Los Angeles, CA

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

MLS Information deemed reliable but not guaranteed.

COMMUNITY ALERT NOTIFICATION LOS ANGELES POLICE DEPARTMENT 405 FWY CLOSURE FULL FREEWAY CLOSURES ON I-405 The following ramp closures are scheduled for Friday, January 29: All lanes of the northbound San Diego Freeway • 7 p.m. to 8 a.m., northbound I-405 Montana Avenue off-ramp; • 7 p.m. to 7 a.m., northbound I-405 Sunset Boulevard off-ramp; • 8 p.m. to 9 a.m., northbound I-405 Sunset Boulevard on-ramp. • 8 p.m. to 8 a.m., northbound I-405 eastbound Wilshire Boulevard off-ramp; • 9 p.m. to 11 a.m., northbound I-405 westbound Wilshire Boulevard off-ramp; • 10 p.m. to 9 a.m., northbound I-405 Olympic Boulevard on-ramp; • 8 p.m. to noon, northbound I-405 Santa Monica Boulevard on-ramp. WEST LOS ANGELES - (I-405) will be closed on Saturday, January 30 and then again nightly from Tuesday, February 2 through Friday, February 5 as follows: • Saturday, January 30 1 a.m. to 6 a.m., Santa Monica Boulevard to Wilshire Boulevard; • Saturday, January 30 midnight to 6 a.m., westbound Santa Monica Freeway (I-10) connector to northbound I-405; • Tuesday, February 2 through Friday, February 5, midnight to 5 a.m., Wilshire Boulevard to Moraga Drive. The I-405 Sepulveda Pass Widening Project, a joint effort between Metro and Caltrans, will complete the last remaining 10-mile gap in the northbound I-405 carpool lane system. Scheduled for completion in 2013, the project will significantly improve traffic flow for northbound I-405 commuters, providing a continuous carpool lane from Orange County to the San Fernando Valley. For additional information and ongoing construction updates, visit www.metro.net/I-405 or call the project hotline at (213) 922-3665. Please do not respond to this email, replies are not monitored Important Telephone Numbers | EMERGENCY CALL 911 CITY-WIDE DIRECTORY 311 | NON EMERGENCY 1-877-ASKLAPD for additional Crime Prevention information, Log on: www.lapdonline.org Support the LA Police Foundation: www.lapolicefoundation.org To unsubscribe from LAPD e-policing click here

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

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

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.