by Jodi Summers
Finally, we have some inventory in Ocean Park, Santa Monica. There are currently nine properties for sale in our dynamic walkable neighborhood at the beach, just north of Venice. Every day feels like a holiday in Ocean Park. Here’s what we can help you buy today, courtesy of Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
asking price: $499,000
1 Bedroom, 1 Bathroom
IF YOU LIKE QUALITY & LOCATION, THIS RARE CORNER UNIT, OCEAN PARK, BEACH PAD IS FOR YOU. NICELY UPDATED & READY TO GO. LARGE NEW WINDOWS LOOKING OUT TO GREEN GRASS LOCATIONS. CROWN MOLDING THROUGHOUT. GATED, 2 CAR TANDEM PARKING (RARE FOR 1 BR UNIT). BEAUTIFUL FLOORS. GREAT NATURAL LIGHT & OCEAN BREEZE. OPEN FLOOR PLAN. SECURED COMPLEX.
asking price: $649,000
2 Bedrooms, 2.00 Bathrooms
AN ABSOLUTE DIAMOND IN THE ROUGH IN A SENSATIONAL LOCATION! THIS IS A WONDERFUL CRAFTSMAN COTTAGE SITTING ATOP THE HILL, IN OCEAN PARK, WITH OCEAN VIEWS AND A BEAUTIFUL FRONT GARDEN AREA WHICH WITH A LITTLE IMAGINATION COULD BE SENSATIONAL! NOT FOR THE FAINT OF HEART, THIS EXTREMELY PRECIOUS TURN-OF-THE-CENTURY 2 BEDROOM, 2 BATHROOM COTTAGE IS READY TO BE REMODELED AND RE-IMAGINED!
asking price: $690,000
1 Bedroom, 1.50 Bathrooms
GORGEOUS CORNER UNIT WITH LARGE PATIO TO TAKE IN GREEN BELT VIEWS AND WONDERFUL OCEAN BREEZES AT PRESTIGIOUS SEA COLONY II. ENJOY ALL THIS LOCATION HAS TO OFFER. CLOSE TO THE OCEAN AND MAIN STREET SHOPS AND RESTAURANTS. SIDE-BY-SIDE PARKING AND 24 HOUR SECURITY.
asking price: $1,295,000
# Units: 1, Lot Size: 4,652
FANTASTIC OPPORTUNITY ON HIGH TRAFFIC LINCOLN BLVD. CORNER LOT – LINCOLN AND NAVY. SMALL IMPROVEMENT ON PROPERTY. CURRENT TENANT IS CAR DEALER. 2003 PHASE ONE ON FILE. ZONED SMC4.
asking price: $1,395,000
# Units: 2, Lot Size: 4,796
WELL MAINTAINED DUPLEX NEAR THE CORNER OF BICKNELL AND MAIN. C2 ZONING. GATED ENTRANCE, WITH AMPLE PRIVATE PARKING FOR MANY CARS… TENANT OCCUPIED, PROPERTY SHOWN WITH ACCEPTED OFFER.
652 KENSINGTON RD
asking price: $1,395,000
3 Bedrooms, 1 Bathroom
BUNGALOW-INFLUENCED 1927 HOME IS LOCATED IN A QUIET NEIGHBORHOOD BLOCKS TO THE BEACH. INTERIOR REQUIRES YOUR ATTENTION WITH KITCHEN & BATHS IN NEED OF REMODELING. 3 BEDS 1 BATH ON FIRST FLOOR. 2ND FLOOR IS LARGE OPEN SPACE. ZONED FOR 2-3 UNITS. DETACHED NEWER 2 CAR GARAGE.
