what are YOU doing this weekedn? March 4, 2011

I know we usually discuss “overlooked” homes, but today you are getting something a bit different. Two hot listings that made me jump into the car at 9am this morning—I did not even put on proper realtor clothes and makeup–gasp!! So here they are:

1) 20536 Rhoda, Woodland Hills CA 91367. 3 bd, 2 bth, 1800 sq ft. $465,000

Bank owned REO that just came out today in my hood ( Carlton Terrace). Ofcourse I ran right over to see it. Lots to love here. First of all, its the floorplan with the floor to ceiling fireplace separating the living and the dining rooms. People tend to love this floorplan because its leaves the entire back of the house open to the yard. The home is move in ready, but anyone is going to want to paint and clean things up a bit. I would say the kitchen could use a remodel, but it is not something that needs to be done right away. Both baths are in good shape. Biggest negative on this house is a small yard—super private, but small. Not even big enough for a pool. However, great rental potential in this location makes this a perfect long term investment or starter home.

2) 6701 Vickieiew, West Hills. 4bd, 2.5 bth, 2432 sq ft. $554,000

SHHHH–don’t tell anyone, but this pocket of West Hills is actually in the Las Virgenes School district. For those of you with kids, feel free to get excited. You can actually send your kids to public school and NOT pay an arm and a leg for your house!! Who knew? So here is what I love about this house. Open floorplan with vaulted ceilings–always a nice tough. Its remodeled and totally move in ready—there are no granite counters etc, but c’mon, Iam so OVER granite already. Nice hardwood floors and new carpet throughout. Lots of storage and a true master suite. Backyard will not dissapoint–pool, spa and a small grassy area. Overall, I would hardly care if this house looked like a dump because saving $25K a year for 12 years on private school is such a WIN WIN!!

I hope everyone has a great weekend. Email me if you are interested in the above homes.

a serious MUST SEE! January 18, 2011

Happy New Year to All!

Now that we are back to our normal schedules, I want to resurrect my blog. I know it has been a few weeks since the last entry, but I have been keeping busy previewing the market and finding just the right homes to throw your way. Today’s pics are about as different as apples and pizza…yeah, you heard right, apples and pizza, BUT they are both awesome in different ways.

1) New Community in Woodland Hills. As per their strict rules, I cannot divulge the address or the name of the complex, but suffice it to say, it is awesome. I sold a unit there on Sunday and it could not have been better. If you want privacy, this is not the place for you. If you want a lively and trendy high end condo, its perfect! The units are all pretty great with wonderful floorplans that make sense . The finishes are top notch and the community is super clean and user friendly. Washer/dryer in the unit and gated parking–each unit gets TWO spots. Best of all, the developer is totally making deals. They are bending over backwards because this is the end of their business quarter. If all of that was not good enough, the complex is also FHA approved so you can buy with 3.5% down! If you use their lender, they will give you 2% back for closing costs and a HUGE allowance for upgrades. My client fell head over heals on Sunday and so did I. I highly recommend it as a first time “get in the market” home OR to investors for a long term hold. No rules against renting it out, so its perfect!!!

2) 20528 Hatteras, Woodland Hills, CA 91367. $479,000

This is granny’s house head to toe. Shiny wallpaper, shag carpet, old marble counters, etc etc. Yes, it is totally a fixer…but also super clean with no major evidence of poor maintenance or disrepair. For my money, I would rather buy granny’s house than jut about anything else. Granny may not upgrade the decor, but she usually takes care of the house pretty darn well. So why does this house make my list? 1) It has one of the best Carlton Terrace floorplans—the one with the extra 1/2 bath up front. 2) the yard, although small, has lovely tree top views and no neighbors directly behind, 3) the house has a good vibe and is a blank slate. Because the house was originally listed at $560,000, I totally ignored it. Now that the price is reduced to $479,000, it could be a smart deal for someone who likes a project. I’m all for it at this price!!

Feel free to post your opinions as freely as I post mine. Have a great day!

What to Expect in 2011 January 5, 2011

December is usually the time of year when real estate pundits and economists like to publish their predictions for the coming year.  Since Iam neither a pundit nor an economist, I do things a bit differently. Unlike these folks, I deal with people on a daily basis.  My phone rings when people want to “deal” and it is dead silent when they are not in the mood.  So I wait until the first week of January to see what kind of year it is going to be.  If  things are crazy the first week  then most likely it will be a good year. Today is January 5th and I already have 4 new clients–so Iam feeling pretty good about 2011.  

