Ask Judy: Will a Bank-Owned Seller Give Credits?

The buyer of a bank-owned property asks: I heard on bank-owned properties that the bank won’t give credits for repairs.   Should we even bother asking for credits?

Judy says:  I think that you until you go through the process of having your own inspections and subsequently approaching the bank for credits, there is no way to know what the bank is going to do in advance.  I haven’t see the termite report yet, but the listing agent did indicate the bank was open to paying for the termite work and perhaps a few thousand dollars more.

Unfortunately, when you buy an old house, there are always going to be things to address.  It’s important to distinguish between the things that are desired by you versus those that are actually critical.  There are “upgrades” and there are “necessities”.

With respect to old detached garages and their condition or ability to house a modern car:  I typically tell clients that old garages like this are a “gift with purchase.”  They’re rarely in good shape and really are a bonus if you can get some use out of them structurally.  You do have a driveway which gives you offstreet parking and you do have that amazing room above the garage.

With regard to the windows, I think that in the space of a day you can probably get a handyman to at least chip away at the old paint and get them to open.  New sash cords and making the windows operable may be a wish list item and something you may need to save for.

Regarding drainage issues:  Historically, most homeowners never paid much attention to drainage and runoff until recent years.  But, as homes keep getting older, technologies have improved and access to hands-on ways of dealing with potential problems became more available to the homeowner.  There are ways to deal with drainage that are not expensive.  In a transaction, issues relating to drainage or cracked/failed retaining walls that don’t impact on the house itself are in the realm of  an “upgrade” or improvement to a property.  A seller rarely will pay for this type of request.

Personally, if this were an investment property that someone bought for this price and upgraded, it could be worth approximately 25% more in today’s market.  So, I think there’s already equity in the house at its sale price.  I definitely think it’s a far superior to the house we saw before this.  But you’re the ones that will ultimately be the arbiter of its value.  I always say, it never hurts to ask for credits, but especially with a bank owned, don’t expect too much –  if anything.

2112 Duane Street, Echo Park UPDATE

Remember this home on 2112 Duane Street?  This property was build like the proverbial  “brick you-know-what house”.  It is a very amazing, top notch and state of the art building (with a few design flaws IMHO).   It was listed for $829,000 and sat on market for 73 days then finally sold for $675,000.  What a great deal for the buyer.  Even though the seller/developer was likely disappointed, it’s still a robust price for the area and the surrounding homeowners must be thrilled.

Need any assistance figuring out the value of your property?  Give us a call and we are happy to help.  You can reach Judy O at  323-528-2557 , if you like, and me on 213-202 5700.  DD

2112 Duane Street, Echo Park

2112 Duane Street, Echo Park

$829,000

Talk about a transformation!  I remember this Echo Park house, or rather, this lot before it became what it is now.  There used to be a very sad and dilapidated 1920’s home that the previous owner had added medieval accents to… including a castellated roof-line.  Crazy!  Well, that house was the quintessential ‘tear down‘ and not inhabitable.  Fast forward to today and there’s a totally new home here and it’s one that’s been built with such superior building methods that it’s surely as strong as a castle… irony intended.

The house is described as a ‘modern Scandinavian’ and has 3 bedrooms and 2 bathrooms in approximately 1450 square feet and sits on a large 7350 square foot ‘view’ lot.  It really does feel Scandinavian in that it’s a beautifully simple design and feels ‘European’ in its choices of surface materials and furnishings.  The main floor has an open-plan living area and features white oak flooring beneath a soaring double-height ceiling.  The bedrooms are somewhat on the small side – another European aesthetic – and they have ample windows and plenty of light.  The master bedroom has its own bathroom, which is great.

I don’t know the actual building specifications of this house, but during construction I did stop by and got a tour by the contractor.  The building materials are all very state-of-art and top-of-line and put together in the most fastidious way.  It’s super energy-efficient, and solid as a brick ‘outhouse’. The basement is a thing to behold; you can see the insulation, piping, joists, foundation and all the makings of this superior property.  On the day of the open house, I walked past the air conditioning and remarked to my companions on how quiet the system was.  Nice!

