I’m super excited that we closed the sale of 633 N Formosa for 2,925,000! The house was great… a brand new from-the-ground-up build with a Certificate of Occupancy in 2025. There are 5 beds and 5 baths AND also so much public living space – living room, dining room, family room – in a floor plan that’s so open and yet has so many “rooms”. I always thought the house was fabulous, but the owners built it with a clean, neutral, predominantly white aesthetic and I wanted to infuse it with some personality and warmth so buyers would feel at home in a space that felt inviting, and the coziness would lure them to appreciate the awesome space. It was super fun to paint the dining room a sophisticated olivey color and the office a handsome striking blue. And then we made tweaks (to accent walls, hardware, light fixtures, landscaping), and added some window coverings, some just-right staging, and fresh plants/trees. It was a passion project and I absolutely LOVED every minute of it… I love interior design and great houses and working with a talented amazing team. Both Danny Emmer (the buyer’s agent) and his clients were a treat to work with! Of course the sellers were too! We actually invited Danny Emmer to come see 633 N Formosa with his clients; we knew them from their touring our other listings and we brought them to this house. When I went on the listing appointment for 633 N Formosa initially, the seller wanted lots of information, detailed specifics of a plan, and ultimately a guarantee on the end result. I’m super excited that we guaranteed and then we delivered!
I’m excited that we closed the sale at 500 N Alta Vista. Paul Kellogg + Paul’s sister Pam (the buyers agents) and their buyer were amazing to work with on the sale! Our lovely esteemed sellers bought this property for 1,197,000 on October 4, 2010. They sold it exactly 15 years later for 1,000,000 more than they paid for it. During their 15 years of ownership, the tenants’ rents paid entirely for the mortgage & all expenses on the property + their sons’ private school & college education. And now at close, they get all the equity in the property! THIS is why we love shepherding people through buying and selling real estate! There is no other investment in the world where you can put down 20%, have a tenant pay to cover the rest, get appreciation on 100% of the acquisition price, and depreciation for tax savings at the same time, and then cash out at disposition. It’s remarkable to see it in action!
We just made new listings live for leases at 131 S Martel and 326 N Vista, both staged and looking amazing. Both houses were just owner occupied and never rented before. Both houses were also entirely remodeled by the owners for themselves and have amazing kitchens with double wall ovens + sinks + dishwashers. 326 Vista has 4 bedrooms + 3 bathrooms in a one story home. 131 S Martel has 4 bedrooms upstairs & a large bedroom + office + family room downstairs. Martel has a robust solar electricity system with a backup battery. Both houses are on beautiful tree lined streets walking distance to The Grove. Both are available immediately and easy to show any time!
We had something interesting come up this week. A seller bought a property that he considered to either remodel & hold, or tear down & build new. He went through the process of pulling a permit to build a brand new house to fully explore that option. And then, after the extensive process of pulling the permit to build a new house, he decided to sell the property and neither remodel nor build the new house. As part of the process of pulling a permit to build a new house, the seller was required to sign and notarize a covenant that he will pay linkage fees to the City of Los Angeles. If any LA owner applies for a permit to build a new single family home or multi family units in LA, if he sells the project within 3 years of getting the permit, he needs to pay the city of LA a linkage fee based on square footage. The fee is an impact charge imposed by the municipality to mitigate a development’s effect on affordable housing needs in the area, and the funds collected go to support affordable housing. This seller, who pulled a permit but then decided to sell and not to build the new house after all, will still have to pay a linkage fee to the city of LA (of almost $70,000!!!) because he’s selling less than 3 years after he pulled the permit to build the new house (even though he never built it)!
Chassi’s grandfather passed away and she went to the East Coast for the weekend to support and grieve with her family. Seth and I had the extreme honor and glory of having Eliyahu and Nechama for the weekend! On Friday afternoon, it was so much fun to take the kids on a trip to Tom’s Toys on Beverly Drive. We found a Calico Critters Village Bake Shop Toy for Nechama with so many teeny tiny cakes and pastries to set out on the teeny tiny little bake shop shelves. Eliyahu loves dressing up and we got a dapper fireman outfit with overalls, a coat, and a helmet. It was fun to go to the park on Shabbat morning. But most fun of all was our (impromptu) playdate on Shabbat afternoon with my favorite cousin and her adorable, high energy, hyper enthusiastic, and fun brood. Eliyahu (age 4) went off to play with a group of kids twice his age and more. They were playing dress up (his favorite!) and making a show. After lots of time scriptwriting & rehearsing, it was show time! The opening scene was the older boys playing Hassidim praying in a group. Eliyahu, proudly donning a bulletproof vest and a holster, played the armed security guard. As the taller Hassidim walked past Eliyahu, they greeted him with “Shabbat Shalom” and in the cutest affected deep and loud acting voice, Eliyahu greeted them in kind with, “Shabbat Shalom.” Every time I think of it again, I can’t stop laughing! This week, I had to go on Target.com and order more teeny tiny toys for the next time I get to babysit.. I can’t wait!
Wishing all an awesome week ahead!
Xoxoxo,
Sheri
