Matt Sweeney - Rich Kids Real Estate

I am pleased to announce the sale of 1618 Mountcrest Ave off of Queens Road in the prime Sunset Plaza section of the West Hollywood Hills. My client and I had been looking extensively for a major view home in a prime neighborhood that could be totally slicked up in the next couple of years for under 1 million. Let me tell you, this was not an easy thing to find and when you do find that rare diamond that meets the above criteria, you have to pounce immediately.

I don’t think the photos convey just how explosive the views are. Looking at an unassuming front exterior, one would never guess that there is a four story drop dug into the hillside showcasing unobstructed panoramic views of Downtown LA, Century City, and the entire Los Angeles basin below. Built in 1989, the house is very much move in ready as is. With three bedrooms, 3.5 baths, and just under 2000 sq ft, the floor plan is quintessential hillside living. Every floor/room (with the exception of the bottom floor) has a massive balcony that perfectly frames the jetliner views that encompass the LA fantasy.

Within the last 6 months, I have found that there is obviously quite a demand for these type of REO/bank owned properties. The property was listed at $921,000 and within 7 days there were 8 offers, half of which were cash and as the “Sold” price clearly shows, substantially over list. REO deals in the past have been very quick and easy! Since the Dodd Frank Act, we had acceptance right around the time I left for London in early December and we just recorded yesterday. Side note: When considering purchasing a well priced REO or Short Sale that clearly is going to spark multiples (I am currently in escrow on a short sale I listed and I had 7 offers within one day of showing), come prepared, and do the following things if you are in it to win it: 1) Cash is always king. These escrow are getting harder to close and there is a major influx of cash buyers right now with foreign money looking to scoop up these properties. 2) Keep your contingencies short and your escrow period even shorter. Cash buyers should go in with 14 day escrow periods after bank acceptance if you want to grab the property. Try to conduct your buyer investigations immediately so you know up front the condition of the property. The disclosures are very limited from the banks as they have never occupied the home nor know much about it. We have to put on our detective hats and dig deep to make sure your buying the real deal. 3) Hire Rich Kids Real Estate…having learned from the master of multiples when I was an assistant way back when, there are certain things you can do in advance that will make your offer an even more appealing prospect to the bank. I typically always win multiples..there is a strategy.

I really had to stay on top of this one 24/7. I was in London/Berlin, my buyer was in Mexico, and my transaction coordinator was in Prague. Rich Kids international style, baby…that’s how we roll. The synergy of my team, along with amazing listing agents (Sam Villeda and Rick Beck of Coldwell Banker Sunset Strip) were essential in making this tricky deal happen.

I would also like to give a heart felt thanks to the Royal Gardens Hotel in Kensington London for having a 24/7 business center that was open Christmas Day and allowing me to use your Royal printers/scanners even though I was masquerading as a guest to use your facilities (my flat didn’t have a scanner)…you guys were uber cool and thank you for not charging me the 100 quid I probably would have racked up in there. Even though we were all working on Christmas Day, we had some laughs and it was a fun experience!!

Lastly, I give major props the best clients in the world! Thanks D for being so loyal after 7 years (how can it be this long since I am only 25…was I really practicing real estate since 18…maybe, maybe not, lol). Here’s to adding another amazing property to your Los Angeles portfolio!

Fantastic clients, an awesome closing on a killer home, and a new property in escrow all in January. I’ve got a feeling 2012 is going to be pretty epic!!!!

Love the house? You can live it! We are now looking for a 1 year tenant, $6500/month for a 1 year lease unfurnished or a 6 month fully furnished lease also available (terms on that can be discussed) ready to go ASAP. More to come!

Happy belated 2012! It’s been a while since I have hit the sheets (of paper that is) and posted new entries. After a well earned Christmas in London and an awesome New Years in Berlin, we are all back in full force. Although in truth, we never stopped. Paperwork on Christmas, signatures New Years Eve...a Turbo Rich Kid Agent is there for you and ready to go...any time, any place, any country.

This week, Rich Kids has a new sale closing in the prime Hollywood Hills off Queens Road with some of the most amazing panoramic views you have ever seen. Also on tap is a short sale condo that received 6 offers within the first day it was open to be shown accepted well above list, and a killer lease in a West Hollywood architectural gem that you would sell your mother for!

All that and some insight into investing overseas: my day with a West London Foxton’s Estate Agent. It’s a lucrative market for investing, but make sure to clench because if you aren't careful you could be “Gazumped” by another buyer right at the end (to be explained). With the Olympics and Queen’s Jubilee Anniversary on tap, there could be some interesting investment opportunities. Side note: for those of you new to the Rich Kids blog, I am not English but will get a case of the “Madonna’s” from time to time and I certainly have a fondness for both London and Hydrangeas.

