I’m super excited about our new listing at TenFifty Grand Unit 1909. The unit we have for sale is said to be the best in the building, on the northeast corner of the 19th floor. The floor to ceiling windows offer spectacular panoramic jetliner views. The public space is open concept with a sleek kitchen that has top-of-the-line appliances, a center island, grand living and dining areas. There are 2 bedroom suites with spacious contemporary yet classic bathrooms, custom built-in closets, and no shared walls with each other. The building style is Art Deco with a designer chic lobby, screening room, infinity pool + spa, barbecues and outdoor seating, business center, and state-of-the-art gym. The location in the South Park District of Downtown is hip, cool, and central. The staging turned out spot-on and I won’t be surprised if a buyer buys the furniture and moves right in! This will be our seventh sale with this seller family and our team absolutely loves to work with them!!! We’re so excited for our open house today from 1-4!
6650 Colgate is open today from 1-4 and we currently have 4 offers in hand, 2 of them over asking. Today’s open house is the last licks before an offer gets accepted and the property is on its way to getting sold. Our experience in this market is that houses that are priced at fair market value, prepared right for sale, and showed responsively to anyone who asks to see any time, attract multiple interested parties. We’re in a low inventory environment and there aren’t a lot of good properties to buy. There are two buyers who really want to buy this house and neither of them need a loan contingency. Both buyers have been searching for the right house for a while now.
On one of our listings, a buyer was circling and continuously expressing interest in buying the property almost from the time we listed it. He wrote an offer at some point but then he held off from responding to our counteroffer, instructing us instead to let him know immediately when a serious offer was on the table so he could swoop in and buy the property at the very last second right before it was about to be sold to a different buyer. Well, one day a very interested buyer made an appointment, saw the property, and wrote a super attractive offer that the sellers signed and accepted immediately. I’ve seen this scenario play out the exact same way so many times. When a buyer is wavering and noncommittal, it doesn’t usually make sense for a seller to have a committed confident buyer with a compelling offer wait, while the seller engages with an unsure buyer who is sitting on the sidelines and waiting for a phone call. The decisive buyer who walks in and knows that he absolutely wants to buy the property trumps people unsure and circling just about every time.
On another listing, the buyers were planning to put less than 5% of the purchase price down and to borrow 95% at 6.15% interest. The buyers did inspections and uncovered necessary repairs. The buyer sent the seller a request for repairs for almost his entire 5% down payment amount and the buyer’s agent was going to cover the buyer’s closing and moving costs (from his commission.) The seller said no to giving the buyer the sizable repair amount and the deal was canceled. With the current values in our area, together with today’s interest rates, it makes sense that putting a deal together where the buyer has 5% to put down, and is relying on the seller either paying for or completing every necessary repair, and relying on real estate commissions to cover closing and moving costs, it would be a long shot to pull through all the way to the finish line.
When houses were selling very quickly the last two years during Covid times, many newer agents became buyers agents who represented buyers only. Right now, as inventory tightens and interest rates go up, it takes skill to guide a buyer through a successful real estate deal. Stronger agents are definitely more likely to win in competitive offer situations because they have the smarts, the experience, and maybe also the mentorship to guide both their client and the listing agent toward an accepted offer. In this market, who consumers hire as their agent matters and we see it every day.
We had so much fun delivering Bienstock Group Gingerbread House Kits for Purim this week! We loved the pictures that came back of the houses built, complete with our lawn sign in front! Kudos to Shaivy Kravitz who sent a picture of an impeccably built cookie house with a clever blurb, “THIS LISTING WON’T LAST LONG. Brand new construction. First time on the market. Traditional style. Roof may need some work. Located on any block in Hancock Park. Price negotiable.” Now that Purim passed, Seth and I are counting the nanoseconds until the kids come home for Passover! It’s crazy but we’re already anticipating the kids leaving way too soon even though they haven’t landed yet… Our plan is to focus on savoring and enjoying every single moment!
Wishing all a lovely week ahead!
Xoxoxo,
Sheri