3009 2ND ST
asking price: $1,550,000
3 Bedrooms, 2.50 Bathrooms
THIS IS ONE OF THE LAST LOTS OF ITS KIND IN THE BEST SANTA MONICA LOCATION. TURN OF THE CENTURY HOME AND GUEST HOUSE JUST SECONDS TO MAIN STREET AND OCEAN PARK. SUN PORCH ENTRY, BRIGHT CHARM FILLED INTERIORS WITH ORIGINAL FIR FLOORS AND VINTAGE MOLDINGS. COOK’S KITCHEN WITH SERVICE PORCH, SECLUDED FRONT AND BACK YARDS. GUEST UNIT 1+1. TOTAL PRIVACY FROM MAIN HOUSE.
asking price: $1,795,000
2 Bedrooms, 2.50 Bathrooms
TURNKEY OCEAN VIEW TOWNHOUSE AT THE EXCLUSIVE 24 HOUR GUARD GATED SEA COLONY I AND JUST STEPS FROM THE BEACH. FEATURING HARDWOOD FLOORS THROUGHOUT. ALSO OFFERED FOR LEASE AT $6,850 PER MONTH.
asking price: $1,999,000
4 Bedrooms, 5.00 Bathrooms
AMAZING OPPORTUNITY TO BUY THIS UNIQUE LOT W/ PLANS & PERMITS READY TO BE PULLED TO BUILD A MODERN STYLE HOME APPROXIMATELY 6000 SQ FEET, COST OF CONSTRUCTION $1.5M PLUS $230K FOR POOL.18 MONTHS CONSTRUCTION SCHEDULE. PERMIT IS READY AND MUST BE PULLED BY APRIL 14, 2013. DEMO MUST START OCT 14.
Do let us know how we can move forward together in meeting your real estate goals 310.392.1211 or firstname.lastname@example.org.
The SoCal Investment Real Estate Group
Sotheby’s International Realty
License # – 01343854
Things do not change, we change. – Henry David Thoreau
p.s. a. This is not intended as a solicitation if your property is already listed with another agent.
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Buyers have realized that the housing market is in better health; and as a result are waving money at sellers in a rush to buy real estate. Buyers want the best value…as do sellers Sellers recognize that the upswing in the market will allow them to realize higher prices in the near future, so they are waiting; only the highly motivated are putting their properties up for sale. Demand is up, supply is down. Prices are on the rise. Summer transactions have been punctuated by a large number of cash money sales here @ the beach.
Numbers to make you smile. In August, it was a discovered that a total of 22,438 new and resale homes and condominiums were sold in Southern California. Year-over-year to August, total home sales were up by 14.2% and have been on the rise eight consecutive months. August sales figure were the most impressive for the month of August in six years.
In Southern California, the median price sale increased by 10.8% to $309,000 from a year ago. This was the highest median price recorded since August 2008. Prices for the bottom one-third of the region’s housing stock increased by 13.1% year-over-year, while the middle third rose by 6.1% and the top tier by 2.6%.
More good news for the high end? In August, sales of homes priced between $300,000 and $800,000 increased by 23.4% over the year, while sales of homes priced below $200,000 declined by 11.1%.
Look up. At our coast in Santa Monica and Venice, if we contrast Aug ‘11-to-Aug ‘12 –the median price of for sale properties rose 21% to $1,697,000 and the median price of sold properties hiked up 9% to $1,302,500. Celebrate with a walk on the beach.
The peak home-buying season is drawing to a close and history has proven that the market will taper off a bit through the election.
We’re here to help you with all your real estate needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
Trade-Up Sellers Want Low Interest Rates
By Jodi Summers
The combination of low home prices and super low mortgage interest rates has greatly improved home affordability. The typical mortgage payment in May in Southern California was $1,100 versus $1,154 a year ago. According to the California Association of Realtors, last month’s typical payment was 62% (inflation adjusted) below the typical payment in July 2007, the peak of the recent real estate cycle.
In response to low prices and families buying before the new school year, home prices in Southern California rose to their highest level in 20 months. DataQuick Information Services notes that as costlier properties in coastal areas made up a bigger share of sales. Bully for Santa Monica!
Whenever anything is good in L.A., Santa Monica reaps the benefits. Clarus Market Metrics microanalysis confirms that residential real estate sales in Santa Monica did indeed spike in May to a median sold price of $1,150,000; but that dropped to a median price of $ 870,000 in June.