“Do you want more? Well I’ll give you more”. This is just the teaser. Stay tuned...killer sales, new ads, events, and lots of market info to come. The Rich Kids blog is juicer than ever this year! Strip down and cool off because it’s going to be a hot winter in Beverly Hills (literally...it was 80 degrees today).

I am pleased to announce an uber significant sale for Rich Kids Real Estate Group for two reasons: 1) This was a record breaking sale for me in terms of the closing period. My client immediately fell in love with the property and we recorded within 5 days from acceptance of offer – my fastest escrow period…ever. It would not have been possible without the help of an individual who I have looked up to since before I became a licensed agent (see next item). 2) I had the opportunity to work with the most accomplished and recognized residential developer in Beverly Hills (if not the world), Brian Adler. Brian has made his mark on the Beverly Hills real estate scene in numerous ways since age 21, but is probably best known for developing the ultimate in gated living chic, Beverly Park North and South. If you are familiar with the Real Housewives of Beverly Hills, Adrienne Maloof and Lisa Vanderpump both reside in Beverly Park. (average sale price is roughly $23,000,000). Brian took this vision of opulence and superb craftsmanship to his newest incarnation, La Terrasse in Beverly Hills.

I had the chance to sit with Brian and talk about his masterpiece of distinctive, contemporary architecture. The objective was to give those who are used to the best a similar experience that would be found in a single family home in Beverly Park – 24 hour security/concierge, 37 video cameras, and a boutique style gym/screening room inspired by the finest homes. La Terrasse is comprised of 20 units positioned within 5 stories, 4 of the units being exquisite 4000+ square feet penthouses.

Adler raised the bar with rich, high-gloss Italian burled walnut & sycamore cabinetry, floor-to-ceiling limestone fireplaces & brushed walnut & limestone flooring. Marble & granite counter tops, mahogany doors, large built-in closets complete each residence. The sumptuous master bedroom is absolutely massive and features his/her closets and baths.

Located on Doheny, a Rich Kid gets the best of both worlds – the pretige, safety, and security of Beverly Hills, 90210 while being within walking distance to West Hollywood’s renowned dining and sexy nightlife (yes, nightlife can be very sexy…you will just have to take my word for it).

I want to welcome my client, B, as the newest member of the Rich Kids Family. Both you and your sister won me over immediately, but having drinks while signing the paperwork sealed the deal! I could not be happier that you both are in LA, have the slickest condo around (clearly for all of us to have a glass of wine on the terrace), and on a selfish note, I love that I now have 2 new friends. This is what Rich Kids Real Estate is all about!!! I’ll raise a champagne flute (or red party cup) to that – cheers!!!

825 North Kings Rd, #15, West Hollywood, CA 90069 – 2br/2.5ba, Roughly 1590 sq ft – List: $734,900/Sale: $734,900 – Days on Market – 4

I have been in love with this Lorcan O’ Herlihy original for quite some time. If you live in or know the West Hollywood area well, most people are familiar with this iconic and in my opinion, one of the most architecturally significant buildings in the city. Lorcan has a knack for creating unique design aesthetics that literally pop out at you when you drive by. When Lorcan makes his presence known on your street, the area is automatically catapulted to another level. I would say that this particular building is the crown jewel of his work. With that said, it gives me great pleasure to announce Rich Kids latest sale at 825 North Kings, Unit 15. Nothing is more exciting (well, perhaps I can think of a few other things) than having the opportunity to sell a piece of property that you have always admired!

It’s funny, because I was going back to my blog entry about this building datedAugust 31, 2009, I remember initially seeing one of the lower units and being somewhat disappointed. I think I likened it to going out on a date on Match.com (not that I have ever done such a thing or know anything about it). You see the photos, get to meet the person, and you are just completely enthralled. Then you get to know them a bit more, only to find out that it was a total let done once you got inside them (this can be interpreted in numerous ways). With each unit being completely different, I gave the development another shot and was totally blown away by the other units. In 2009, a similar unit and next door neighbor to this one was on the market for $1,249,000. My client just closed on the neighboring one in an REO/bank owned sale for $734,900. Unit 16 just sold for $725,000 with 300 sq feet less, single floor, and no rooftop garden. Suffice it to say, we got a steal of a deal and closed it in 20 days!Side Note: I am noticing an abundance of REO/bank owned deals right now and have gotten quite proficient with this sector of the market. It takes a little more time doing buyer due diligence up front and following up, but the savings can be massive. I would probably list this unit in today’s market in the low $800′s if this were a conventional sale. One other thing is that you and your agent (hopefully me) have to be really on top of these listings if you want to beat out the competition. I was visiting a friend in DC and scheduled my flight at 5am the day before Labor Day when this hit the market to have it inspected and write an offer before anyone else circling could have a chance to jump in. A Rich Kids client gets what they want, when they want it and it’s my pleasure to offer that type of concierge style service!

