The Chief Economist at Zillow.com shared some great news yesterday about the housing markets in California and other parts of the nation. According to Zillow's research, Los Angeles is one of the Top 10 Sellers' Markets in the US. This is great news for sellers who sell now. Buyers who are successful in buying now also benefit from the increase in home prices.
Below is the link to the interview.
http://finance.yahoo.com/blogs/daily-ticker/best-housing-markets-buyers-sellers-142239475.html
If you are considering selling or buying your home or investment property, my team and I would be happy to guide you through the process.
Best wishes,
Marcel
424.274.1968(c)
310.482.2414(o)
MarcelAnderson@kw.com
Saturday, December 15, 2012
Monday, December 3, 2012
My Listing of Elgin Baylor's Home: Featured as an LA Times Hot Property!
Check out more info about one of my listings which has been featured as an LA Times' Hot Property. http://www.latimes.com/business/realestate/la-fi-hotprop-elgin-baylor-20121203,0,2948103.story
For more information, please contact me directly at 424-274-1968 or via email at MarcelAnderson@kw.com.
For more information, please contact me directly at 424-274-1968 or via email at MarcelAnderson@kw.com.
Friday, November 30, 2012
Just Listed! Celebrity Estate in 90210 for $4.25MM
Only steps away from Trousdale Estates in Beverly Hills, this lovely home features
6 Bedrooms, 8 Bathrooms, 8,114 square feet and Spectacular Views!!!!
Please contact my office if you would like to schedule a showing. 424.274.1968.
Wednesday, October 31, 2012
If you knew of a way to reduce your taxes by $18,000 - $81,000 Would You Choose to Ignore It?
Why Not Save $18,876 to $81,000 in Taxes via the Mortgage Interest Deduction?
The LA Times had a fascinating article this weekend about how much money middle and upper-class American families have been able to save via the Mortgage Interest deduction. The studies show that Californians more than residents of any other state take advantage of the Mortgage Interest deduction, saving on average $18,876. For earners at the higher end of the scale, some estimates are around $81,000 in savings. WOW! (So if you're not taking this deduction, you're likely giving a comparable amount away to Uncle Sam. He appreciates your gift too.)
Check it out for yourself. http://www.latimes.com/business/realestate/la-fi-harney-20121028,0,7128558.story
I remember the days when I was a W-2 employee. As a W-2 employee without any dependents, it is difficult to look at the large difference between one's gross salary and one's net salary. The Mortgage Interest deduction allows you to get a SUBSTANTIAL amount of that money back when you file your taxes or to decide not to give a no interest loan to the government. If you knew of a way to reduce your taxes by $18,000 to $81,000 would you choose to ignore it?
I took a number of tax law classes during law school because I'm a nerd who LOVES the tax code. I know first-hand that the US Tax Code currently encourages Americans to buy homes (admittedly, bigger homes) and to start small businesses. Thus, my suggestion to those of you who are W-2 employees are:
#1 Buy some real estate and take advantage of these 30-year-fixed interest rates that are below 4%; and
#2 Start a small business on the side to get your deductions and to create more jobs for other Americans.
As always, I'm more than happy to help you develop your wealth plan! Call or email me for more information. 310-482-2414 and marcelanderson@kw.com.
The LA Times had a fascinating article this weekend about how much money middle and upper-class American families have been able to save via the Mortgage Interest deduction. The studies show that Californians more than residents of any other state take advantage of the Mortgage Interest deduction, saving on average $18,876. For earners at the higher end of the scale, some estimates are around $81,000 in savings. WOW! (So if you're not taking this deduction, you're likely giving a comparable amount away to Uncle Sam. He appreciates your gift too.)
Check it out for yourself. http://www.latimes.com/business/realestate/la-fi-harney-20121028,0,7128558.story
I remember the days when I was a W-2 employee. As a W-2 employee without any dependents, it is difficult to look at the large difference between one's gross salary and one's net salary. The Mortgage Interest deduction allows you to get a SUBSTANTIAL amount of that money back when you file your taxes or to decide not to give a no interest loan to the government. If you knew of a way to reduce your taxes by $18,000 to $81,000 would you choose to ignore it?
