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

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.

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!  

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.  

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? 

www.marcel.kwrealty.com  

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.

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

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.