Matt Sweeney

The last few weeks I have been on hiatus from The Twittering Tuesday Previews as I was holding open a listing I have been working on and wasn't able to caravan like I normally do. Don't worry, during this time I've still be scoping out the Hot Props and best deals - there just hasn't been a lot to see. This week promises at least a few juicy listings that I am excited to check out. Just to recap, as I preview property I will twitter my thoughts on them so that you are the first to have access to all the new listings that have hit the market today. These listings are open from11am-2pm, so if you happen to like something, check out my feedback and then drop on by. If the address is hyperlinked in bold, it will direct you to additional info, pics, etc. Twitter has now been integrated into my blog, so click here to read my updates on the left hand side of the page. You can also find me on Twitter with the handle richkidsre. Without further ado, here's the agenda for today:

825 North Kings Rd, Unit 7, West Hollywood, CA 90069 - 2br/2ba, Roughly 1475 sq ft - $959,000 - This is a Lorcan O'Herlihy original that I am obsessed with. My brokerage Deasy Penner and Partners had the listing on the building and sold it out quite a while ago. I joined DPP after they had been sold, so I've never had the opportunity to actually see the interior. The exterior is amazing and catches my eye every time I drive by. I'm looking forward to seeing this one! Listed by Coldwell Banker

960 San Vicente #16, West Hollywood, CA 90069 - 2br/2ba, Roughly 1000 sq ft - $499,000 - Ladies and gentleman, we are finally starting to see some decent listings again. This one looks amazing with hardwood floors, updated kitchen and baths with mosaic tiles, and a wonderful WeHo location. This could be this weeks best buy and a future Hot Prop. If it's all it appears to be in the pictures, this one is priced to sell! Listed by Coldwell Banker

1330 North Crescent Heights #8, West Hollywood, CA 90046 - 2br/1.75ba, Roughly1027 sq ft - $445,000 - I have always really liked this building. It's classic mid century LA architecture within a two minute walk to Sunset Blvd. It's very Melrose Place with a big pool in the center courtyard with the units surrounding it. This is not going to have that slick newness to it, but it looks like it has lots of original charm with a great price tag. With a unit like this, you could move in comfortably and update as you go.

The Vue - 912 North San Vicente Blvd, West Hollywood, CA 90069 - 3br/2.5ba, Units Range 1709-1830 sq ft, Starting at $1,189,000 to $1,229,000- Newest development in WeHo to hit the market. I was planning on seeing this a few weeks ago, but ended up getting stuck downtown looking a listings and was unable to preview! There are five, 4-story units that feature private rooftop decks providing explosive views of the city. I have heard a lot of great buzz about this project and am really looking forward to checking these units out. Features include: balcony with fireplace, cathedral ceilings, upstairs loft/office space, lux chef's kitchen and bathrooms. According to the agent, there is already one unit in escrow. The location is amazing between Sunset and SM Blvd. Listed by Coldwell Banker Malibu Colony

In my Rich Kids Guide to Buying a Home, I take you through the step by step process of a home purchase and everything that entails. For those of you who are new to my blog or my website, I wanted to provide you with a quick guide as to what you need to do before you are even seriously ready to purchase a home. Each week, I meet a lot of great people out there who may or may not be ready to officially start looking. Here's a checklist of things to do to before you are ready to buy:

