Silver Lake Area Real Estate News And Information: California: Los Angeles

The Mews Houses- small lot subdivision in Atwater Village

There's another small lot subdivision in Los Angeles- this time in Atwater Village.

 The Mews small lot subdivision is an eco-friendly community consisting of 23 brand new, fee-simple single family homes located in Atwater Village in the 4200 block of Perlita. The Mews Houses range in size from 1500 to 1600sf and have solar power and 2-car garages.  Their open floor plans in include high ceilings and walls of glass and open to private courtyards. The modern style homes were designed by award-winning architects Corsini and Stark.

Do I like these new Mews Houses in Atwater? Yes- I think they are really nice, look great and have really nice layouts. My problem is that the location of these homes does not command the prices they are asking. Currently there are only 2 units listed in the MLS (though many others are available). These two are both 3 bedroom, 2 ½ bath. One is listed for $650,000 and the other is $675,000. Once again a developer is putting Silver Lake prices on homes outside of Silver Lake.  Would you buy a house in a small lot subdivision on Perlita in Atwater Village if you could buy a home for the same price in Silver Lake? I certainly wouldn't.

If the prices come down to something more in line with the location, the Mews Houses in Atwater should have no problem selling. Right now I just don't see that happening.

To see any of the Mews Houses in Atwater Village or for more information on 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 * The Mews Houses- Los Angeles small lot subdivision in Atwater Village

Short Sales In Los Angeles, CA - The short sale process

I've been exploring the Los Angeles Short Sale process, specifically short sales in the Silver Lake area. By now you know what a short sale is, what might qualify as a short sale hardship, and what goes into a short sale package.  Now you are ready to list your house

This information is pertinant to both short sale seller and buyers interested in an LA short sale.  Both parties need to know what is involved in making an offer that will be acceptible to the bank and what the short sale process entails. 

The seller has already completed the short sale package and their agent has can now show it as an active listin on the MLS and multile websites concerned with real estate such as Realtor.com, Trulia and Zillow. There are many more sites that list real estate for sale and if the listing agent does their job correctly, the new listing will be syndicated to many of them.

The listing will indicate that the property in question is a Los Angeles short sale. This will alert buyers to the fact that the sale may take several months to close and that some items which are customarily paid for by the seller in a "normal" transaction may become the responsibility of the buyer. (This holds true for bank -owned/ REO properties as well but that is for another post!)  

The first thing to remember about a short sale is that the seller still owns the property, NOT the bank.  The seller has a mortgage or multiple mortgages on the property and will need the approval of the lender(s) before a short sale can be consumated but the seller is still the person to whom the offer is being presented. The seller may accept any offer, but there must be 3^rd-party approval from the lender before the sale can close. In most cases, the property is being sold in as-is condition. The lender will absorb the seller's closing costs but may not be inclined to pay for termite, government required retrofit or any repairs.  

Any short sale buyer will want to have a strong, clean offer that will be acceptible to the lender.  Many times a seller is willing to accept an offer that is much lower than what the bank is willing to accept.  It's best for the buyer to consult with his agent and look at recent comparable sales.  Forget anything you heard about banks being willing to accept pennies on the dollar to "get rid of"  properties.  A Los Angeles short sale will generally not sell for much less than 70% of what is owed by the seller, depending on condition and how it compares to recent sold properties. Using this information, a strong short sale offer can be prepared that has a good chance of being accepted by the lender

The offer should be prepared by your Realtor on a California Association of Realtor residential purchase offer form which will include a short sale addendum.  The short sale addendum can serve to protect the time frams of your contingencies but not allowing the clock to start until written acceptance from the lender has been received.

If you are obtaining financing and not paying all cash for the purchase, you will need a preapproval letter from your loan officer. This will require that you have submitted all of the necessary documentation to procure a loan and that a bank has approved you for the purchase price you are offering. Documentation normally includes W-2's, bank statements and tax returns. You may also need recent paystubs.

Normally, a 3% earnest money deposit is required. Make sure that your funds are available to be placed into escrow within 3 days of written acceptance by the bank of your short sale offer. Normally this may be paid to escrow with a personal check but it is not unusual for a bank to request funds in the form of a cashier's check or wire transfer.

