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📈 Market is Picking Up Again – TBG Update 7/23

📈 Market is Picking Up Again – TBG Update 7/23

We have a gem for sale at 959 S Longwood! It’s a classic historical 1925 brick Tudor on the (currently dry) creek in Brookside. The 10,000+ square foot lot is completely hedged on the outside and completely magical on the inside. In the backyard there’s a brick porch, a citrus grove with a 10 foot teak table and string lights in the middle of the trees, a pergola, sitting areas, walking trails, and at the bottom of the yard, the creek, the Arroyo de los Jardines (Brook of the Gardens), that’s dry at the moment while the metro is built until 2022. The living room is fully wood paneled and is surrounded by leaded glass windows. The chef’s kitchen is replete with cabinets, pro appliances, and a large center island. The owners took the whole upstairs down to the studs and they built 4 beds and 3 baths all entirely new, closets + bathrooms + plumbing + electrical + HVAC. The house is a neat combination of historical character and new modern amenities and it feels like a just-right urban retreat right in the heart of the city. The owners are so lovely and my theory is that the new owners will be too!

It was interesting to navigate the multiple offers on a listing this week. Four buyers really wanted the property. The seasoned real estate buyer who had the courage to offer the best price and the best terms triumphed. Closely following behind the winning offer were people who were legitimately scared – scared to pay too much, scared to move too fast, scared to offer aggressive terms. Two groups who lost had guidance and they clearly had a chance to get the property but they were scared and they couldn’t do it. Until it was too late and then they both had regrets and wished they could go back and get a chance to do it over. And maybe they will get another chance if the current accepted offer lets it go, but only maybe.

When we represent buyers, they often ask us how they know if what the listing agent is telling them to do is true. And I always say they don’t. Until they do because they find out once they lose the property that if they trusted it was true and they followed it, they would not have lost the property.

I find that new buyers very often need to go through the process and lose a few properties before they understand how it works for themselves and they know from experience what it takes to buy a hot property. What we consistently see is that most buyers are scared and only those who can push past the fear are able to get to where they close and the property is their own. Fear seems to be an inherent part of the process for most people. Knowledge, information, and experience softens the fear somewhat. It makes sense for buyers to go slow and to understand before purchasing a property so the fear is legitimately buffered by sound personal judgement.

I’m working again now with clients I last worked with 11 years ago. When I had the honor to meet with these people last week, I was excited at the chance to spend time with them again. I’m inspired because they’re honest, hardworking, sweet, sincere, and good people. Special people stand out, are a gift, and serve as a walking life lesson just by being themselves.

This week will be busy and we can’t wait! We’re staging one completely fabulous two story newly remodeled Spanish townhouse on Orange Drive for lease, one house for sale in Miracle Mile, and one house for sale in Hancock Park. It feels like the tight inventory might start to ease up as we move toward the fall, which will be a welcome relief for all those buyers with pent up demand!

So many people seem to have “out of office” messages while they take some vacation and travel again! So many lenders are delayed getting out loan docs and closing deals, perhaps from so many people taking time to travel again . Buyers are scared to buy tenant occupied property with the Covid rules in place and many are writing into offers for the property to be delivered vacant at the close of escrow; given Los Angeles County rent control laws and Covid rules, properties can’t be delivered vacant at the close of escrow; that fear is real.

I’m going to miss my youngest daughter, Esti, when she leaves for a month of sleep-away camp on Tuesday! Esti likes to joke that the two of us are The Bienstock Group. We had fun this week picking up and delivering some fresh flowers from Trader Joes for the photo shoot at 959 S Longwood; I love Esti’s taste in flowers and everything else! And I’m excited for her to go off and explore on her own too!

Wishing all an awesomely fun weekend!


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