with two en-suite bedrooms upstairs, a living and dining room that open to each other, a great kitchen with newer cabinets and appliances, and generous parking in the garage, this is an awesome starter spot. It’s a no brainer purchase given the price and the current interest rates.
The highlight of my past week was the generous reviews and positive feedback we got at the end of the deals we closed. For me real estate is about the details and all the people feeling super cared for and well represented. I love for every client of ours to feel taken care of as people in addition to experiencing a positive outcome on their purchase or sale. This week hit the spot and I’m so grateful for the buyers, the sellers, the agents, and the vendors who made our work together a total treat.
Most unusual of the deals was one where we found out for the first time only after we had an accepted offer that the property was a Mills Act property with renovations committed to be completed by the owner per his contract with the city. The Mills Act is an opportunity for a homeowner to apply to the government not to pay property taxes and instead to use that money to historically preserve/restore the interior of their home. This owner applied for the Mills Act and he signed a contract with the city 8.5 years ago where the city contractually agreed to discount his property taxes for the next 10 years and in exchange the owner contractually agreed to complete a specified list of renovations to the home by the end of the 10 years. The cost of the contractually agreed renovations 8.5 years ago was almost 100,000. The due date for the work to be complete is coming up in about 18 months from now. Most of the items on the list still need to be completed and there’s a relatively short time frame to complete them. It was remarkable that all sides worked together to figure it all out so that it’s win-win for all parties. At the end, the new buyers are contractually bound to complete the renovations agreed to by the seller, and the seller is off the hook and his house is sold. It’s an extraordinary blessing that everyone involved was smart, logical, collaborative, and intent on making it work all around.
It’s fascinating how many people really want to buy a new house now. There is unprecedented opportunity for sellers today to sell their house. Talking to agents, no one has ever experienced a market like this before. The buyers and the sellers are on such a high when they close their deals and it’s fun to experience some of that energy. Now, more than ever, closing on a house sale is a version of happily ever after. I love that.
Have an awesome weekend!