I’m super excited about our new lease listing at 228 S Orange. The property is the upper unit of a Spanish duplex with original character and charm, but remodeled to make it fresh and modern. There’s a show stopping circular staircase to the upstairs with a cut-out arch with spindles in the hallway that looks out to the beautiful curved stairway. The living room is huge with large deep windows and a fireplace. The dining room opens to a large private porch over the driveway and a second porch that faces the street. The kitchen is brand new with an unusually generous amount of both storage and countertop space. The cabinets are high-end + pristine and include so many drawers, including a supersized pantry cabinet with spice shelves. There’s a built-in banquette with a table in the breakfast room, a laundry room with washer/dryer, a sink, built-in cabinets, and a breakfast bar. The brand new never used range/oven is Bertazzoni. There are 3 bedrooms and 2 fully remodeled bathrooms. The yard is shared and it includes a grassy area, hardscape, and a one car garage for the upstairs tenant that’s a straight shot to the back staircase that has a door to the laundry room. The unit has central AC/heat, so many closets everywhere, and so much sunshine. The cherry on top is that the owners/landlords are lovely. We’ve worked with their family in the past and the popular opinion from multiple neighbors (who are clients) is that they’re the best!
It was very fun working on both sales we recently closed with multiple offers on each of them, one at 801 S Cochran and the other at 647 Wilcox #3F. It was wonderful to work with both sellers and all the agents and buyers. We could have sold each of these properties at least 3 times. There is way more demand than supply for good properties. We’re seeing most demand and most activity in the 2M and below price point.
We had 2 new accepted offers, representing sellers, this week. Both properties got multiple lower offers in the past and each seller turned down those offers because the sellers were firm at their list price and our hunch was that if we gave it a little more time we could get it. Interestingly enough, none of those buyers who wrote low offers found a different property to buy and each kept in touch, asking if the seller had a change of heart and would consider selling for the price those buyers wanted to pay. Both of our sellers were right to stand firm and wait for better offers; both accepted offers close to their asking price on the same day this week from really strong buyers who are excited about the properties, and the price.
We got a fascinating preapproval letter from a represented buyer with an offer this week. The buyer is a partner at a big law firm that banks with Citi Private Bank. As a lawyer at the firm, this buyer got a loan for 10% down and 5.125% interest for 30 years fixed. The escrow period is 28 days. The loan is fully underwritten and approved, only subject to an appraisal and title report. The lender said that a lawyer at a smaller firm would get the same loan but at 5.35% fixed and a private individual with 10M+ net worth would get the same 5.35% 30 year fixed. Lawyers, doctors, veterans, and high net worth borrowers get more attractive loans than the rest of the people. It makes sense for buyers to research and shop around to find programs out there that are good deals on financing and so much better than most banks can offer.
We have 2 buyers in escrow paying all cash and getting no loan at all. Both were in competitive multiple offer situations where they had to pay over the asking price to get the property. Both are excited that they won!
We reached out and volunteered to be sponsors of the Tomchei LA Moti Kest Legacy Bike Ride Today, Sunday, to Tierra Sur at Herzog in Oxnard. When people who are special and so needed leave this world way too young, they leave a gaping loss that doesn’t get filled, and they’re always remembered and honored for all the good they did and the lives they enriched in the way too short time they were here. Motti Kest was an integral part of our community and the city is not the same without him. Tomchei LA is a longstanding essential non profit organization that supports so many, and the Kest Family is from our most favorite people. We’re proud to be a part of this event. It’s an honor to support the legacy of Motti Kest and the Kest family, and to be part of a long standing organization that is essential to our local community. We love to be a part of the local Los Angeles community!
Wishing all an incredible week ahead!
Xoxoxoxo,
Sheri