 If you need something more tangible, then I will give you a few highlight predictions presented by economist Leslie Appleton Young:

1) Modest gains in prices and volume in 2011.  Why? 

• Equity sellers are getting the money out of their homes and moving into bigger and better homes. They figure whatever loses they realize on the sale of their home, they will make up on the purchase of their “move up” property
• Investors are gobbling up cheap homes for long term rentals
• First time buyers are getting into the market because they can finally afford it.  Prices are low enough and FHA ( 3.5% downpayment) loans make the downpayment do-able.
• Unemployment in CA is slightly lower than during 2010 and several sectors are seeing actual GROWTH ( ex: hospitality)
• Interest rates are low

2) Interest rates holding steady.  Unless the GDP grows at a steady pace for a while, there is little chance the Fed will increase rates

3) Low Invetory.  It is crazy to think that with all of the distressed homes out there, that we are having an invetory problem.  Surprisingly enough, that is the case.  Why?

• Roughly 15% of short sales close sucessfully, the rest go back to the bank and add to the famous “shadow inventory” we have been hearing about for years. 
• Sellers are not really motivated to sell unless they have to OR have equity in their homes. 

4) Expect Multiple Offers in 2011.  YES—don’t shoot the messenger.  In 2010, 50% of all transactions had multiple offers.  Iam totally NOT kidding about this.  From my experience, this is mostly in the lower price ranges, but I was even in a multiple offer situation on a $730,000 tear down in Woodland Hills.

I hope you enjoyed this little taste about what I think is to come in 2011. Since market value is based on what a a buyer would do, I think the most important opinion is actually YOURS.  So what do you think will happen in 2011?  Feel free to comment.

why do we tell you this every year? December 11, 2010

Every year its the same thing. “December is a great time to buy”. How many times have you heard this one? Do you know why you hear it so often? BECAUSE its true!! Yes I know you have gifts on the brain and everything is just so stressful that you cannot imagine adding one more thing to your already overloaded list.Frankly, I don’t care how much you have to do. It istime to get over it and make a smart financial decision.By the time you get around to in 2011, interest rates will have gone up!

While I have your attention, here are a few that I highly recommend:

1) 6500 Hatillo, Woodland Hills. 4 bf, 3 bth, 1473 sq ft. $459,000

This one is a winner. Initially priced way to high at $499,000, this Mid Century remodeled home is totally move in ready. I like it because the floorplan is wide open and the vaulted ceilings make it feel bigger than the actual sq ft. I also love that 1 bd and 1 bth are on the opposite side from all the other bedrooms AND it has a private entrance . You could use this bedroom set up for a rental, personal office or play room for the kiddies. This is not a cheesy remodel –everything is tasteful and fits the house. The back yard is just OK–all grass and very private but nothing to write home about. Perfect for kids though. Also, the placement of the house is ideal–its in the middle of a small cul de sac . Very private. Seriously, at this price you are usually buying in Winnetka, so please get off your butt and see this one.

2) 20748 Burbank Blvd, Woodland Hills. 3bd, 2 bth, 1400 sq ft. $489,000. Pool.

I have included this one in previous posts, but I want to bring it to your attention again because they are still on the market. They did reduce to $489,000 but at this point they are “chasing the market”. Why do I like this house? First of all, IT IS NOT LOCATED ON A BUSY STREET –BURBANK HERE IS SMALL. Now that we have that out of the way, this house has a great open floorplan with a living room and a small family room off the kitchen—typically not something you can get in this price range or sq ft. The house is updated ( although does not currently show well due to owners personal issues). This is the typical 1400 sq ft Carlton Terrace model with vaulted ceilings, fireplace and a master suite with big walk in closet and private bath. The back yard is all pool –but it is super private. The front yard is fenced, gated and has a flat grassy area . Perfect for a kid’s play set etc. At this point, the seller is pretty anxious, so check it out before the new year.

Happy Holidays to all!

Dana

These are my opinions only, please keep that in mind.

loving this one… November 30, 2010

Ok people, here is another gem that just got reduced but is still overpriced!