As impressed with the construction methods and quality of work that went into this home, I do wish the designer had thought a bit more on the lifestyle of we southern Californians.  That is, why not reverse the floor plan and put the kitchen and living area in the back of the house, so that the wonderful deck, yard and view would be easily accessible from those rooms?  As is, to entertain outdoors, you must walk from the kitchen through the hallway to the back of the house… a lot of schlepping (“oh I forgot the mustard, I’ll be back in a minute”).  Besides, why have the best view from the bedrooms, which were made really for just sleeping (due to their size)?

Regardless of whether the floor plan is this way or that, it’s a remarkable home and I envy the person who will end up living here.  It’s really a work of construction art.  Amazing that somebody took the time and care to do a project of this caliber.  Would you like to take a gander at this fine property?  Please give Judy Oroshnik a call or a text on 323 528 2557 – or call me on 213 202 5700.  Yours, truly… Dean Decent.

Listing provided by Deasy Penner and Partners and Geoff Clark.

1369 East Altadena Drive, Altadena

1369 East Altadena Drive, Altadena

$4,600,000

There’s something about a Porte-cochere that just grabs me.  Perhaps it’s the romantic fantasy that I have about riding in an elegant horse and buggy through the arches and arriving at the estate… preferrably MY estate.  When my partner, Judy, told me we were going on Brokers Caravan today and that we’d see a 4.6m home in Altadena, I had no idea what to expect. Once there, it made sense that this is an older estate located high on the hill up against the San Gabriel Mountains.  Really lovely and a world unto it’s own.

This Mediterranean Estate was designed in 1915 by architect Reginald Johnson. It’s sited on 1 1/2 acres of mature landscaped grounds and is approximately 12,800 square feet, with 8 bedrooms and 8 bathrooms. The dramatic loggia leads to the front entry where carved double doors open to reveal an impressive two-story atrium.

This property reminds me of Europe or the Colonial buildings of the Caribbean.  Stairways that seem made exclusively for servants, hidden cabinets, odd twists and turns of the floor plan that have something to do with how folks lived ‘back then’.  There’s a real sense of history that emanates from the rooms… kind of fascinating!

As you can well imagine, trying to describe a 13,000 square foot house in a blog post – especially one with so much character and provenance – is a very tall order.  So I am going to stop here and just say this:  all in all, this is one spectacular (and massive) home that can only be appreciated in person.  Huge rooms, distinctive architecture, history and a location that is exquisite and sublime against the mountains.  What’s not to love?  If you’d like to take a look, give us a shout and we’ll make it happen.  You can contact Judy on her cell at 323-528-2557 (she loves it when you text her).  You can also reach me on my cell on 213 202 5700.

Listing provided by Sotheby’s International Realty and Sharon Verani.

2847 Avenel Street, Los Angeles

2847 Avenel Street, Los Angeles

$595,000

Apparently, the owners of this condominium complex love living here!  As I walked into this distinctive property I encountered a lady who was just returning from her grocery shopping.  (In fact, this building is a mere two blocks from Trader Joe’s… meaning you don’t have to park in those purgetorian TJ parking lots.)   She told me that she had lived in the complex for over 40 years, which, coincidentally the current owners of the unit for sale have done as well.  Is it a testament to the design and absolute deliciousness of life in a home-as-work-of-art, or perhaps is there some other less esoteric reason?  Whether it’s the former or latter, there is a real sense of serenity that overtook me upon entering.  The low slung roof-line and undulating walls that frame the common walkway are sublime.