• Get Pre Approved - I say this over and over again, but seriously, speak with a lender before you even start working with a real estate agent. A lender is going to tell you if you qualify for a loan or if you will need a co-signer, how much you are qualified for, what those monthly payments will be, and how much all those little extras (closing costs, taxes, insurance) will cost you. You may be able to afford the monthly payments for a $500,000 condo, but did you also factor in home owner fees (typically $350-$500 for non full service), taxes (about 1.25% paid twice a year or can be rolled into your mortgage), and closing costs (can be from $6000 on up based on a $500K condo due at close of escrow)? Especially in today's market, pre approval is key before you do anything else. Like GI Joe used to say, "knowing is half the battle".
• Put down the AmEx, Push the Porsche Purchase Back, and Stop Going to Maxfield - When you are applying for a loan and are actually in the escrow process, wait until you close before you start spending. High card limits and car/ furniture financing can all bring down your credit score. I would put the breaks on all these expenditures at least 2 months before seriously considering buyer. Let your friend put their credit card down for a table at Teddy's. - you have more important things to invest your money in.
• Spend Below Your Max - I know you've been pre approved for 700,000, but if you really stretched, never went out, and ate romen nightly you could squeeze yourself into a unit for $750,000. Don't go there - it's not worth it!
• Suze Orman Alert - Do You Have Your Eight Month Emergency Fund in Place (or parents willing to always bail you out if you get into a financial pickle)? - My readers know I am obsessed with Suze Orman - what can I say, I love a tough lesbian who is good with numbers! Make sure you have at least eight months worth of salary in savings that will cover all your home owning costs, insurance, food, car, etc. I know this is pretty obvious, but you'd really be surprised at how little people prepare before buying a home.
• Finding the Right Real Estate Agent - Find an agent who specializes in the areas that you are looking to purchase. Sure, you want to help your cousin Lexi who just moved to LA from Laguna Beach and got her license last week, but is she really all that familiar with the market up here? I am all for giving new agents a break - I was once one a few years back. Really knowing the inventory and having relationships with local agents is what is going to get you your dream home at the best price. Shameless plug alert: I preview and typically review on my blog all worthwhile inventory in the $1,000,000 and under mark, as the bulk of my rich kids readers are first time buyers. I run into many buyers that have friends as agent who simply send them MLS listings with no explanation, for them to explore on their own. Ironically, I even have people who have agents who call me after reading my blog for buying/property advice. Really look at who is working hardest for you and has the most to offer you with regards to the buying experience.
• You are Working on the Project I Met You at , Is it a Conflict of Interest for You to Represent Me? - I have been getting this one a lot, as I work on a few different new construction projects about town. The answer is no, it is not a conflict of interest. Having intimate knowledge of a building, the history behind it, and the key players (developers/lenders) gives you the advantage when coming up with an offer strategy. My role is to facilitate a synergy between all parties involved and to push the developers into getting you the best price. Even if I was listing a single family home and you wanted to buy from me on that, I have a legal fiduciary duty to make sure I offer you the best council and advice regardless of the situation.
• You'll Know it When You See It (and if it's meant to be it will happen): There is always that special look in my clients eye when they've found the right home. When you find that special place, make an offer! I hate to sound pushy, but I see too many people losing out on their dream homes because they didn't step up on a good deal. Conversely, if the offer or buying process doesn not seem to be working in your favor, it probably wasn't meant to be. I really believe in that philosophy, especially if you have tried everything and then some to make the purchase happen.

I hope this helps! I have a lot of new projects I am previewing tomorrow so stay turned. Twitter Tuesday Previews will be back in full force.

Since there is not much to report from the condo world today, I thought I would feature this slick piece of architecture as today's Hot Prop. I have a client interested in the residence, which allowed me the opportunity to tour this home this past Saturday. In the great words of Joey Lawrence from the ‘Blossom' era, all I can say is "WHOA". Located on Summitridge in ultra prime Beverly Hills PO (Side note: BHPO is technically Los Angeles, but for postal service reasons retains a Beverly Hills, 90210 address - BHPO residents do not receive BH amenities like schools, police/fire - it's all city of LA). The house is a mid century restored to the nine's with every chic amenity you can think of. There are two bedrooms, one of which can be used as a lounge, but has hidden pocket doors that transform it into a 2nd bedroom with an uber plush murphy bed built in to the rich cabinetry. One of the coolest features is a the master bath shower that is all glass, so it feels like you are literally hanging over the hills as you bathe. There are so many sexy and stunning intricacies to this home that I don't think my written description can really do it justice. The pictures definitely tell a better story! This is perfect home for the bachelor(ette) rich kid who wants it all: sleek architecture, beautiful neighborhood, and city lights views. This is quinitestial LA and is made for entertaining! This home is also available for lease for $7900/month. I want to give a special thanks to the fabulous Mimi Starett for making the showing experience on this property such a special one!

