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. It is an opportunity for real estate agents to see the property, and keep it in mind for their buyers. It gives buyer agents an opportunity to screen properties in advance, so your clients’ time isn’t wasted on properties that you know are not a potential match. If I know a listing is going to be especially competitive, and that it is something my client is looking for, I will bring them with me on a Tuesday to get an early viewing before the weekend open houses.
Most Tuesdays, I tour properties. I make it my business to see whatever I can in my immediate areas, but when I’ve seen those, I often take the opportunity to check out neighborhoods that I may not usually go to. Finding the next up and coming neighborhood, or the right property in a neighborhood my client hadn’t thought of yet- all part of my job.
Without further ado, here’s what I saw this week:
Property #1 – Residential Development property in Playa del Rey- single family home with 3000+ sq ft on almost 5,000 sq ft lot for $1.2M! Had to see this for myself and for my developer clients. Great neighborhood. This is a probate sale, which means that the heirs want their inheritance money asap, and have priced it to sell. (Sometimes probate sales can be a long process, but in this case, no court confirmation is required.) Although taste is subjective, I’m going to go out on a limb and say this is not an attractive house. While the listing agents told me that interested buyers were contemplating renovations, the best buyer for this is someone who will build new. (Next door, two homes of allegedly 4,000 sq ft each, are under construction now.) According to the listing agent, multiple offers are already in, above listing price, so call me fast if you want details.
Property #2 – Next stop- the least expensive single-family home in Playa del Rey, priced at just under $1Million. It’s also the smallest house for sale in Playa at about 1000 SF but nicely holds 3 bedrooms and 1 bath. I’m giving this a thumbs-up for several reasons- it is a cute little starter home- not a tear down- some sweet upgrades and very nicely livable while you save up to expand this property- build new, add a second story, build out- on a 5000 sq ft lot in Playa, I don’t think you’ll regret the investment. There are only so many places left to build, and this property will eventually be home to a 3000 sq ft house and worth a lot more $. Why shouldn’t it be yours? Want to see it? Give me a call before some other savvy Millenial snaps it up!
Property #3 – One more stop in Playa- if you’ve already had your starter home, and ready to be moving on up- for just under $1.9M, you can have 3666 sq ft. This home has 5 bedrooms for your 2.5 kids, guestroom and meditation room, and 5 bathrooms that your housekeeper will surely resent cleaning. A little quirky of a layout among the multiple levels, and not for everyone, but nicely done, good location, lots of balconies, spacious roof deck, and an unexpected pool that I found oddly charming. Definitely worth a look if Playa living is on your bucket list.
Property #4 – Saw some things in Westchester. I’m going to consolidate those because, well, just because. Saw a tiny house for $819,000- on a 5500ish sqft lot, it’s only a matter of time before it’s replaced with a larger home, as has been done in the prime areas of Westchester already, and the trend will not cease. If you are looking for an affordable home in an area that will continue to improve over time, and you can later expand, or you are looking for a development project, give me a call and I’ll tell you more. Then I saw a 1500 sq ft house for $925k- again, tempting for development at some point, but a nice house with enough upgrades that you’d feel like a real jerk to tear it all out right now, so live in it for a while. Another house, about the same size, in a better location of Westchester for about $1.1M. Yup, location makes a big difference in Westchester, an area with enough sub-neighborhoods to make you feel unhip when you have to ask which are the good ones. Westchester has a reasonable inventory of homes for sale- nice homes on tree-lined streets in a convenient location- a suburban neighborhood on the Westside of LA, if you are looking for a single-family home, you’ll likely want to check it out.
Property #5 – Oh, I left the best for last, my friends. This has been on the market for a few weeks. Marina del Rey, listed as a single-family residence with small guest house. Priced at just under $1.3M. Always keeping an eye out for development opportunities. East of Lincoln, good location to build a modern McMansion that the neighbors can complain about on Next Door. There were no open house signs or flags, but the door was open so I yelled the obligatory “Hello”? Crickets. Empty. In about 3 steps I had toured the house and was at the back door, where a vast empty lot beckons for building. At the far end of the yard is another small, ok, we’ll call it “guest house”. As I’m already feeling Blair Witchy at this point, when I see painted little handprints on the back fence (not kidding), I bolt back out to the street- only to meet the owner himself. Got the tour of the guest house, where the tenant told me the intricacies of managing the plumbing so it doesn’t back up into the front house bathtub. Blech. The owner, despite the MLS disclosing that there is a bankruptcy, is also a real estate agent, rants that he will hold out for top dollar and thinks that someone will be thrilled to spend it to live in the existing house (cough, shack). Here’s the thing- difficult seller, difficult property, not easy, but with enough patience and focused business savvy, it’s how you get a property in prime Silicon Beach, build a modern palace for yourself or to resell for a nice profit. Not for everyone. Not an easy deal to make. If it was, it would be gone already. Call me if you are looking for a project and up for a challenge.
If you are interested in viewing these or looking for any property, give me a call to let me know what your needs are. 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# 011894
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.