Along with your offer and loan approval, your real estate agent will need a copy of your bank statements showing that you have the funds require for down payment and closing costs. Your agent will provide your offer and back up documentation to the listing agent who will in turn present it to the seller.  If it is acceptable, the seller will sign as accepted. If not, there may be counter offers back and forth until the buyer and seller have agreed on price and all terms.  At that point, the listing agent will send the lender the short sale package and offer and the waiting begins.

The next steps are between the listing agent and the lender(s). 

Normally the first thing is for the bank to assign a negotiator to the property.  The negotiator will hire an independent agent to prepare a BPO (broker price opinion) on which the bank will base the reasonableness of offers received.  This can be a problem if the BPO agent is not fairly familiar with the neigbhorhood and comparable properties and does not turn in an accurate value range for the property.

The lender may hire an appraiser to determine fair market value of the short sale property as well.  From here there are negotiations between the listing agent and the lender's negotiator.  The bank may accept or reject the offer but what normally happens is they will provide the listing agent with a list of what they will pay for and what the final payoff to the bank must be if the short sale is to be approved. Many times the buyer will be asked to assume additional costs and/or raise their offer price.  Negotations continue with the buyer and the bank (via the listing agent) until, hopefully,an agreement is reach and the house can be sold as a short sale. This allows the seller to walk away without a foreclosure on his credit record and a patient buyer a good deal on the house of his choice. It's a win-win situation for everyone!

If you are in a tight position and are not sure if you qualify for a short sale in Silver Lake or surrounding areas , please contact me directly at 213-215-4758 and I will go over the specifics of your situation with you and make recommendations on your best course of action.

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
info@LApropertySolutions.com
http://www.LApropertySolutions.com

Copyright © 2010 By Jenny Durling *All Rights Reserved * Short Sales In Los Angeles, CA - The short sale process

Short Sales In Los Angeles, California - What is a short sale package?

If you are new to short sales and seek more information, you can read a prior post here to understand what a short sale is. If you already know what a short sale is and wonder if you qualify, read this point about hardships and qualifying for a short sale. Once you have determined that a short sale is the right thing for you, you can start gathering together the information necessary for your agent and your lender.

You should have already contacted your lender about the possibility of a mortgage modification. If that is not a possibility for you, then ask your lender for a short sale package.  They will send you some paperwork to fill out along with a list of documents you need to provide. You can do this step on your own, or have your real estate agent request a package for you. In any case, you can begin gathering the information now with this basic outline of what is normally required. This step should be taken care of before you even list your property for sale so that your real estate agent will be able to submit an offer as soon as one is received. The short sale package must be complete and accompany any offer being sent to the lender for consideration.

The most important thing to fill out first is the Authorization to Release Information. This document will give your real estate agent the authority to speak with your lender on your behalf. If you have more than one loan, you will need to fill out an authorization for each loan. Your real estate agent will be able to provide you with the Authorization form if one was not provided with the package or you would prefer that yoru agent obtain the short sale package for you.

The next step is to write a letter to your bank, but don't mail it. This is the hardship letter that you will use to explain what has happened in your life since you bought the property that is making it impossible for you to continue to make the payments. If you have any paperwork to back up your hardship claims such as medical bills or divorce decree make sure you make copies to include in your package. For hints on what are acceptable hardships, read my post Short Sales In Los Angeles, California - Am I qualified to short sale my Silver Lake home? This is relevant to selling a home anywhere in California. 

Your bank's short sale package will include a Seller's statement of financial information.  Fill this out as completely and accurately as possible. You will need to provide information on your bank accounts, savings/retirement, income, assets, expenses etc.

Other items you will need to supply copies of include:

•    Your W2's for the last two years

•    The last two months' pay stubs

•    The last two months bank statements

•    The last two years tax returns

Make copies of these documents and provide them all to your Realtor.  Each document should have your name and loan number written neatly at the top. Other items will be added to the short sale package by your real estate agent such as repair estimates, comparable property listings, the listing contract, a page showing the property is listed in the MLS, payoff amounts (if there are multiple lenders) and an estimate of closing costs to be paid for by the bank.  Other items may also be included such as termite and physical inspection reports depending on what you and your Realtor have decided to do prior to submitting offers to the bank. Your agent will check the short sale package to make sure there is nothing missing prior to submitting it to the bank.

