Silver Lake Are Homes and Information

 4321 Cedarhurst Circle , Los Feliz

How’s this for a 1962 Los Feliz Post and Beam?  The newly listed property south of Los Feliz Blvd has 4 bedrooms and 3 baths in 2,348 square feet of living space. The walls of windows and open spaces give it a feeling of being much larger. The vertical mahogany panels on the home’s exterior  match the railing of the  50 ‘ x 8′ cantilevered patio  that runs along the the entire home. The view from there is up into the hills Los Feliz, a bit different than what you’d find in a home above Los Feliz Blvd.

This Los Feliz home’s interior has been tastefully updated. In the kichen you’ll find  Caesarstone countertops and walnut cupboards. What cook would not love the Dacor gas stove and Fischer-Paykell two-drawer dishwasher.  Having only the counter dividing the kitchen from the dining area enhances the openess of the are and natrual ligth streams in from the outdoors.

The woodwork continues from room to room with  redwood tongue and groove paneling on the wall as well as along the dining area.  I certainly wouldn’t have any trouble relaxing in this room!  The sliding glass door brings the outside indoors and again provides alot of natural light. Chek out the ceiling and the canned light s in this room and how it opens into the dining area and kitchen on the home’s upper level.

On the main floor are 3 bedrooms with original built-ins and decent closet space. Downstairs is a master bedroom suite that is 800sf by itself! The master suite includes the bedroom with built-in dressers and flating cabinents and a sitting room/den with a wet bar. In the bath you’ll find an open Caesarstone shower, and an Ofuru soaking tub  with views!  There are also Soji-style glass doors for privacy.

If you are into gardening, then you are in luck. This Los Feliz post and beam has raised beds for growing herbs and vegetables.  The rest of the gorunds feature low maintenance landscaping – low water means eco-friendly!.  Currently listed  by Keller Williams for  $1,340,000, this Los Feliz Post and Beam is definitely worth a look. Give me a call at 213-215-4758 if you’d like to check it out.

4321 Cedarhurst Circle , Los Feliz

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For more information on buying or selling property in Los Feliz, Silver Lake, Echo Park, and surrounding areas, contact me directly at 213-215-4758 or check outLApropertySolutions.com

Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2011 By Jenny Durling * 1962 Post and Beam in New to Market in Los Feliz*

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The news is full of how it’s a buyer’s market all over and buyers have all the power when it comes to buying real estate.  Is there a buyer’s market in Silver Lake?

 A buyers’ markets exist when there are more properties for sale than there are buyers to buy them. Such a situation tends to push prices down and give buyers the upper hand in negotiations but does this situation exist in Silver Lake and surrounding areas?

You’ve probably heard that real estate is local. The conditions in one city do not necessary match those of another.  Silver Lake itself seems to be split into both a buyer’s market AND a seller’s market.  Silver Lake has a good number of properties on the market for sure. However, there are also a lot of buyers out there looking at them.

For those properties that are well-priced and in good locations, it is actually a seller’s market.

For example, I took a client to look at a Silver Lake triplex last weekend. It was the first open house and there were a lot of people looking.  When we walked in, we were told that the seller already had two offers.  That’s not unusual with a nice property like this one with views of the Silver Lake Hills and garages for all the units. Even though it’s an older building, it is charming and would be a great investment for an owner occupant. Well, the decision was made on who the lucky buyer would be in just a couple of days.  This Silver Lake triplex received TWENTY-TWO offer! Eight of those offers were ALL CASH and above the asking price.  So, there may be a ton of listings on the market, but some of them definitely put the power into the hands of the seller!

Prime Silver Lake properties, whether income properties or single family homes, tend to sell in a hurry. If the price is right the chance of ending up in a multiple offer situation is more than a little likely. The Silver Lake area is very popular for owner-occupants and investors alike.

Does it Take All Cash?!

Don’t be discouraged if you can’t pay all cash, or if you have a minimal down payment and plan to use FHA financing.  It doesn’t mean that there’s no way you are going to buy a property in Silver Lake.  You simply need to realize that there is a seller’s market on the prime properties but the buyer’s market exists on some of the less desirable ones. If you want the perfect Silver Lake house in the perfect Silver Lake  location then  be prepared to complete for it, offer more than the asking price and give the best terms possible.