Gregory Ain was a notable architect who specialized in making well designed homes for ‘working class’ folks.  In other words, they aren’t real fancy.  His buildings are made with modest materials and often have flexible floor plans.  Surely his name has a ‘buzz’ that makes certain real estate aficionados ears perk up.  “I live in a Gregory Ain,” will get you noticed at the next Conservancy cocktail party… although don’t be surprised  if that declaratory statement is answered with a “how quaint”.  Mr Ain, while notable, did not make that many buildings – so they are fairly rare.  And after all, deliciousness is inversely proportional to availability, right?

This complex consists of two buildings with 5 ‘townhouse’ style units in each. They were designed to be communal in that they connect via a common side walkways, with little garden planters outside each unit.  This is a wonderful space to linger and talk to your neighbor.  Yet, the units are private at the same time because they have walled off courtyards adjacent to each entrance.  This condo (and likely all of them) has a generous full-width outdoor patio space off of the living room that offers pleasant views of the neighborhood.  The unit has a cozy feeling to it and the rooms may feel a bit small by todays standards… but the outdoor spaces helps to give a sense of openness and indoor/outdoor living.  At $595,000 you’re paying a premium for the less-is-more 1000 square feet… but with a little sprucing up and few tweaks, this place could be a home that you may just want to spend the next 40 years living in.  It really is lovely.

Want to know more?  Want to see more?  We want to tell you and show you.  Give Judy Oroshnik a call or a text on her cel phone at 323 528 2557.  Or, you can find me at the ready on my phone 213 202 5700.  We always have some new listing on the back burner waiting to come on market, and, if you twist our arm we may just give you a peek or hint… if  you’re nice.

Listing information provided by the MLS and Crosby Doe Associates, Inc.

1971 Rodney Drive #107, Los Feliz

1971 Rodney Drive #107, Los Feliz

$299,000

Los Feliz is such a wonderful neighborhood.  It’s central to the city, close to Griffith Park and has a terrific shopping/restaurant district  on both Vermont and Hillhurst Streets.  It’s also a mile walk to hip Silver Lake, so you can easily get your Vegan-On, if you want.  This condo is a 1 bedroom and 1 bathroom unit that’s had some updating recently.  It’s just under 1000 square feet and feels very spacious because it’s floor plan is so open and well laid out.

The living room is very large and has two patio doors, each leading out to a Juliet balcony… which is another way of saying that you can stand on the balcony but there really isn’t room for a patio set (well, maybe a comfy chair).  The unit is located on the first floor of the building, and the balconies are a good distance up from the ground – so they don’t feel weird like somebody could walk in off the street or anything.  There’s also a gas fireplace in the living room which adds a nice ambience (and even throws off a little heat).

I really like the kitchen in this unit.  It’s so large and has a great work area for cooking and room to add a  “rolling island”, which would be helpful.  The view out the kitchen window is lovely, looking at the mature pine trees out in the yard and seeing the comings and goings of the people in the neighborhood.  The kitchen is also open to the living room, so it’s great for entertaining.   Another big plus about this condo is that it has a washer and dryer in the unit.  Nice!

This property is a Probate requiring court confirmation. You can look at an earlier post on this blog to get more insight into what that means.  Want to take a look?  Need more information?  Give Judy Oroshnik a call or a text on 323-528-2557.  We will have an Open House Sunday, November 20 from 1-4pm .  Dean Decent 213 202 5700.

8875 Appian Way, Los Angeles

8875 Appian Way, Los Angeles

$2,399,000

Wow!  Doesn’t it look like a little private helicopter can just land on the deck of this house?  Or that it’s kind of floating out there in space?  I love mid-century houses because of their sense of ‘airy-ness’.  New to the market, here’s a private and gated Contemporary 4 bedroom, 3 bath, 2500 square foot home with jetliner city and ocean views at the top of Sunset Plaza.  There are high ceilings surrounded by tall walls of glass… can you ask for anything more?

Entering the home, you walk through this sculptured glass door, a really nice change from a simple door that you often find on modern homes.  It’s fairly dramatic… with the wide white staircase.  Can you feel the sense of excitement as you walk up and are then greeted with the amazing, spectacular views?