I took a number of tax law classes during law school because I'm a nerd who LOVES the tax code. I know first-hand that the US Tax Code currently encourages Americans to buy homes (admittedly, bigger homes) and to start small businesses. Thus, my suggestion to those of you who are W-2 employees are:
#1 Buy some real estate and take advantage of these 30-year-fixed interest rates that are below 4%; and
#2 Start a small business on the side to get your deductions and to create more jobs for other Americans.
As always, I'm more than happy to help you develop your wealth plan! Call or email me for more information. 310-482-2414 and marcelanderson@kw.com.
Thursday, September 20, 2012
How Can I Be Like Romney and Reduce My Effective Tax Rate to 15%?
Although I cannot promise you that we can reduce your tax rate to 15%, we can implement strategies that can dramatically reduce your effective tax rate.
The beauty/travesty of the U.S. Tax Code is that it is so complex and filled with so many provisions that allow us to reduce our tax liability. One such provision is the Home Mortgage Interest Rate deduction. Believe it or not, this provision was created to encourage more people to buy homes in the U.S., which arguably creates a multitude of positive results in our economy, our schools and our neighborhoods.
If you're single or married and making too much to pay only payroll taxes but not enough money to buy that Bentley or the palace in Malibu with the ocean view, then let's talk about how you can reduce your tax liability through investing in real estate. (I'm also a fan of encouraging people to set up small businesses because the tax code favors small business owners with tax credits and write-offs. Yes, true to my roots, I encourage folks to have more than one revenue stream. But that's another blog entry to itself.)
The Home Mortgage Interest Rate deduction allows you to write off a significant portion of the amount that you would otherwise pay as rent and you also benefit from the appreciation in value of your home over time. If you want to buy something other than a single family home, you can still benefit from this provision. We can also talk about the cool ways you can use low down payment programs (like FHA, etc.) to buy a duplex/triplex/4-plex unit building (wherein you live in one unit and rent out the others) and then later on down the line do a 1031 exchange on the units that you don't live in so that you can legally defer paying taxes on your real estate gains and buy in a more expensive neighborhood or buy other investment property.
According to our current tax code, when you sell your primary residence after living in it for 2 years, the first $250K of profit for individuals and the first $500K of profit for married couples is tax exempt. The key is to buy the right property at the right time. Many real estate advisers will encourage you to buy when interest rates are low and when home prices are affordable--also known as "Our Current Market". :-)
That's a lot of information. If you want to set up a time to discuss the details of your real estate investment strategy, please do not hesitate to call or email me. My office number is 310.482.2414 and my email address is marcelanderson@kw.com
The beauty/travesty of the U.S. Tax Code is that it is so complex and filled with so many provisions that allow us to reduce our tax liability. One such provision is the Home Mortgage Interest Rate deduction. Believe it or not, this provision was created to encourage more people to buy homes in the U.S., which arguably creates a multitude of positive results in our economy, our schools and our neighborhoods.
If you're single or married and making too much to pay only payroll taxes but not enough money to buy that Bentley or the palace in Malibu with the ocean view, then let's talk about how you can reduce your tax liability through investing in real estate. (I'm also a fan of encouraging people to set up small businesses because the tax code favors small business owners with tax credits and write-offs. Yes, true to my roots, I encourage folks to have more than one revenue stream. But that's another blog entry to itself.)
The Home Mortgage Interest Rate deduction allows you to write off a significant portion of the amount that you would otherwise pay as rent and you also benefit from the appreciation in value of your home over time. If you want to buy something other than a single family home, you can still benefit from this provision. We can also talk about the cool ways you can use low down payment programs (like FHA, etc.) to buy a duplex/triplex/4-plex unit building (wherein you live in one unit and rent out the others) and then later on down the line do a 1031 exchange on the units that you don't live in so that you can legally defer paying taxes on your real estate gains and buy in a more expensive neighborhood or buy other investment property.
According to our current tax code, when you sell your primary residence after living in it for 2 years, the first $250K of profit for individuals and the first $500K of profit for married couples is tax exempt. The key is to buy the right property at the right time. Many real estate advisers will encourage you to buy when interest rates are low and when home prices are affordable--also known as "Our Current Market". :-)
That's a lot of information. If you want to set up a time to discuss the details of your real estate investment strategy, please do not hesitate to call or email me. My office number is 310.482.2414 and my email address is marcelanderson@kw.com
Tuesday, September 11, 2012
Did You Know that Tax Relief on Short Sales and Loan Modifications Will Expire This Year?
