Kendyl Young

Yes, the financial markets are scary.

No, Congress did not pass a bail out bill.

Yes, my clients, both buyers and sellers, are factoring in the current crisis when making their decisions to buy or sell. I had many in depth discussions about the news of the day.

But in every case, yesterday (4 decisions in all), the buyers decided that the decision to buy real estate is a sound long term decision and went forward with their purchases.

Why? Here's what I heard from these buyers:

1. I plan to stay here 10 or 15 years. I know the value will go up in that time.
2. The best deals are had when everyone else is scared.
3. This investment suits my needs
4. I love this house

I am not going to give you some Pollyanna drivel that the housing market is just fine. We are in a very troubled market and some people are going to get hurt.

What I am saying, however, is that no matter what, everyone has to live somewhere. No matter what, death, births, weddings and divorces, taxes, promotions and layoffs are going to happen. No matter what, some people need to buy and some people need to sell.

Opportunity is everywhere. Do you want to see it?

This is the sum total of sold homes this week in Glendale and Above the 134. The average escrow is 30 days long, so these are homes that opened escrow toward the end of August. Before we get started, though, I have a little bidness to take care of. (Never mind the dangling participle. It's not hurting anyone). I finally updated my Glendale sales numbers to include 3rd quarter. I was shocked - shocked, I tell you!- to find that the average sales price in Glendale has only dropped by 11%! The number of homes sold has dropped by nearly 30% and the number of homes available has dropped by 12%. The LA Times reporter who asked me to do these numbers asked the reasonable question, "why?". He was especially incredulous because his Dataquick numbers (this is a data crunching service that looks at the tax assessor records) show a 17% drop in Glendale prices. Why, indeed? I think there might be a large number of banks taking homes back from thier owners. This sort of transfer is not part of the MLS and the tax records would show low transfer values. If I am right, than this is scary news. It means there is a whole wave of REO homes about to flood the market. Anyone have a more hopeful theory? Ok, back to our regularly scheduled report... <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables /> <w:SnapToGridInCell /> <w:WrapTextWithPunct /> <w:UseAsianBreakRules /> <w:DontGrowAutofit /> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" LatentStyleCount="156"> </w:LatentStyles> </xml><![endif]--><!--[if !mso]><span class="mceItemObject" classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></span> <mce:style><! st1\:*{behavior:url(#ieooui) } --> <!--[endif]--><!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} --> <!--[endif]--> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP -->

Address	City	Bd	Bth	SqFt	LotSz	List Price	Sale Price
1515 5th ST	Northwest	2	0	816	6000sf	399,900	350,000
844 Grant Ave	Northwest	2	1	1,023	5500sf	440,000	440,000
2515 E Glenoaks	Chevy Chase	2	1	1,126	5160sf	574,000	550,000
5117 Maryland Ave	La Crescenta	4	4	2,129	9820sf	648,000	615,500
1421 Linden Ave	Northwest	3	2	1,637	5968sf	749,000	719,000
1325 Sinaloa Dr	Rossmoyne	3	2	2,703	6000sf	974,900	905,000
4089 Dover Rd	La Canada	4	3	2,468	41382sf	1,390,000	1,290,000

1515 5th Street is a 'Dozer Special, zoned for multiple units. This one took an astonishing 411 days to sell. More than a year! Of course, they started out at $679k. 844 Grant is the short sale from first quarter. They finally reduced the price, advertised it as an "approved" short sale, accepted an offer and still took over 3 months to close escrow. The banks want to know how they got themselves in this pickle? Complete inability to make business decisions would be my vote. Sheesh. 2515 E. Glenoaks was a very nice home and I am surpised it took over 2 months to sell it. However, it is a much smaller home than you would expect. It is very cute! 5117 Maryland is not the street near downtown. No, this is up in La Crescenta near New York, above Santa Carlotta. This clean home sold for $289/sf - that's a hella hella deal for someone! This had a house and guest house and a pool. Main house needed work. But still.... 1421Linden. This is a gorgeous house, lovely yard, dramatic master suite added by a talented architect. It seems well priced. The house is on the market for 10 days. It sells fo 4% less than asking in this very short marketing time. Seller must have been really motivated.... 1325 Sinaloa is an REO that needs needs needs. The kitchen remodel belongs in another house and there is very little yard. The location, however, is fantastic. This is the week of distressed sales! 4089 Dover Rd. is another 'Dozer Special, this time in La Canada. $1.3 million dollar 'dozer special. Honestly. This stuff can only happen in LA! Anyway, this listing agent gave it her very best - wrestling down the best deal she could for her seller. I think the new buyer is going to build their dream home and thank their lucky stars that they got in when they did. Want to know more? Want pictures, statistics, data? Ok, click here to view an MLS report of all the properties included on this report.

I read this post from fellow blogger Irina Netchaev and nearly fell over from laughter. She had this video of a cliche of a Realtor and, sadly, I know many of you have met this type of agent. t Really, what makes a great Realtor? What makes a great Glendale Realtor? Irina has some really great points and I agree with each and every one of them. Here, though, are my additional ideas.

A Great Glendale Realtor Knows:

• How to negotiate

  • Negotiations begin with the very first question. A great Realtor never gives their client's money away

• How to manage expectations

  • We can't control other people, but experience can help us prepare you for what might happen

• How to manage the process

  • Great systems and great resources make the process much smoother

• That long term success is way more important than any sale made today

  • Manipulation might lead to a sale, but it won't lead to referrals and it is murder on the reputation.

