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The Playa Vista, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr.
The Playa Vista, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr. The Playa Vista, CA Condominium Market Report for January 2011. Before I go and give you this market report I would like to let you know, just in case you have not been keeping up with the news. Two of the nation’s largest mortgage lenders have raised their minimum required credit score by approximately 20 points. What does this mean to you? The answer is: 1. it will be harder to get a loan, 2. it will be more expensive to get a loan, and 3. most importantly it will eliminate potential buyers to step back into the market. The long term effect: this will delay the housing market’s ability to rebound faster. The long term effect will be that unemployment rates will be affected as well. Real Estate provides many other industries with work. So now you understand the bad news as a potential buyer this will allow you to continue to purchase at the reasonable prices you have been accustomed to in the past two years. The key will be as long as interest rates remain low, you can take advantage of the better affordability of Condominiums as well as Single Family Residences. There were 39 Active Listings on the Market in Playa Vista, CA. There were 12 Condominiums accepting Backup Offers, as well as 7 were Pending. Not so bad for the beginning of the year. One property was on Hold Status generally an indication of a Short Sale. There were 7 Properties that Sold for the month of January. All in all this looks like a good start for the year. In spite of the concerns I mentioned in the beginning. Real Estate Sales will improve provided the economy keeps improving and the government limits their desire to want to eliminate the mortgage interest deduction. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read morePink’s Hot Dogs a Hollywood Destination Place!
Pink’s Hot Dogs a Hollywood Destination Place! Pink’s Hot Dogs a Hollywood Destination Place! Pink’s is not just a hot dog shack. This is a Los Angeles Landmark. If it is not a historic landmark it should be. This non typical hot dog place has been featured on the News, and many Cooking Shows as well as movies. At this hot dog place you can run into the ‘who is who’ of Hollywood. From A-list stars to supporting staff of the Hollywood elite. The beauty of it is, you will even have time to chat. The lines are always long, does not matter if you go early in the morning or late at night. Long gone are the days of Paul and Betty Pink selling 10c hot dogs from a cart (1939). Now there are over 24 different varieties of hotdogs available, named after the stars who ordered them. This change came around 1946 when Paul Pink traded in his hot dog wagon for a small building. The price has changed as well now you are going to spend from $2.80 to $3.50 depending what you order… Still it is a good deal. It has a free parking lot with an attendant. Now if you want to hobnob with the Hollywood A-list make sure you look for the Bentley’s and Rolls Royce in the parking lot. Odds are the Driver will be in the line not the Celebrity. Even though it might take you a while to stand in line, once your order is taken you will have your meal in 30 seconds that you can be sure of. So if you want to experience a good meal and visit a Hollywood landmark, go to Pink’s at the corner of Melrose Ave and La Brea Ave they are open from 9:30am to 2:00am Sun-Thursday and Fri & Sat from 9:30am to 3:00am. Bring Cash; they do not take credit cards. The actual address is 709 North La Brea Ave http://www.pinkshollywood.com If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreWe have submitted an Offer on this home, why do we not get a response?
We have submitted an Offer on this home, why do we not get a response? I have been asked this question by many buyers: We have submitted an Offer on this home, why do we not get a response? I find this question a difficult one to answer, in light of the fact, that we have included a copy of the earnest money check, the proof of funds and it was a reasonable offer taking into consideration the condition of the home. Also it is disappointing, since we took into consideration the active, pending as well as the recently sold homes in the neighborhood. The Offer was not a ‘low ball offer’ I called the Agent; got voice mail, and then I sent the Agent an e-mail and did not get a response. Waited a few hours and repeated the above two again without results. The following day tried again without results. The explanation could be varied: •1. The Seller has another offer which is better in price and or terms. •2. The Seller might have an “all cash offer” with little or no contingencies. •3. The Seller changed his mind and does not want to sell. •4. The Listing Agent had a personal emergency and was unable to get to responding to our offer. •5. The Listing Agent is not doing this full time and the other occupation takes priority. A few days later I get a voice mail in my office, the seller has accepted another offer. Now I have the challenging task explaining to the buyer the message. This raises a whole serious of other questions which I will address at another time. I am just grateful this does not happen often. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreWe are ready to make an offer: How much did the Seller pay for this Property?