You Can Get A Good Deal!

If you are looking for a ‘deal’ and you want to call the shots, start checking out properties that have been on the market for a long time, properties that are listed as “drive by only” and particularly short sales.    The competition should be much lighter if not completely non-existent!  Then you have a much better opportunity to negotiate a better price and terms for yourself.

If you are looking to buy a property in Silver Lake, you need to make sure you are working with an agent who really knows the area and listen to that agent’s advice.  An experienced agent will know the market and many of the listing agents and be able to help you come up with the best offer to increase your odds of having it accepted.

If you are looking for a Realtor who is well versed in Silver Lake and surrounding areas,  check out my Silver Lake Neighborhood Facebook page, call me  213-215-4758 or read more of my posts and search the MLSLApropertySolutions.com

Jenny Durling
Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com
Copyright © 2011 By Jenny Durling * Is It Really a Buyer’s Market in Silver Lake?*

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Buying or Selling Los Angeles Real Estate

Buying a Los Angeles home is no simple process.  Los Angeles is a huge city!  If you are new to the area or planning a move to the area, working with an agent who specializes in the neighborhoods that interest you such as  Silver Lake, Los Feliz, Hollywood Hills, Echo Park, and Eagle Rock can be of critical importance.  If you have or plan to have children, you’ll want a Los angles real estate agent who can direct you to the best area schools.  Where will you be working?  An experienced local Los Angeles Realtor can help you narrow down the neighborhoods that will make the most sense for your commute to the office.  I am your local resident expert and can be your guide in finding the right Los Angeles properties for sale to choose from that will fit your budget and lifestyle!

It is also important for Los Angeles Home Sellers , to work with a local expert. When I list and sell a Los Angeles home for a client, I help them understand the local market and the minds of local agents and buyers alike. My priority is to sell your Los Angeles home for the most money possible in the least amount of time.  When you hire me to list your Los Angeles property, you hire me to market it fully to fellow agents, their buyers and the public both online and in person. Many agents will represent both the buyer AND the seller in a single transaction.  That is not how I operate. I believe that it is my duty to represent only YOUR interests and feel it would be a conflict of interest to represent a buyer for your Los Angeles property for sale simultaneously.

When I list and sell Los Angeles homes for my clients, I make the process as smooth and pleasant as possible. You will never have to question where my loyalties lie. You can trust me to take care of the details and keep you informed every step of the way. Please let me know how I can best serve your real estate needs by filling out the online contact form , or better still, give me call today at 213-215-4758.

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Short Sales In Los Angeles, California- What You Need To Know If You are Buying Or Selling.

If you live in Los Angeles, you most likely have heard about short sales in Silver Lake, Los Feliz, Echo Park, Eagle Rock and surrounding neighborhoods.

You may have heard about them from your friends, a newspaper, television, your neighbor or even a family member.

What is a short sale? 

A short sale takes place when a homeowner sells his or her home for less than he owes on his mortgage(s). Since prices were so much higher 4 or 5 years ago, there are a lot of people who paid more for their houses at that time than they are now currently worth. If a homeowner needs to move or must sell because they can no longer afford their payments, it is unlikely the current market value of their house is anywhere near what they owe on it.

For example: You have a loan on your house for $650,000 but in the current market, a buyer is only willing to pay $450,000. Perhaps a similar home down the street recently sold for $435,000. Based on that, a buyer is not going to be willing to pay much more and even if they were, it's unlikely that a higher price would make it through the appraisal process. In order to get out from under your house, you would need to ask the lender to take less than you owe them or a "short payoff" amount against the existing loan (s). If the lender agrees, you have a short sale.

This is a truly simplified explanation as short sales are not always easy to get through. Every lender has its own policies and procedures.  If you fall into this category and need to sell your home, you need to work with an agent who knows and understands the short sale process.

But don't short sales take "forever"? You may have heard that a short sale is such a long and drawn out process that it's not worth dealing with.  If you are a seller, it's certainly worth attempting a short sale before allowing your home to go to foreclosure. If your real estate agents knows the ropes with short sales, your odds of success go up tremendously.

For buyers, it's possible that a short sale could take 3 or more months but it's also possible that the process can be streamlined and go much quicker. So much depends on where the property is in the process when you make your offer. Don't shy away or be turned off from a short sale property. The right agent can make all the difference in getting you through the process. Patience can truly pay off as many shorts sales can be had for less than their equivalent foreclosed property.

