Friday, December 1, 2017

7 Surprising Los Angeles Real Estate Predictions for 2018




Los Angeles is now a world class city. The LA Skyline was voted 2nd best in the USA


The most amazing thing about the following prognostications regarding the Los Angeles Real Estate Market in 2018 is that economics 101 is driving every single one of them. Here’s the list. The detailed explanations follow.

1.     Prices of all homes in all price categories in all neighborhoods will continue up

2.     Rents will also be up, except maybe in DTLA

3.     Mortgage interest rates will continue steady at least through April

4.     Inventory of homes for sale and rental units will be similar to 2017. Extremely limited

5.     Inglewood and Hawthorne will be the next cities to gentrify

6.     The working poor will be forced out into the Inland Empire

7.     DTLA to WLA will become like San Jose…almost recession proof

If you are interested in this article, then it is likely that you are actively watching the real estate scene in Los Angeles. If so, you might think the above seven predictions aren’t all that surprising. But if you are a residential real estate owner, or you plan to either buy or sell in this market, then you might be looking for confirmation of your own ideas of what lies ahead.

Silcon Beach exploding with tech companies https://uclavcfund.files.wordpress.com/2014/11/page1image14392.png
For the most part, this article will examine the Los Angeles market from Down Town Los Angeles (DTLA) to the beaches and from Malibu to Seal Beach. Neighborhood south of DTLA the 10 fwy) are under pressure to gentrify, but there is political pressure to stop that from happening. The neighborhoods east of DTLA will all be inventory challenged, but not in the way that we will continue to see in the DTLA to Santa Monica area.

If you agree with this list, or if you disagree in whole or in part, we’d love to see your thoughts in the comments.

1.     Prices of all homes in all price categories in all neighborhoods will continue up

At the core of all markets we know that supply, demand, and price are forever linked. If supply outstrips demand, prices will fall. If prices go up to far, it creates downward pressure on demand. We have not reached either of those points yet. Whether you define the neighborhoods under discussion as the Wilshire corridor, the 10 fwy corridor or maybe, more expansively, Silicon Beach, the lack of land available for development is not ever going to change.

Los Angeles has no place left to build except to increase density
When there is no land available, supply can only be increased through leveling existing property, and that is happening. However, it takes far longer to increase residential units by increasing density than it does to develop raw land. Therefore, it seems likely that Silicon Beach will mirror New York City or San Francisco. When the land is virtually 100% developed, prices resist downward pressure except in the most extreme recessions.

Los Angeles 3rd highest Nominal GDP


The other side of the equation is demand. Los Angeles has finally become a world class city. Through a bit of luck the necessary combination of location, culture, educational facilities, and infrastructure have all come together in the last 10 years. You could say this happened when the tech industries closed the gap between Santa Monica and Marina Del Rey. Everyone knew that someday Venice beach would have to gentrify. When that happened and Playa Vista was developed simultaneously, Silicon Beach was born, and the entire region was impacted.

Now the demand for housing comes from the tech influx in addition to wealthy international buyers who want a home in the newest world class city. For this demand to drop would require a huge international recession. And, of course, these are generally short lived. One could imagine prices being shaved for a short time by 20 – 30%, but they would inexorably begin up again after the recession ended.

Price pressure is the third component. The prices might get so high that the rational buyer or the incremental buyer is priced out. They’d rather live in Long Beach, San Diego, or some other beach community. Anything is possible, but the prices in these areas are not enough lower at this time to draw folks away from the wide beaches of Santa Monica and Venice. 


Just released! You can add $10,000 or more to the sale price of your home by following the steps offered in this exciting new book by Whit Prouty. Don't be fooled by the current hot market place. How you plan for the sale of your #1 asset will matter. 
Learn about staging and how to price. Get the latest scoop on what you should spend a few dollars on to make the house ready. Learn why the real estate agent you choose really matters. That and much more in this information packed book. Now on Amazon at http://bit.ly/LARealtor




Moreover, the other tech cities along the coast have higher housing prices without the amazing weather, entertainment, cultural facilities, educational options, not to mention mountain and deserts playgrounds. 

2.     Rents will also be up, except maybe in DTLA

Econ 101 tells us about rents as well. Supply, demand price. Then you add in one more component…housing prices. There are two reasons why housing prices effect rent. One is that tenants have the choice to become owners, so there is always an equation that makes that choice more appealing. It isn’t all about finance, of course. There are plenty of emotional and practical elements, too. But the financial one is key even then.

