L.A. real estate news and insights.
Jeff Bezos, the owner of Amazon, bought the most expensive home sold in Los Angeles in 2020 - $165,000,000
•8 bedrooms
•9 bathrooms
•13,612 sq. ft. of living space
•9.4-acre lot
The property has its own 9-hole golf course, several guest houses, and a tennis court.
What was the best thing you bought on Amazon this year?
Jeff Bezos, the founder, CEO, and president of Amazon, reportedly purchased this 9.4-acre showpiece in Beverly Hills for $165 MM.
It superseded the $150MM record set just 3 months ago with the sale of the Chartwell Mansion, which was most well known for being the Clampett’s home in The Beverly Hillbillies.
It was built in 1937 by Jack L. Warner, a co-founder of Warner Bros.
It was designed by Roland Coate in a neoclassical style and has a total of 8 bedrooms and 9 baths.
It is a 13,600 square foot Mansion, with a swimming pool, nine-hole golf course, tennis court, and garages with their own gas pumps.
The seller is American business magnate, producer, film studio executive, and philanthropist, David Geffen.
When the listing agent asks you to get pre-approved with their lender, don't get upset.
Understand that getting that second approval is just part of the home buying process.
Most agents won't even ask you for that second approval, but us good listing agents will.
It's done to protect the sellers.
Even though you are already approved for a loan, the listing agent for the home you are interested in may require you to go through the loan pre-approval process again, this time with their lender.
Listing agents often do this because they don't know your lender and want to make sure you truly can qualify for a loan.
The seller doesn't want to find out 3 weeks into escrow that you can't get a loan.
I personally do this 2 step approval process for all of my listings.
You would be surprised to see how many buyers don't pass the second approval process.
Agents are strategically putting the asking price on their listings lower than fair market value.
By doing this the listing gets a lot of attention and gets multiple offers.
The property then sells for above-asking price, usually at fair market value.
Now that you know this info, be prepared to put in an offer on a home above your budget.
You could also look at properties below your budget and anticipate that the price will go up to your original budget.
On this episode, I answer the following four real estate questions:
1) At what point during the year are home sales usually the slowest?
2) Now that we found a buyer for my home and we are in escrow, is it safe for us to start moving out?
3) A lot of the homes I am touring are selling for more than the list price. How am I supposed to buy a property if everything I am interested in keeps selling over the asking price?
4) I do not want to spend a dime on staging my home. What other options are out there to make my home look more attractive to buyers?
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The cheapest house sold in Sunland this week closed at $430,000.
Originally listed at $550,000, this home features a newly remodeled kitchen with original hardwood floors and will make a nice starter home.
The Ennis House just sold for $18,000,000 in the Los Feliz hills.
The home was designed by Frank Lloyd Wright for Charles and Mabel Ennis and was built in 1924.
The design of the house was based on the ancient Maya Temples and its notable detail is the relief ornamentation on its 27,000 perforated and patterned decomposed granite blocks.
Filmmakers flocked to its location. The home shot to fame when the exterior façade was used for the House on Haunted Hill in 1958, but it is most known for being in the movie Blade Runner and the TV show Buffy the Vampire Slayer (one of my favorite shows growing up!).
The house was included as one of the top ten houses of all time in Los Angeles Times, and is a designated California Historical Landmark, and a Los Angeles Historic-Cultural Monument.
One in five U.S. homeowners say they feel house rich but cash poor, according to the newly released Hometap Homeownership Study.
With home prices continuing to climb up, nearly 20% of 675 homeowners surveyed classify themselves as feeling “house rich, cash poor” most of the time, according to the study produced by Hometap.
Seventy-three percent of respondents say they feel “house rich, cash poor” at least some of the time.
I bet if they surveyed renters they would find similar numbers.
I believe we all face similar challenges.
After all, I think being worried about how you are going to provide shelter and food for your family is a feeling all humans have had since the cavemen times. @hometap_
I highly recommend doing a standard recording.
In that case, you don't have to do anything!
You are simply waiting for a call from your agent to tell you that you now officially own the property.
A special recording should only really be used in an absolute must circumstance.
Unless it's a must, it won't kill you to wait the extra day to close escrow.