By comparison, the California Association of Realtors reports that the state median home price rose on both a month-to-month and year-over-year basis for the third straight month in May to $312,110 — the highest median since September 2010…but June their June stats have yet to hit the media…
“It looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it’s hard to swallow the price,” DataQuick President John Walsh observed. “The upside for many is a good deal on the next house, and the ability to lock in both a killer mortgage rate and a relatively low property-tax base.”
The median price for houses and condominiums in the six- county region increased to $295,000, up 1.7% from April and 5.4% from May 2011. A total of 22,192 homes sold last month in Southern California, up 21% from May 2011. About 70% of those sales were in coastal San Diego, Orange, Los Angeles and Ventura counties.
Trade-up sellers who’d been holding out for higher prices are doing the math and making deals so they can buy more desirable properties at current low mortgage rates. Homeowners who don’t agree with the math are furthering the shortage of for-sale homes in the state; thus strengthening the seller’s market. Inventory levels statewide are the same as December 2005 — a 3.5 months’ supply, homes are selling in a median 46.6 days.
In Santa Monica, comparing Jun-10 vs. Jun-12, the average months supply of inventory is down -64.8% from 6.3 months to 2.2 months. Seller’s market again.
The shortage of properties available for purchase has produced a drop in existing-home sales in May, but both home sales and prices jumped compared to a year ago, according to the latest monthly report from the National Association of Realtors.
Over the past year in Santa Monica, the number of for sale properties has dipped 24%.
“The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand,” confirms Lawrence Yun, NAR’s chief economist. “The normal seasonal upturn in inventory did not occur this spring.”
Statewide, homes priced at $500,000 or more made up more than 22% of transactions, DataQuick noted. Distressed deals including foreclosures accounted for less than 45% of the total, the lowest since March 2008. All-cash buyers, accounted for 28% of sales in May, down from 30% a year ago. Investors made up 17% of sales in May, down from 19% in May 2011. First-time buyers accounted for just over a third of transactions – 34%, down from 36% a year ago.
We’re here to help you with your property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
Edited by Jodi Summers
1. You are usually eligible to exclude much the gain from income if you have owned and used your home as your main home for two years out of the last five years prior to the date of sale.
2. If you have a gain from the sale of your primary residence, you may be able to exclude up to $250,000 of the gain from your income ($500,000 if you’re filing jointly, in most cases).
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your primary residence is the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
For more information on the subject, refer to IRS Publication 523, Selling Your Home.
And please, confirm your intentions with your accountant.
Bravo to billionaire investor Ron Burkle, who has the estimated $15 million – to buy and restore Frank Lloyd Wright’s Ennis House in Los Feliz. He bought the Mayan Revival property for the “bargain” price of $4.5 million (original asking price was $15 million)…now he gets to spend an estimated $9.5 million to restore this legacy asset. Thank you Ron for making Los Angeles a better place.
Ron Burkle has been good for L.A. He is an American business magnate from Pomona, born on November 12, 1952, named Ronald Wayne Burkle. Known as a major political fundraiser, he is listed on the Forbes 400, with an estimated net worth of $3.2 billion in 2011.
He got his start in the supermarket business as a bag boy at his father’s grocery store. Later, he dropped out of college and founded Yucaipa Companies, a private equity firm which invests in retail, manufacturing, and distribution.
Ennis House is Burkle’s second L.A. area property on the National Register of Historic Places. He purchased the majestic Greenacres Estate in 1993. This manor was built in the late 1920s for silent film legend Harold Lloyd.
“Mr. Burkle has a track record of preserving important historic homes,” praises Maria Felber, chair of the Ennis House Foundation. We know he’ll be an excellent steward of the Ennis House.”