1421 Summitridge Drive, Beverly Hills, CA 90210 - 2br/2ba - $2,295,000

GEORGESCU'S PASINETTI HOUSE IN BEVERLY HILLS WAS ORIGINALLY FEATURED IN THE INFLUENTIAL ART'S & ARCHITECTURE MAGAZINE 50 YEARS AGO. RESTORED WITH ITS ORIGINAL ARCHITECTURAL INTEGRITY AND USING THE FINEST MATERIALS THE PASINETTI HOUSE ONCE AGAIN SHOWS THE GLAMOUR OF THE HOLLYWOOD ERA WHERE ONCE GREAT LUMINARIES OF THE TIME WERE ENTERTAINED. WITH PRIVACY, VIEWS AND DEEP HISTORICAL SIGNIFICANCE THIS IS A PERFECT HOME FOR COLLECTORS OF MODERN ARCHITECTURE, ART AND DESIGN ENTHUSIASTS Listed by Hilton and Hyland

If you've noticed a trend in my Hot Prop selections as of late, they have all been these higher priced new construction condo developments. The reason for this is that lately there has been very little inventory for under $600,000 that I think is well done and priced correctly - especially 2br/2ba. Well, the wait is over! This literally hit the market for the first time last Tuesday and there is already a ton of activity swirling around it. Located between Santa Monica Blvd and Sunset on West Knoll, this is the best deal I have seen on a 2br/2ba in a very long time. The unit is done to perfection with dark hardwood floors, beautiful lighting fixtures, stunning bathrooms, and is located on the pool for weekend get togethers/bbqs. The location itself is worththe price of admission (in the coveted W of La Cienega area), but the condo has been done exquisitely and the owners have priced to sell quickly. For those of you who loved Alta Loma and lost out, this will not last long either. Contact me ASAP for a showing if you are interested!

8535 West Knoll Unit #118, West Hollywood, CA 90069 - 2br/2ba, Roughly1322 sq ft - $589,000

FIRST SHOWINGS TUESDAY JULY 7TH 11-2. GORGEOUS MODERN RENOVATION! SLEEK AND VERY SPACIOUS 2 BEDROOM, POOLSIDE CORNER UNIT IN THE MOST DESIRABLE WEST HOLLYWOOD LOCATION! SEDUCTIVE MASTER BATH WITH GLASS MOSAIC TILES & WATERFALL SHOWER. OPEN LOFT STYLE KITCHEN WITH STAINLESS APPLIANCES & BEVERAGE CENTER. VERY WELL DONE THROUGHOUT! PATIO OVERLOOKS POOL WITH EASY ACCESS - NOT A THING TO DO BUT ENJOY! Listed by Coldwell Banker

I have noticed that there has been some confusion out there about how the whole making an offer on a property thing works. I believe I might have blogged about the buying process quite a while ago, but thought I would provide my readers with a bit of a refresher course. The good news is that sellers are willing to look at almost all offers. There was once a period of time that a seller would not even consider looking at a super low ball offer and the buyer's agent wouldn't want to waste the time to write it up. As we all know, times have definitely changed and there are deals to be had that we haven't seen in many years. On the flip side, the market it slowly rebounding and seller's are not going to just give away the farm because an offer has been presented to them. One thing that is almost as sure as death and taxes is that the seller will counter whatever offer you put forth whether it be high or low. It is very rare that a seller will take the first offer without sending a counter offer. When you have decided on a property, go in knowing what the maximum amount you want to spend is. As your agent, I will fight as hard as I can to get you as close to that number as possible.

So how do we decide what the initial offer should be? The first thing I do is pull the most recent comparable sales in the neighborhood. I present these "comps" to help guide you in what to offer. We also want to look at how long the home has been on the market, any recent upgrades on the property, interest level of other buyers, and overall condition (is it a fixer, move in ready, new construction, etc). I then select the comp that is closest to the home that you are planning on purchasing. I do some basic math and figure out what the cost per square foot is. We multiply that by the total square feet of the subject property to give us a price. I then like to average the cost per square foot of the lesser comps to come up with an average. Typically the home will sell somewhere in the range of the closest comp and the total averaged lesser comps.

"I am a cash buyer, shouldn't I get a better deal", I sometimes hear. Maybe, maybe not! Cash deals are a beautiful thing and that does sometimes incentivize the seller to be more flexible with the price. As a wise and very blunt developer once told me, "It doesn't matter, it all comes out as cash to me in the end anyway."

I get the feeling that some buyers view the negotiation process as a big series of game playing with the agent as the ring leader. We as agents have a fiduciary duty to you to make sure you get the best price you can. At the end of the day, the sellers wants to get the most money for their home and you want to get the best price that you can. This takes a series of compromises between the two parties, hence the negotiation process!

Check out my Rich Kids Guide to Buying a Home for a more detailed explanation of the home buying process!