About Los Angeles' Beverly Center Area

440 N. Flores St., Los Angeles, 90048, $985,000

This new short sale in the Beverly Center-Miracle Mile area is definitely worth a look! This is a prime, central area of Los Angeles, within walking distance to several of the premier shopping areas of LA; the Beverly Center, the Grove, and the shops on Melrose Avenue (particularly the high end designer shops on the western end of Melrose...yummy!).

This home scores an 80 on walkscore.com, which for Los Angeles...is off the charts!

The home is on a beautiful block of homes, most built in the 1930’s - 1940’s. This home was built in 1939, is a 3 bedroom, 2 bath home at 2255 sqft, and is on a bigger than average lot of 6500 sqft.

The kitchen has been upgraded and includes the classic granite countertop, travertine floors and stainless steel appliances.

Additionally, the baths have also been upgraded, are tiled beautifully, with a large spa tub in the master.

The family room has French doors that lead out to the backyard.

The short sale price of $985,000 is considerably below the area comps, and is therefore priced very well. With that being said, this area is adjacent to Beverly Hills, West Hollywood and Melrose neighborhoods, thus you are comparing this to some truly magnificent homes, with every imaginable design element utilized. Bottom line...this home is not on the Architectural Digest tour to be sure, but the neighboring might be. And as always, “location, location, location” rules the day. There is some terrific upside in this short sale!

Priced well for what the property currently delivers, the future potential is strong. If you’d like to see this home in person please email me, or call me at 213-309-5005.

Listing provided courtesy of Robert Silverman, Magno Realty Group.

5 Reasons To Price Your Beverly Grove Area Home Right, And How To Do It! (Part 1 of 2)

If you are planning on moving and will need to sell your Beverly Grove, Los Angeles home, the most important aspect of selling your home will be the initial price that you set on your home.

That's right ... the initial price is the most critical aspect of getting your home sold quickly and for top market price.

Here are 5 reasons why ...

1. The INITIAL price is the MOST important because ... according to online statistics, brand new listings get 4 TIMES as many viewings in the initial week as they do afterwards. Serious buyers looking at Beverly Grove homes and other homes in the Los Angeles area are searching online every day and get very excited about a brand new listing. If you blow the initial price, the buyer who may have bought your home if it was priced right will move right along to the next, appropriately priced home, and buy that one.

2. "I want to price high to leave room for negotiation" and "we can always reduce in a few weeks." As a Beverly Grove, Los Angeles area real estate expert, I hear these lines a lot, and they sound reasonable enough, right? Wrong! Buyers are savvy and have plenty of choices in the current market climate. Agents also don't want to waste time driving their clients around and showing them overpriced homes. Remember, there will be no negotiation if your buyer never sees or puts an offer on your home. It is a far better strategy to price accurately and have multiple buyers bidding for your home ... but more on that later!

3. An overpriced home gets fewer showings and less exposure, resulting in longer than necessary time on market and a lower ultimate selling price. First, the longer the home stays on the market, the more money it costs you to hold it (pay your mortgage, property taxes, etc.). Also, the longer a home stays on the market, the more of a discount buyers will seek. Second, the laws of supply and demand tell us that the less exposure your home gets, the lower the demand, and thus the lower the ultimate selling price.

4. Pricing Your Beverly Grove, Los Angeles area home right initially is more likely to lead to multiple offers! Ever heard of eBay? Have you seen an item on eBay get into a bidding war and sell for more than it probably would have if there was only one buyer? The reason this happens is because people get emotional, excited and competitive. Price your home right and watch as multiple buyers put in offers. Price your home too high and watch as no one puts in an offer, resulting in future price reductions.

5. I almost forgot ... having your home on the market for a long time really sucks ... for everyone! Not many people talk about this, but it's very frustrating for you as the owner to have your home on the market for a long time. You have to keep it in "showing condition" at all times and you have strangers looking at your home, in the cabinets, closets, etc. at all times. Aside from the monetary issues discussed above, there is an emotional factor to having your home on the market for a long time, and the results are not good. Wouldn't it be better to price your home accurately and get it sold in just a few days, for top market price?

In my next article, I will discuss how to price your Beverly Grove are home right the first time!