Outside the master bedroom is an expansive balcony.  Imagine waking up from a sound nights sleep and being able to walk out and see the city spread out before you.  Or taking in the night lights before turning in – overlooking seemingly all of Los Angeles.

I’m such a sucker for a wonderful bathtub.  These egg-shaped tubs are ubiquitous lately… but they are great to spend an hour or two in, so, no wonder!  Not sure what the Buddah is doing here, maybe keeping bad bath karma at bay?

There’s a very large pool and backyard.  A cabana sits at the end of the pool with a complete bar and outside kitchen.  You’ll need it, for all the parties you’re going to want to have here – sharing with your friends on the endless beautiful days here in Los Angeles.  Want to take a look?  Call or text Judy Oroshnik on her cel phone at 323 528 2557.  Yours, truly… Dean Decent 213 202 5700.

Listing provided by James Nassar and the Westside Estate Agency.

4411 Los Feliz Blvd #608, Los Feliz

4411 Los Feliz Blvd #608, Los Feliz

$519,000

The condominiums located at the top of Hillhurst Avenue on Los Feliz Blvd should be renamed The Towering Inferno… because sale-wise they have been on fire in recent months!  It seems that they’re the darlings of developers (aka: “Flippers“) and the property listed here is another example. This developer, AIH, recently flipped a unit two floors below  – unit 408 – and I’m guessing that success inspired them to buy another.  The Los Feliz Towers complex consists of two buildings, with a large pool area between them.  If you can get a unit above the 4th floor, the views can get very nice.  The upper floors – above 10 – are spectacular, with views all the way to the ocean.  I’ve seen many units in both of the buildings and in the 4411 building the “08 stack” is one of the best – with views looking east and north… into the gorgeous Hollywood Hills.  Of course, everyone has their favorite views, and mine is the “08 stack” in the 4455 building – which looks west to the ocean and north to the hills.  I’ll take a view of the hills over a view of downtown LA any day!

Ok.  The details.  This is a 2 bedroom and 2 bath unit with approximately 1071 square feet and a north and east facing balcony.  It has an open floor plan, dark walnut floors (with soundproofing), high ceilings, one-lite translucent glass doors & modern lighting. Literally walls of glass and a wrap-around balcony create an indoor/outdoor flow with Griffith Park Observatory, Los Feliz hills and downtown skyline vistas.   The kitchen has honed Carrera marble counter tops, custom Macassar cabinets, beveled modern-tile backsplash, pendant lights & stainless steel appliances. In keeping with the mid-century aspect of the building the dining room is highlighted by a Sputnik chandelier.  Lovely!

The bathrooms are “spa-style” with walnut floating vanities, modern tile floors, glass shower tiles & HansGrohe fixtures.  Have you ever experienced a shower with HansGrohe showerheads?  Normally, I’d say: what the hell are you telling me about the showerhead for?  But in this case, it’s worth mentioning.  They are the best.  (The only thing better would be a large soaking tub filled with Calgon that could take you away!)  The master suite & guest bedroom are accented with over-sized glass closet doors & custom closet systems.

One other feature of this building is that it is full service.  In this particular case, it translates to an HOA fee of $710 a month.  Was that a teeny gasp I heard?  Not to worry.  This includes a doorman for most of the day – who opens the door for you, actually, and accepts packages and helps with groceries.  The HOA fee also includes heat, air conditioning, cable tv, and all the amenities like the pool, gym, guest parking.  Think about it: you spend hundreds of dollars on these items normally.  Let’s not forget you’re also steps away from Los Feliz Village, which is full of primo restaurants and shops.  Want to take a look?  You know what to do…  call or text Judy Oroshnik on 323-528-2557.  Yours truly, Dean Decent. 213 202 5700.