If the economics of owning a home became so much better than renting, then the practical aspects such as length of planned occupancy change. It becomes practical to own even if you only think you’ll be in that home for four years instead of five.

The other side of the rent vs buy story is the landlord’s equation. The cost of the property must be low enough compared to the rent to provide the landlord with an appropriate return on investment. As rents go up, so does the cost the landlord is willing to pay, and vice-versa. 

The same factors driving up home prices are driving up rents. The only place in LA where there might be enough new apartments to meet demand is DTLA. And that oversupply, if it is one, might be very short lived. If developers can’t cross south of the 10 fwy, and the LA City Council voted in November 2017 to make it much harder, there won’t be enough places to build more apartments. But in the short term, there might be a little give back on rents in DTLA.

3.     Mortgage interest rates will continue steady at least through April

Can you find one pundit who, in 2012 or 2015 or even early 2017 would have estimated we’d still be under 5% for 30-year fixed mortgages? But here we are. We continue at these historic low rates, even in the face of Fed tightening and the beginning of the Fed selling off mortgages to reduce the huge overhang of assets that it has been carrying.

Why are mortgage rates still so low, and why might we get another year of only slight increases? Econ 101 again. The folks demand to receive “real” returns on their safe investments of about 2%. So if inflation is at zero, or close to zero, then real interest rates for treasuries and super-secure bonds will be around 2%. Mortgage lenders need to charge more than that, as home mortgages are not as secure as US treasuries.

What is the spread between inflation and mortgage rates. Around 3%. So an argument can be made that interest rates should be closer to 5% with inflation now moving towards 2%.

And there is every reason to believe that this will take place over the next year as the economy continues to heat up and wages begin to climb faster. Wage inflation has been the missing component. To many folks out of the labor market or working way below their skill level. That gap needs to close before wages start moving to where they should be when unemployment is so low. It will probably happen this year or next.

CPI in 2017 - Just barely 2% with recent months lower
So the bond market doesn’t believe in 2% inflation yet. Thus mortgages for under 4%. There is also a supply demand issue for the mortgages themselves. Far fewer mortgages are being written, because home purchases and refinances are way down. This means too many mortgage companies chasing too few mortgages. That is not likely to continue. Markets generally close such gaps.

Figure mortgages around 4% until April when the single-family season heats up. Then we might see 4.5%. If wage inflation hits 2% or more for two quarters in a row, then 5% could happen in 2018.

4.     Inventory of homes for sale and rent will be similar to 2017. Extremely limited

When the market for anything gets really tight, and the prices start getting really high, those who own the thing commonly start thinking about cashing out. After this huge run up in housing prices, why aren’t folks in LA cashing out. The list is very, very long

A.    Where will they move? Housing gridlock. “I can’t sell because there is nothing I want to buy.” It is possible that some wave effect might occur where a bunch of folks decide to sell, and then there’s enough inventory, which opens up another wave. This could happen because of a fear of recession or future downward pressure on prices. This does not seem likely. If you can afford to live in LA, there is not much motivation to leave. If you do want a larger or smaller house, or one that is in another neighborhood, you haven’t increased the local inventory at all.
B.    No mortgage. A very high percentage of the owners in LA have no mortgage or a very low mortgage with very low payments. There is absolutely no incentive to move.
C.     Low mortgage interest rate. No incentive to pay for a new mortgage that might be a point higher than now.
D.    Low property taxes – prop 13. If you move, you are now paying current year property taxes rather than what might be substantially lower taxes.
E.     Cost of moving. Currently it will cost the average owner $70,000 or more to sell an existing $1M home and buy another. For some who bought that same home for $300,000, $70,000 seems like a lot of money.
F.     Been in the house for a very long time. Westside residents, in particular, tend to live in their homes for a very long time. Moving means uprooting friendships, learning new neighborhoods, etc.

We’ve already noted that inventory is not going to grow from new construction. With the exception of DTLA, there is no part of Los Angeles County where building permits are even hinting at the kind of new units that would begin to catch up with demand.


