Kendyl's Open House

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Today is a little light- hearted fun for your Wednesday hump day!

Have you been wondering how the sub-prime mortgage market collapsed?  Well here’s a little slide show to help you understand just what happened and who to blame :LOL:

Warning - the presentation is very clear and concise - but it is also profane and funnier than heck!  Do not click through this presentation if you are easily offended! You’ve been warned. (p.s.  If you are youth-challenged and need bigger slide show, click on the button at the bottom right of the slide show screen.  The slide show will open to full screen size)

August was a slow month in Glendale Real Estate sales.  Above the 134 we saw very few buyers and very few listings.  But, we should remember that homes are not just financial vehicles.  Homes are, well, homes and everybody’s gotta live somewhere, right?

1217 Virginia - this REO is located right across the street from the Kepple schoolyard.  The agent used the “price it really low and get multiple offers” strategy and it certainly worked, selling more than 10% over the list price.  My opinion is that $525k is a respectable price for both the buyer and the seller.

2215 E. Glenoaks is at the complete opposite end of that strategy spectrum.  This seller went with “price it high, we can always come down” idea.  Ok - they started out nearly a year ago at $684,000 and stayed at that price for 4.5 months.  Then they listed with a seasoned professional who took the listing at a lower price and when that didn’t work, got them to lower again.  Result?  The seller got 17% below their original ask and they went through over 200 days of strangers traipsing through their home.  What would have happened if they had listed at $569,000 back in October 2007?

3439 Angeles was a probate, no court confirmation needed.  This means the process is pretty much the same as a normal sale.  This seller started at $795,000 and reduced every 30 days until sold.  They reductions were quite significant, too.   It’s been proven that if you reduce your price by 10% you are likely to get a sale.

2975 Santa Rosa is another “normal” sale.  The house was unremarkable, but the location was certainly nice.

And here is your “pretty” for the day.  2157 Patagonia is in the Sagebrush area of La Canada - this is the part of LCF that belongs to the Glendale Unified School district.  This long and low slung rancher is a a huge lot and nicely presented.  It sold in just a few days.

Yes, this is a Glendale Real Estate blog, and after today we will get back to our regularly scheduled real estate stuff, I promise!  Now, however, are the pictures from our Avon Walk for Breast Cancer.

If you want to see my comments you can click on the icon on the lower right hand corner, the one that looks like a box with arrows pointing toward the corners.  This will open up a full screen and then click the “info on” button at the middle top of the screen.

My buddies and I walked 39 miles and raised over $20,000 for Breast Cancer research, while the entire Los Angeles event raised over five million dollars ($5,000,000!!!), the most ever raised at the Los Angeles event.  Much of this money stays right here to help undeserved women get mammograms and to fund local cancer research.

Thank you to all that donated and/or gave me words of encouragement and support.  I could not have done this without you.

Another busy week of new listings, here in Glendale, “Above the 134″.  Many things are breaking loose from  in our stagnant way of life - interest rates are moving (down), Buyers are moving (and finally making offers) and sellers are moving (up to the next house).  This is all very good.

There are 13 new listings this week, below are the ones I find “notable”.

Now, I am pressed for time, my little chitlins - as I have to get ready for the big Avon Breast Cancer Walk tomorrow!!!! (**gasp**).  So, I’m just going to hit the highlights for you.

Davis is one of those little streets below Glenoaks and just after Grandview.  I find it a little sad that the listing agent (and she is not alone, by any means) feels compelled to tell everyone that this is not a distress sale.  Many buyers (and many agents) will walk into the most gorgeous of homes and the first thing they say is, “is this an REO or short sale?”.  This is so far from reality.  We have 13 homes this week and not one - not a single one!- is short or REO.

1459 El MIradero is my pride and joy listing.  I’ve already gushed quite a bit on that one.  843 Cumberland Rd. is a fantastic value.  Great space, lot and location.  Jack - have you seen this one?  You should.

1159 Highland is my former, personal house.  I love that house - and not just because I had my babies there.  This home has fantastic character and charm, and the floor plan is terrific.  The price?  Not so much.

1321 Virginia has a huge lot and a guest house.  If the 1825 Sf includes the guest house this is an ambitious price, on paper.  However, it is a wickedly cool house from the curb appeal.  Gotta go see.

3416 Las Palmas is in the adorable and desirable Sparr Heights area.  The “in crowd” knows this is the neighborhood just below the Montrose Shopping area.  (See?  Now you are part of the “in crowd”!).  This is typically adorable, quaint and a ton of money per square foot.  The village lifestyle doesn’t come cheap, baby.

That’s all I have time for today.  If I don’t post on Monday I’m probably languishing in bed - recovering from my “walk” (walk 39 miles.  how hard can that be?  it’s not like we’re running or anything, right?)

Toodles!!!!

Do you love to watch HGTV?  There are so many shows that deal with the process of buying and selling homes.  This means, as a nation, we find this drama compelling - and it is high drama, make no mistake.  I have a front row seat, each and every day.

Last night I saw “Buy Me”.  It was like watching a slow motion train wreck.  Awful and horrifying, but I couldn’t look away.  This episode dealt with a young man who needed to sell his bachelor pad in a very dodgy neighborhood before his adjustable loan zoomed higher than his monthly paycheck.  Here are some of the “train wreck moments”

• Admits on camera that he is trying to “fool” the next buyer

  • The young man talks about how he bought this home in winter when the streets were quiet.  When spring came along, the bums and gangs and undesirables came out in droves and he realized he had made a mistake.  He plans to sell in winter so that the next buyer will also be fooled.  This is 16 different kinds of stupid.  If he actually sold the home, do you think the new buyer is going to be happy to see this show?

• Hires his friend who just got his license

  • A small home, in a challenging area, with a financial disaster deadline is not a good first project for a new Realtor!  On top of this, you can clearly see how the situation affected the friendship as time wore on.  Bad News Bears!!!

• Sets the price too high - foolishly tries to go for a profit.

  • Considering all the negatives disclosed on camera, there was no reason to try to goose the market!  He should have priced aggressively and gotten out.

• Waits 6 months to reduce the price - 6 MONTHS (’Nuff said)

Ultimately he takes the home off the market, breaks relations with his Realtor friend, refis his adjustable loan and has his girlfriend move in with him.

Buying and selling residential real estate in Glendale is high drama for almost everyone.  Your house is a huge part of your life and your finances.  Don’t make these mistakes.