The Santa Monica Income Market is on fire! Properties are gone with...

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/4kVD

The Santa Monica Income Market is on fire!Properties are in Escrow within days!

The investors are swarming on income properties in Santa Monica, Especially those properties, that are close to the beach and need some work are in high demand.

I have noticed that there are some listing agents who must know some of the property owners, since they are not in the West Side Multiple Listing Service they are just reciprocal and have out of area contact information such as telephone numbers. This I do not begrudge, it is simply a matter of relationships.

I am still a firm believer as hot as the market is we should have photography and description which enhance the property. To some of you who read my post might find these pictures entertaining....I personally find this offensive and disrespectful to the potential buyers, their agents as well as the seller they are representing.

Keep in mind this income property is listed at $1,800,000.00. Would you have done something differently than this listing agent? Let me know where I am going wrong. Please focus on not just the description but the photos as well. 

 

STATUS:  Active ADDRESS:  2438 5th Street , Santa Monica ,CA 90405 LP:  $1,800,000

 Add'l Photos
   
RESIDENTIAL INCOME DOM/CDOM: 3/3 AREA: (14) Santa Monica MLS#: WS14154640MR LD: 07/18/2014
APN:  4287-007-031 ADP:  STYLE:  MAP:  SP: 
NUM UNITS: 3 APX LSZ:  6,032 POOL: No CVD PKG:  SD: 
SUB:  APX SF: 3,055 APX LDM:  TRASH:  $0 NUM PKG: 5
YB: 1923 GI:  GRM:  SCHED/ACT:  WATER:  $0
RC:  GOI:  CAP:  TAXES:  VAC: 
CONST:  AOE:  INS:  $0 GRDN:  MGMNT: 
NUM STO:  ATE:  ELEC:  $0 MAINT:  POOL EXP: 
ZONE:  NOI: $0 GAS:  $0 MGR:  ELEV: 
ASSED IMP VAL:  ASSED TOT VAL:  ASSED LND VAL:  LT: ERS/L

Type Number of Units Bedrooms Baths Furnished(y/n) Revenue
Unit 1 1 3 1.00   $0
Unit 2 1 2 1.00   $0
Unit 3 1 2 2.00   $0

DIRECTIONS: West of Lincoln, North of Oceanpark
REMARKS: Location location location! 3 Santa Monica units to be delivered vacant. 5 blocks from the water. Ocean park area, Main Street shops and entertainment walking distance. Total of 7 bedrooms, with 2 upstairs lofts, 3 car garage. Needs some TLC.  

 

Now if you are looking for proper representation selling or buying income properties, please reach out to me directly

 

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Playa Vista, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

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Ambassador
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Come on baby light my fire Endre! Excellent advice on getting into an income property in Santa Monica. 

Jul 21, 2014 02:07 PM #1
Rainmaker
3,222,426
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Thank you Noah...

Jul 21, 2014 02:49 PM #2
Ambassador
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Endre, This listing is pretty rough and it is hard to believe it is  investment quality especially where it is located. How much could a little paint and flooring cost. The way this listing is presented is very poor and looks like a quick call and then "next"  type of attitude. 

Jul 21, 2014 04:13 PM #3
Rainmaker
3,222,426
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

William I am so with you five blocks from the ocean.... how about some descriptions...Endre

Jul 21, 2014 04:46 PM #4
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

With a market as hot as this, I suspect there's a some sales that are happening that could have generated more for the seller with the proper marketing and representation.  

Jul 21, 2014 09:25 PM #5
Rainmaker
5,467,017
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home buyers and home sellers have an advantage when they use a local agent that really knows the current conditions.

Jul 21, 2014 11:38 PM #6
Ambassador
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I liked Santa Monica before I found out it was a hot income investment property Meca. Does that make a strange...

Jul 22, 2014 03:00 AM #7
Rainmaker
1,124,544
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Endre - It's a shame that agents who put not effort out for their clients continue to get listings!  I hope sellers that expect and want more from their Santa Monica agent call you for help!

Jul 22, 2014 06:49 AM #8
Rainmaker
2,050,942
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Endre, 

Income property is no different than a home in my mind. Good quality pictures, video and full data should be at a min. provided. Some Realtors are very lazy and I have no idea how they get any business at all. Of course you are the main go to guy in LA.. 

Jul 22, 2014 07:05 AM #9
Ambassador
942,152
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Endre, you are the realtor to contact for income property in Santa Monica!  Beach front property with income potential or near beach front propery with income potential is Endre Barath's specialty!

Jul 22, 2014 10:28 AM #10
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

They look like they are selling a front door. Not a good presentation at all.

Jul 22, 2014 12:11 PM #11
Rainmaker
3,222,426
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well thank you for everyone's input the good news is as you can see from the link at least the pictures are not sideways anymore...progress....I guess, Endre

Jul 22, 2014 12:14 PM #12
Rainmaker
1,333,998
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Endre - I agree, no matter how hot the market is I ALWAYS want to create the best first impression, not only do I believe this will help obtain top dollar, but it also shows potential sellers that I'm not lazy and just sticking their home in the MLS in a hot market.

Jul 26, 2014 11:38 AM #13
Rainmaker
2,050,942
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Endre, I know you must be very busy and hopefully making lots of cash money in the process. Take care and I hope yoy are having a good weekend. 

Jul 27, 2014 04:39 AM #14
Rainmaker
732,878
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Hi Endre, sounds like your Summer is busy with some robust market activity! I agree that even though market is active, photographs is still a must to showcase the property!

Jul 27, 2014 11:52 PM #15
Rainmaker
5,467,017
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you are closing more than your share of income property deals.  Have a most productive summer.

Jul 30, 2014 10:09 PM #16
Rainmaker
536,699
Mark Don McInnes, Sandpoint
Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Hello Endre,  I agree so much on the pictures.  1.8? and that is the best effort put forth.  I work expireds and it is one of the first and biggest items I most often can bring up to get my foot in the door.  What happens up here a lot of the time will be an Bank Owned coming on the market with ONE picture only.  Irritating as all get out.  Means we have to spend time that could easily been saved with a few pictures.  Well thought post.

Aug 01, 2014 03:36 PM #17
Rainmaker
519,075
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Endre ... It is amazing and good that the Santa Monica income real estate selling market is on fair as you say.  If an investor buyer can get a nice property property there with good tenant possibility and ROI, now is the time.

Aug 03, 2014 07:31 AM #18
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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