Matt Sweeney - Rich Kids Real Estate

One of the things that I treasure most about Rich Kids more than anything else is the relationships that are made throughout the buying and selling process. I’ve always said that we are a social network unto ourselves in the sense that a fellow agent or client can call me or my team with a question about real estate, but can also call me when they’ve been dumped, landed a great gig they want to share, or just need someone to listen. There is certainly a bond that we share with our clients that is distinctly Rich Kids that I really dig.

With that said, I am excited to bring you “Living Richly with Rich Kids”. You’ve seen us in bed, having drinks, sunbathing in the moonlight at the W (obviously we do this all the time), but what happens on a Saturday when there is a rare occurrence that we have some free time? Ala the mighty Oprah, I wanted to extend wellness and all the great outdoor activities LA has to offer to our clients/friends.

As many of you know, one of my newest loves and stress relievers of 2012 has been surfing. For the last couple months, I have been trying to go out 2-3 times a week either by myself or with an instructor. I am not going to lie, I totally suck! However, I have a blast and there is just no better rush than catching your first wave. I can’t shut up about it and want to share this new passion/experience first hand with all of you. This is an open invitation to friends, clients, readers, or anyone who happens to see this on Facebook or my blog…also, pass along to anyone who might want to join:

The Rich Kids Free Surf Clinic

Location: Santa Monica/SAMO Beach (Bay Street at the Ocean)

Day/Time: Saturday, Feb 18th at 9am (be there a bit early)

Meeting Spot: The Parking Lot on the Sand on Bay Street to the Left of the Parking Attendant. You’ll see a Silver Mercedes with Surf Racks and A Jeep With Boards, Etc.

The Details: Local Surf Instructor Sergio Will Be there to Provide Us With a Hour Free Clinic. He Has Boards and Wetsuits (you will not be cold in the suit…I promise) – $15 for a Suit/$20 for a Board. If You Have Either or Both Bring. For Us Beginners, He’ll Be With Us the Whole Time. For Intermediate to Advanced, You Can Play and He Can Offer Tips in the Water. All Abilities, Levels Welcome. Just Be Ready for Fun and Become an Addict!

RSVP: Suits and Boards are in Limited Quantity, So Please Let Me Know if You Can Make it and What Equipment You Need!

Dying to Bust Your Board and Wetsuit Out But They No Longer Fit in Yor Porsche (Pinto, Yugo, etc) and Live in BH or WeHo? I Can Fit 4 Boards on My Rack (that sounds strangely provocative)…Let Me Know and We Can Carpool!!!

If you have always been dying to try surfing, but don’t want to make the investment in equipment or spend $100 bucks an hour on private lessons, this is your chance to give it a go on me. Please feel free to email, call, or send a message in a bottle with any questions. I am STOKED!!!!!!

Check out Surfline for FAQS on beginner surfing, waves, tides, and fun facts!!

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!!!!!