The Ennis House is a brilliant blend of Mayan temple and Italian villa in high deco style. It has been noted that some of Wright’s most engaging and innovative architecture was done in Southern California in the years following the end of World War I. From 1919 to 1923, the architect worked part-time in the blooming metropolis of Los Angeles. . In this span of 4 years, Wright conceived a uniquely monumental, adaptable and efficient textile block design which redefined impressive architecture.
The home on a hilltop has a striking composition of patterned and smooth concrete blocks that give it the appearance of an ancient temple. It contains more than 27,000 concrete blocks, and is in need of extensive repair. Already $6.5 has gone to rehabilitate the deteriorating property (smog and textile block are not a good combination)…not to mention in the 1994 Northridge Earthquake and record rainfall in 2005. Work that still needs to be done is estimated at more than $9 million…
Fortunately, Ennis House is in the hands of a capable man. Forbes has collected records of Burkle’s investments and transactions, including:
* Sold Dominick’s chain to Safeway in 1998 for over $200 million in profits;
* Owns 20.7% stake in Americold Realty Trust;
* Leveraged buyouts of Jurgensen’s, Fred Meyer, Food 4 Less, and Ralphs supermarket chains, and sold to Kroger for $13.5 billion;
* Majority stake in Pathmark grocery stores;
* Cyrk, the former Beanie Baby promotion agency;
* Merged Alliance Entertainment with Source Interlink;
* Invested $100 million in Sean Combs’s (P. Diddy) Sean John clothing line;
* Purchased Enthusiast Media publications and assets of Primedia for $1.2 billion;
* Burkle’s investment firm, Yucaipa Cos., is a major shareholder of Barnes & Noble.
* Donated $750 million to the Renner Burkle Fund;
* Owns 6% stake in American Apparel, Inc.
* Started buying Wild Oats stock in February 2005, was the largest shareholder when Whole Foods Market, a natural-foods grocer, agreed to pay $565 million for Wild Oats.
* Burkle sold his majority stake in supplier Golden State Foods to St. Louis-based Wetterau Associates for about $110 million. Golden State, one of McDonald’s biggest suppliers, operates 11 distribution centers in the United States and abroad and two U.S. processing plants.
* Ron has received numerous honors and awards from labor including the AFL-CIO Murray Green Meany Kirkland Community Service Award and The Los Angeles County Federation of Labor Man of the Year.
* Ron has three children with Janet Burkle; Kate Burkle, John B. Burkle and Andrew Burkle (Grandson). Ron and Janet divorced in 2003 after a period of separation from 2001 to 2003.
Ennis House will be a labor of love for Burkle. Located at 2605 Glendower Avenue in Los Feliz, designed in 1923, and built in 1924. The 6,200 square foot property features 4 bedroom, 4 1/2 bathrooms home with separate chauffeur’s quarters designed for clothier Charles Ennis and his wife Mabel. The entrance fondly recalls Falling Water and other Wright designs where the entrance is obscured, inviting visitors to interact with the house from the beginning. It is trademark Wright that the entry space is dark, with a low ceiling, allowing a dramatic entrance into the light and bright space.
Architectural details include high wood-beamed ceilings, art-glass windows, a window-lined loggia looking out on the pool and a glass mosaic-tile fireplace in the living room. There is a billiard room, bar, library, den, office, pantry and basement. Chauffeur’s quarters, with a bedroom, bathroom, kitchenette and living area, are above the four-car garage. It has been said that the glass-tile mosaic fireplace in the living room is one of only four ever created and the last remaining intact example in any Wright residence.
The textile block pattern for the Ennis House is rumored to be inspired by a Greek key. The symbol represented by interlocking forms , is reminiscent of the Masonic Order, of which Ennis was a member.
“You see, the final result is going to stand on that hill a hundred years or more,” wrote Frank Lloyd Wright to The Ennis’, in 1924. “Long after we are gone it will be pointed out as the Ennis House and pilgrimages will be made to it by lovers of the beautiful from everywhere.”
It is designated as Los Angeles Historic-Cultural Monument #149 and is listed in the National Register of Historic Places. Burkle will open the house to the public at least twelve days out of each year. The Los Angeles Conservancy holds a detailed conservation easement on the house that will protect it in perpetuity.