We are ready to make an offer: How much did the Seller pay for this Property?Just recently I was asked by a first time buyer this question. Great question if you are curious or if you want to know if the seller is underwater due to higher loan to current value. If you know the answer to this question you can make a better offer and get an understanding of what to potentially expect as far as upcoming negotiations. I also think the next question that needs to be answered at the same time is what are the recent sales comparable to the subject property we are about to make an offer. I also find it is important to see what the active inventory is as well. Keeping in mind, when this question was raised, my buyers already had the answer to the Active as well as the Sold properties. What I had to educate them on is: The answer is a nice to know information; it is not the impetus to submit a low ball offer just because the seller is going to have a profit on the transaction. The primary focus is what the true value of the home? The Offer should be a fair offer to all that way the Buyer & the Seller will be happy and it assures a smooth negotiation with the ultimate goal of the transaction closing. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreWhy Do I need to be Pre-Approved before you start showing me homes?
Why Do I need to be Pre-Approved before you start showing me homes? There are many first time buyers out there who have asked me this question. I constantly have to educate them about this question. My answer is very clear to the buyers: •1. The issue is I want them to be sure, that they are in a position to ‘buy‘ the particular home they found and like. •2. I want to be sure that they are searching in the price point they can actually buy. •3. I do not want them to miss out on a home they loved, but were unable to get because they did not have the Pre-Approval Letter to submit with their offer. •4. Then my own selfish reason: I do not want to waste my time and gas with lookers who cannot qualify to buy anything due to bad credit or the bank’s more restrictive underwriting rules. •5. Sellers and their agents do not want to accept offers from potential buyers who are not in a position to buy; hence they might miss out on a Ready & Able buyer. They will not accept an offer without Pre-Approval from a reputable lending institution. These are the most pertinent reasons why I expect a pre-approval letter from a buyer. If they do not have this, I always encourage them to do this and if they need a reputable lender I refer them to one. In the mean time I set up a search program in the Multiple Listing Service a bit higher and a bit lower in what they think is their price point; hence they can get a feel for what the market is like. How is the inventory? What they can get for the various price ranges as well as the difference between certain neighborhoods? Ultimately once the Pre-Approval is done they are better educated on the inventory and when a property comes in their price & liking we can see it and submit a solid & strong offer. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreThe Broker’s Open House After-action Report on 5330 Yamouth Ave Unit 111, Encino, CA
The Broker’s Open House After-action Report on 5330 Yamouth Ave Unit 111, Encino, CA We had an Open House for Brokers on Friday, 1/21/2011 at the condo and we served lunch as always. There were about fourteen to sixteen people that came through the property. The majority of the visitors were principals. Buyers who wanted to see the property. A couple of neighbors came in as well. One agent had her two clients with her and I believe there were two other agents looking for themselves as well. I find it very encouraging sign to see that the buyers are out aggressively looking even on Broker’s Open Houses, not just on the Traditional Sunday Public Open House times. I found it a bit surprising that so few agents came in light of the fact that we advertized that there would be lunch served. I felt that was an encouraging sign to see that many buyers out there. There have been about 8 to 10 other agents who previewed the property and a couple bought their buyers with them prior to the broker’s open house. I also wanted to show you a few pictures of the food we served. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreJust Listed Vacant Land in Hollywood Dell, near Hollywood Bowl!
