I’m super excited for our new listing at 420 N Citrus! The house was built as New Construction in 2008 and when it was built, it was permitted as 7 bedrooms + 7 bathrooms. Since then, the owner took down a wall between the primary bedroom and an adjacent bedroom so that the primary now has an open seating area + double closets + bathrooms; the door frame stayed in place so that the rooms can be easily separated into 2 bedrooms again in the future. The living and dining rooms are dramatically double height. The kitchen has a breakfast bar and is open to a breakfast room with doors and windows to the private gated and hedged yard. The house has cameras, speakers, dual zone AC, alarm, and upstairs laundry. The backhouse has plumbing in the walls so with permits, it can easily turn into more living space. The house is also listed for lease so the race is on to see if it leases or sells first!
I’m excited that the price at 244 N Rossmore was just lowered by $300,000 to $5,695,000. It’s unusual to find a house in Hancock Park on a 20,000 square foot lot, in move-in condition, with a tennis court + pool + sauna + a large motor court at this price point. The living room, dining room, and family room are all super large and spacious. It’s cool how the whole house faces and opens up to the park-like backyard. The house is 6437 square feet with 6 beds + 6 baths. The brand new movie theater is posh with tiered leather reclining seats, a wall-to-wall screen, and an extravagant sound and light system. With a pool table room, a full bar, and so many handsome marble working fireplaces both inside and out, this house is the ultimate party spot!
I’m excited for the new buyers who will close this week on the condo at 116 N Sycamore. We sold 3 of the 4 condos in this building when the units were first turned into condos in 2016 and then we sold the 4th condo about a year later. This is our 2nd time selling 116 and we sold 114 1/2 twice now too. Buyers move into this building, grow and experience success, and then move on to bigger and better properties. I think the spaces in this building seem to serve as a good luck charm. Or maybe people who are motivated, self-starters, and likely to succeed are drawn to it. The sellers of this space are especially lovely and a total honor to represent.
We have a similar space for sale at 821 S Mansfield Unit 4 that’s not a condo but a TIC. Because it’s a tenant in common property and not a condo, the HOA fees include property taxes and homeowners insurance, along with the common area utility fees. The roof is brand new and the HOA just put in a new front lawn. The whole unit is remodeled and in move-in condition. It’s cool to own over 1500 square feet of space for under $1,000,000 in the immediate area. This unit is available, easy to show, and ready for its new steward!
Interest rates went lower this week! Citibank’s rates (as of last Wednesday) were 5.125% for the 30 yr fixed, 4.875% for the 10 yr ARM, with 0 points and before relationship discounts. We have an independent lender, with a personal relationship with local boutique banks, coming to present at our office this week Thursday. They’re offering stated income loans with 10% down, up to 3M borrowed, with good rates. I’m excited to hear more. First Republic is lower than Citibank on a 5 yr ARM at 4.8%.
It was so fun to go on a team outing all together last Wednesday to a Tom Ferry Real Estate Conference at the Sheraton Universal Hotel. One of the best parts of life is learning and growing, and growing together as a team is inspiring. Economic experts predict that in LA, prices can’t come down too much with so few houses trading, so the correction is anticipated to be subtle vs dramatic. The overall theme of the times seems to be about fear driving inaction. In general in life, it’s said that those who push past fear and act are those who succeed.
Bristol Farms has the most insanely delicious apples this winter! The past few times I’ve gone to the store on the corner of Beverly and Doheny, the apples are outside right before you walk into the store. They’re called HUNNY’Z apples and they have a little apple-shaped sticker on them. They’re crisp, sweet, fresh, and the flavor hits the spot! In other news, California is having a massive egg shortage! California passed a law last year requiring cage-free chicken’s eggs and a massive outbreak of bird flu killed 60 million chickens across the country; it’s supposed to be 7-8 months until new chickens can be born and lay enough eggs so that the supply is in line with the demand. Sunday is the day most stores are lowest in stock; best to grocery shop mid week and visit open houses on Sunday instead!
Have an amazing weekend and stay dry in the crazy rains coming!
Xoxoxo,
Sheri