Congratulations, D! I would welcome you as the newest member of the Rich Kids family, but you have been around since the very beginning. Instead, you now get the be the first member of the Rich Kids Frequent Buyer’s Club. Thank you so much for your loyalty and always injecting style into everything that you do! I appreciate you more than you know!!! Cheers!!!!!

I am pleased to announce the sale of Charlie Chaplin’s residence on 1494 North Kings Road in the prime Hollywood Hills. Escrow was closed yesterday and I could not be happier for my Buyer! As an agent I certainly enjoy being able to make a living doing what I love, but my true satisfaction always comes from seeing the pure excitement on a client’s face on closing day! I think I say this in every “Just Sold” article, but I am always reminded of this fact with each closing!

When you have an extraordinary synergy with the team facilitating the sale and a very easy escrow, you have to give some shout outs! Since this is an Oscar Worthy home, I am going to give my props as if I was were giving an Oscar Speech!

First and foremost, I want to welcome my client as the newest member of the Rich Kids family. It was an absolute pleasure working with you and cannot wait to see the place once you are all settled! This house is not only a show place, but a piece of Hollywood history! Congratulations!!!!!!!

To Listing Agent, Matt Altman – Here’s to the next generation of young agents! I appreciate all of your hard work!

Sue Nichols at Granite Escrow - You always made me laugh or smile when we were on the phone together!! You rock!

Lou Nanquil, Transaction Coordinator Extraordinaire/Westside TC- Thanks for being with me through every deal…I don’t know what I would do without you!

Dana Benson, Benson Design + Build – You have been so generous with your time working with us to take a stunner like Kings to the next level. I really appreciate your creative thinking, thoughtful responses, and just your over all coolness. Benson Design + Build has certainly been the best contractors I have worked with, hands down!! I cannot wait to see the finished product!

Last but Certainly Not Least – JP Meglio at Bank of America and Doug Burton at Prospect Mortgage. We as the agents facilitate the sale, but at the end of the day it is the lenders who make it happen for the clients. I cannot thank you enough for backing up your words with actions. By accommodating my client’s special day, you made us both beyond ecstatic! I never once sweated the transaction, which is quite a feat. Major kudos to you guys!

Now that the awards portion of the entry has come to a conclusion, I suppose you would like to learn a bit about the property? Please see below on an article I wrote upon going into escrow. One thing I discovered yesterday. Roberty Downey Jr had his children’s names, Indio and Elias, written in the wet cement of the driveway in 1992. How cool is that????? See photo!

1494 North Kings Rd, Los Angeles, CA 90069 – Prime Hollywood Hills, Roughly 2763 sq ft – List Price: $1,725,000, Sold Price: $1, 650,000

Few homes have the Hollywood pedigree as this Spanish stunner located on prime Kings Rd, north of the Sunset Strip. Comedic legend Charlie Chaplin was the original owner. What I thought was especially cool about this fact was that as I was looking at the chain of title for my buyer, the original documents from the 1920′s showing Chaplin as the owner were included in the scan. These docs are so old that it looks like they could call apart at any moment, but a cool piece of history non the less. Another interesting factoid about this property is that Robert Downey, Jr was an owner and as fate would have it, gave an Oscar Nominated portrayal Chaplin in the film “Chaplin”. Kelly Osborne was the last celebrity owner in the mid 2000′s and as you can see in the photos below, her English thumbprints are especially noticeable in the meticulously done bathrooms. As it pertains to the home, one item that kind of amused me was that out of all these decadent rooms, one room that is not over the top (although still gorgeous) is the kitchen. I was joking with my client and the listing agent that my hunch was that not much eating was happening in this home when you look at it’s most current, famous owners!

This Spanish is attractively situated just above the Sunset Strip offers exceptional access to an innumerable array of entertainment and dining options. Beautifully restored and updated for modern living with stylish upgrades throughout, this charming home is warm and welcoming allowing for both comfortable daily living and intimate entertaining. Open floor plan with lots of natural light, fine dark hardwood floors throughout, dramatic original beamed ceiling living room, stunning dining room with French doors leading to patio for great indoor/ outdoor flow, large chef’s kitchen and recently remodeled baths. The two story master suite offers high ceilings, two bathrooms, multiple closets, spacious sitting area, city views, and French doors that open to a secluded backyard with lovely entertaining patios and fountain. Two additional private en-suite bedrooms and grand office with exceptional views complete this classic Hollywood lifestyle.