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?
Foreclosures and short sales comprised 3% of the national sales in June, about even with May but up from 2% in June 2019.
There were 26 property sales in Burbank for May 2020.
Economists polled by Reuters were expecting pending contracts to jump by 18.9% in the US... they were off by a mile!
National pending home sales soared 44% in May after falling 22% in April, according to new data released by the National Association of Realtors—it’s a strong indicator that the worst of the coronavirus recession may be over for the housing market.
May’s gains are the highest month-to-month since the National Association of Realtors started tracking the data in January 2001.
I'm happy to report that I was able to contribute to this recovery by selling a few homes since the start of the pandemic.
I believe this bounce back in the housing sector will lead the way for a broader economic recovery.
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It superseded the $150MM record set just 3 months ago with the sale of the Chartwell Mansion, which was most well known for being the Clampett’s home in The Beverly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.
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.
Name your trust whatever you want... Banana Trust... #LakeShow Trust... whatever you can think of.
Then when it comes time to buy a property, purchase the home under the trust name.
By doing that, the owner on record will show up as the name of your trust, and not your legal name.
This works if you want to buy under your LLC name as well.
Get your calculators out!
Let’s say your home is 2,000 square feet and you want to sell it for $1,000,000.
To figure out your home’s price per square foot at that selling price is easy.
Plug into the calculator 1,000,000 (the asking price of the home) and divide it by 2,000 (the square footage of the home).
That equation equals 500 ($500 per square foot for the home).
Therefore, if your 2,000 square foot home sells at $1,000,000, the price per square foot for your home is $500.
Original List Price: $22,500,000
Sold Price: $13,000,000
Breaking News! As of today, you can now rent this home for $42,000 a month.
Do this strategy if your lender runs your credit and says your credit score is too low to get a home loan.