It is important to understand that the U.S. tax code treats cancelled and forgiven debts as a form of income, and thus taxpayers become liable for the additional income "received" and must pay taxes on such income.
The Mortgage Forgiveness Debt Relief Act has been a saving grace for many American homeowners who lost their shirt in the recent real estate crisis. Before this Act was enacted in 2007, homeowners would have to pay tax on the amount of debt that was cancelled or forgiven by their lender (unless such debt was discharged pursuant to a bankruptcy proceeding). Without having to file bankruptcy, the current legislation allows homeowners to sell their homes for less than the mortgage amount (which is called a "Short Sale") and not be liable for any federal taxes on the amount of the mortgage that is cancelled or forgiven by their lender. The legislation was drafted in a way that even high income Americans could qualify because it allows up to $2 Million of forgiven debt to be excluded from the homeowner's income.
The good news is that since 2007 and through the end of this year, many homeowners in the U.S. have been able to save thousands of dollars. The bad news is that this legislation is set to expire on December 31, 2012.
If you or someone you know is planning to do a short sale or modify a home loan, I would encourage you to read the link below and to contact a real estate broker to help you figure out a strategy that could save you thousands of dollars.
http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-
The Mortgage Forgiveness Debt Relief Act has been a saving grace for many American homeowners who lost their shirt in the recent real estate crisis. Before this Act was enacted in 2007, homeowners would have to pay tax on the amount of debt that was cancelled or forgiven by their lender (unless such debt was discharged pursuant to a bankruptcy proceeding). Without having to file bankruptcy, the current legislation allows homeowners to sell their homes for less than the mortgage amount (which is called a "Short Sale") and not be liable for any federal taxes on the amount of the mortgage that is cancelled or forgiven by their lender. The legislation was drafted in a way that even high income Americans could qualify because it allows up to $2 Million of forgiven debt to be excluded from the homeowner's income.
The good news is that since 2007 and through the end of this year, many homeowners in the U.S. have been able to save thousands of dollars. The bad news is that this legislation is set to expire on December 31, 2012.
If you or someone you know is planning to do a short sale or modify a home loan, I would encourage you to read the link below and to contact a real estate broker to help you figure out a strategy that could save you thousands of dollars.
http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-
Tuesday, August 28, 2012
How to Plan for 2013 Tax Increases?
Did you know that the current tax cuts are set to expire at the end of this year? What does that mean? Well, taxes are going up as of January 1, 2013 because the current tax cuts are set to expire. Ordinary income tax rates and capital gains rates are going up. The good news is that you can plan ahead.
For those who are considering whether or not to sell their home this year or next year, this impending increase in the capital gains rate could be of interest to you because the current federal capital gains rate on real estate is only 15% (which is expected to increase to 20% or more in 2013).
Sellers on the Westside and in beach communities throughout LA county are becoming aware of this tax increase and planning ahead. They understand that the market has shifted to become a Sellers' market and that a number of buyers lost in the bidding wars over the summer. So what does that mean? It means that Sellers still have a substantial amount of negotiating power during the third and fourth quarters of 2012. It is also good news for buyers because it means that there will be homes on the market during the Autumn and Winter months.
If this is the first time you're hearing about this tax increase, do not fret. The immediate impact will be on individual homeowners who will earn more than $250K in capital gains or married couple homeowners who earn more than $500K in capital gains from their sale. (Sidebar: This tax increase more often than not will affect those who are retiring and downsizing and/or those who are great real estate investors.) If you fall into this category of sellers, do not fret because there is still time to plan ahead. (www.marcel.kwrealty.com)
For more info about these tax increases, check out this article:
http://www.inman.com/news/2012/08/8/high-end-homeowners-rushing-beat-2013-tax-increase
For those who are considering whether or not to sell their home this year or next year, this impending increase in the capital gains rate could be of interest to you because the current federal capital gains rate on real estate is only 15% (which is expected to increase to 20% or more in 2013).
