I feel compelled to write about this topic after a conversation I had with a girlfriend over the weekend (and many similar conversations over the years). We have a mutual friend that is a single and very successful executive in the entertainment industry who I would imagine makes a good salary as well as enjoying the financial and job stability benefits of a corporate career. For many, this is exactly the scenario we need to feel comfortable moving forward with a significant purchase, such as buying a home…but her feeling is that she is missing a key element, which is a husband. To be clear, I want to share that I truly believe that not only do we create our own reality, but that whatever is true in our heart is TRUE. So I’m not using this story as an illustration of why this woman is wrong in HER choice, but rather; why I feel like this is not the most financially sound choice for both men and women. As a renter you are paying someone else’s mortgage that over time builds financial appreciation (equity). Do you want to build your own piggy bank or do you want to build someone else’s? Do you want to create your own financial independence over the course of 5-30 years or someone else’s? These are questions to consider when you decide to be a renter or an owner and these are questions that I ask you whether you are single, married, or somewhere in between. Why wait for Prince Charming or Cinderella to arrive when you can become financially stable and strong in the interim. I truly believe that property ownership is a great way to build financial wealth and stability. I would be happy to discuss this with you, your partner, or your family….just do me a favor, don’t wait for someone else to create your OWN beautiful, full, financially stable,and happy life. Love.
I’ve noticed this trend the past couple years that some homeowners think it is better to sell their home as a ‘pocket listing’ than on the Multiple Listing Service. For those of you that are not familiar with the term ‘pocket listing’; here is a quick explanation. A pocket listing means that your home is listed with a realtor, but that it is only shown to other realtors that your real estate agent chooses to show it to (i.e. his or her friends and clients). Hmmm, let’s think about this a minute…what is the advantage of your home only being shown to a handful of other agents that also happen to be good friends with your agent?? I can certainly see the advantage for the prospective buyers of these agents because they could procure a property at a significantly lower price than if the property was marketed to millions of people. Remember this — The level of exposure and marketing that your property receives directly correlates to the ultimate selling price. This is why I am adamantly opposed to pocket listings for my clients that wish to sell their home. My goal is to net my clients the maximum selling price, after all; this is my fiduciary responsibility as a listing agent. Pocket listings are a great deal for buyers and a lousy deal for sellers. Don’t fall for this one, sellers. You deserve to have your home professionally marketed by an ethical and trustworthy real estate agent…don’t settle for anything less.
Each week I run a report that shows me what homes have closed escrow (SOLD) and the selling price in the Palisades, Brentwood, and northern Santa Monica….and I have to tell you, I am blown away at the prices I’m seeing. Some properties are going for upwards of 10% over the listing price after being on the market for less than a week. Even properties that have languished on the market for months sometimes close escrow for 5% less than the asking price. Here are some stats that may be of interest to you:
1151 Embury St. Pacific Palisades: Listed at 1.7mil and sold approx 1.92mil
1774 Michael Ln. Pacific Palisades: Listed at 1.5mil and sold approx 1.55mil
721 Georgina in Santa Monica: Listed at 3.1mil and sold approx 3.25mil
2520 Alta in Santa Monica: Listed at 1.2mil and sold approx 2.3mil
130 N. Bristol in Brentwood: Listed at 5.8mil and sold approx 5.76mil (on the market since January!)
A 9,464-square-foot estate down a quiet lane on Evans Road in Pacific Palisades could be yours for a grand total of $13,900,000. It’s been on the market for 242 days.
The nine-bedroom, 10-bathroom home at 14209 Evans Road has more than two acres of park-like grounds with grassy lawns, championship tennis court and a tropical pool with cabana.
The single-family home features two attached guest suites and a spectacular guest house. The public rooms include a spacious gourmet kitchen featuring top of the line appliances with two large eat-in areas and a wall of pocket sliders opening to the front patio.
The estate is only minutes from the Palisades Village, Montana Avenue or the heart of Brentwood, yet has uncommon serenity and privacy.
via – Patch.com
Live like a NBA star in the Palisades for just 45k….per month. 🙂
Looking for an incredible Pacific Palisades celebrity home? Well, if you can afford it, the Miami Heat’s Chris Bosh put his home up for $45,000 a month, according to Celebuzz.
Bosh, part of the 2012 NBA Champions and the “Big Three” along with LeBron James and Dwayne Wade on the Heat, resides with his wife in a $12 million home in Miami Beach.
The mansion, dubbed Villa Cielo, is 10,755 square feet and includes six bedrooms and eight bathrooms. It also offers views of the Pacific Ocean.
via – Patch.com