20528 Hatteras, 91367.  3 bd, 3 bth, 1800 sq ft.  Partial VIEWS.  $509,000

Located in the oh so lovely Carlton Terrace pocket of Woodland Hills, this “granny” cosmetic fixer is perfectly overpriced.  Why perfectly?  Have you not been reading my blog? C’mon now!!  Overpriced listings are gold for buyers!  So what is so fabulous about this one?  Well, it’s the floor plan with an extra bathroom–that’s right—guests do not have to wee in your loo! I’m also a fan of the small, but very private and serene yard.  The view is not the best that Carlton Terrace has to offer, but it is significantly better than having a massive hill behind your house or, even worse, a neighbor!  The interior is totally retro 60’s old school.  Not much to salvage, but for the right price you could  be getting a steal.  What is the right price? I’m thinking $470!  If that is your price range, I would definitely not pass on this house!

Before I forget, check this out.  A really easy to read chart with average sales prices for every zip code in LA:

http://dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx

As usual, these are my opinions and not a statement of fact.

Hot off the presses—nothing overlooked today November 15, 2010

So excited to bring you this one!! I assure you it will NOT be part of my “overlooked” homes series anytime soon. 

20332 Aetna, Woodland Hills ( Carlton Terrace).  3 bd, 2 bth, 1430 sq ft. Pool $459,000

I know this house really well.  It was on a the market as a short sale for a LONG LONG TIME- tons of offers, nothing worked out.  For all of you watching HGTV who think that a short sale is simply a matter of time…think again! But thats a rant for another day.  Anyways, after years as a short sale, this totally adorable house is now bank owned ( REO) and can be SOLD!!  First of all, its one of the earlier stages of the Carlton Terrace tract.  What does this mean to you other than its OLD?  Well, its on a raised foundation, has hardwood floors, and tons of vintage ranchy charm.  Most Carton Terrace homes are on a slab with no hardwood floors and are totally devoid of any inherent charm ( charm must be infused by each individual owner). So this little Aetna house is a gem.  Wide open floorplan with walls of sliders on the back.  It has the feel of a vacation house–all bright and airy.  The master is on the front of the house with 2 closets, a row of built in shelves and a retro pink bathroom.  The house is not updated cosmetically, but it is SUPER clean and ready to go.  Iam willing to bet that it will sell within a week.

A small rant…..

Ok, so I have one more thing to add that is not directly real estate related, but happened to me while I was previewing the above mentioned house.  Looky loo neighbors( which I love ofcourse because thats the bread and butter of my business) came to look at the above mentioned house while I was there.  They went on and on about the previous owner.  How she had dismissed rediculously high offers in the past and other nasty comments. It almost seemed like the neighbors were happy that she lost her home.  As if she got what she deserved just because she had said NO to previous offers.  I personally did not know the woman that lived there, but Iam certain that the neighbors only knew her a tad more than I did.  Certainly does not give them the right to judge. It got me to thinking.  Perhaps it made them feel better to think that she could have avoided the foreclosure were it not for her greediness and bad decision making. Decisions they, ofcourse, would never make.  We never hear of sellers passing on offers or being unreasonably greedy—never…you would never do that, right? Anyways, after the little negative tirade, I tried to lighten the mood by saying how cute the house is, and how its so unusual to have a raised foundation with hardwood floors…blah blah, real estate talk, blah blah. You get the picture.  To my surprise, I get the following: “uhh…you are wrong.  All the homes on this street are just like this one.  Remember, we live here so we know all about it”.  Ofcourse, I politely extricated myself from these oh so nasty people and left with one conclusion—they are living in a bubble.  Only in a bubble would you put ALL the blame on a homeowner for losing his/her home.  Only in a bubble would you think that you are insulated from the same fate.  Only in a bubble would you disagree with a realtor who has sold over 45 homes in your tract and knows damn well that most Carlton Terrace homes are on a SLAB AND NEVER HAD ORIGINAL HARDWOOD FLOORS!!

As always, keep in mind that these blogs are just my opinion and not a statement of fact.  Have a great day.

The CEO Mom November 10, 2010

Just a warning, today’s post has NOTHING TO DO WITH REAL ESTATE.  This one is about motherhood, so if that displeases you,  go back to my website and search for homes to your heart’s content..http://www.danafrankhomes.com

I never really liked infants or babies.  I still do not. I LOVE my 2-year-old because she is as independent as a 2-year-old can be, she is potty trained, and says the most amazingly astute things. I never liked the feeling of being tethered to my baby and never “needed to be needed”…in fact, it always sort of annoyed me. My husband made a valid point by saying that most of my annoyance was due to a lake a sleep,  I figured he was right and never though much of it.  So why is this issue popping up again?  I was having a frank and personal conversation with a great friend who pointed out that many woman LOVE the early stages of their children’s lives and that somehow they don’t mind the sleepless nights.  Of course I have heard this before.  Everyone has friends who claim that those sleepless nights are difficult but  rewarding and satisfying. 

