I am pleased to announce the sale of 1618 Mountcrest Ave off of Queens Road in the prime Sunset Plaza section of the West Hollywood Hills. My client and I had been looking extensively for a major view home in a prime neighborhood that could be totally slicked up in the next couple of years for under 1 million. Let me tell you, this was not an easy thing to find and when you do find that rare diamond that meets the above criteria, you have to pounce immediately.
I don’t think the photos convey just how explosive the views are. Looking at an unassuming front exterior, one would never guess that there is a four story drop dug into the hillside showcasing unobstructed panoramic views of Downtown LA, Century City, and the entire Los Angeles basin below. Built in 1989, the house is very much move in ready as is. With three bedrooms, 3.5 baths, and just under 2000 sq ft, the floor plan is quintessential hillside living. Every floor/room (with the exception of the bottom floor) has a massive balcony that perfectly frames the jetliner views that encompass the LA fantasy.
Within the last 6 months, I have found that there is obviously quite a demand for these type of REO/bank owned properties. The property was listed at $921,000 and within 7 days there were 8 offers, half of which were cash and as the “Sold” price clearly shows, substantially over list. REO deals in the past have been very quick and easy! Since the Dodd Frank Act, we had acceptance right around the time I left for London in early December and we just recorded yesterday. Side note: When considering purchasing a well priced REO or Short Sale that clearly is going to spark multiples (I am currently in escrow on a short sale I listed and I had 7 offers within one day of showing), come prepared, and do the following things if you are in it to win it: 1) Cash is always king. These escrow are getting harder to close and there is a major influx of cash buyers right now with foreign money looking to scoop up these properties. 2) Keep your contingencies short and your escrow period even shorter. Cash buyers should go in with 14 day escrow periods after bank acceptance if you want to grab the property. Try to conduct your buyer investigations immediately so you know up front the condition of the property. The disclosures are very limited from the banks as they have never occupied the home nor know much about it. We have to put on our detective hats and dig deep to make sure your buying the real deal. 3) Hire Rich Kids Real Estate…having learned from the master of multiples when I was an assistant way back when, there are certain things you can do in advance that will make your offer an even more appealing prospect to the bank. I typically always win multiples..there is a strategy.
I really had to stay on top of this one 24/7. I was in London/Berlin, my buyer was in Mexico, and my transaction coordinator was in Prague. Rich Kids international style, baby…that’s how we roll. The synergy of my team, along with amazing listing agents (Sam Villeda and Rick Beck of Coldwell Banker Sunset Strip) were essential in making this tricky deal happen.
I would also like to give a heart felt thanks to the Royal Gardens Hotel in Kensington London for having a 24/7 business center that was open Christmas Day and allowing me to use your Royal printers/scanners even though I was masquerading as a guest to use your facilities (my flat didn’t have a scanner)…you guys were uber cool and thank you for not charging me the 100 quid I probably would have racked up in there. Even though we were all working on Christmas Day, we had some laughs and it was a fun experience!!
Lastly, I give major props the best clients in the world! Thanks D for being so loyal after 7 years (how can it be this long since I am only 25…was I really practicing real estate since 18…maybe, maybe not, lol). Here’s to adding another amazing property to your Los Angeles portfolio!
Fantastic clients, an awesome closing on a killer home, and a new property in escrow all in January. I’ve got a feeling 2012 is going to be pretty epic!!!!
Love the house? You can live it! We are now looking for a 1 year tenant, $6500/month for a 1 year lease unfurnished or a 6 month fully furnished lease also available (terms on that can be discussed) ready to go ASAP. More to come!