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Option 1,2,3- TBG Update 1/16/2022

I’m over-the-moon excited for our new listing at 521 N Formosa!  It’s a one story Spanish that is almost new construction!  It has extra high ceilings accented with intricate arches, exquisite designer fixtures and finishes throughout, Control 4 sound + alarm + automations and an overall incredible vibe!  The highlight is the incredible brand new soaring ADU with  top-of-the-line outdoor kitchen and a rooftop deck with views of swaying palm trees and The Hollywood Sign!  The swimmer’s pool with baja step and waterfall is completely private surrounded by brand new ficus trees.  The owners have a sharp eye + talent for design and they knocked it out of the park with this masterpiece!  To keep up with all the showing requests, we have an open house Sunday from 10-4 and we’re expecting multiple offers…..

Also brand new and open today is Unit 202 at 118 Clark.  This property was entirely remodeled in impeccable taste – from the kitchen to the bathrooms to the doors/windows.  It’s sleek and hip and in the perfect location just adjacent to Beverly Hills.  There are low HOA dues, a controlled access building with a newly equipped gym and conference room, and two parking spaces in the subterranean garage.  There’s a great laundry room in the unit and two separate balconies to the street and also two fireplaces.  It’s an awesome spot!

It was interesting this week to explore options and alternatives for clients who want to sell their house in our area and move to a different school district in Culver City.  They need the equity from their current home as a downpayment for their new purchase.  We narrowed the alternative ways of approaching the sale + purchase to 3 options: 

 Option 1:  We have a buyer who will pay 2M now for the old house in a 45 day escrow period with a 3 month leaseback at the sellers’ current mortgage payment as rent for the leaseback period.  Once escrow closes, our sellers would have 3 months to identify, purchase, and move into their new home.  Advantages of this option:  our clients only move once, they own only one house at a time, it’s a neat clean easy process with no prep of their house before sale.  Disadvantages of this option: our sellers are on a time schedule and they need to purchase and move out within 3 months of the close of escrow.

Option 2:  We have a lender who will finance the loan on the new house and carry the old house until it’s sold, kind of like a bridge loan.  So the sellers would first buy the new house and then they would sell the old house.  Advantages of this option: our clients only move once, they don’t sell until they buy, and they’re always homeowners throughout.  Disadvantages of this option:  It’s expensive to pay for the money in this convenient arrangement, our sellers may not sell for a while if they don’t find a house to buy for a while and the market may shift in that time, they end up carrying two houses for some period of time once they buy.  This option is the most expensive.

Option 3: The sellers move out of their current house and they rent a house for the transition.  We guide prep of their house so it’s set up to sell for top dollar.  We estimate that the house will sell for at least 2.2M post prep.  They sell the old house and then they buy in Culver City when they find the right house.  Advantages of this option:  Their house sells for top top dollar and they maximize both their sale and their purchase.  There’s no time limit for the purchase.  They have double carrying costs only while they rent and before they sell.  Disadvantages of this option:  The clients have to move twice – once to a rental and then to the house they purchase. 

Option 3 is the smartest and most lucrative option and it won!  On Friday we executed the lease, got all the prep organized, called movers, and we’re on our way to optimizing at every end!  I’m excited that we’re going with the smartest option that will net our clients the most money and the best end result.  I’m also excited that we quantified + explored all the options and once we execute on Option 3, we’ll know exactly how well we did.  My favorite part of life is thinking, strategizing, and scoring for clients.  I can’t wait for this whole plan to play out!!!

Rabbi Jacob Friedman, an icon in our city, passed away last week at the age of 95.  It was such an honor and a privilege to do business with Rabbi Friedman and the Friedman family.  The times I went to The Longwood Management offices, what struck me in a crazy obvious way was the overwhelmingly incredible respect and honor the whole Friedman family had for their illustrious parents.  A few weeks ago I was privileged to meet in person with Rabbi Friedman.  It was remarkable at age 95 the way Rabbi Friedman asked questions in rapid fire succession without missing a beat.  What stood out to me the most from that conversation was the way Rabbi Friedman smiled with his whole being from the beginning of the conversation to the end.  It was so clearly an encounter with a remarkably wise distinguished accomplished great person.  A striking difference between the last generation and ours is how hard working, honest, crazy accomplished and over-the-top generous people like Rabbi Friedman were equally crazy, over-the-top humble and unassuming even with all that they accomplished.  There’s so much to learn from all those actions and behaviors.

Last weekend, at the very last minute, my newly married son and daughter-in-law decided to spontaneously visit for the weekend.  Such a surprise treat!  Best part was that I couldn’t stop smiling from ear to ear every time I set my eyes on them.  Hardest part was missing them instantly when their two days here passed by way too quick.  One favorite moment of the weekend was when my brand new daughter in law wanted to know if I found it more fun to go to Bora Bora or to host her for the weekend; that question hit the spot :)!  True answer:  my favorite would be to go somewhere exotic with all the kids in tow!

I’m excited for the week ahead!!  We’re taking pictures of a perfect jewel box off of Sunset on Monday!  We’re taking pictures of an architectural historical house with such great character and charm in such a unique tree-lined spot on Tuesday!  I’m excited that the holidays are over and it’s back to work and business.  Happy 2022 – may this be a year of overwhelming happiness and joy for all!

Xoxoxo,

Sheri



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