Sellers on the Westside and in beach communities throughout LA county are becoming aware of this tax increase and planning ahead. They understand that the market has shifted to become a Sellers' market and that a number of buyers lost in the bidding wars over the summer. So what does that mean? It means that Sellers still have a substantial amount of negotiating power during the third and fourth quarters of 2012. It is also good news for buyers because it means that there will be homes on the market during the Autumn and Winter months.
If this is the first time you're hearing about this tax increase, do not fret. The immediate impact will be on individual homeowners who will earn more than $250K in capital gains or married couple homeowners who earn more than $500K in capital gains from their sale. (Sidebar: This tax increase more often than not will affect those who are retiring and downsizing and/or those who are great real estate investors.) If you fall into this category of sellers, do not fret because there is still time to plan ahead. (www.marcel.kwrealty.com)
For more info about these tax increases, check out this article:
http://www.inman.com/news/2012/08/8/high-end-homeowners-rushing-beat-2013-tax-increase
Monday, August 20, 2012
Thinking of Buying a Fixer Upper?
Some of my clients have expressed interest in buying a "fixer upper". Often times, buying the "ugly duckling" in a nice neighborhood is a great investment because you get to buy a home that is priced well below what the house will sell for after the renovations. One hurdle with a "fixer upper" can be the cost of renovation.
Did you know that there is financing available to assist you with the renovations whether you plan to live in the house or just be an investor? I'm talking about a financing that could be less expensive than a home equity line of credit (HELOC) on the acquired property. With some loan programs, the renovation costs can be rolled into the loan you use to acquire the property.
Have you heard of any of the Renovation Loan programs?
1) Homestyle Renovation Mortgage allows you to make renovations, repairs and improvements totaling up to 50% of the as-completed value of the property with a first mortgage rather than a second mortgage, home equity line of credit and other more costly financing. The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. Your lender must be approved by Fannie Mae to offer this product, and there are some major players, such as Wells Fargo, that still offer it.
2) There's also the FHA 203K loan. This program is great because it could allow you a maximum mortgage amount of $729,750 with only having to put 3.5% down and possibly roll in your closing costs and repair costs. The loan cannot exceed 110% of the "as-improved" value of the property. Up to 6 months of the mortgage payments can be financed while the home is renovated and uninhabitable
If you'd like to find out more about either of these programs, I am more than happy to connect you with some of my preferred lenders. I also can help you with some of the other nuances of buying a "fixer upper". Feel free to call (310.482.2414) or email me (marcelanderson@kw.com) for more information.
Did you know that there is financing available to assist you with the renovations whether you plan to live in the house or just be an investor? I'm talking about a financing that could be less expensive than a home equity line of credit (HELOC) on the acquired property. With some loan programs, the renovation costs can be rolled into the loan you use to acquire the property.
Have you heard of any of the Renovation Loan programs?
1) Homestyle Renovation Mortgage allows you to make renovations, repairs and improvements totaling up to 50% of the as-completed value of the property with a first mortgage rather than a second mortgage, home equity line of credit and other more costly financing. The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. Your lender must be approved by Fannie Mae to offer this product, and there are some major players, such as Wells Fargo, that still offer it.
2) There's also the FHA 203K loan. This program is great because it could allow you a maximum mortgage amount of $729,750 with only having to put 3.5% down and possibly roll in your closing costs and repair costs. The loan cannot exceed 110% of the "as-improved" value of the property. Up to 6 months of the mortgage payments can be financed while the home is renovated and uninhabitable
If you'd like to find out more about either of these programs, I am more than happy to connect you with some of my preferred lenders. I also can help you with some of the other nuances of buying a "fixer upper". Feel free to call (310.482.2414) or email me (marcelanderson@kw.com) for more information.
Monday, August 6, 2012
Shrinking Supply of Homes: Sellers & Buyers Are Happier!
This likely comes as no surprise to those of you who are out there as buyers, but homes throughout Los Angeles are being sold through bidding wars.
The bidding wars for the best homes often lead to the home selling for much more than its initial list price. A recent LA Times article discusses how the inventory of homes on the market this summer in Los Angeles is much less (i.e. about 49% lower) than it was last summer, while 24% fewer homes are listed across the nation this summer when compared to last summer. This may seem odd to you because most would agree that the fundamentals in the economy were not stronger than today.
http://www.latimes.com/business/realestate/la-fi-harney-20120729,0,308220.story
This is good news for both Sellers and successful Buyers in today's market. Sellers are happier because this means that their homes are appreciating in value. Successful Buyers are happy for the same reason. Given the strict underwriting standards of Lenders, the fundamentals for your home's appreciation are real.