5.     Inglewood and Hawthorne will be the next cities to gentrify

You want a sure bet in real estate. Think back to Venice in 2005. Santa Monica and Mar Vista were sold out. Culver City had the fastest rising cost of housing in the state. Marina Del Rey was sold out. Playa Vista was an old helicopter testing field and wildlife preserve. Venice was surrounded and it was a gang-infested hell hole. Property was dirt cheap and it was walking distance to some of the best beaches on earth. What would one guess could happen someday.

Fast forward to 2018. Venice has the highest cost per square foot for housing in Los Angeles. Playa Vista is sold out and is moving north into the seedy part of Culver City. (homes are only $1,100,000.) Westchester is gentrifying quickly. The airport is being remodeled. The Crenshaw line is being constructed. The forum has new life. The Rams and Chargers will be playing in Inglewood shortly.

City of Champions Stadium will force gentrification in Inglewood and Hawthorne
Most of Inglewood and Hawthorn could use some gentrification. And the owners of the Rams certainly saw the potential for Westward expansion of Silicon Beach. Will it take a year or five years? Hard to know, but there is no place else left to go. This expansion might go all the way to the 10 fwy at La Brea – Crenshaw, but it will start in Inglewood.
Hawthorne also benefits from the stadium and the eastward expansion. In addition, it is also home to SpaceX and the boring company. Who knows what impact Elon Musk might have on Hawthorne as it becomes the starting point for the new car movers under the 405 freeway? Already support companies for SpaceX are eating up industrial property in the area. And you need to house all those engineers and skilled workers.

6.     The working poor will be forced out into the Inland Empire

What do you do if you can’t afford $1500 a month for a bachelor or $2000 a month for a one bedroom in Silicon Beach. You either have to move to poorer neighborhoods, go into the valleys, or go much further east.
The Inland Empire leads by far as destination for buyers leaving primary markets

There are places in South Central that are now improving due to the same pressures that are creating improvements on the West Side; not enough room for the folks who can afford more. Thus those who can’t afford more have to move where the housing is affordable.

There are also places in the Valleys that are more affordable, but only by a few hundred dollars per month. There isn’t really much space to add more housing in San Fernando or San Gabriel. So rents and home prices are high in the better neighborhoods.

Distribution and logistics facilities eating up land in Inland Empire
Where can you go? There’s still a lot of land in Ontario, Riverside, San Bernadino, Moreno  Valley and surrounding areas. But there is an explosion of industrial building in these regions as this area has become the distribution center capital of the US. So 2,000,000 square foot buildings are eating up land in great gobs. Even so, Riverside is currently seeing the largest number of new residential dwellings in the Southland. Housing is only half the cost of West LA in Riverside, and less than that in the neighboring cities. Watch this area explode in the next 5 years.

7.     DTLA to WLA will become like San Jose…almost recession proof

Los Angeles almost averted the 1991 recession. Unfortunately there was a corresponding reduction in military spending which undermined the employment of engineers and skilled workers.

The 2000 recession was caused by the dot com bust, and LA was hit pretty good due to heavy reliance on a broad array of dot come issues.

The 2008 recession hit LA, but not as hard as Phoenix or Miami. If you look at those recessions, the areas that did best were those that had diverse economies and no more land. San Francisco and NYC saw prices drop, but not as much and the rebound was faster.
Hi Tech and Entertainment need one another. They've come together in LA

LA may be reaching that point. The economy is now very diverse. Certainly some kind of tech based recession would hurt. But LA and its neighbors are now the number 1 tourist destination in the world. The entertainment sector is actually being helped by the tech infusion, as the two often need one another.

The distribution centers in the Inland Empire are driving massive increases in the ports and all types of transportation businesses associated with distribution. Will we see hyperloops built to move freight from LA and Long Beach Harbors to Ontario? Will headless trucks be driving in special lanes? Or will drones be the answer?

The future of LA seems secure. Nothing is certain, of course. But it is an exciting time for Silicon Beach.

Buy it at http://bit.ly/LARealtor
If you are looking to buy or sell a home In the Silicon Beach area, Whit Prouty wrote the book. Check out his newbook, “10 Keys to Selling Your LA Home,” on Amazon.com.
You can set an appointment to discuss your real estate needs by calling Whit at 310-777-6302

If you liked this article, you might also like:

http://blog.whitprouty.com/2017/08/housing-gridlock-baby-boomers-staying.html





Saturday, November 4, 2017

Trump Tax Bill change in Mortgage Interest Deduction Creates Almost No Impact on Los Angeles Real Estate


 

Mortgage Interest Deduction Change May Cause Small One Time Effect for Homes Valued Between $700,000 and $1.3M


Don’t believe the scare headlines. The proposed change in the mortgage interest deduction from a cap of $1,000,000 to $500,000 for new loans will have almost no impact on prices of homes in the Los Angeles area. It is true that California will be impacted more than almost any other area in the US., but the impact will be modest, to say the least.