I have had some short sales in Silver Lake that have taken as short as one month while others have taken 3 or 4 months to complete.  Some of the time is due to the fact that lenders are swamped with short sales and don't have enough staff to handle them. There may also be the situation that the lender to whom you send payments is actually the servicer of the loan and not the true owner. There may be investors that have to be contacted for their acceptance.  Regardless, an experience agent knows how to get action and the squeaky wheel truly gets the grease!

If you have more than one mortgage on the property with different lenders, approval of a short sale must be granted by all lien holders. This makes the process more complicated and time consuming but still it is certainly possible and worth pursing both from the seller and the buyer perspective.  

Why would a lender want to do a short sale in Los Angeles county in the first place? Short sales are by far cheaper and less time consuming than foreclosures.  It can be much better for the bank's bottom line to accept less than is owed than to go through the foreclosure process at the courthouse steps. For the seller, it prevents a foreclosure showing up on your credit report and for a buyer, you may just get a better deal on a home than you dreamed possible.

For more information on shorts sales in Los Angeles County and buying or selling property in Silver Lake, Echo Park, Los Feliz,  and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Short Sales In Los Angeles, California- What You Need To Know If You are Buying Or Selling 

Los Feliz Real Estate Market Update: September 2009

Low priced Los Feliz real estate is selling relatively quickly, however there is a relatively large inventory homes for sale in the area right now. The mls show the current active listing inventory in the 90027 zip code to be 67 homes. The follow chart shows Los Feliz Real Estate Market activity for the Month of September, 2009.

Now let's take a look at some year to date figures from January 1, 2009 through September 30, 2009. These figures are for single family homes in Los Feliz (zip code 90027) only and to not include Los Feliz condos or income properties.

Los Feliz Home Sales Year-to-date from January 1st, 2009 through September 30, 2009

• Number of Single Family Homes SOLD: 80
• Highest price - $4,000,000
• Median price -$968,750
• Average price -$1,219,791
• Lowest price - $391,500
• Average Days on the Market - 59
• Average Square footage 2,642.92 sf
• Average price per square foot- $467.87

According to the information provided in the MLS, of the total number of single family homes sold in Los Feliz so far this year, 16 where short sales and 11 where bank owned, meaning approximately 34% of the total where distresses sales.

Los Feliz prices vary by location, school district, property size and condition.  The following chart shows that the majority of sale of Los Feliz single family homes this year have sold between $750,000 and $1,000,000.  If you have been hoping to find a house in Los Feliz for $500,000 or less you'll see that relatively few homes have sold in that range.  This price range is not only very competitive, but the majority of the properties are major fixers, very small, and/or in less desirable areas.

For more information on Los Feliz, Silver Lake, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Silver Lake Real Estate Market Update: August 2009

Well priced Silver Lake real estate is selling relatively quickly.  There is not a particularly large inventory homes for sale in the area right now. The mls show the current active listing inventory to be only 37 homes. The follow chart shows Silver Lake Real Estate Market activity for the Month of August, 2009.

Now let's take a look at some year to date figures from January 1, 2009 through August 31, 2009. These figures are for single family homes in Silver Lake only and to not include Silver Lake condos or income properties.

Silver Lake Home Sales Year-to-date from January 1st, 2009 through August 31, 2009

• Number of Single Family Homes SOLD: 111
• Highest price - $1,890,000
• Median price -$735,000
• Average price -$733,989
• Lowest price - $172,000
• Average Days on the Market - 61
• Average Square footage $1,737.24
• Average price per square foot- $425.06

According to the information provided in the MLS, of the total number of single family homes sold in Silver Lake so far this year, 7 where short sales and 16 where bank owned, meaning approximately 20% of the total where distresses sales.

Silver Lake prices vary by location, school district, property size and condition.  The following chart shows that the majority of sale of Silver Lake single family homes this year have sold between $700,000 and $1,000,000.  If you have been hoping to find a house in Silver Lake for $500,000 or less you'll see that that relatively few homes have sold in that range.  This price range is not only very competitive, but the majority of the properties are major fixers, very small, and/or in less desirable areas.

For more information on Silver Lake, Los Feliz, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com