So what was  wrong with me?  I NEVER felt that way.  It was not rewarding at all.  I have been thinking about the difference of experiences–at least those that other moms are willing to discuss, and I have a theory that I want to share.  When you are first starting a business, you spend countless hours getting everything ready.  Business plans, financial documents, software, accounting…the list goes on and on.  You spend every waking moment getting things off the ground.  Many days you work through the night and you love it.  You are excited and the long hours are meaningless.  You are the CEO of this new venture and you want to put everything you can into it.  In fact, you feel satisfied and invigorated despite the sleepless nights.  Do you see where I’m going?  It seems to me that for many woman, perhaps those that either choose to leave a promising career for motherhood or never had professional success prior to motherhood ( I’m sure I will get lots of BOOs for this one, but it makes sense), the first year of their child’s life is exactly like the first year of a new business.  They are the CEO of that kid and they are willing and wanting to do whatever it takes to get that kid off the ground.  For them, the sleepless nights are  “worth it” ( a phrase I hear repeatedly from other moms). 

I want to be politically correct here and say that there is nothing wrong with being a CEO mom.  In fact, I think it’s just fine.  However, I’m not that person.  To continue with that analogy, the hubby and I are co-CEOs…we create the vision and goals for the family.  We have a “small” group of managers who help to facilitate the vision and an even smaller staff of junior executives who help execute on the goals.   I have the same set-up at work.  It is definitely taking a “village” of people to help me raise my child and I have never felt for guilty for not doing it alone AND for preferring my 2 year Julia over her 2 month old self!

More of the Overlooked Homes Series…11/2010 November 8, 2010

I have two good ones for you this week.  Prime “overlooked homes” that are sure to please.

1) 22232 Kittridge, Woodland Hills. 3bd, 2 bth, 1536 sq ft.  $419,000

If this cutie was listed at $399,000 it would have sold for $420,000 in two seconds.  Since it’s on my list, you know that did not happen.  Unfortunately listed at $439,950, it has already sat on the market for 130 days!  Here is what I like about this house. Yes, its super clean, freshly painted, move in ready etc.  But what really got me are the following 2 items:  1) it has a family room off of the kitchen.  This is BIG deal for a house built in 1957 where you usually get only one living space.    Second, the master has a private bath en suite!   It is very rare to find a house of this vintage and in this price range with a true master suite.  Anyone looking in this price range knows that all too well.   Yes the house is dated, but having a family room and a master suite definitely puts this house on my favs list.  It’s a good one.

2) 545 Cromer Pl, Woodland Hills ( Carlton Terrace Location). 4bd, 2 bth, 1974 Sq Ft. $599,000

Lets begin with the awesome Carlton Terrace location.  You all know that this is one of my favorite areas in Woodland Hills.  The proximity to Warner Center, restaurants, shops, Target and Coffee is the best!  So why has this house been on the market for 171 days?  As usual, the price was wayyy off at $650,000  The only homes in Carlton Terrace that have sold for $650,000 lately have massive views and or huge flat lots.  This little guy has none of the above.   I say little guy despite what seems to be the square footage of the larger Carlton Terrace model. However, it’s really not.  Originally this house was the smaller 1400 sq ft model with an addition to the master suite.  The actual living space is still that of the small model but buyers are expecting the bigger model, so there is definitely some disappointment here.  I personally feel that the house is still overpriced because it offers nothing special.  No views, no big lot..nothing that would set it apart from another Carlton Terrace home.   However, it makes my list because I think it’s a great opportunity for a smart buyer who wants to live in this location.  I think the sellers are “ready”, so come and get it!

