L.A. real estate news and insights.
The most expensive home sold this week in Burbank was listed at $1,099,000 and sold for $1,104,000.
Located in the charming Magnolia Park neighborhood, the area is filled with eccentric boutiques, vintage antiques, hip eateries, Porto’s Bakery, and much more.
The website 24/7 Wall St. ranked the 50-safest cities based on FBI crime stats and demographics.
Irvine topped the list and was voted safest city in America, but there were ten other SoCal cities that made the top 50.
Glendale ranked 9th on the list.
What do you think?
Is Glendale really worthy of being called the 9th safest city in America?
Echo Park has really changed over the years.
Back in the day, Echo Park was not exactly the safest neighborhood to be in.
But now it's filled with beautiful homes that demand a high price tag.
This charming “Treehouse” vertical cottage built-in 1926 makes the most of its limited space.
Has 1 bed, 1 bath on main floor and a bonus space downstairs w/ separate entrance plus a finished attic.
This home is currently on the market and is asking $819,000.
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.
Under normal circumstances, you do not close escrow the same day your lender funds your mortgage loan.
You would normally close the day after the loan money is sent to the escrow company.
However, I have come across certain circumstances where the buyer of a property has to close as soon as possible and needs to close the same day the lender funds the loan.
In that case, you can do a "special recording". This requires a little more work on the buyer’s part.
As the buyer, you have to go down to the county recorder's office, wait in line, fill out some paperwork, then get the special recording completed.
It's actually a really big pain in the neck!
But, if you are in a hurry to close escrow, a special recording is available to you.
The 2019 Realtor Confidence Index Survey says 74% of home purchasing contracts contain contingencies, with the most common ones pertaining to home inspections, getting a acceptable appraisal, and obtaining a loan.
That means 26% of buyer home purchasing contracts do not contain any contingencies at all.
Sellers LOVE non-contingent offers.
That means that if the buyer backs out of the deal, for whatever reason, the buyer could lose their deposit to the seller (usually 3% of the purchase price).
Wouldn't you find a non-contingent offer appealing if you were selling your home?
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We are hiring a real estate agent assistant/project manager.
We are looking for someone who is ready to support our social media accounts (20K followers on Instagram - @DanielLosAngeles), manage our Customer Relationship Management systems, and help with a variety of projects that will generate client leads and grow the company even further.
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Thanks!
California saw a 3.1% uptick in pending home sales in August, an increase of 8% from a year ago.
Economists say home sales are forecasted to rise in the coming months and into 2020.
I think their prediction will be correct!
I represented both the seller and buyer on this property!
The sellers are sad to see this property go, but they told me they are very happy with the outcome.
The buyers are thrilled to be moving into such a exclusive neighborhood.
I am happy both parties were able to successfully achieve their goal!
Quiet, upscale, and best of all... you can keep a horse in your backyard!
This home is located in one of the best areas in Burbank.
Because this property is a fixer-upper, it's great opportunity to get into this neighborhood at a major discount.
That's why this is my favorite home to come on to the Burbank market this week!
The standard real estate purchase contract states that possession of a property from seller to buyer must be turned over by 6pm on the day escrow closes.
So even if you record, and close escrow at 8am in the morning, the seller is still allowed to remain at the property until 6pm.
Keep in mind a standard contract can be changed.
As long as the buyer and seller agree, the seller could stay in possession for days... months... years... the entire life of the seller... whatever is agreed upon.
You officially become the owner of the home once recording takes place.
Recording, AKA having the title of the property put in the new buyer's name, can happen any time between 8am-6pm.
You are not allowed to have the keys to the property before recording has taken place (unless the owner has given permission).
All of these events take place within 5 days of closing escrow on your property.
Since you know this will be a busy time, make sure you plan and request time off of work as soon as possible.
Every price point is different, obviously; but I am hoping that this example gives you a general idea about what has been going on with home prices so far in 2019.
As usual, I do expect a slowdown in the 4th quarter of the year (October, November, December)... that happens evey single year.
The market will then pick up again in January.
I don't care about the article you just read discussing recent home selling data... this is what's really happening... this is how deals are going down in the Los Angeles area RIGHT NOW!
Below are the number of offers I have received on my personal listings over approximately the last 30 days.
The stats below will give you an inside look at the current market in the LA area.
6 offers - 4610 Densmore Avenue #9, Encino. Sold $15k above asking price.
3 offers - 7288 N Figueroa St, Los Angeles. Initially was in escrow for $35K above asking price, but because of extensive repairs needed to the home discovered during the inspection period, this property was sold $5k over asking price.
3 offers - 4610 Densmore Ave #11, Encino. Sold $10k over asking price.
5 offers - 3640 Emanuel Drive, Glendale. Still in escrow and can't disclose the exact price... but we are well over $1.1 million.
I can't speak on the activity other agents are getting, but I hope this info helps you to navigate LA's real estate market.
