Good news for all of us, Realtors must now submit at least one photo of a residential listing in the Multiple Listing Service (MLS) or face a fine!

This just in from SFV's Cris Net (MLS):

"Each residential listing in the MLS shall have at least one photo, to be submitted within five business days of the listing submission.  Failure to comply will result in an assessment per the MLS Rules Assessment Fee Schedule."

In addition to Realtors, and home buyers, I think this will also make my real estate photographer Michael Hillman happy!

        

Selling or buying a home is stressful and when escrow doesn't progress as it should it can be a nightmare.  This question from my weekly Real Estate Q & A pops up frequently: 



We sold our home a month ago and escrow was supposed to be 30 days long.  We just learned that the buyer is not ready to close escrow and still has not secured financing.   We are packed and only waiting on the buyer.  What do we do next?

JC North Hollywood

Dear JC,

In order to close escrow on time, certain events need to occur.  The two primary events are the loan approval and the buyer’s approval of a physical inspection.

When representing the seller, I like to see the following “good faith efforts” take place:

1) Buyer’s deposit is transferred to escrow (and the check clears)
2) Buyer makes loan application with a lender, appraiser contacts the listing agent for access to property to conduct appraisal
3) Buyer pays for and hires a physical inspector and buyer removes inspection contingency in writing

The above steps show the buyer’s seriousness in proceeding with the purchase.  Please talk with your real estate agent and see which of these steps have occurred. 

If all of the above has occurred, perhaps your buyer is simply having difficulty obtaining loan approval.  Most lenders have dramatically changed their underwriting criteria; some lenders are having money troubles and don’t have the funds available to close escrow.  Your Realtor might try contacting the buyer’s agent and lender to determine if the hold up is simply a delay or if there is a problem obtaining the buyer’s requested financing, and if so, what can be done.  Once, the lender has been contacted, you should be able to make a decision as to whether you need to remain patient, or (worse) consider canceling escrow and putting your home back on the market.

        

As mentioned in my previous posts pertaining to the Americana's prices for rentals and sales, I think the prices may be a bit optimistic. Reporter Linda Coburn called me and quoted me in her article.

Parking, Housing Pivotal for Project
Americana’s Two Challenges
READ IT HERE: SAN FERNANDO VALLEY BUSINESS JOURNAL STAFF

        

First there was FantasyLand, now there is AmericanaLand;  if you like people watching, you have found a very interesting venue at Glendale's Americana at Brand.

I have been waiting for the hoopla to diminish prior to visiting Glendale’s Americana.  Saturday evening, my husband George and I wanted to venture out for dinner and we decided we were game for the Americana Adventure.  Traffic on Brand wasn’t as heavy as I anticipated, there were attendants directing traffic into the Americana lot so parking was easy; there are numerous attendants, just like Disneyland pointing you in the correct direction.  Once parked, we walked to the escalators and three very crowded flights down led us to an even larger throng.

We checked out Kiehls, but as I recently purchased a gallon of nail polish remover for $6.00, I was not in the mood for upscale shopping - nothing was purchased.  There appear to be a few more restaurants and stores to open; there was a power outage in the Cheesecake Factory’s grid, no dining there. There was a line at Jewel City Diner and at Wetzel’s Pretzels.  The lines and crowds were very much ala Disney on a bad day.

Parking is free for the first hour and as there was nothing there to hold our attention, we made the free deadline and then headed to Billy’s Delicatessen for a delicious deli sandwich.  

I am sure I will attempt the Americana again; Saturday evening at 5:30 is most likely peek voyeur time.

        

We have foreclosures in our listing inventory.  The foreclosures are a result of homeowners walking away from their financial  obligation to the lender. The bank is not being paid and the bank forecloses.  Not all of these owners are “voluntarily” walking away, but if they aren’t paying their loan, what do you call it?

Both the New York Times and the Los Angeles Times are out today with lengthy stories questioning whether the much-discussed "walking away" trend -- you might also call it voluntary foreclosure -- is a real event or a suburban myth. Both stories conclude that there is no good evidence to support the notion that more and more homeowners are making an economic decision to give up on their homes without a fight.

        

For years my mother was a housewife, and after the “kids were grown”, my mother, Joyce Serra became a very successful real estate agent.  She  retired in 1989 when the real estate market and her career were both on a high note.  She and my father relocated to Washington State, where they presently reside.

My mother taught me many things about life, but she also taught me how to be a better Real Estate agent.

She proved to me that in an escrow, when both buyer and seller get along, it is best (smoother transaction) for my client.  That sometimes in real estate it is better to give than take, and by giving, the other party will give too – or at least behave more considerately.

