On Tuesdays in Los Angeles, real estate brokers hold open houses for other agents to preview their listings. Generally, these are scheduled prior to any public open houses for buyers. This week, I ran to and fro around Santa Monica and Brentwood for you.
Without further ado, here’s what I saw this week:
Brentwood
Are you looking for your $20+Million Dream House in Brentwood Park? Well, you’re not buying this one. Not only is it priced too high, an optimism I might respect had they not gone overboard with the “We don’t need to impress anyone- this property will sell itself” marketing strategy. When you are asking more than $20M for a house, for God’s sake, stage it! While I know it can be expensive to stage a 13,000 SF home, that’s what you do when you want $20M dollars!! I was personally offended that there were not sheets on the bed. Better to have an empty house than one that looks like the people were evicted and left half of the furniture, and none of the linens. Would have been mortified to bring a client, and try to justify the premium listing price of this home with its unimpressive presentation. That being said, dramatic property, a bit heavy on the formal marble, but exquisite grounds. Still not getting $20M, and definitely not without duvet and pillow shams. So disappointing.
Next stop – If you are saving for your private jet, and looking for a more “moderately” priced Brentwood home, we’ve got a charming farmhouse/cottage style property for under $5M. According to the agent, this is a steal, and comps are all in the $7M range. Except they are not. It’s overpriced. It’s a special house though, with charm that you don’t find everywhere- that charm comes with a need to update. Tile counters will just not do… Pet peeve- when listing agents “exaggerate” the number of bedrooms. This house is marketed as a 4 bedroom, I only found 2. The agent showed me the alleged additional 2 bedrooms, and let’s just say it’s a 2-bedroom house. It does have a den that could potentially be converted to a 3rd bedroom. Great neighborhood, grassy yard. If you’re looking for something special, call me and I’ll show you around.
Lisa, you say – I’d really like to buy in Brentwood, but need more of an entry-level property. Ok then, I saw one for under $3M that might well suit you. About 2500 SF on a 6000 SF lot, they say it was completely remodeled in 2015, which means they remodeled a couple of parts of the house in 2015. It still needs some upgrades, but it does have a new kitchen, master bedroom, and has been upgraded with copper plumbing. This is not a new listing, and the price has just been reduced by more than $100k- But, with some strong negotiating skills, this property could turn out to be a great opportunity.
Santa Monica
Knowing the ins and outs of Santa Monica as only someone who went to high school there can, I especially enjoy selling houses there. So much new construction has changed its character, in both north and south areas, and it can be hard to compare these new creations with some of the older, more traditional homes. I have to say, it’s hard not to swoon for these larger, brand new homes, all North of Montana. People are swooning, and they are opening their checkbooks- the three homes I previewed, all between $6-7M, are in line with this market, which commands anywhere from $1200-$1900 per/sf. I’m combining two of them because I actually thought I made a mistake and went back to the same house twice. Same developer, almost identical homes (at least they are on different streets), of approximately 5,000 SF- Hey, why pay for two sets of plans when you can use the same one twice? These homes have 5 bedrooms plus additional game room/den, nice backyards with pools, and pleasingly well done. The hard part will be choosing which one you want to put the offer on!
The third house, and yes, it was the priciest of the three, made my heart flutter. 7000 SF, 6 bedrooms, 9 bathrooms (you can use a different bathroom every day of the week and not even get to them all!). Everything you could want- lovely master suite, formal dining, office, stunning kitchen. If that wasn’t enough, the lower level is everything. A guest suite that is arguably bigger and better than the master suite, patio, gym, kitchenette, maids room, and a theater. A well done, cozy theater and a laundry room are all any of us really need in life, right? If you are looking for that amazing home that you will never have to leave, in prime Santa Monica, let me show this one to you- you won’t be disappointed.
Investors – would I forget you? No. I checked out a triplex in South Santa Monica for $2M. These are small, old units. The two bedroom is vacant, and the two one-bedrooms are occupied, bringing in $4500/mo between them. With all the love and money you have, these units will always be small. We’re not paying list price for this, because you are going to bring some dollars and some 2017 love to this property, until you have made it so hip that size won’t matter. Ha. Call me, bring your contractor, let’s crunch some numbers, and you can own a profitable multi-family in this coveted city.
That’s it for today, fair readers. Disclaimer: This article includes my personal opinions, semi-facts, estimates, and jokes. Not to be taken as gospel. Meant to be semi-informative entertainment. Facts are available- call for information.
ABOUT LISA PHILLIPS, ESQ / CA Bureau of Real Estate Lic# 01189413
Lisa Phillips is an active Realtor in the Los Angeles area, with more than twenty years as a practicing real estate broker and attorney. Her unparalleled knowledge of real estate, from local markets and pricing to legal issues and deal-making, has made her a trusted and valuable asset to her clients. In addition to her real estate and business savvy, Lisa is passionate about helping others and works tirelessly to achieve the best results for her clients. For more information, please visit www.LisaPhillipsRealEstate.com.