Keep in mind that these are just my opinions and not a statement of fact!  Have a great day everyone and thanks for reading.

rainy day reading…more overlooked homes October 7, 2010

I cannot thank you enough for the awesome feedback on my last email titled ” overlooked homes”. Apparently I struck a nerve, so I intend to continue unless anyone objects.  Today’s list includes 2 overlooked homes and 1 HOT new REO listing.  Read on:

1) 6461 Hanna, Woodland Hills. 3bd, 2 bth, 1,753 sq ft.  $399,000

This house has been listed with 2 different brokers and reduced a bunch of times and is still NOT SOLD. It has gotten to the point now where buyers think there is something wrong with it.  This could not be further from the truth.  The seller made a classic blunder.  Ever heard of this one ” lets list it high and let the buyers negotiate it down”? Big mistake, HUGE!!  Listing a house too high is the kiss of death and this poor seller did it TWICE! Bad for him, good for the next owner.  The bottom is this: $ per sq ft on this house is super LOW.  I dare you to find a house in Woodland Hills with this sq ft under $400K. If the numbers alone to do not blow your skirt up, then how about this:  solid 50’s construction, huge family room addition, move in ready condition ( if you are into the retro vibe) and an excellent first time buyer location!  Moreover, there is a case to be made for an even lower price!!

2) 23539 Welby Way, West Hills.  4bd, 2 bth, 2140 sq ft.  $644,000.  POOL & VIEWS

Big time overlooked house!!  Everyone was buzzing about this house when it first came out, but upon viewing it, everyone cooled down a bit.  First of all, this 60’s fab house is in the Las Virgenes School District–yes, you read that right!  The pool is gorgeous and fenced.  The views are real–not just a tiny view of a tree from the bathroom.  Serious mountain views–no BS( Iam a view snob, so trust me on this one).  Great location!  So what is the problem???? Can you say UGLY?  Yeah its pretty ugly.  Super dated and needs too much work at this price.  So once again, a perfectly good home gets ignored due to improper pricing.  I really love this house and this location.  Its been on the market now since JUNE…so if this sounds interesting to you, jump on it. 

3) 20456 Coulson, Woodland Hills. 3 bd, 2 bth, 1705 sq ft. $450,000

My fingers are on fire as I type.  This bank owned Carlton Terrace is RED HOT ! When I went to look at it today, I could barely park.  For those who do not know, Carlton Terrace ( CT) is a large tract of homes ( 1146) between Winnetka & De Soto and Clark& Aetna.  Just above Pierce College.  The area is very popular due to its proximity to Warner Center.  The homes are tract homes that are seen as much more contemporary that the usual Woodland Hills fare.  They are rarely described as ” warm and charming” because the floorplans are open, with vaulted ceilings and great indoor-outdoor flow. This house is the floorplan with the fireplace in the middle—the most popular.  The house is in excellent condition with ALOT of remodeling already done.  It was a 4 bd home but one of the rooms was opened up to increase the size of the living area—good call! The yard is below average–kind of small, but at this price, WHO CARES?  This one will NOT be overlooked.

As usual, these are my opinions and not a statement of fact.  Feel free to email or call, I usually respond within 5 minutes.  Have a great day and stay dry! 

 

easy to overlook… September 28, 2010

So many homes, so little time!

Once a house has been on the market for a while, it is easy to overlook it. Who has time to check on price reductions etc? Well, I DO! Here are 2 homes that I believe deserve a second look:
1) 20748 Burbank Blvd, Woodland Hills. 3bd, 2 bth, 1400 sq ft. $499,000. Pool.
You probably passed this one up because Burbank is usually a BIG street, however, in Cartlon Terrace ,it is NOT a big street . Also, it was incorrectly priced out of the gate, so many people passed it up. The current price is still high in my opinion. A case could be made for as low as $469,000. The house is in great, but cluttered, condition. The seller is moving out of state and the house is currently a MESS. If you can disregard that, this house is a steal. Not much work to be done and in a prime location where homes usually go for more.

2) 5052 Campo Rd, Woodland Hills. 2 bd, 2 bth, 1472 sq ft. $475,000 Partial Views
Probably the biggest issue for this”granny fixer” is the bedroom count. Most people want a 3 bd house. Having said that, the south of the Blvd location and excellent schools, tend to mitgate the bedroom count for me. Also, the 60′ vibe is awesome. As you walk in, you are pleasantly surprised by the floor to ceiling windows leading out to gorgeous mature trees. You feel like you are in a tree house. The exterior setting and the way the house sits on the lot is very unusual and extemely serene. Literally you feel a hundred miles away from LA. Everything in this house is where it should be but also very dated—pink tile, flowery wall paper, etc etc. However, the setting and the upside potential put this house on my list. This i a great project house but not a great flip at this price.

Thank for reading my quick note. I hope everyone realizes that the above is just my opinion and not fact. If you are curious to learn more and to get some pics emailed to you, just email me first. I usually respond within 5 minutes. Have a great day.