Rich Kids has been slammed this winter, which has been such a wonderful blessing. With that said, I excited to share my newest sale which was a real steal of a deal and a double banger, if you will (that goes out to my friends GC and RG at GB) at the Rob Clark. What was especially dynamic about this sale is that although I have done many short sales, I took it upon myself to also be the negotiator on the deal directly with Wells Fargo. Side Note: A short sale is when the owner is underwater on the property and needs to unload due to financial hardships. Many people who bought during the boom of 2005-2008 got hit with this problem. When the owner can no longer afford their payments or life circumstances change, they will ask their lender about the possibility of short selling. The lender essentially grants the owner permission to sell the property at current market value absorbing the difference in what the owner purchased for and what it will ultimately sell for.
Most agents will outsource this aspect to a full time short sale negotiator. As a broker, I thought I would try my hand at it. This is the beauty part of working in real estate – nothing stays stagnant, no deal is ever the same, and their is something new to learn from every sale. I have to say that as far as short sales go, this could not have been an easier transaction. I had one open house at the property, received 8 offers (half of which were cash) and well above the listing price as you can see. We had bank approval in under 30 days and I was able to close this transaction in under 90 days from the time of seller acceptance. Typically a short sale can take anywhere from 90-120 days (sometimes up to 6 months) with many bumps along the way. What I liked about being on the listing side was that I was in complete control of my dealings with the banks. Daily follow up is required as well as keeping all documentation clean and concise (thank you, thank you Lou Nanquil of WestSide TC Services – you are the best in town). I also have to give mad props to all parties involved. Without the synergy between the seller, listing/buyer’s agent (which I happened to be both in this case – best synergy a boy could ask for), buyer, and the bank things can quickly turn into fuster cluck very quickly. Add in the fact the unit is also tenant occupied and you are really asking for it. I always brag about how lucky I am to have such amazing clients and this deal was no exception. Everyone worked together, my buyer is keeping on the tenant who is amazing, and the seller felt like the weight of the world was lifted off of his shoulder. There is no better feeling than when you can make everyone happy!
Many of you know that prior to starting Rich Kids Real Estate Group, I was the senior sales person for The Rob Clark condo project through Hilton and Hyland, just one block from the heart of the Robertson shopping district. I came in at year two (2007-2008) replacing another amazing sales person who left for NYC to pursue a very high end condo development. The Rob Clark is one of the coolest buildings in town – not just because the units are beautiful or it’s literally the best location in LA, but truly because of the people. I’ve been in 1 million condos (that’s an exact figure) and I have never met a cooler bunch of residents than that of the RC. In summer 2008, they actually did an article in the LA Times about the building being the real life “Melrose Place”. Especially if you are new to town, you will definitely make friends here. People have little get togethers in their units, there’s the pool crew on the weekends – it’s truly a special place! Curbed wrote this great piece making fun of the LA Time article entitled “You May Not Be Cool Enough to Live Here”: “Last month, we sort of mocked the Los Angeles Times‘ story on the Rob Clark, an article that suggested the new Los Angeles condominium building on Clark Drive–and its friendly, attractive residents– was a “Melrose Place” episode come to life. But after visiting the building last weekend, we must amend all past comments. The residents are super-friendly. And they are attractive! And not in some douchy, fake Hollywood way.”
This is what I call one of my “slam dunk portfolio builder properties”, of which I have four of in my back pocket for investors at all times. Although the Rob Clark has been plagued with short sales over the last few years due to some unfortunate timing, it has always stayed consistent in rentals which there is never (or very rarely) a lack a demand for. On a unit like this, you are looking at anywhere from $2100-$2300 month to lease out, a studio hovering around 500 sq ft around $1900/month, and a 1+den around 740 sq ft anywhere from $2300-$2800/month. The location is one of the best in LA. If you can get your hands on a unit like this with the plans to hold on to it indefinitely, there is some nice passive income to be made and ultimately even more ROI upon selling years down the road (if my crystal ball is working…you never know – it’s touch and go). My buyers own several units in this building as well as my other slam dunkers. Another advantage to this building is the the HOA fees are about $250/month which includes water, gas, and trash.
Congrats on the purchase, J. You have been an amazing client and I look forward to many more deal down the road. D – You are DUNZO!!! I can only imagine how good it feels to be done with the process. J – I hope you enjoy many more years in the building and I sincerely thank you for being so accommodating when many tenants would not be. Last but not least, thank you to Sue Nichols and Luis at Granite Escrow Beverly Hills. I appreciate you always being there when I needed an answer!!!
141 South Clark Drive, #312, Los Angeles, CA 90048 – 1br/1ba, Roughly 640 Sq Ft – List: $295,000/Sale: $312,800
Live the real life “Melrose Place” experience as quoted by the LA Times in this large 1br unit at the Rob Clark. Walk to The Ivy, Chanel, D&G on uber trendy Robertson Blvd. Dark hardwood floors, custom closets, window treatments, 2 side x side parking spaces (rare), tumbled stone gas fireplace, kitchen with stainless steel appliances. Bathroom includes Wenge stained vanity, quartz counters & glass tile shower. Stunning lobby, trainer’s gym, and resort style pool. Short sale – great opportunity in a killer location.