| We have a cool new listing at 1354 N Fairfax. It’s a single family home, one of 8 new single family homes on the same piece of land. These arrangements are called Small Lot Subdivisions. The house is 2 stories, 1836 square feet, and pristine. It’s gated both before the front door and to access the exterior space. There’s a deep 2 car garage with an EV charger and an interior door to the house. The public rooms are wide, spacious, newly constructed, and filled with so much light. One flight up from the public rooms there are two generous bedroom suites with lots of closet space. There’s a porch off the living room with a large storage closet. The coolest part of the offering is the rooftop deck that extends over the entire house; it has 360 degree views in every direction and so much space for planter gardens, barbecue area, firepit and seating. The West Hollywood location is central and right in the heart of the center of the city! I’m excited for the open house today 2-5!
I’m excited to present the condo at 116 N Sycamore for sale this week. The 1927 character fourplex was turned into legal condos in 2014 and we had the honor to represent all four units for sale when they first sold. It will be our second time selling this particular unit; we sold another unit in this building a second time already too. The building is absolutely beautiful. It has curb appeal, charming old world features such as a rotary phone in the double height entry, mailboxes + doorbells, crystal doorknobs, ironwork, handsome original hardwood floors, and high ceilings. It was entirely updated so that all the units and everything inside of them are elegant, classic, timeless and current. Each unit has a beautiful floor plan with a formal living room, dining room, designer kitchen, two bedrooms and two baths. It’s completely gated and controlled access so super safe. It’s the perfect spot for someone buying their first place or for anyone downsizing to a beautiful space. This unit has been a stepping stone for great things and I wish the same for the next buyer!
It’s interesting that our buyers agents are representing buyers buying houses in multiple offers. Houses that are strategically priced below market and are super attractive to multiple people are still selling in multiple offers for over the asking prices. Nechama recently represented buyers who bought a house for way over the asking price. Her buyers woke up seemingly too late; they identified and wanted to buy a house once it was already in escrow. The listing agent let Nechama know that the buyer in escrow was attempting to renegotiate. Nechama’s buyers wanted the house so much that they offered to buy it for the same price as the buyer in escrow and to close for that price without any further negotiating. And Nechama’s buyer bought the house.
Every day every buyer and every seller is wondering if now is the right time to buy and to sell given that interest rates went up again and there’s uncertainty in the shifting market. All we ever know is the present and the past, and none of us can accurately forecast the future. It’s natural for everyone to look back to last year, to compare, and to wonder if now is not a good time to buy or sell because last year interest rates were lower and houses were selling very quickly in multiple offers. The more interesting question is what happens from this point forward. If interest rates go higher than they are today, will buyers look back next year and wish they bought now? If the market adjusts next year, will sellers look back and wish they sold now? If buyers decide to hold off and not to buy now, what does that mean practically in their day-to-day life and how long do they hold out for the conditions they deem optimum to happen so that they can decide to buy then? If sellers decide to hold off and not to sell, do they give up on their dream to move to a different house, a different location, live in more space, have a pool, or whatever else they wish they’d do if the market conditions were exactly the way they wanted them to be? I believe that everyone is a master at their own life and it makes sense for each person to assess the full picture and to figure out their best course of action based on a combination of practical real life dreams and also the economic market conditions. Every decision in life is best made from a benefit/cost perspective; if the benefit of buying or selling outweighs the cost, it points to a decision of action and if the cost of buying or selling is too great to justify the benefit it points to a decision of inaction in light of the cost.
I went on a listing appointment Friday and the husband shared that when they bought their house, it was his wife’s idea and he was extremely opposed. The house was entry level and so he thought it wasn’t worth the sizable cost. Now, as they prepare to sell the house, looking backwards, it was by far the best financial investment they ever made and their most lucrative payout by a landslide, even though they’re both successful working professionals. I hear the same story from different people almost daily. No matter the market, it’s always extremely scary for buyers to buy. But only sellers get to build equity and then cash out on their equity when they decide to sell. To become a seller, at some point you have to be a buyer and buy.
If anyone heard bells ringing through Hancock Park this week Monday afternoon, it was us! We had the extreme treat to tour one of the very first houses built in Hancock Park with a 3 story bell tower in the backyard! I’m still swooning in my head at all that exquisite detail – the ballroom in the basement with parquet floors and a fireplace (that’s now a posh movie theater), the architecture, arches, tiles, beams, stained glass, millwork. What a miraculous feast for the eyes….and soul!
Wishing everyone an incredible week ahead! Visiting open houses is back as a pastime – we hope you’ll take advantage and come visit us!!!!!!!! |