If you are in a tight position and are not sure if you qualify for a short sale in Silver Lake or surrounding areas , please contact me directly at 213-215-4758 and I will go over the specifics of your situation with you and make recommendations on your best course of action.

For more information on shorts sales in Los Angeles County and buying or selling property in 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

Copyright © 2010 By Jenny Durling *All Rights Reserved * Short Sales In Los Angeles, California - What is a short sale package? 

Hollywood Hills Short Sale!

If you thought that the only distressed properties in Los Angeles were in less desirable neighborhoods, this Hollywood Hills Short Sale should be a pleasant surprise.

Check out this private & secluded 3 bedroom and 2.5 bath Hollywoodland Mediterranean. 6218 Rockcliff boast  serene city and canyon views. Built c. 1934 by architect Raymond "R.J." Kieffer the home was later restored by ASIDdesigner. This captivating home features a Formal Living room with high pitched beamed ceilings, wood-burning fireplace, wood floors and tall French doors that open to a Juliette balcony.

The formal dining room leads to a restored "Provence" Kitchen with concrete counters, vintage white octagonal tile and stainless steel appliances. The intimate Master bedroom with walk-in closet boasts custom cabinetry and built ins. There are also colorful, vintage tile bathrooms.

The house is 1,789 Sf and the private, wooded lot measures over 10,000sf.  Previously sold for $1,168,000 in January of 2006, this lovely home is now an approved short sale for just $880,000.  If you've been looking for a "deal" in the Hollywood Hills, now is your chance! You can also check out this other great short sale in Beachwood Canyon.

To see this property or for more information on shorts sales in Los Angeles County and buying or selling property in 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

Copyright © 2010 By Jenny Durling *All Rights Reserved * Hollywood Hills Short Sale! 

Beachwood Canyon Short Sale!

Perhaps you thought you would only see short sale listings in places like Echo Park and Highland Park.  As you can see from this Beachwood Canyon Short Sale listing, that is simply not the case.  People got in over there heads through Los Angeles County.  This seller's loss could be your gain!

This striking, contemporary home is located prime Hollywood Hills. A Beachwood Canyon short sale with 3 bedrooms, 3 baths and 2200+ sq feet of living space is certainly worth a look.  The open floor plan features high voluminous ceilings, designer finishes, hardwood and slate flooring and windows that capture canyon views.

Located at 2866 WESTSHIRE DR, this Beachwood Canyon short sale was sold in 2005 for $1,210,000. The house is currently listed for $1,050,0000 and a search of title records shows the seller refinanced and owed much more than the original purchase price.

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 * Beachwood Canyon Short Sale! 

Beachwood Canyon's Hollywoodland - historic neighborhood in the Hollywood Hills

Beachwood Canyon is a neighborhood of hilly, narrow streets that wind their way through the Hollywood Hills. It is found East of the 101 freeway and with the base at Franklin Avenue. The gate to the Village of Beachwood Canyon, home of the Beachwood Market, The Village Café and a small gift shop - Missouri Trader ,is located about a mile North of Franklin on Beachwood Drive. The market is notable for its glass front, designed by architect, John Lautner.

Beachwood Canyon is full of homes built in the 20's -40's but also has a smattering of newer construction, particularly the condos lining Beachwood Canyon Blvd. south of the gates. Having lived in the area, I can attest to what a great place it is to walk. The winding streets bring vistas around many corners and the lovely trees provide shade on a warm sunny day. Regardless of the number of homes in the area, it still provides the sense of being out in nature. There is even a riding stable at 3400 N Beachwood should residents or visitors care to discover the area on horseback.

If you are familiar with the area, you're also familiar with all of the signs posted saying "No Access to the Hollywood Sign".  I'm surprised that tourists aren't hit by cars when the walk out into the middle of Beachwood Dr. to snap a photo of the famous sign. Interestingly, that sign was originally erected in upper Beachwood Canyon by Los Angeles Times publisher Harry Chandler and read  "HOLLYWOODLAND" . It was actually a $21,000 billboard advertising the  500 acre upscale real estate development by the same name.

