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.
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.
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.
If you are a buyer, the best strategy is to close escrow on any day Tuesday - Friday.
For example, have the lender fund your mortgage loan on Monday, close on Tuesday.
Or have the loan fund on Thursday, close on Friday.
Avoid having the lender fund on Friday, pay interest on the loan over the weekend, then close escrow on Monday.
There is no point to pay interest over the weekend on a home you technically don't own yet!
You usually don't close escrow the same day your lender funds your mortgage loan.
Normally the lender funds the loan, then you close escrow the next day.
Also, keep in mind you can't close escrow over the weekend, the county recorder office is closed.
Therefore, if you are scheduled to close escrow on a Monday, the lender must fund the loan the Friday before.
This should be avoided if possible. Why?
Because once the loan is funded, you start to pay interest on that loan.
It's not the best idea to pay interest on a home you technically do not own yet (it's not your home until you close escrow on Monday).
The best thing to do would be to wait and have the lender fund the loan on Monday, then close escrow on Tuesday.
That way you are not wasting money and putting more money into your lender's pockets.
