150 N Fuller closed escrow and sold on Friday, just 12 days after it went on the market! We listed the house on Sunday, January 22 after 12 pm for $2.5M. Our open house began less than an hour after the property was listed and we officially showed the house from 1 pm – 4 pm. The buyer walked in a little after 1:00 pm and she came back with her agent at 4:00 pm. She liked the house instantly upon seeing it. The buyer’s agent, Solomon Ganz, called me Sunday night to see what it would take for his buyer to buy the house immediately. I told Solomon that we deliberately listed the house for $2.5M, below market, with the strategy to sell for $2.7M, driven by a buyer. Solomon listened, he submitted an offer on behalf of his client on Sunday night for $2.7M, the owner accepted immediately, and the buyers closed escrow 12 days later, all cash, no loan and no appraisal. Buyer, Seller, and both Agents are thrilled and it was a great experience all around for everyone!
To debrief: This buyer had looked at 30 houses and because inventory is so tight in our area, she was frustrated with how little there is to buy. The house at 150 N Fuller is a really good house. It has a huge living room with a high ceiling + a statement fireplace + leaded glass windows and it’s beautiful the way that the living room opens to a large formal dining room. The kitchen has a center island, a door to the driveway, and tons of storage and appliances. The primary bedroom is spacious, it has an adjoining bath with both a spa tub and shower, and also a walk-in closet, and it has double doors to the backyard. The yard is park-like with mature trees and it has an in-ground spa and adjacent bathroom. The garage is easily converted to living space. The house is wired for sound, it has a water softening system, central AC, bolting, and the systems are updated.
The market overview: Interest rates have stabilized. Buyers’ fears of buying have subsided and there are so many people who are ready to buy again. There aren’t enough houses to buy. For a house that’s legitimately one that a buyer REALLY wants, they will (act smart and) pay top dollar. But only for a house that they REALLY want. As always, features that are most important to most buyers are: a really good kitchen, a really good primary suite set-up, and a nice large backyard (preferably with room for a pool and/or spa). Location matters to most people too – quiet, central, and surrounded by pretty houses. Houses that are in move-in ready condition are way more exciting (and command top dollar) more than houses that need work. Houses that have desirable features AND are properly prepared for sale AND are priced to attract multiple offers, exactly like 150 N Fuller, are much more likely to sell quickly for top top dollar.
Our listing at 458 N Alta Vista is an opportunity now. It’s a very large lot and it will be delivered entirely vacant at the close of escrow. Each of the two units can be remodeled and rented for fair market value with no restrictions. I’m excited to meet the new stewards of this property and usher it into its next chapter.
We have a new single family lease at 107 S Oxford, adjacent to Windsor Square. The house is two stories high and it is very large with 5 beds and 2 baths. The kitchen and baths were recently remodeled and the house is freshly painted. There’s great outdoor space, in front of the property for lots of off-street parking and in back of the property for a good game of basketball. The house is vacant and easy to show any time! We’re excited to start showing!
This weekend I’m inspired by my son-in-law’s Zeidy, who turns 100 years old this week, and his Bubby, who is Zeidy’s beautiful devoted wife for 75 years now! I love how excited Zeidy was about all the details of his birthday party, and the way his kids + grandkids + great grandkids planned, prepared, and traveled for the momentous and uber special occasion! I was watching a talented surfer in Oxnard this weekend and I marveled at how he stood and rode the crest of a wave all the way until it broke, he was thrown on his head and his board flew high in the air, but a minute later he was paddling back into the next wave. When a wave would break before him, he would duck underwater and emerge on the other side of it with a shake of his head. And when he had time, he would go right into the coming wave head first and ride the crest all the way until it flipped him on his head again. I was watching the surfer and thinking of how Zeidy and Bubby, and the heroes still alive in their generation, lived through atrocities in the Holocaust that devastated them and destroyed their lives as they knew it, but instead of being knocked down, they started anew and steadfastly chose to move forward with extraordinary resilience, tenacity, and ferocious determination to live their best lives in their new country. I’m awed and inspired at their history and accomplishments, and I wish them so much continued health, happiness, success, and joy from their beautiful family!
Wishing all a beautiful week ahead! We’re so lucky to live where the sun shines in winter!