As we go into the final stretch of the summer, feel free to contact me if you want to sell your home or if you want to win a bidding war for your dream home. marcelanderson@kw.com and 310-482-2414.
The bidding wars for the best homes often lead to the home selling for much more than its initial list price. A recent LA Times article discusses how the inventory of homes on the market this summer in Los Angeles is much less (i.e. about 49% lower) than it was last summer, while 24% fewer homes are listed across the nation this summer when compared to last summer. This may seem odd to you because most would agree that the fundamentals in the economy were not stronger than today.
http://www.latimes.com/business/realestate/la-fi-harney-20120729,0,308220.story
This is good news for both Sellers and successful Buyers in today's market. Sellers are happier because this means that their homes are appreciating in value. Successful Buyers are happy for the same reason. Given the strict underwriting standards of Lenders, the fundamentals for your home's appreciation are real.
As we go into the final stretch of the summer, feel free to contact me if you want to sell your home or if you want to win a bidding war for your dream home. marcelanderson@kw.com and 310-482-2414.
Friday, July 13, 2012
This Week's Pocket Listings!
Here are some great pocket listings to consider before they go to market.
Westwood--3 bedroom, 3 bath. North of Wilshire.
Beverly Hills Post Office--$2.45M. 4 bedrooms, 4 baths w/ city and canyon views. 4,300sf.
Beverly Hills (flats)-- $8.9MM. 6 bedrooms, 7.5 baths. 8,500sf on 1700sf lot. 1920s style home was completely remodeled in 2007 with separate Guest House, pool, cabana, theater room and wine cellar.
Atwater Village--$799K. Spanish Triplex.
For more info about these listings, please email me at marcelanderson@kw.com or call me at 310.482.2414.
Westwood--3 bedroom, 3 bath. North of Wilshire.
Beverly Hills Post Office--$2.45M. 4 bedrooms, 4 baths w/ city and canyon views. 4,300sf.
Beverly Hills (flats)-- $8.9MM. 6 bedrooms, 7.5 baths. 8,500sf on 1700sf lot. 1920s style home was completely remodeled in 2007 with separate Guest House, pool, cabana, theater room and wine cellar.
Atwater Village--$799K. Spanish Triplex.
For more info about these listings, please email me at marcelanderson@kw.com or call me at 310.482.2414.
Wednesday, July 11, 2012
US Home Sales Up 20% from Last Year!
It should come as no surprise that the number of home sales have increased substantially and that home prices are INCREASING as well!
Given that 30-year fixed rate mortgages are currently 4% or below, it is not surprising that many buyers are trying to take advantage of this moment. The Sellers who are on the market are not complaining about the multiple bids they are receiving for their properties.
Housingwire sent out a newsflash article today.
Friday, July 6, 2012
This Week's Pocket Listings
Beverly Hills: North Alpine Drive--7 bedroom + 10 bathrooms. 10,500sf on 21,000 sq ft lot. Exclusive showings and price upon request.
Bel-Air: $3.2MM. Contemporary, gated.
Bel-Air: $13MM. Contemporary, gated estate.
Studio City: 4 bedrooms, 2 bath. Price and details upon request.
Toluca Lake: $569K. 2 bedrooms, 2 bath. Home is gated and includes tropical koi pond with water fountain and a beautiful pool, an updated kitchen with granite, and a gorgeous master suite. Large family room with wood burning fireplace. Burbank public schools.
West Hollywood: $540K. 2 bedroom, 2 bath. 1200sf. HOA currently under $400/month.
If any of the above interest you, call me at 310.482.2414 or email me at marcelanderson@kw.com
Bel-Air: $3.2MM. Contemporary, gated.
Bel-Air: $13MM. Contemporary, gated estate.
Studio City: 4 bedrooms, 2 bath. Price and details upon request.
Toluca Lake: $569K. 2 bedrooms, 2 bath. Home is gated and includes tropical koi pond with water fountain and a beautiful pool, an updated kitchen with granite, and a gorgeous master suite. Large family room with wood burning fireplace. Burbank public schools.