“The Foundation looks forward to working with Mr. Burkle to ensure the long-term preservation of this beloved Los Angeles landmark,” concludes Conservancy executive director Linda Dishman.
by Jodi Summers
Auction associates dressed in black tie scan the crowd, looking for interested parties. They cajole the bidders, “Just $5,000 more and the house can be yours…It’s just $5,000 more…you know you want it….”
Nahh…not this house, not on our list. This Long Beach property was not one of the 150-odd foreclosed Southern California properties we selected. Now, if it were the mixed use on Beverly Blvd., or that house in Oceanside…well…maybe we’d think twice.
In general, real property auctions greatly simplify the buying and selling process. Transaction documentation and funding options are handled upon purchase at the live auction event or online through digital documentation. Sales typically close in 30-45 days for residential properties – add a couple weeks for commercial real estate – subtract a couple weeks for notes or cash only deals. Instead of an agent fee, the auction house – in this case www.auction.com – will add on a buyer’s premium (say 5%) to the purchase price.
Often referred to as REO property auctions because they auction off real-estate owned properties, these real estate sales offer a variety of property types. Today’s auction at the L.A. Convention Center featured homes, condos, mixed use and small multiunit properties from Ventura to San Diego (lots to choose from in San Diego), with San Bernadino and Inglewood to the west. Nothing on the West Side was included in this sales sampling.
We were toying with the idea of buying a property that could be converted into a live/work space at 5447 Beverly Blvd. This two-story 2,667sf mixed use building on a 3,200+sf lot had a starting bid price of $79,000. We did our due diligence and followed the prerequisites used by most savvy bidders.
* Get loan preapproval. When you’re prequalified, you know exactly how much money you have to work with. Knowing your boundaries will limit your tendency to overbid.
* Do your due diligence. Preview the properties you wish to bid on. Know what you’re getting into. Even though you have won the auction, you will not be able to enter the property until escrow closes. Do take advantage of any previews or open houses. If you’re not local, aggressive online searching can help you find some additional information.
* Devise a bidding strategy. Will you bid aggressively to intimidate other potential bidders? Will you swoop in at the last minute and outbid everybody else? Having a strategy will help you stay level-headed during the auction and may even keep you from overbidding (just stick to the plan).
The Beverly Blvd. mixed use eventually went to someone else for $210,000. Properties tended to sell for 2x to 5x the starting bid price. A duplex that seemed a really good value was located at 933 E 49th Place 90011. It had once appraised at $214,780, and had a starting bid of $25,000 – but what did we know about the residential neighborhood called Central Alameda? Stick with neighborhoods you know. Some lucky bidder ended up picking up the duplex for $79,000 – that’s a monthly mortgage payment under $500, and annual taxes of under $100 a month – sexy numbers by Los Angeles standards.
We paid close attention as a 2-bedroom condo at 620 W Hyde Park Blvd. in West Inglewood went on the block; it’s located spitting distance from a host of industrial properties we’re selling. (See links below.) With a previously appraised value of $167,500 and a starting bid of $19,000, it seemed like a viable property ….It ended up selling for $67,500.
As the 4+ hour auction grinds on, interest fades. People are milling around. Contractors have purchased their fix and flip projects. Early buyers have left. The crowd is down to a third of the starting size. A 4+1 Craftsman on Mentor Ave Pasadena – that reportedly once appraised for close to a million dollars – sells for $370,000. Another Pasadena Craftsman – this one 6+3 on Raymond Ave. with graffiti on the outside and obvious deffered maintenance goes for $272,500. It was once estimated at $750,000. Prices drop as bidders get burned out and investors spend their money.
Real Estate Auctions are a bit like a day at the races. Bring your calculator. Evaluate your returns. Bid right and win big. Property auctions offer an exciting way for buyers and sellers to do business in an entertaining format that offers many mutual benefits.
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