Development  of Hollywoodland began in 1923 with the syndicate owned by Harry Chandler, developer Sidney H. Woodruff  and the founder of West Hollywood, General M. H. Sherman. The L.A. Times announced this new developments as one of the most attractive residential sections of the City of Los Angeles", envisioning it as a Mediterranean Riviera in the Hollywood Hills between Lake Hollywood and Griffith Park. Architectural drawings inspired by regions of France, Italy and Spain were used to  draw east Coasters to the hillside lots where their homes would be complete in time to avoid the next harsh winter.

When originally built, the Hollywoodland sign had  was comprised of individual letters 30 feet wide and 50 feet tall and constructed out of 3x9' metal squares rigged together with scaffolding.  There was a 35' diameter dot below the sign with a perimeter of 20-watt lights to attract attention. The sign itself featured an addition 4,000 bulbs spaced 8 inches apart which blinked out "Holly", "wood", "land".  As you can see from the old photo- it would have been hard to miss this landmark sign during the day but the lights would certainly have had a dramatic effect at night. Originally intended to be taken down after just 1.5 years, the sign has endured 80+ years in various states and become a true landmark for Hollywood and a symbol of all that it has to offer.

Living in Hollywoodland defined living in the Hollywood Hills. As showy as the sign was, the developers managed to lay out homes in such a way as to create a small town charm. Hollywood Celebrities were drawn to the area then as they are now for the beauty, seclusion, views and great location. The proximity to the major studios is hard to beat. Many Hollywoodland homes have a fantasy feel to them. You'll find castles, Tudors and ivy-covered cottages right alongside Spanish and mid-century gems. Homes in the higher elevations have views over the canyon and city all the way to the ocean.   Like many areas of Los Feliz and the Hollywood Hills, Beachwood Canyon and Hollywoodland are well-loved and have loyal homeowners keeping their famous neighborhood worthy of its place in history and the well known sign in its hills. 

For more information on Hollywoodland, Beachwood Canyon,  Los Feliz, Silver Lake and surrounding areas, contact me directly at 213-215-4758  or check out my website at LApropertySolutions.com 

Or read about these other local neighorhoods:

• Moreno Highlands- Silver Lake's Prime Neighborhood
• Laughlin Park- an exclusive, gated community in Los Feliz
• The Oaks- Tree studded enclave in the hills of Los Feliz
• Elysian Heights- a neighborhood in the hills of Echo Park
• Los Angeles' Angelino Heights neighborhood- a step back in time
• Franklin Hills, an enchanting mix of 1920s' to mid-century homes.

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

Copyright © 2010 By Jenny Durling *All Rights Reserved * Beachwood Canyon's Hollywoodland- Historic Neighborhood in the Hollywood Hills

Los Angeles' Angelino Heights neighborhood- a step back in time

Angelino Heights is one of the oldest neighborhood in Los Angeles. It is adjacent to Echo Park and is bounded by Echo Park Avenue to the West, Boylston Avenue to the Eat, Sunset Blvd. to the West and the 101 freeway on the South. Founded in 1886, Angelino Heights is well known for its fine examples of Victorian Architecture. Many of the homes in the area are listed as landmarks in the National Register of Historic places.  As a matter of fact, the entire 1300 block of Carroll Avenue is listed in the register due to its high concentration of 19^th century Victorian homes. The residents of this street worked together to have all of the city overhead utility lines moved underground and have installed historic street lamps and hitching posts along the walkways to give the neighborhood a more authentic flavor. This hilltop residential area lies two miles northwest of downtown Los Angeles and many of the homes have commanding city views.

Angelino Heights was the first designated Historic Preservation Overlay Zone in the city of Los Angeles. Enacted in 1983, the guidelines prohibit changes to the exterior appearance of the buildings and require new construction to resemble original architecture in materials mass and scale in order to preserve the neighborhood as much as possible. Some of the homes were built elsewhere and later moved to this neighborhood but if you stroll down Carroll Avenue you'll never be able to tell which is which. Many homes may be familiar due to the number of television shows and movies that have been shot on this famous street. There are prime examples of Queen Anne and Eastlake style homes on Kellam and Carroll Avenues- some complete with their own carriage houses.