West Hollywood: $540K. 2 bedroom, 2 bath. 1200sf. HOA currently under $400/month.
If any of the above interest you, call me at 310.482.2414 or email me at marcelanderson@kw.com
The Lowest Mortgage Interest Rates in 100 Years!
I attended a conference last Wednesday that reminded me just how low interest rates are.
Interest rates are the lowest that they have ever been in 100 years.
In today's market, you can get a 30-year fixed jumbo loan from lenders like Citibank with an interest rate around 3%-4%. That's on par with the low interest rates for adjustable rate mortgages (ARMs) during the subprime bubble when lenders relaxed their underwriting standards (to say the least). Today, lenders actually are underwriting the loans and requiring higher down payments (i.e. 20% unless you use an FHA loan program with a 3.5% down payment or a VA loan program). What surprises many of my peers is that during the 1980s, it was not uncommon for people with good credit to put 20% down and have an interest rate of 20% on their 30-year loan.
I know that a picture is worth one thousand words. Check out this chart that shows how mortgage interest rates have changed over the past 100 years. It's fascinating when we contextualize what is happening today
For more information about how interest rates how fluctuated since 1910 and an interesting discussion about how real estate functions as an inflation-resistant asset, please see the link below:
http://www.dailywealth.com/1615/The-Best-Time-in-History-to-Buy-a-House
The moral of the story is: "Interest rates will eventually go up. Inflation is coming. So get ready for it by taking advantage of this particular moment in history."
Interest rates are the lowest that they have ever been in 100 years.
In today's market, you can get a 30-year fixed jumbo loan from lenders like Citibank with an interest rate around 3%-4%. That's on par with the low interest rates for adjustable rate mortgages (ARMs) during the subprime bubble when lenders relaxed their underwriting standards (to say the least). Today, lenders actually are underwriting the loans and requiring higher down payments (i.e. 20% unless you use an FHA loan program with a 3.5% down payment or a VA loan program). What surprises many of my peers is that during the 1980s, it was not uncommon for people with good credit to put 20% down and have an interest rate of 20% on their 30-year loan.
I know that a picture is worth one thousand words. Check out this chart that shows how mortgage interest rates have changed over the past 100 years. It's fascinating when we contextualize what is happening today
For more information about how interest rates how fluctuated since 1910 and an interesting discussion about how real estate functions as an inflation-resistant asset, please see the link below:
http://www.dailywealth.com/1615/The-Best-Time-in-History-to-Buy-a-House
The moral of the story is: "Interest rates will eventually go up. Inflation is coming. So get ready for it by taking advantage of this particular moment in history."
Friday, June 29, 2012
Signs of Hope in the National Housing Market
Yes, we have known for several months that the Los Angeles real estate market on the Westside and in the beach communities is hot. But it looks like the blessing of successful investors and qualified buyers is spreading to other cities across the nation (even in Minnesota, no less). It looks like our sunshine is hitting the rest of the nation, and I am excited for those local economies too.
Check out this article to find out more about it.
http://finance.yahoo.com/news/years-false-hopes-signs-turn-114414306.html
Check out this article to find out more about it.
http://finance.yahoo.com/news/years-false-hopes-signs-turn-114414306.html
Thursday, June 28, 2012
This Week's Pocket Listings!
In today’s market, Buyers want every advantage possible to
get the home and investment property of their dreams. Our buyers LOVE pocket listings because they
feel like they have first mover's advantage. The fact is that you do! But use that first mover’s advantage
wisely. If your offer is too low, get
ready to try to outbid the rest of the universe as soon as the property of your
dreams hits the MLS.
Pocket Listings
A) Townhome in Van Nuys--$139K short sale. Only accepting all
cash offers.
B) 5 bedroom, 9 bath in Santa Monica--$8.8MM. 10,000sf, Swimming Pool, Theater Room,
Rooftop deck, Jacuzzi, and more. (North
of Montana and South of San Vicente.)
C) 4 bedroom, 3 bath in
Sherman Oaks--$1.195M. Located on a
quiet street “South of the Boulevard”. Brand new kitchen, large and private
backyard. Indoor and outdoor surround
sound.
