It's been a while since I have last posted! My typical disclaimer is that things have been so hectic that I have had little time to breathe, let alone sit down to write. With that said, it gives me no greater pleasure than to update my blog with a new sale by Rich Kids Real Estate in the West Hollywood area!
Located on prime Harper between Melrose Ave and Santa Monica Blvd, my clients instantly fell in love with this property (as well as the whole home buying community apparently...I'll touch on that shortly). The moment you walk through the front gate encased in lush green palms for ultimate privacy, you are immediately enveloped in the playful yet sophisticated courtyard. Colorful plants. vines, and hedges surround the front entrance while whimsical tiles add a Moroccan flair to this Spanish charmer. The house itself was once two large duplexes (Side Note: Deep Thought - Could you say "dupli" for two duplexes and if you had two Lexuses, could it be "Lexi" - I have had arguments with friends over this) essentially fused together offering up large open rooms that flow seamlessly into one another. The kitchen and baths definitely reflect the Spanish/Moroccan juxtaposition with elaborate tile work synergized with heavy wood finishes.
What completes the property is a beautiful grassy yard backyard with a decadent heated swimming pool and upper loggia, allowing the owner's to entertain in a number of different capacities. One of my favorite features is a tropical mural to one side of the pool while the other sides are curtained with heavy palms. This home is the epitome of the California good life - cocktails poolside by day and then simply walk or cab to the best nightlife or dining around.
Congrats R, K, and little C - welcome to the Rich Kids family!! What I love about real estate is that with every transaction, you are presented with a new group of clients and future friends. This deal was my first young couple around my age with an infant. To me they are a reflection of a new generation, our generation, and an openness to everything which is one of the core fundamentals of Rich Kids. Something my clients said that I found especially touching was that they wanted to raise their little girl in a community that is especially diverse in every way possible. West Hollywood is truly a melting pot bringing all types of lifestyles and cultural influences together in one place. That's pretty amazing! I can only imagine how even more open minded this little girl will be as well as her generation in the next 18 years. It's a lot of pressure on a 6 month old, but I will be excited (other than the fact that I will have transitioned from Rich Kid to Old Fart) to see what she and her peers bring forth to the world.
As I had menntioned above, something that I wanted to touch on is the topic of competitive properties. This property was listed at $1,099,000 clearly to spark multiple offers. Now depending on the house, this strategy may or may not work. In this case, it had all the components to draw in numerous offers: priced below comps, central/pime area, ample square footage, move in ready, and a large grassy backyard with swimming pool! I haven't seen a frenzy for a property like this since my early days as an agent when the market was white hot (although starting to cool) and it seemed that if you didn't place an offer the day it hit the market, you were finished before you had even begun. A few lessons to be learned from this transaction:
1) Stick with a local agent (like myself who you would be working with anyhow) who really knows the market as well as their fellow agents/players in the game.
2) Make sure your agent is well liked and respected. Agent/agent relationships are just as important as agent/client relationships. If you are on a fairly even playing field, the seller will often choose the buyer who has an agent who is known to be friendly, smart, and easy to work with.
3) When in situations like this, perform to the deadlines stated within the contract. Because of the nature of this particular transaction, there was absolutely no margin for error. My clients performed flawlessly, often early, and came to the game prepared with a savvy lender who knew what she was doing. Even with an accepted offer, an even larger offer can come in after the fact which is why it is paramount to do as the agreement states. That Notice to Perform can quickly turn into a cancellation if you are not careful.
4) Just to emphasize a point in the last item - come to the game prepared! You just never know when you are going to bump into your dream house. Had my clients not already been well qualified before going out to look at property, they would never have won this home. I know this point can be hammered to death, but make sure you are pre approved (income verified, tax returns, etc) if you are out looking with an agent and have a sense of urgency to buy.
(5) Take the time to sit down with your agent prior to looking at property, face to face, and go over the process. One of the things I have found beneficial to all parties is doing a buyer's intake (doesn't that sound like something you do at a shrink's office - not that I have every stepped foot in one of those), as I did with these clients over coffee. My ideal scenario is to sit down with my buyers for about 30 minute before even sending listings. I like to educated my Rich Kids by going over local area comps, discussing areas that they are interestedin purchasing in and how that will fit their ideal lifetsyles, as well as simply going over the buying process. With things constantly shifting in the market, there are always new things to be learned ahead of time. Who coined the phrase, "knowledge is power"?
This was an especially lengthy entry, but if you have made it this far you will be rewarded to be first in on some happenings with Rich Kids Real Estate. First and foremost, this will be my last original entry on this version of the Rich Kids web site. Rich Kids has experienced tremendous growth over the last few years and some very interesting opportunities have come our way. Rich Kids Real Estate 2.0 will be launching in about 2 weeks! What does that mean? You'll have to wait and see, although per usual, we are going completely over the top in every way possible to provide you with the ultimate real estate experience available. I'll give you one nugget - the Rich Kids site is totally being redone from scratch with a new logo, color scheme, and major technological advances. I can truly say it will be slick as hell and nothing like it. Once the site has been launched, the rest will unfold (the site is only a small component). In the mean time, I will be counting down over the next few weeks with some of my most favorite and controversial entries leading us into the next evolution of Rich Kids. The package is nearly complete and I cannot wait for everyone to see what we've cooked up for you. Be prepared to be blown...away!