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Sunset Strip / Hollywood Hills - Single Family Homes in January 2010:
Market Report for January 2010:
Average Selling Price: $2,552,000
Average List Price: $2,815,000
Median Price: $1,565,000
Total Sold in Dollars: $53,595,000
Number of Homes Sold: 21
Lowest Price Sale: $841,500
Highest Price Sale: $19,500,000
Average Days on the Market: 136
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If you ask any real estate agent, they will tell you that you literally learn something new from every escrow that you close. In this case, I have learned about an amazing little pocket of properties just south of Wilshire and just east of Fairfax. I had driven through the area many times and thought it to be quite nice, but had never thoroughly explored it. When my client had given me his list of must haves for his next home: bright, airy, safe/pleasant neighborhood, AFFORDABLE, well laid out, and walkable, we found a town house that met all of his criteria right off the bat. What I love about this pocket of 8thStreet is that it feels completely residential with beautiful tree lined streets dotted with lovely Spanish style homes, town houses, and condominiums. What takes it over the edge of fantastic is that you are literally within walking distance to everything. Although I am not going to pretend to be a major art enthusiast(I like art and all, but you are not going to typically see me strolling through a museum on a weekend unless there's an event happening with an open bar), I love the idea that you are just steps to LACMA. In addition, there are a ton of places to dine, grab a cup of coffee, or pick up groceries all within a five minute walk.
The unit itself is a corner unit with dark hardwood floors, beautiful stainless steel Viking appliances contrasting against classic cherry cabinetry and uber chic charcoal Brazilianstone back splashes. One of my personal favorites in the unit is the dining room/bar combo that features this striking lighting fixture that is the focal point of the room. With windows throughout and a wrap around patio, there is plenty of outdoor space for barbecuing and entertaining. The upstairs master has an additional balcony and voluminous vaulted ceilings.
This truly is an example of a dramatic and well done unit in a hidden gem of a neighborhood.
5955 8th Street, Unit 108, Los Angeles, CA 90036 - 2br/3ba, Roughly 1248 sq ft - $649,000
DESIGNER SHOWCASE TOWNHOUSE IN THE MIRACLE MILE. TURN KEY,TOTALLY RENOVATED 2 BEDROOM 2.5 BATH. OPEN FLOOR PLAN WITH NEW KITCHEN ALL VIKING STAINLESS APPLIANCES, GRANITE, STONE TILE, ALL NEW FIXTURES, HIGH CEILINGS, YAMAHA SURROUND SOUND THOUGHT OUT THE HOUSE. THE LIST IS ENDLESS. THIS IS A CORNER UNIT W/ LOTS OF WINDOWS & LIGHT. IT IS LOCATED 1 BLK FROM LACMA & IS IN A BEAUTIFUL / QUIET NEIGHBORHOOD AND CENTRAL TO ALL POINT WEST LA. CAN BE PURCHASED WITH ALL FURNISHINGS JUST BRING YOUR CLIENT. Listed by Keller Williams, Sold By Rich Kids/Deasy Penner and Partners
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Below are Single Family open houses for selected areas of Los Angeles for Sunday, February 7th.
N-New R-Review C-Cancelled P-Price Reduction
Lunch
Refreshments TC-Tennis Court PL-Pool FP-Fireplace VU-View GH-Guest House MDS-Maid's Quarters







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I have been in the same short sale transaction for the last 7 months. My wonderful clients have been most patient and understanding but now are reaching the end of the proverbial rope!
About a week ago my client sent me the 13 Stages of a Short Sale and asked me what stage of the short sale transaction did I think we have reached. I was surprised that such a list existed but then learned from my client that she loves to read blogs and that is how she found this time-line for BofA Short Sales.... thought I'd share it here. It might make good material for a stand up Realtor comic.
Posted by a blogger who goes by "Long Sale" - here's the "unedited" list and why it's taking 7 months of waiting for an approval from the bank.....
1. Stage 1 – offer given on the property which the seller accepts
2. Stage 2 – Seller’s agent prepares a short sale package which includes (a) Past 2 years of Sellers income tax, (b) 2 months of bank statement, (c) hardship letter, (d) YTD paystub, (e) purchase agreement, (f) .. etc.
****Since alot of documents are needed and multiple parties are involved chances are time may have been waste in gathering the documents ****
3. Stage 3 – All the documents are submitted to Bank of America.
4. Stage 4 – It takes 15 days for Bank of America to scan the documents into their system.
5. Stage 5 – Usually wait 1 and a half month to be assigned Phase 1 negotiator.
6. Stage 6 – Phase 1 negotiator ONLY reviews that all the documents are in file. This will take 30-45 days.
7. Stage 7 – Phase 1 negotiator then submits the file over to Phase 2 negotiator.
8. Stage 8 – Phase 2 negotiator has 30 business dates to review the file. (If no response within 30 days than instruct sellers agent to have the file escalated for review) Negotiator 2 orders the BPO and if one was ordered before he/she will again order a new BPO if it is older than 60 days, requests an updated: (a) sellers past 2 month banks statement, (b) YTD pay-stub (c) 2 years of income tax documents (AGAIN) (d) buyers – bank statement – ability to pay, social security number, date of birth, agents license number .. etc.
9. Stage 9 – Buyer and seller submits the requested documents
***Although you can submit your share of the documents you cannot be sure the Seller will submit his documents on time. So usually time is waste until the other party submits the documents – 1 to 2 weeks ****
10. Stage 10 – Takes 15 days for the documents to be scanned into the Bank of America system. On the 16th day the Phase 2 negotiator then reviews the file again.
11 – Phase 11 – Negotiator than submits the offer to the Investor for review.
12. Stage 12 – Investor has 45 days from receiving the offer to approve or deny it or counter off it.
13. Stage 13 – If approved then must close within 30 days.
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