Under current tax law, the mortgage interest deduction is capped at $1,000,000 of loan outstanding. If you have a loan with a balance of $1,200,000, you are not able to deduct the interest on the $200,000. If the interest rate is 4%, you would effectively not be able to realize $8000 per year of deduction, due to the cap. This taxpayer is likely to be in the 33% tax bracket, so the actual cost per year would be $2667 per year.

Under the new rules, the cap would drop to $500,000.  In the worst case scenario, someone buying a home under the new tax plan that required a $1,000,000 loan would now lose the deduction on $500,000 of interest. Again, if we assume 4% interest, that would be $20,000 per year, and if the taxpayer was in the new 35% bracket, the actual out of pocket cost would be $7,000 per year or about $600 per month. So, in the very worst case scenario, the $600 per month difference would mean this individual might now only be able to afford a $1,100,000 home instead of a $1,250,000 home.

On the other hand, someone who can afford a $1M home may not be worried about the extra $600 a month. As you look at the less extreme examples, the affordability difference becomes almost inconsequential. A potential buyer who is looking at a $600,000 mortgage will lose about $70 a month in buying power.

It is likely that there will be some impact on homes between $700,000 and $1,300,000. However, the impact will be a one-time event.

If you would like to review the impact of the new tax bill on your plans with regards to buying or selling residential real estate in California, please call Whit Prouty today for a closer look at your exact situation. Call 310-777-6302

Tuesday, October 10, 2017

Four Simple Ways to Help Your Kids Feel More Excited About Moving

Four Simple Ways to Help Your Kids Feel More Excited About MovingMoving isn’t easy on most adults. There’s the planning and budgeting, packing and storing and so much more. The kids are often easily lost in the shuffle, and they are stressed about the changes, too. Now, it’s not your fault of course, but the truth is, the busier you get with the move, the more they feel overwhelmed and even forgotten. That’s an added level of stress nobody needs. So instead of letting the kids become prisoners of the move, let’s look at a few simple ways to help them feel excited and part of the big adventure!


First of all, if you’re still in the looking phase of buying your home, make sure to include your kids in the process. Ask them what they’d like to have at the new house. Ask them what was missing about this home; not just for their own rooms but for the rest of the house too. Sure, they’re likely to tell you they want a two story water slide, an indoor bounce house or a basement arcade; let them offer up their crazy dreams and schemes! Have fun with their fantasies and let them be playful. Imagine with them. But then take the time to direct the conversation to how they would like to have their bedroom set up. Would they prefer windows or skylights? Is there a feature they want to make sure there’s room for in their bedroom or the living room.
Next, talk about the schools. Tell them about the schools in the area. Drive to the neighborhoods and take a walk around the different streets and get a feel for each area. Do you like it? Do the kids like it? It’s really helpful to explore the potential neighborhoods to make sure you feel at home inside and outside of your home. Schools and the neighborhoods they’re in will likely have the kids playing there as well. If your child likes the school and the neighborhood, they’ll likely find great friends there too.
Another thing you can do to keep your child or children involved in the process, is to ask for their input when you’re choosing new decor or colors. Of course, you’re not leaving the decisions up to them, but they feel good when you invite them into the conversation!
Ask them what their favorite colors are of the paint samples you’ve picked out, or which table is their favorite from the ones you’re deciding between and why.
The most stressful time of all is during the actual move. Everything is going into boxes, you can’t find what you need, and you trip over something in every corner of the house. So first of all, make sure you reduce the stress of the packing by helping keep your children organized. Ask your kids if they’d like your help packing their room or if they’d like to do it themselves. Your child’s personality will determine this one. The more independent ones are more likely to feel empowered and part of the process by doing the packing themselves. Other
children could feel overwhelmed by the idea and bring more stress to the situation. With those that can become overwhelmed, create a schedule of what will be packed when, and help them spend around 30 minutes at a time packing up their room by section or categories.
*will be writing more about this topic soon

Lastly, to really keep the stress down during the move, make sure you keep your outside commitments to a minimum. Avoid appointments or events and keep your daily schedule as simple as possible. Order in. Watch movies. Take time to simply relax in the middle of the madness. Because in the end, your children feed off your emotions and responses. So follow these tips, go at the process a little at a time, and your children will feel far more at ease with the move.