Just Listed Vacant Land in Hollywood Dell, near Hollywood Bowl,!Close to Beachwood Canyon famous for the Hollywood Sign. Live among the Stars. Build your dream home. Endre Barath, Jr. (310)486-1002 Cell www.EndreBarath.com For All Your Real Estate Needs ! STATUS: Active ADDRESS: 2411 SAN MARCO DR , LOS ANGELES ,CA 90068 LP: $159,000 Add’l Photos Larger Map Aerial Map Plat Map RESIDENTIAL LAND AREA: (30) Hollywood Hills East MLS# 11-502147 MAP: 593/E2 APN: 5577-030-003 SUB: GAS: Other WATER: In Street ELECTRIC: In Street ADP: No ZONE: TELEPHONE: No TV/CABLE: No SEWER: Other APX ACREAGE: N/A VIEW: Yes STAKED: No APX LDM: APX LSZ: 7,280/VN HORSE PROP:No BONDS/ASSESSMENTS: ELEM: JRHS: SRHS: DIRECTIONS: Cahuenga to Cahuenga Terrace to San Marco REMARKS: Nice gentle upsloped lot in the very desirable Hollywood Dell neighborhood. Next to a recently built modern home. Great for a developer or someone who wants to build their dream home in a Celebrity Neighborhood. Convenient to studios, shops, restaurants and close to the city of Hollywood. Call or e-mail listing agent for a private showing. GAS: Other WATER: In Street ELECTRIC: In Street TOPOGRAPHY: Uphill,Varied SITE: Canyon,Hillside,Varied STREET: Asphalt ON FILE: None VIEW TYPE: Canyon,City Lights WATERFRONT: None SEC: FIN: Cash To New Loan SEWER: Other POSS: DISC: As Is SZONE: Other OCC/SHOW: Call LA 1 SALE TYPE: Standard LP: $159,000 DOM: 1 LD: 01/21/2011 SP: SSP: BLOG Y/N: Yes LP/SF: OLP: $159,000 CD: SD: WD: AVM Y/N: Yes SP/SF: LA1: Endre Barath LA1#: 310-281-3655 LA1 CELL: 310-486-1002 LA1 OTHER: LA2: LA2#: LA2 CELL: LA2 OTHER: LA1 EMAIL: homes@endrebarath.com LA2 EMAIL: LO1: Coldwell Banker-BH South LO1#: 310-273-3113 LA1 FAX#: 310-278-4934 LO2: LO2#: LA2 FAX#: CSO: 4% LT: ER LBA: BAC: Yes LS: No EO: No PROBATE: Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2011 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed. Prepared by: Endre Barath DRE# 01238708 If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations...
read moreFive Unit 100% Occupied! Two Buildings on one lot!Gross Income $96,000.Hollywood Income Opportunity
Five Unit 100% Occupied! Two Buildings on one lot!Gross Income $96,000.Hollywood Income Opportunity! Endre Barath, Jr. (310)486-1002 Cell www.EndreBarath.com For All Your Real Estate Needs ! STATUS: Active ADDRESS: 1413 N MANSFIELD AVE , LOS ANGELES ,CA 90028 LP: $1,499,000 Add’l Photos Larger Map Aerial Map Plat Map RESIDENTIAL INCOME DOM: 1 AREA: (20) Hollywood MLS#: 11-501465 LD: 01/19/2011 APN: 5548-016-036 ADP: No STYLE: MAP: 593/D5 SP: NUM UNITS: 5 APX LSZ: 4,886/VN POOL: No CVD PKG: SD: APX SF: APX LDM: TRASH: NUM PKG: 6 YB: 1904 GI: $96,000 GRM: 15.60 SCHED/ACT: Scheduled WATER: RC: GOI: 96000 CAP: TAXES: $6,550 VAC: 0% CONST: AOE: INS: GRDN: MGMNT: NUM STO: 2 ATE: $0 ELEC: MAINT: POOL EXP: ZONE: LARD1.5 NOI: $0 GAS: MGR: ELEV: ASSED IMP VAL: $321,619 ASSED TOT VAL: ASSED LND VAL: LT: ER Type Number of Units Bedrooms Baths Furnished(y/n) Revenue Unit 1 1 2 1.00 No $0 Unit 2 1 1 1.00 No $0 Unit 3 1 1 1.00 No $0 Unit 4 1 1 1.00 No $0 Unit 5 1 1 1.00 No $0 DIRECTIONS: 1 block South of Sunset, 1 block West of Highland, 1 block North of Delongpre. REMARKS: No sign on property. AIR: Other HEAT: Other ROOF: FIN: WATERFRONT: DISC: As Is SEWER: TYPE: Units EQUIP: Other TENANT PAYS: OWNER PAYS: OCC/SHOW: Accepted Offer SPA: SALE TYPE: Standard LP: $1,499,000 DOM: 1 LD: 01/19/2011 SP: SSP: BLOG Y/N: Yes LP/SF: OLP: $1,499,000 CD: SD: WD: AVM Y/N: Yes SP/SF: LA1: Endre Barath LA1#: 310-281-3655 LA1 CELL: 310-486-1002 LA1 OTHER: LA2: LA2#: LA2 CELL: LA2 OTHER: LA1 EMAIL: homes@endrebarath.com LA2 EMAIL: LO1: Coldwell Banker-BH South LO1#: 310-273-3113 LA1 FAX#: 310-278-4934 LO2: LO2#: LA2 FAX#: CSO: 2.5% LT: ER LBA: BAC: Yes LS: No EO: No PROBATE: Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2011 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed. Prepared by: Endre Barath DRE# 01238708 Tenants do not know about the property being on the market. Submit offer subject to seeing inside. Will provide information and show with an accepted offer. Property is 100% occupied. Great Investment Opportunity. Live Rent Free in the Single Family in the Rear and have the Tenants pay for your investment. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue...