The Los Angeles Conservancy offers walking tours of Angelino Heights on the first Saturday of every month. The tour takes about 2.5 hours to cover about 5 blocks with a major focus on the architecture and history of the homes on Carroll Ave.  While known primarily for its Victorian landmarks, Angelino Heights has an impressive array of architectural styles including Mission Revival, Art Deco, Craftsman and California bungalow that were built in the early 1900's. Even Bob's Market at 1222-1234 Bellevue Avenue is a Cultural Historical Monument!  According to Historic Echo Park, "[it] is an example of a 1910 grocery story with unusual Orientalized commercial architecture".

The residents of Angelino Heights and Echo Park share the same business district, parks, schools, restaurants and shops. However, Angelino Heights remains a unique and remarkably well preserved section of Los Angeles. Though Carroll Ave. Victorians rarely come on the market, one can normally find a few houses and income properties on the surrounding streets for sale.

For more information on Angelino Heights, Echo Park, Silver Lake, 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 * Los Angeles' Angelino Heights neighborhood- a step back in time 

Are you looking for homes in Los Angeles for sale?

Los Angeles is a huge city and the county is even bigger. When searching for homes in Los Angeles for sale it is helpful to narrow down your search criteria to specific neighborhoods.

No doubt you have read things in the newspaper and online and have heard reports on radio and television about California's median home price being around $249,ooo.  That number is taking into account all homes in Los Angeles for Sale or that have sold. That price could be irrelevant depending on what part of Los Angeles you are actually interested in. In general it is true that home prices are up from where they were this time last  year, but the actual price of homes in Los Angeles for sale will all depend on just what ‘part' of Los Angeles you are looking in.

Here is a map of the city of Los Angeles. Click on the map to enlarge it so the neighborhood names are legible.

 
Take a look at all of the different names and borders drawn on the map. If you thought places like Silver Lake, Echo Park, Los Feliz, Studio City and Eagle Rock were all cities, think again. All of the neighborhoods listed on this map are actually just communities within the city of Los Angeles. So if you are searching for homes in Los Angeles for sale, you will have much better luck finding what you are looking for if you simply search for properties within the communities you are interested in.

Once you decide on your neighborhoods of interest, choose a Realtor who regularly works in those areas. Your agent will know the current inventory, pricing and offering strategies to help you buy the right property.  If you are looking for homes in Los Angeles for sale  in the communities of  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 * Homes for Sale in Los Angeles

Echo Park Condos - The Sunset Five condos in Echo Park still up for grabs

We haven't seen many newly constructed Echo Park Condos so the developers of the Sunset Five condo complex probably expected them to fly off the shelf.  You many have read my post about the Sunset Five condos in Echo Park.  I thought the units were over priced when they first came on the market, and 4 months later my opinion has not changed.

Below is a chart of the Sunset Five Echo Park Condos showing their relative size and price changes since they came on the market in October of 2009.

As you can see from the last column, the price reductions have not been significant. These units were originally listed with Furstenberg Realty.  From what I can see, there was nothing wrong with the agent or his marketing.  Like so many sellers, the developer failed to see that the "problem" is NOT the listing agent, but the price. These Echo Park Condos were relisted just days ago with Deasy Penner & Partners as if listing the units with an agent that "specializes" in architectural properties will really convince buyers to pay more than they should!  In my opinion, it's just another example of sellers having an inflated opinion of the value of their property.

Don't get me wrong, Echo Park is a great place to live but this complex is not like the Sunset Silver Lake lofts with their great locations within walking distance of Sunset Junction and The Cheese Store of Silver Lake.  These Echo Park condos are surrounded by some pretty shabby looking homes with a bus stop right in front.  Sure, this section of Sunset Blvd may someday be the place for all things hip but you may have to wait a while.

If the idea of a newly constructed modern style Echo Park condo appeals to you, then by all means you should check out the Sunset Five units. They are open today and easy to show at your convenience so give me a call at 213-215-4758 if you'd like to take a look.  These units are ripe for bigger price reductions so let me help you get the right price if you'd like to buy one.

For more information on   Echo Park,Silver Lake, 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 * Sunset Five Echo Park condos