Monday, August 28, 2017

Housing Gridlock: Baby Boomers Staying Put. 33% Have No Plan to Move…Ever!




If you are making $40,000 a year, you can just barely afford a one-bedroom apartment in the San Fernando Valley. No, not Encino. Not going to happen. One bedroom apartments start at $1200 a month, and those are almost impossible to find. Studio for $1200. Sure. If you find one in a neighborhood that doesn’t have bars on the windows, there will be five other folks fighting for the key.

Amazingly, with those kinds of rents, we aren’t seeing massive apartment complexes being built. Where are the cranes?

A three bedroom, three bath home in Culver City, Westchester, or Hawthorne is likely to be selling for $750,000 to over $1 million. On the ocean side of the 405? Fuggedaboutit! So where are the new developments? Why aren’t homeowners and residential property investors selling their houses and condos, then taking the profits?

Just released! You can add $10,000 or more to the sale price of your home by following the steps offered in this exciting new book by Whit Prouty. Don't be fooled by the current hot market place. How you plan for the sale of your #1 asset will matter. 
Learn about staging and how to price. Get the latest scoop on what you should spend a few dollars on to make the house ready. Learn why the real estate agent you choose really matters. That and much more in this information packed book. Now on Amazon at http://bit.ly/LARealtor

Details

1.    Baby boomers are staying put and causing housing gridlock

It only makes sense that the boomers, now in their 50’s and 60’s have no plans to sell. They might own the house outright. Even if they have a mortgage, they’re paying 3.5% interest and this is tax deductible. Moving is crazy difficult at any age. Who wants to go to the headache? If this isn’t enough, there’s nothing available to buy. Anything good that comes on the market has cash offers from frantic families who are tired of paying rent, and newly arrived techies who have money to burn.

According to Freddie Mac, a record 33% of seniors intend to stay put. Those are just the ones who have no intention of moving. What about the other 66% who might like to move, but see to many headaches to make the move worthwhile. The result – A huge number of the best homes are off the market.

2.    Construction companies are not building new units fast enough

Construction companies are in the business of building homes and apartments. Why aren’t they doing more of it? In most past housing shortages in a good economy, the builders would have quickly started getting permits and building more product. Then, of course, they overbuild and the prices go down. Why not this time? The list of reasons is long and unlikely to change:

A.    No land available to build on. Land or teardowns on potential land are too expensive to build on profitably.
B.    Builders don’t trust this economy. They are super cautious about interest rates going up, the economy going down, and then they get stuck with units they can’t rent or sell.
C.     Skilled worker shortage. Generally, downturns in construction are short lived and tradespeople are able to weather the slower work periods until the next upturn. This time many construction workers left the profession and aren’t coming back.

3.    Regulations, taxes, fees, and paperwork are driving up the cost of new homes and apartments

Builders want to build and some are willing to take the risk, find the place to build, and hire or train new workers, but governments at every level are working to keep building from happening. We all want safe, environmentally efficient homes, affordable residences, and lovely communities around our homes. But every one of those desires comes at a cost. The cost is eventually born by the consumer. If the consumer is not willing to pay this price and the government has shown very little interest in subsidizing builders, then projects that might be viable with less regulation, less taxes, or fewer restrictions, won’t get done.

Then you have many cities or communities who have the NIMBY (not in my back yard) thinking. They want their community to stay the way it is, and they use the ballot box and zoning laws to keep certain kinds of housing out, or to keep the population static.

4.    Almost impossible for builders to catch up with pent up demand

Kids are living with their parents into their late 20’s or even 30’s. People who’d rather live alone are living with roommates. Huge numbers of folks are living 45 minutes or more from work, because they can’t afford to live closer. Therefore, even if housing starts increased, the demand is so strong that it couldn’t be satisfied for years into the future.

