Open Houses Again Soon🏡 – TBG Update 5/14
We have an interesting offering we just put on the market this week! It’s a side-by-side Cape Cod style duplex with a finished garage at 807-809 N Curson. It’s fully remodeled in a Bohemian Chic designer super cool way. Before Covid the net income was $153,000 a year and with some kindness extended from the owner to the tenants for Covid the income is currently $132,000 a year. It can be delivered vacant or occupied (or a combination of both) at the close of escrow. Surrounded by 4m+ houses in a quiet central location, at a price that works with the current rents and low interest rates, it’s an attractive offering.
Buyers continue to lose out on properties that sell for more money than they think they’re willing to pay (at least until they lose the property). And some sellers continue to hold out for a price they want (that most buyers aren’t willing to pay) and some of those sellers end up being smart to hold out because they ultimately get their price. It’s interesting how many calls I got this week from sellers who said they’re not desperate to sell but if someone would pay a price they couldn’t refuse then they might consider selling their house. My response to all these sellers is that a buyer would need to be intrigued enough by their property so that they’d consider paying a price that a seller couldn’t refuse. Properties that are special because they have an exceptional floor plan, or incredible curb appeal, or they’re in a spectacular location, or the design finishes are rare and beautiful, or they have a unique park-like yard, have a chance at fitting the bill. Houses that tug at the emotions could have a buyer think that the appeal is worth more than the money, and those emotions push buyers to willingly and happily pay a high price. There needs to be an appeal that tugs at the emotions for a buyer to pay a price that a reticent seller could never refuse so that it’s win-win for all parties.
We have a cool offering going on the market next week at 611 N Crescent Heights. It’s an open, airy, spacious two story house with a park-like yard and a pool in such a neat spot down the block from Fred Segal and the best stores and restaurants. I loved representing the house the last time it was for sale. Both the current owners and the previous owners are in love with that house and both owners had such warm joyful high energy exuberant life experiences there. The next owner will no doubt have the same energy, passion, and excitement for the space and the life they’ll live in it!
Open houses are legal in California but not in Los Angeles just yet, hopefully real soon! Masks are no longer required to be worn by fully vaccinated people in America as long as the states approve; not just yet in Los Angeles but hopefully real soon. I wish rockets stop falling in Israel real soon too.
Wishing our fam an amazing weekend and for those who celebrate, a happy Shavuot next week!