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?
If your initial offer gets rejected by the seller, don't be afraid to submit a new offer.
However, you have to improve either the terms of the deal or the price.
Find out what specifically the seller didn't like about your first offer and change that in your new offer.
For example, maybe the seller liked everything about your offer, but they hated that you wanted 17 days to inspect their home.
Bring that 17 days down to 10 days... maybe that one change will work for the seller and would open up the possibility of you getting an accepted offer.
On this episode, I answer the following four real estate questions:
1) My low ball offer was flat out rejected by the home seller. Can I still submit a new offer?
2) Are real estate taxes included with my monthly mortgage payment?
3) What is the difference between a list price and sale price?
4) The buyer for my home is not removing their inspection contingency. Can I cancel the deal?
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Asking price $1,289,000 sold price $1,265,000
Do you think the back yard is big enough?
Don't go AD!
The asking price for this contemporary Mediterranean privately gated property is $7,995,000.
There are 15,815 sq ft for the home and 101,378 sq ft for the lot.
Hopefully, Anthony is selling this home so he can move closer to #StaplesCenter.
The stay-at-home order has been extended to 5/15/20😩.
Use this time to strategize and prepare for the sale of your home.
Once the order is lifted, I believe there will be a buying frenzy!
Expect a dip in prices during the pandemic.
Once the stay-at-home order is lifted, I anticipate a buying frenzy.
In my opinion, prices will return to where they were before the pandemic started.
I recently spoke to the owner of a very large home inspection company that serves the entire Los Angeles area.
He said that his company does on averages 450 - 500 inspections a week.
Last week, his company only did 250 inspections.
That's a major drop from their average.
This tells me that demand is way down, however, serious buyers are still snatching up properties.
I expect this trend to continue until the stay-at-home order is lifted.
What an amazing opportunity for buyers to finally not have to go up against so much buyer competition!
In my opinion, there will be a buying frenzy after the order is lifted.
The asking price for this Woodland Hills home is $1,175,000.
100 Hurlbut St # 9, Pasadena 91105
Asking price: $700,000
Selling price: $705,000
The buyer purchased this unit using a conventional loan.
Burbank only has 30 single family homes for sale right now.
This is my favorite available fixer-upper home.
Asking price is $965,000 and it's been on the market for 2 days.
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.
When you buy a home, you have to put down a deposit.
Typically that deposit amount is 3% of the purchase price of the home.
Keep in mind that this 3% amount is not set in stone, but it is customary.
You can put any amount you want, however the seller will not think you are a serious buyer and probably won't accept your offer unless you put at least 3% for your deposit amount.
You have to send your deposit over to the escrow company to hold within 3 days of getting your offer accepted.
When you accept a purchase offer for your home, escrow begins.
The escrow period is the time from offer acceptance to the day the title of your home officially changes from you to the new buyer.
During that time period the buyer of your property is doing their inspections and getting the loan to buy the home.
A buyer using a conventional loan (5% or more for the down payment) will usually close in 30 days.
However, a cash buyer doesn't have to go through the loan process, so they usually close in 7 - 14 days.
Buyers using a FHA loan usually close in 45 days.
