We have a unique new listing at 741-743 N Las Palmas. The property is a hedged & gated compound of 3 structures. The first is a 2-story 3 bed/2 bath house at the front of the property. The second is a 2 story 2 bed/1 bath home behind it The third structure is a storage/workshop space at the back of the property. Each house has its own private yard, deep windows that bring in tons of sunshine, central HVAC, hardwood floors, and in-unit laundry. The back house has a pergola in the yard and a large rooftop deck on top for star gazing. The front house is delivered with a tenant in possession and the back house is delivered vacant. The lot is over 7200 sq ft, the zoning is LAR1 with use as a duplex, and the owner is motivated to sell. We’re showing the back house today from 1-4.
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We have a lot for sale at 647 N Stanley, right next to the alley near the corner of Stanley and Melrose. The lot is just under 6000 square feet. Showings of the exterior are drive-by any time. Showings of the interior are with a written offer. There isn’t much interesting to see on the inside; the sale is primarily land value and the house is a teardown.
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We have a listing in escrow right now that’s a lesson to every buyer (and their agent!) to test for asbestos during a buyer investigation contingency period. Our sweet seller purchased a home last year that was remodeled by the owner. Her plans changed and she decided to sell one year later. When the current buyer inspected her house during their inspections, they discovered disturbed asbestos in both the crawl space and the attic. When disturbed asbestos is uncovered, a Procedure 5 Asbestos Cleanup Plan detailing the asbestos removal is required to be prepared and submitted to the city. It takes 14 days for the city to approve the plan and then a week to carry out the plan and remove all the asbestos. The cleanup is expensive, time-consuming, surprising, and obviously upsetting. Advice to all buyers is to hire an experienced, thoughtful, detail oriented buyer’s agent on purchases + to be present and ask questions at inspections, especially when the inspectors give summaries and reports + to take the time to fully read all reports with all the myriad details to make sure to go into a purchase with full knowledge and awareness of everything about the condition of the house being purchased. Most houses in our area were built in the 1920’s and in those days, asbestos containing material was used, mostly in AC ducts and vents. This is only the second time in almost 19 years that we experienced a Procedure 5 Asbestos Cleanup Plan in escrow; last time it was our team representing the buyer who discovered it and this time we’re on the seller’s side. Interestingly, both times the buyers demanded full remediation and neither buyer chose to cancel. It’s upsetting that the previous owner left disturbed asbestos after his extensive remodel, and that our seller, as a buyer, didn’t uncover, address, and have the asbestos removed before she purchased this property last year.
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For many years, getting homeowner’s insurance was the very last step in a transaction and a simple phone call right before the close of escrow. Those days have passed. Today, insurance takes time to secure, the cost has risen significantly, and it behooves buyers to pay attention to policy limits and to consider how much insurance they’re taking out and what it will cover in the event of a catastrophe. Sadly, many fire victims are scrutinizing their policies now to figure out clauses that increase policy limits, fighting to be made whole and recover the fair market value of their burnt down home post catastrophe, with policy limits that at face value don’t cover their loss. It’s smart for buyers to gain full knowledge of insurance costs and coverage on a potential purchase all the way at the beginning of the transaction, during their investigation contingency period, and to consider and make a decision along with property conditions in the first 10 days of their escrow period. Procuring homeowners insurance should be its own contingency now.
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My good friend and fellow agent, Leah Brenner’s Mom passed away last week at age 101. Leah was the most devoted + dedicated daughter to her Mom and no doubt it’s what kept her Mom alive with full cognition to a beautiful ripe age! It’s definitely on a goals list to live to the age of 101 and have your descendants and relatives crying and devastated at the loss, all sitting around arguing with each other about who their grandma loved the most and believing it was absolutely them. The grandkids said their grandma was supremely interested in listening to the details and stories of their lives and if they didn’t call her to check in, she called them regularly because she truly cared about them. I’m completely inspired by Leah and her Mom.
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It was very fun last month when Seth’s brother and sister-in-law, Judah and Faigie, came to visit us for the weekend! Since Judah and Faigie were making so much effort to fly for a super short visit, I made lots of effort to cook for the occasion. Their favorite dish was mixed grilled vegetables served with homemade Chummus on bottom, a drizzle of fresh Techina on top + fresh parsley + pomegranate arils and toasted pine nuts. Our best activity was a trip Saturday night to The Balloon Museum, a traveling exhibit, in Downtown LA. My favorite exhibit was the ball pit with 17,000 balls where you jump in like a swimming pool, kick back, and watch visualizations on the wall. We’re looking forward to Seth’s parents coming to visit us for Purim in a few weeks!
Wishing everyone a lovely week ahead!
Xoxoxo,
Sheri