• Never waits for a sale

  • Most Realtors put an ad in the paper, a sign in the yard, post to the web (MLS and the like) and sits back and waits. A great Realtor spends each and every day vending the opportunity of your home to everyone they meet! For our buyers, a great Realtor asks everyone if they know of a home for their client. A great Realtor is actively finding opportunity, all the others are sitting on their bumpers.

What do you think a great Glendale Realtor is/does?

Sorry for the late morning-ness of this post, gentle readers! It has already been a very eventful day. Today is "New and Notable" Thursday and below is the list of the new homes I find interesting. We had another bumper crop week in Glendale and Above the 134 - with 21 mostly new listings. I say "mostly" because a few are just re-listed with another agent.

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Address	City	Bd	Bth	SqFt	LotSz	List Price
307 San Juan Way	La Canada	3	1	1,236	7800sf	599,995
1245 Oak Circle Dr	Sparr Hts	2	2	1,274	6630sf	669,000
1447 Norton	Northwest	3	2	1,611	12296sf	719,000
1522 Val Verde Pl.	Sparr Hts	3	2	1,618	5283sf	769,000
1220 Moncado Dr	Rossmoyne	3	2	1,741	6636sf	789,500
1529 Ard Eevin Ave	Northwest	3	2	2,471	10877sf	945,000
5169 Redwillow Ln	La Canada	4	3	2,063	15799sf	1,050,000
850 Cumberland Rd	Northwest	5	5	4,271	14200sf	1,995,000
Pending
416 Audraine Dr	Northwest	3	3	2,152	8921sf	889,000

It is interesting that the cheapest home on my list, 307 San Juan, is in La Canada!!! This home is billed as a "major fixer" but I think "bulldozer special" might be more accurate. However, the location is awesome, the lot is decent and the price is very fair. Opportunity calls!

1245 Oak Circle is the most coveted street in Sparr Hts. The spirits of Doris Day, Ozzie and Harriet and the Beaver flit about through the trees, the children playing and the neat and charming houses. It is a wonderous street to grow up on. This simple house has diamond paned front windows and looks well maintained.

1447 Norton is my new listing this week. This is a perfect LOL fixer on a tremendous lot just below Kenneth Rd. The architectural details are wonderful and there are many bonus spaces in addition to the tax assessed space. I am holding this home open this Sunday 2-5 PM

152 Val Verde is nearly as well located as Oak Circle. This is a sophisticated home and very well appointed.

1220 Moncado is a small street in the Rossmoyne flats. This is a wonderful character home with dramatic Living Room and nice yard. The owner is very close to needing a short sale, but it isn't short yet.

1529 Ard Eevin - this 2 story Spanish is on a great lot in a great location, but it deserves a new family to come and give it some love. Will you be that family?

5169 Redwillow is located off of Crown in La Canada. This part of the neighborhood features tidy and somwhat uniform long/low ranch style homes and sewer lines that have been connected for quite some time. One of my favorite things is the caption under the first picture, "Front of the home. Duh". Hilarious!

Last, but absolutely not the least, is 850 Cumberland. Oiy Vey! This home is so lovely it hurts. Known as the Lombardi House, it is a registered Landmark home and protected under the Mills Act. This means a whole host of things, but on the money front it means that the property taxes are very low.

I usually do not include a home in escrow on my New and Notable list, but one of my loyal gentle readers lives on this street, so here you go. 416 Audraine is a trust sale and sold in 2 days - I would argue it might have even sold before processing. The pictures show a lovely remodeled home with a pool and a view. I expect that the seller got close to their asking with such a short marketing time.

Here is a new feature at Kendyl's Open House! Click here and you will see an MLS report of all the listings disscussed today. This way you can see addtional pictures and the agents marketing remarks. Remember, if you want to see/buy and of these listings, you found it here first. Call me! My goal is to earn your business.

This is one of a series of articles designed to help you, my little chitlins, engage wisely in the game of Real Estate. Today we tackle the all time buyer question, how low should I write the offer? After all, the mass media outlets (our "Chicken Little" friends at the LA Times, cable news and others) would lead you to believe that buying any more than 27% or more off the "market" price is stupid. I know you guys read the paper, because I get calls all day long from buyers offering to buy my listings for really low prices and asking questions like, "how flexible is the price?" and "is this a foreclosure sale?". If you are purely an investor, these are meaningful questions. What kind of a deal can be done on this house? However, nearly all of the people asking the questions are looking for a home. A place to live, love, raise a family. The first question should be - do I want to live in this home? And, when it comes time to make an offer, ask yourself, "do I want to buy this home or do I want to make an offer?" These are two very different things. If you just want to make an offer, be aggressive. Offer 10% or 15% below asking. It doesn't matter - you don't care if you get the house or not. Actually, you should ask yourself - if they accept my crazy offer, will I still want the house? But if you want to BUY the home, well, that is completely different. You should know the recent comparable sales in the area and have a realistic idea of how the subject home compares. You should know what your budget truly is - and stick to it. You should assess, does the home stack up to your priorities, or is it just wickedly pretty? And then... only then... you should write an offer to buy it. How much off the list price should you offer? First of all, the facts. Homes sell for about 3%-5% off the list price. Not 15%. Certainly not 27%. Bank REO's routinely sell for more than the list. I just had 4 offers on my listing on Norton and it sold for above list. Sometimes I will tell my buyers to offer less than the 3%-5% - because the listing agent told me to (there's a whole blog post right there), or the property is ripe for a price reduction or I heard a tidbit of gossip. But this strategy rarely works. No, if you want to buy you should write a solid offer no more than 5% off, and that is only if there are no other offers. If this is the house for you and the numbers make sense for you - buy it.