My mother taught me that buying or selling a home is a very stressful experience and that our clients are at their worst during this experience. She taught me to stay calm, which keeps my clients calm… no stirring the pot.

She reminded me of the Golden Rule, to treat others the way I want to be treated. 

Happy Mother’s Day, Mom, I love you and am grateful to have such a special mother.

        

When you hire a Realtor, you expect them to put forth their best marketing effort. I employ a photographer who takes at least one photo of each room, then Natalie and I select the best photos.  The photos are then used on the Internet (MLS, Realtor.com, our real estate websites, DP's website, etc.) and of course print advertising.

This home didn't sell (surprise!) Here are a sampling of the photos their agent used for the Multiple Listing Service (MLS): 


I ask my clients to have the cars removed from the driveway prior to taking the photos. With two cars in the driveway you may wonder if there is any parking on the street.
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I can't imagine why their Realtor chose this photo __________________________________________________________________________________________


Home includes a TV antenna
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I have used photos of walk-in closets before, but what is the point of this picture? And where are the closet doors?
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What is this supposed to tell the buyer? __________________________________________________________________________________________


This one is my favorite!!!   - I think a little home staging is needed here!
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Sometimes even the "best" homes don't sell

        

Lovely home, but always a hard sell.  Known as Kolonialvue, this 1930’s jewel offers 6 bedrooms, 5 baths in over 7000 sq ft on nearly an acre.  Unfortunately the home is sited on a flag lot (built behind another home); which is likely the reason that it is always such a hard sell. 

MLS Stats
4/02 $2,197,000 168 days on market, listing expired (didn’t sell)
Relisted 12/02 and sold for $1,950,000 1/03

On the market again in March, 2004, asking $2,495,000, 36 days on the market and then canceled
Relisted in May and sold September, 2004 for $2,375,000

On the market again for 94 days in June, 2007 $3,750,000
Relisted and has been on the market for 85 days at $3,295,000

        

.....Affordable compared to the Westside's prices. Some love a view, other's love the convenience of high rise living; there are a variety of local options available:


Los Feliz:
Mid Century architecture is evident at Los Feliz Towers (there are two towers); constructed in 1966, there are 196 units; association dues are approximately $550 monthly
Building Amenities: heated pool, gym, saunas, door man
Best Buys: Unit 905, 1 & 1 (812 sq ft) amazing views can be yours for $599,000 updated kitchen and bath.  If you don't require a view... unit 203 is for sale for $399,000 (similar sq ft & updates)


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Glendale:
I have always liked the intimate “club” feel of Monterey Towers. Constructed in 1982, there are 82 units; Association dues are approximately $700 per month.
Amenities: Pool, spa, gym, sauna, recreation room, 24 hour doorman, guest parking
Best Buy: Unit 803 is lender owned and available, (always try to go for the higher floors for the best views) 2 & 2 $519,000
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Glendale’s other high rise; Park Towers emits a “high end resort vibe”; Park Towers has two buildings, built in 1988, there are 190 condominiums; Homeowner’s dues are approximately $600 per month.
Amenities: 2 pools, saunas, spa, (male and female) gym, 2 tennis courts, billiard tables, recreation room, impressive lobby w/24 hour doorman, guest parking
Best Buy: Unit 1403 2 & 2 (updated kitchen and baths) $498,900
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Pasadena:
Built as a grand hotel in 1898 and designed by Frederick L. Roehrig, the Castle Green boasts Moorish Colonial and Spanish architecture. There are 50 residences and Association fees vary based on square footage, dues range from approximately $450 - $1000 monthly.
Building Amenities:
Doorman, elevator operator and use of the Castle Green's public spaces
Best Buys: If you believe “less is more”, unit 404 (photo below) 1 & 1 with 639 sq ft is available for $545,000, if you desire more square footage; unit 610 is available for $799,000 (1223 sq ft)

        

For years, El Tovar signified mansionization in Glendale. Continually mired in controversy, Glendale’s El Tovar has been relisted in the multiple listing service (MLS) for $3,950,000.  According to the MLS, “The home has been vacant since 1998, and there is deferred maintenance. Property is fully compliant with city code as of 2003 and has a Certificate of Occupancy.”

Back in 1996, city government was rocked by scandal when residents alleged that the builder, a former member of the Board of Zoning Adjustments, was able to get special favors from city officials. That's why, residents claimed, the builder was able to build a 13,700 square foot home, when he only had a building permit for 8,000 square feet. 

Sounds fairly priced considering it’s 14,000 square feet with 8 bedrooms and 10 baths, on over an acre. However, MLS records indicate that Glendale has not had a $3,000,000+ sale since 2006; the average home sold in April was $735,894.  Remember the adage,  “that’s its best not to buy the most expensive house on the block”?