read moreWill the seller take a contingent offer, subject to the buyer’s sale of their home?
Will the seller take a contingent offer, subject to the buyer’s sale of their home? Will the seller take a contingent offer, subject to the buyer’s sale of their home? We really like this Condominium and we want to relocate to the Beach in Malibu with ocean views, rather than living in the Hollywood hills with mountain views. I was recently asked this question; I thought I would share this with other potential buyers & potential sellers who have the same question. The answer is not a simple cut and dry yes or no. This depends on many variables: •1. Is the buyer’s home on the Market? Is it properly marketed with the intent to sell? •2. How well priced is the home? How is the absorption rate in the neighborhood? •3. How motivated is the Seller on the property that is being considering the contingent offer? •4. How sellable is the Property considered for the contingent offer? What is the absorption rate on this property? •5. How savvy are both sellers? How savvy are both agents representing the potential purchase & sale? These are just a few of the questions that need to be answered and then ultimately if the answers are all positive, then the likelihood of the seller accepting an Offer Contingent on the Sale of the buyer’s property would be accepted. Should you have any questions that you would like answered, please feel free to get in touch with me directly either via my mobile or e-mail whichever is more convenient. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreEric Clapton’s Guitars and Amps are up for Auction!
Eric Clapton’s Guitars and Amps are up for Auction. Wow when I saw this headline, many thoughts ran to my head, such as why? Is he in financial trouble? Is he giving up music? I can go on and on. http://www.ericclapton.com Then I paused my frantic brain storming and kept reading and wondering where will it be? When will it take place? What will be really auctioned off? So with that in no particular order: There will be over 150 items from Eric Clapton’s personal collection there will be instruments and amps from Fender, Gibson, Marshall, Martin and Music Man to name a few. These are some of the historic musical instruments associated with Eric Clapton’s career from the 1970’s to today. If you would like to see the Official Auction Catalog you can request if from Bonham’s & Butterfield. BTW it is walking distance to the Guitar Center ( see my earlier post about it http://activerain.com/blogsview/1851792/the-guitar-center-in-hollywood-ca/ ) http://www.bonhams.com Sale 19226 will be in New York, March 09th, 2011 at 13:00hr. After you received the catalog with the full-color photos of each item and you would like to see it from close up, you can visit Bonham & Butterfields at 7601 West Sunset Blvd, Los Angeles, CA 90046 on Friday, February 18- Sunday February 20th, 2011 or you can see them in New York 580 Madison Ave, NY, NY, 10022 Saturday, March 5th – Wednesday March 9th, 2011.( http://www.bonhams.com/usa/newyork/ ) Well it turns out some of you know that Eric Clapton is a recovering heroin addict and alcoholic and he founded the Crossroads Centre in Antigua. His vision was to create a Treatment Centre like no other to create a combination of therapies and address addiction and recovery in a spiritually serene environment. Hence in Antigua the Crossroads Centre became a reality in 1998. The addicts receive the treatment at the lowest possible cost level, since the Centre is nonprofit. http://crossroadsantigua.org So the why is: to help out the Centre’s Financial well being. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations...
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