The market is on fire again and it’s driven by low inventory. There is still an extremely limited supply of houses for sale. Pent up demand and low interest rates are driving bidding wars on properties that are attractive to many to buy. This week we saw two offers with no contingencies from buyers who just wanted to buy hot properties as soon as they came on the market.
We have a new townhouse duplex unit for lease at 345 N Orange. It was gutted entirely and everything inside it is brand new – kitchen, baths and all. It’s charming and 2 story character Spanish sitting on top of a grassy knoll on a quiet street. There are so many calls to lease it; it will no doubt get leased right away. The list price is 6750. We leased duplex units recently – one on Orange and one on Mansfield – for 6900 and 7000 a month. At 6750 and brand new designer done this unit is a good deal especially given how new and beautiful it is.
We sold a duplex on Orange this week for 2,900,000 all remodeled and fully vacant. We have 2 other duplexes in escrow for 2,285,000 and 2,300,000 with all the tenants in place at below market rents and needing some work. With rental incomes rising as owners do renovations, duplexes are an attractive investment for purchasers and a good time for owners who want to cash out to capitalize on today’s prices, low interest rates, and high demand..
So many buyers are wanting to buy a house in Hancock Park for around 5M and no houses have come up for sale in that category in the recent past. Historically there’s very little turnover in Hancock Park and this year has been no different. There will be a mad dash run for the next amazing house in Hancock Park that comes up for sale in the 5-6M price point and appeals to all those looking and waiting.
Summertime means summer guests! I’m so excited to have my son, daughter in law and grandson here visiting. And my engaged son and his fiance for the weekend! Special occasions always make me miss my mom and wish that she was here with me. And so I found myself every night this week connecting to my mom by overcooking and preparing so many of the foods that my mom used to prepare for me as a kid. In the middle of the night I made my mom’s linzer torte cookies in the shape of hearts, and the blueberry pie my mom always made for summer weekends. The main course Friday night is my mom’s go-to of a standing rib roast on the bones seasoned overnight with chopped fresh garlic and parsley. I made fresh Challah and overnight no-knead bread. And so many fresh salads and dressings. My kids say I express love with food. It’s really feeling all the feelings – love and gratitude for the new people, longing and grief for the people I loved and lost, and fervently wanting this weekend to be a welcoming celebration and party with family connecting in my home around delicious food and warm fuzzy feelings.
At a listing appointment this week with an owner looking to sell the house she inherited when her mom passed away, I noticed beautiful classical music playing soon as I stepped through the door. The owner showed me that the music was coming from a record player built into a sideboard that she inherited from her mom, and she was playing a record from her mom’s extensive classical music record collection. We all seem to connect to our loved ones we miss through our senses by experiencing the sights, sounds, and tastes that make them feel close again. It was warm and touching to listen to mom’s music as a backdrop for the discussions around her house.
Wishing all a weekend of rich sights, smells, tastes, and experiences that will create memories for our loved ones that they will cherish and connect to us, both at home and for those traveling on vacation. It’s a joy that travel is back and our homes can be filled with summer guests again! Now we know more than ever to appreciate and savor every single moment!
Have an awesome weekend!
Xoxoxo,
Sheri