D) Triplex in Atwater Village--$799K. Generates $4700/month + coin washer/dryer for tenants' use. 3 separate units with Spanish Charm. All units with hardwood and tile flooring. Upgraded plumbing and electric. Separate 2 car garage. Lot size is approximately 8,100 sf. Property to be viewed with accepted offer.
Unit 1 = 2+1 with patio.
Unit 2 = 2+1 with wooden deck
Unit 3 = 1+1 with open floor plan
Contact me at marcelanderson@kw.com or 310.482.2414 if you would like to submit an offer. Stay tuned for more Pocket Listings or call me if you are looking for a specific Pocket.
D) Triplex in Atwater Village--$799K. Generates $4700/month + coin washer/dryer for tenants' use. 3 separate units with Spanish Charm. All units with hardwood and tile flooring. Upgraded plumbing and electric. Separate 2 car garage. Lot size is approximately 8,100 sf. Property to be viewed with accepted offer.
Unit 1 = 2+1 with patio.
Unit 2 = 2+1 with wooden deck
Unit 3 = 1+1 with open floor plan
Contact me at marcelanderson@kw.com or 310.482.2414 if you would like to submit an offer. Stay tuned for more Pocket Listings or call me if you are looking for a specific Pocket.
Pocket Listings & Why Some Sellers Prefer Them
A Pocket Listing is a real estate industry term that we use to
describe “off market” deals. Pocket
listings occur when a broker has a signed listing agreement with a Seller, but that
listing is not advertised widely or entered into the multiple listing system
(MLS) or when the advertising is limited for an agreed upon period of time.
Pocket Listings are not for everyone. Nevertheless, in a heating market like what
we are experiencing on the Westside and in the beach communities, some Sellers
are opting for Pocket Listings. One
benefit of being a part of the Keller Williams family is that I have access to Pocket Listings from the 8,000 agents throughout LA county.
I know some of you may be thinking, “But why would any
Seller choose to have a pocket listing in a market where there are bidding wars
?” That’s a fair question. If money were the only factor that Sellers
considered, Pocket Listings would not exist in this market. When
discussing why some Sellers are using Pocket Listings in our office, some of
the following reasons have been mentioned:
a) The Sellers could be looking for a very specific type of
buyer. In this situation, we work within
our own networks to find that buyer within our office.
b) The Sellers could desire a greater degree of privacy when
selling their home because the Sellers are celebrities (yes, it is LA). Or maybe the Sellers have family or health
issues and prefer not to interrupt life with too many potential home buyers
visiting the home. Or maybe the Sellers
do not want their nosy neighbors traversing through their home. I know you’re thinking, “Who has nosy
neighbors in LA? Everyone!” And the nosy neighbors are usually the first
ones to show up at the first Open House
even though they are not going to buy.”
c) The Sellers could have had a bad experience with listing
this property or another property on the MLS in the past. Since not all agents
are equal, the property could have sat on the market too long because it wasn’t
priced well or wasn’t marketed well with another agent. When
properties sit on the market for too long, buyers get the courage to submit even
more low-ball offers.
d) The Sellers may just want to test the waters to see what
kind of offers they could get before they allow their broker to list the
property on the MLS. Heck, sometimes the
offers submitted when it is a Pocket Listing could be so high that the Sellers won’t
even bother with the MLS.
e) Or simply put, "It's their prerogative" (as a 1990s singer once sang). As agents, we work for our clients, and they tell us what they want to do after hearing our advice. The best sales are those where the Seller feels comfortable with the sales process and the sales price.
No matter what the reason may be, the fact is that there are Pocket Listings in this market. It's my job to make you aware of them. So stay tuned!
Tuesday, June 12, 2012
Interested in a Great Brunch in Santa Monica?
Some of you may already know about this Santa Monica treasure, but I want to share the good news with those of you who do not know. (Don't worry. I do NOT have an equity stake in this restaurant, and I am not being paid to rave about my experience there.) M Street Kitchen (located at 2000 Main Street, i.e. Main Street & Bicknell Avenue) is delicious and relatively inexpensive, especially given the portion size. Here is a link to the weekend brunch menu. http://mstreetkitchen.com/wp-content/uploads/2012/01/brunch.pdf
After a pleasant cycling trip along the beach with a group of friends on Saturday morning, we gathered at M Street Kitchen to enjoy a truly great brunch. (During the 7 years I lived in NYC, weekend brunch with friends was our tradition. I have been searching for a place that rivals the great brunches that I enjoyed in Manhattan for many years; M Street Kitchen is that place.) The energy in this restaurant is amazing, and the service is superb.