The demand in Los Angeles and all of SoCal is also coming from tech workers moving South from Boston, Seattle, Oregon, and the Bay Area. Additional demand is coming from all over the planet, with the climate and the beaches drawing wealthy immigrants from Asia, the Middle East, and Europe. These folks can all afford to pay for expensive properties.

5.     Immigration from Mexico has slowed now, but it will be back

Illegal immigration from primarily Mexico has been slowed and almost stopped for many years, not by the efforts of the federal government, but by the lack of jobs in the US. But now there are jobs available again, and the demand for better paying jobs that immigrants can do well,  will create substantial increases in new housing demand. There is no possibility that Southern California will be building enough low cost housing to take care of this influx. So, look to a time when doubling and tripling-up will again be the norm for these families.

It is possible that a substantial recession, not the three-month type or even the mild
nine-month kind that is likely sometime soon, could moderate things for a year or two. Permits being applied for now will not see shovels turning dirt for 18 months or longer, so a mild downturn won’t affect building plans already going through planning departments.

How should you play this real estate market?

Whit Prouty says this: “Don’t make your decisions about buying or selling a home based on the market conditions. Buy based on your need. If you want to move right now, you might feel like you are buying high, but you’ll also be selling high. You’ll lose your amazing interest rate, but rates are still under 4%. If you are buying your first home, you may be overpaying to some degree, but you will still be financially better off within three years or so compared to renting. And 10 years from now, you’ll be thrilled that you bought a place.”

To learn more and discuss the details of your real estate needs, please give Whit Prouty a call today at (310) 962-6942

Tuesday, July 25, 2017

Does the Title Realtor Actually Make a Difference

What Is a Realtor and Why Should I Use One?



Did you know that the word Realtor is a valuable registered trademark that has been the subject of many court battles? You see, the folks who started using the word created an entire set of criteria regarding who could use the word and what it means in terms of service.


Just released! You can add $10,000 or more to the sale price of your home by following the steps offered in this exciting new book by Whit Prouty. Don't be fooled by the current hot market place. How you plan for the sale of your #1 asset will matter. 
Learn about staging and how to price. Get the latest scoop on what you should spend a few dollars on to make the house ready. Learn why the real estate agent you choose really matters. That and much more in this information packed book. Now on Amazon at http://bit.ly/LARealtor


So according to Investapedia:

What is 'Realtor'

A real estate professional who is a member of the National Association of Realtors, a professional association. Realtors include agents that work as residential and commercial real estate brokers, salespeople, property managers, appraisers, counselors and other real estate professionals. More than 1 million real estate agents are realtors, and the term is a registered trademark. Realtors must belong to both a local association or board and a state association.

BREAKING DOWN 'Realtor'

Realtors are expected to be experts in their field and must follow the NAR's code of ethics, which requires agents to uphold specific duties to clients and customers, to the public and to other realtors. Among its many requirements, the code of ethics says that realtors "shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction;" "shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing and other representations;" and shall "pledge themselves to protect and promote the interests of their client" while treating all parties to the transaction honestly.
 So, a real estate agent doesn't need to conform to these principles. Seems to make sense that everyone would want the person working on the largest investment in their financial world to follow the Realtor code.

Friday, July 7, 2017

4-Plex for Sale Easy Walking Distance to the Grove and Farmer's Market

Four Large Two Bedroom/Two Bath Units Close to the Grove  6,261 sqft


Incredible Location in the Beverly Grove area means incredible Opportunity. This jewel is just East of Fairfax and just North of Beverly, around the corner from CBS and The Grove. 
This is one of the largest 4-Plex Properties in the immediate area. All units are 2 bedroom and 2 bath with formal living room, dining room, kitchen with dishwashers, and individual laundry.  
 Original Spanish character is found throughout. Units have been updated at different times and have newer appliances. The roof was replaced approximately 10 years ago according to seller. Mostly copper plumbing, and foundation has been bolted. Detached 4 car garage in the back. 
Owners currently occupying unit #3 (327 N Genesee) and can be delivered vacant after negotiated possession. Interior viewing of units with accepted offer.  