Can't wait? Give me a call at 310.933.4281 or e-mail me for a complimentary, no-strings attached market analysis of your home. I'll tell you exactly what your home will sell for in today's market.

-- Danny

The good news for sellers and buyers alike is that there is some well priced inventory out there that is actually moving under thirty days or less. As usual, all the main components need to be in tact for a quick sale to occur: price, location, and the perceived value of the property itself. Over the last 10 days, I've received a couple of calls from buyers interested in purchasing property that would allow them to acquire at a decent price and then do some basic updates to be placed back on the market a short time later. There have been two properties that I have had my eye on for just that purpose.

Only because I know you are hanging on my every word, I thought I would tease you by making this as a two part series - a real estate 80's style "to be continued" if you will (kind of like "The Facts of Life" Goes to Australia). Today's property (which I would also classify as a "Hot Prop of the Day") is located on La Jolla between Melrose and Santa Monica Blvd. This neighborhood is that weird little pocket that is essentially West Hollywood, but technically the city of LA. In the agent world, this section of town is known as "Area 19 - Beverly Center" as dubbed by The MLS. For quite some time, Area 19 has been one of the strongest markets in Los Angeles. After a detailed analysis (ie - looking at the market report as well as checking the stats on the area each day), Area 19 is the pack leader in terms of shortest average days on the market (57) and a list to sale price differential of about 4.75%. This is slightly ahead of West Hollywood and substantially ahead of Hollywood Hills/Beverly Hills. The sweet spot for this neighborhood would be an updated home on a primarily residential street between Beverly and Santa Monica Blvd priced right around $1,000,000.

I saw today's opportunity at a broker's open about 10 days ago. It has many of the characteristics of similar pristine Spanish style homes on the street. You enter the front yard through a gate surrounded by well landscaped privacy foliage. Much of the properties usable land is located in front, as seen by the folding table and chairs on the lawn (which I probably would get rid of in lieu of some nice outdoor living pieces). Inside, it is instantly obvious that there is a tremendous pride of ownership, as every detail is thoughtfully executed. Gleaming hardwood floors, carefully executed appointments, and a nice flow make this an ideal Spanish bungalow. I loved the sitting area that is very old Hollywood glamour with white/black checkered flooring and iron accents on the archway leading into the room as well as a really cute, sunny breakfast nook.

This house is very similar to a property a few doors down from another "Hot Prop of the Day" at 522 North La Jolla that went into escrow within 3 days of it's first showings with multiple back ups (as I...ahem...predicted). If someone were to come into this home, do a basic redo of the kitchen with Viking appliances and cosmetic bathroom remodel, I think there would be a comparable result as there was on 522 N. La Jolla. I think this properties only real liability is that all the yardage is in front. Disclaimer: I cannot predict the market and guarantee that this will be the case, but evidence shows that there is real demand here.

If you are not looking to invest and just want to purchase a great property, this is one to definitely consider. You can easily move in and not do a thing if you wanted. The price is decent and I'm sure there is some wiggle room from there!

Tomorrow we go into the hills for a fixer with explosive city views...until then

503 North La Jolla Ave, Los Angeles, CA 90048 - 2br/1.5ba, Roughly 1291 sq ft - $795,000

SPANISH RESIDENCE SITED ON QUIET CORNER OF HIGHLY-DESIRED TREE-LINED STREET. THE 2BR/1.5BA APPROX 1,300 SQ.FT. HOME COMBINES EARLY-LA STYLE W/MODERN-DAY UPGRADES; COPPER RE-PIPING, A NEW ELECTRICAL SYSTEM, FRESH PAINT (INSIDE AND OUT), NEW PORCELAIN AND CHROME BATHROOM FIXTURES, AND A BUILT-IN WASHER/DRYER. GATED AND PRIVATE, HIGH CEILINGS, WALL-SIZED WINDOWS, GLEAMING WOOD FLOORS, AIRY KITCHEN AND BREAKFAST ROOM. HEDGED YARD PROVIDES USABLE OUTDOOR SPACE ON THE APPROX 3,000 SQ.FT. "HALF" LOT Listed by Keller Williams Beverly Hills