For those of you looking to move to Santa Monica, M Street Kitchen is likely to become one of your favorite weekend restaurants. For those who live far away from Santa Monica, I would recommend grabbing brunch at M Street Kitchen on your next trip to the beach.
If you're interested in buying or selling on the Westside or in any of the beach communities, please visit www.marcel.kwrealty.com or call me at 310.482.2414.
Wednesday, June 6, 2012
Thinking of Selling or Buying?
Why not do it with the assistance of a Harvard-educated lawyer who will work as your personal real estate expert?
We will work together to create a plan that best suits your needs.
Only 3.5% down and You Could Own a 4-Unit Building With Tenants
Many of my clients have been surprised to learn about the power of using the FHA Loan program to buy a duplex, triplex or 4-unit for rental income.
In Los Angeles County in 2012, FHA borrowers can borrow up to $934,000 for a duplex, $1,129,250 for a triplex, and $1,403,400 for a 4-unit. That means you could put down as little as $51,000 and buy a $1.4MM 4-unit apartment building.
If you would like to know more about opportunities like this, please feel free to contact me at marcelanderson@kw.com or 310.482.2414.
In Los Angeles County in 2012, FHA borrowers can borrow up to $934,000 for a duplex, $1,129,250 for a triplex, and $1,403,400 for a 4-unit. That means you could put down as little as $51,000 and buy a $1.4MM 4-unit apartment building.
If you would like to know more about opportunities like this, please feel free to contact me at marcelanderson@kw.com or 310.482.2414.
Bidding Wars: Time to Sell!
The past 6 months have really been a phenomenal time for Sellers. There is limited inventory on the market on the Westside and in the beach communities, and most Sellers are receiving multiple offers well above asking price. The following article discusses one such bidding war in Brentwood.
http://bloom.bg/Knzozn
The historically low interest rates are enabling buyers to fight for the best properties on the market.
If you are thinking about selling your home or investment property, please feel free to contact me at marcelanderson@kw.com or 310.482.2414. My team of experts and I will guide you through the process of selling your home or investment property.
Culver City Metro Station Goes Live on June 20th!
My clients in Culver City and Cheviot Hills have been discussing the timing of the opening of the Metro Station in downtown Culver City for the Exposition Line. The grand opening is scheduled for June 20th and coincides with Culver City's Summer Solstice block party. No matter how you feel about the development of Phase 2, Phase 1 will enable us on the Westside to access LA Live, the Staples Center, and Bunker Hill more easily. It also should help a number of businesses and owners of multi-family units and homes in Culver City and adjacent parts of Palms to continue to thrive.
http://culvercity.patch.com/articles/expo-line-to-culver-city-opens-june-20-free-passes-for-the-day
http://culvercity.patch.com/articles/expo-line-to-culver-city-opens-june-20-free-passes-for-the-day
How May I Serve You?
Rest assured that I am committed to providing you with excellent service. This is one of the most important experiences in your life, and I want you to feel safe, well-informed and confident in your decisions every step of the way. You and I will work as a team, and I will share insights that I gained through my experience as an attorney in New York and California. You will notice that I work extremely hard to create the best deals for my clients. I love what I do because I have the opportunity to serve you and see you smile as a result of your being well-pleased with my service.
You deserve the best, and that is the reason that I work with a team of experts to provide you with concierge service.
For a free consultation, please email me at marcelanderson@kw.com or call me at 310.482.2414.
Interest rates are at historically low levels!
Why not take advantage of the historically low interest rates? You can use the mortgage calculator at the link below to figure out how much your mortgage could be.
http://www.zillow.com/mortgage-calculator/
I also can help you find financing that will suit your needs.
I am more than happy to offer you a free consultation and guide you through the home buying process. Email me at marcelanderson@kw.com, and I will schedule an appointment.
http://www.zillow.com/mortgage-calculator/
I also can help you find financing that will suit your needs.
I am more than happy to offer you a free consultation and guide you through the home buying process. Email me at marcelanderson@kw.com, and I will schedule an appointment.
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