Just released! You can add $10,000 or more to the sale price of your home by following the steps offered in this exciting new book by Whit Prouty. Don't be fooled by the current hot market place. How you plan for the sale of your #1 asset will matter. 
Learn about staging and how to price. Get the latest scoop on what you should spend a few dollars on to make the house ready. Learn why the real estate agent you choose really matters. That and much more in this information packed book. Now on Amazon at http://bit.ly/LARealtor

Details

$2,549,000
Price cut: -$51,000 (6/23)
Official property, sales, and tax information from county (public) records as of 07/2016:
    • Quadruplex (4 units, any combination)
    • 6,261 sqft interior
    • 4 Units
    • 8 Bedrooms
    • Lot Size: 6,375 sqft
    • County: Los Angeles
    • 8 Bathrooms
    • Built In 1931
    • Tax Rate Code Area: 0-067

    Cal BRE#: 01303275
    (310) 962-6942 mobile

11360 Sunshine Terrace, Studio City, CA 91604 For Sale - 4/6 and 3920 square feet

Spacious Hillside California Spanish Home just blocks from Ventura Blvd. Open House November 11/12, 2017





Welcome to Racing Green Design. This Sexy, Modern, California Spanish is organically set into the Studio City hillside, yet easy access to Ventura Blvd restaurants and shops. 
Designed to function, the residence delivers wonderful public spaces with views of the Valley or back onto the hillside. 
Not a typical 2-story home, the split levels offer easy movement through the living space. A stunning kitchen is outfitted with Thermador appliances, custom cabinetry with color-option remote interior lighting, and a large, eat-at island. 
Beyond the kitchen, there is a wonderful Snug for getting cozy while catching a show on the flat screen. 
The master bed suite is delicious with all of the expected accoutrements. Three other bedrooms with en-suite baths are found in the home. 
Upon entry, you'll find a powder bath and direct access to a grand-sized garage. Back on the upper level, a three quarter bath has easy accessibility to the lounging deck, spa and pool with infinity edged waterfall.


Just released! You can add $10,000 or more to the sale price of your home by following the steps offered in this exciting new book by Whit Prouty. Don't be fooled by the current hot market place. How you plan for the sale of your #1 asset will matter. 
Learn about staging and how to price. Get the latest scoop on what you should spend a few dollars on to make the house ready. Learn why the real estate agent you choose really matters. That and much more in this information packed book. Now on Amazon at http://bit.ly/LARealtor

  • Price: $2,300,000
  • Status: Active
  • Type: Single Family
  • MLS ID: 17-230796
  • Updated: 11/9/2017

Interior

  • Rooms/Areas: Master Bedroom, Formal Entry, Living Room, Walk-In Closet
  • Number of Fireplaces: 2
  • Fireplace(s): Living Room, Master Bedroom
  • Eating Areas: Breakfast Counter / Bar, Dining Area
  • Appliances: Dishwasher, Freezer, Garbage Disposal, Gas Dryer Hookup, Refrigerator, Vented Exhaust Fan, Built-Ins, Range Hood, Range
  • Flooring: Wood

Rooms

Bathrooms

  • Total Bathrooms: 6
  • Full Bathrooms: 2
  • 3/4 Bathrooms: 3
  • Half Bathrooms: 1

Bedrooms

  • Total Bedrooms: 4

Other Rooms

  • Laundry: Individual Room

Additional Information

  • Pool: Yes
  • Pool Description: Heated and Filtered, Negative Edge/Infinity Pool, Waterfall
  • Spa Description: Gunite, In Ground, Gas Heated, Private Spa

Exterior

  • Deck/Patio: Open Patio

Parking

  • Parking Type: Garage (Two Doors), Garage Is Attached
  • Parking: Direct Garage Access

Location

  • County: Los Angeles
  • Driving Directions: Ventura to Tropical to Sunshine and Home

School Information

  • Elementary School: Carpenter Comm. Charter
  • Middle School: Walter Reed Middle School
  • High School: No. Hollywood Senior High

Heating & Cooling

  • Cooling Type: Air Conditioning
  • Heating Type: Central Furnace

Structural Information

  • Architectural Style: Spanish
  • Structure Type: Single Family
  • Common Walls: Detached/No Common Walls
  • Square Feet: 3,920
  • Sq. Ft. Source: Seller
  • Year Built: 1930

Lot Features

  • Property View: Hills View, Valley View
  • Lot Size (Sq. Ft.): 8,683
  • Lot Size Source: Public Records
  • Zoning: LAR1

Disclosures and Reports

  • Special Conditions: Standard Sale
  • Legal Disclosures: Take Property As Is, Commission to Buyer Agent
 
Cal BRE#: 01303275
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