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?
Home sales will be strong this Summer.
Expect a dip in sales once the flu season starts.
Look for a bounceback in December.
Home prices will slightly continue to rise the remainder of the year.
60 seconds isn't enough time to go over all my thoughts on what I think will happen in the real estate market for the rest of 2020.
Check out the full answer on my IGTV @DanielLosAngeles.
The National Association of Realtors reports that older millennials, between the ages of 29-38, hold 26% of the home-buying real estate market share.
The second-largest group are the Gen Xers who hold 24% of the market share.
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It superseded the $150MM record set just 3 months ago with the sale of the Chartwell Mansion, which was most well known for being the Clampett’s home in The Beverly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.
Did you know that when you buy a home, you don't have to put the title of the property in your name?
If you have a living trust set up, you can buy the home under the name of the trust.
For example, if the name of your #trust is "Banana Family Trust", and you buy the home under your trust, the owner’s name on the title will appear as "Banana Family Trust" and not your legal name.
This also works if you buy the home under a #LLC.
Use this hack if you want to keep the purchase of your home a secret.
As soon as escrow opens up on a property, the buyer has to wire over their deposit money.
The deposit is typically 3% of the purchase price of the home.
This 3% is held by the escrow company.
They hold on to the money just in case the buyer breaches the contract and the buyer and seller go to an arbitrator to decide who the money should be awarded to.
If the buyer backs out of the deal because of one of their contingencies (inspection, appraisal, loan), and they are within their contingency period, then the buyer gets their deposit back without any problems.
But if the buyer backs out of the deal, and all the contingencies have already been removed, that's when the seller can come after the buyer's deposit for damages they incurred.
An arbitrator will hear both sides of the story and ultimately decide who gets to keep the deposit money.
When buying a home, your offer will have a few contingencies written in the purchase agreement.
Here is 1 example of a contingency:
The purchase of the home is contingent upon the home passing your inspections.
If the home doesn't pass your inspections within your inspection contingency period, you can back out of the deal and get your 3% deposit back.
However, once you have removed all of your contingencies, you can't back out of the deal just because you wake up one day and decide you no longer want to buy the home.
If you do that, the buyers could come after your 3% deposit as damages.
Always remember, changing your mind about the purchase of a property is not a contingency.
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.
If you live in a condo, take a look at the price per square foot other units in your building have recently sold for.
That is one way to figure out what your unit is currently worth.
It's not as easy with a single-family home.
Unlike a condo, with a single-family home, you have to take the lot size into consideration as well.