960 Sanborn Ave #3, Silver Lake

960 Sanborn Ave #3, Silver Lake

$369,000

Everyone knows the expression about the three things you need to have for a good property: location, location , location.  Here’s a great example of it, in Silver Lake.  This condo is located in a very walkable and very desirable neighborhood, close to everything a person could want (except perhaps a large grocery store… but it’s not that far away).  It has a walkscore of 82, but I would think it would be higher, because it’s just such a great neighborhood.

This 2 bedroom and 2 bathroom condo has approximately 854 square feet and is located in a small-ish building that has a total of 8 units.  The HOA dues are a modest $300 a month, which is a typical amount for a building of this size and amenities.  It’s one of the recent ‘flips’ that are occuring frequently aimed at a younger demographic, who values location and youth oriented amenities nearby.  The company doing the renovation is MOD-OP Design who is emerging as one of the companies that does interesting and quality work on the many distressed properties on the market lately.

I’ve seen this condo come on market a few times in my career.  Each time I remark what a great place it is.  The layout is awesome because the bedrooms are decent sized, the living room is an open floor plan and the small patio affords such a great view of the comings-and-goings of the neighborhood.  My only real issue with this condo is that it’s just a bit on the dark side in terms of light, and for me, having some brightness in my living space is very important.  I think whoever ends up buying this may be seduced into the many offerings of interesting and exciting nightlife, so, perhaps daylight won’t be such an important factor!

I think ModOp did a terrific job here.  There’s value in the renovation, the price is competitive and the staging really sets the place off – showing it’s potential.  Want to take a look at this or any other property in the area?  Give my partner Judy Oroshnik a call or a text on 323-528-2557.  She’ll be happy to give you a comprehensive look at properties in the area.  Have a great day!  Dean Decent 213 202 5700.

1937 Cedar Lodge Terrace, Los Angeles

1937 Cedar Lodge Terrace, Los Angeles

$1,650,000

I love modern architecture, especially when it’s done well.  This property is very nicely done.  It’s a classic formula on the exterior to have stark white stucco walls with accents of warm wood … in this project it seems like teak was used.  Beautiful!  The seller states that the home was ‘interpreted’ by architect Roger Sherman.  It has 3 bedrooms and 3 bathrooms on two levels and has approximately 2425 square feet on a 5700 square foot lot.  The home was built in 1963.  It’s very hard to tell what was original and what was interpreted by Mr. Sherman – which is a good thing.  I am curious, though.

The house has an open floor plan for the living, dining room and kitchen making it a wonderful space to entertain.  The flow from the public rooms to the outside is enhanced with the massive 25′ Fleetwood open doorway, which I am seeing more and more of these days.  These doors allow such a huge span to be free of vertical posts… re-defining the ‘indoor/oudoor’ living concept.  One design aspect I was happy to see (and a bit nostalgic about) was the treatment given to the retaining walls surrounding the main outdoor yard and pool.  The walls were painted a dark color that makes them recede into the background.  I used this technique to great effect on a home I ‘re-interpreted’ for mega talent agent Benny Medina –  it was one of my greatest successes in design.

As I stated earlier, going through this home is full of wonderful surprises, and it’s so hard to know what’s original to the home and what was added.  I find certain things to be so absolutely brilliant, and other things that seem advanced design wise – but so impractical.  For instance, the bathroom sinks in the master are very awkward in their ‘glassiness’ and seem like if you leaned on them when shaving, for instance, they might bend  (and they will need to be cleaned very often).  But these things are small glitches as compared to the generous volumes and feeling of lightness this home provides.

I know that whoever buys this home will be happy here, because it’s sublime.  Please give us a call and we’d be happy to arrange a showing of this unique property.  Did I mention it’s in a great ‘walkable’ neighborhood?  Judy Oroshnik can be reached at 323 528 2557 with a call or a text.  You can reach me in the same way… or catch me on my scooter as I ride around Los Angeles.  Dean Decent 213 202 5700.

Listing information provided by Coldwell Banker BH and Ron Holliman and the MLS