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This buyer tour booklet lists all the homes open in Westwood on Sunday July 13th, 2014.
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Cloud CMA
Buyer Tour
PREPARED FOR
Westwood Homes Open House July 13th, 2014
JULY 11, 2014
LISTINGSCloud CMA
Map of All Listings
MLS # Status Address Price
1 14775115 A 1035 WESTHOLME AVE, Los Angeles $2,750,000
2 14758335 A 11228 CASHMERE ST, Los Angeles $2,148,000
3 14775081 A 737 WESTHOLME AVE, Los Angeles $2,095,000
4 14774411 A 439 VETERAN AVE, Los Angeles $1,995,000
5 14771841 A 1315 HOLMBY AVE, Los Angeles $1,950,000
6 14775323 A 1041 WESTHOLME AVE, Los Angeles $1,749,000
7 14774519 A 10783 WELLWORTH AVE, Los Angeles $1,679,000
8 14766131 A 2148 MANNING AVE, Los Angeles $1,399,500
9 14770119 A 10370 LOUISIANA AVE, Los Angeles $1,399,000
10 14766455 A 2223 KERWOOD AVE, Los Angeles $1,300,000
11 14775457 A 2149 PROSSER AVE, Los Angeles $1,239,000
MLS # Status Address Price
12 14776031 A 2264 PARNELL AVE, Los Angeles $1,149,000
Status: A = Active
MLS#14775115
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Property Details
$2,750,0001035 WESTHOLME AVE, Los Angeles
Courtesy of Sotheby's International RealtyLISTING INFORMATION
MLS#: 14775115 Beds: 5 Sq Ft: 4,050 List Date: 7/7/14
Status: Active Baths: 2/2/1/0 Year Built: 1951 DOM: 4
FEATURES
Status details: Active; Floors: Wood Under Carpet; Cooling: Air Conditioning; Heating: Central Furnace;View: City View; TB map code: 632C2; Zoning: LAR1; Patio: Covered Porch; CDOM: 4; Lot description:Fenced; Lotsize: 6888;
REMARKS
Walk down a stunning, tree-lined street to this showpiece home featuring 5 bedrooms, 4.5 baths. Perfectly manicuredoutdoor spaces, featuring grape vines, citrus trees & tiered grassy areas with drip irrigation. Home features gorgeouswood floors in common areas, and a desirable bedroom layout with new carpets, great closets & crown molding ineach. Master bedroom is bright and spacious looking out to the beautifully manicured garden area, with his and herswalk in closets and lovely bathroom. Cooks kitchen with stainless steel appliances, beautiful tile floors, gorgeouscounter tops and French doors leading to a lovely patio area. Plenty of room to entertain with formal dining room,and two living rooms with fireplaces, as well as a den. Enjoy the cedar-lined, 500+bottle wine cellar, and loads ofstorage throughout the home. A true oasis, sure to impress!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14775115
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$2,750,0001035 WESTHOLME AVE, Los Angeles
MLS#14775115
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$2,750,0001035 WESTHOLME AVE, Los Angeles
MLS#14758335
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Property Details
$2,148,00011228 CASHMERE ST, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertiesLISTING INFORMATION
MLS#: 14758335 Beds: 4 Sq Ft: 2,960 List Date: 5/8/14
Status: Active Baths: 3/1 Year Built: 1946 DOM: 64
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Carpet,Hardwood,Tile (N); Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code:631J2; Zoning: LAR1; Pool: Heated,Private Pool; Patio: Covered Porch,Patio Open; CDOM: 64; Lotsize:6835;
REMARKS
Exceptional Monterey Colonial in the highly sought-after Westwood Hills neighborhood. This 4 bedroom, 3~~ bathhome has wonderful curb appeal, all set in a mature, leafy landscape framed by a white fence and gate. Featuring theclassic central hall floor plan which provides the homeowner an easy circular flow from room-to-room. It is updatedthroughout w/ fine use of materials & finishes complementing the intact original architectural details. ExpansiveFormal Living Room w/ stone-carved fireplace. Family/Media Room featuring a custom built entertainment center &bookcases. Formal Dining Room. Fabulous Gourmet Cook's Kitchen w/ multiple culinary workspaces, large centerisland & Breakfast Area. Powder Room. Upstairs there are four bedrooms including a Master. All the bathrooms havebeen beautifully redone. The Master Bedroom has two walk-in closets and a sumptuous Master Bath. Private...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14758335
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$2,148,00011228 CASHMERE ST, Los Angeles
MLS#14758335
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$2,148,00011228 CASHMERE ST, Los Angeles
MLS#14775081
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Property Details
$2,095,000737 WESTHOLME AVE, Los Angeles
Courtesy of Sotheby's International RealtyLISTING INFORMATION
MLS#: 14775081 Beds: 4 Sq Ft: 3,156 List Date: 7/7/14
Status: Active Baths: 4/0 Year Built: 1938 DOM: 4
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Carpet,Hardwood; Cooling: Wall or Window Units,Ceiling Fan(s); Heating: Central Furnace; View: OtherView; TB map code: 632B2; Zoning: LAR1; Patio: Patio Open; CDOM: 109; Lotsize: 7525;
REMARKS
Set majestically back from the street, this classic Little Holmby Traditional home features all the charm and detailwork of crown molding, wainscoting and hardwood floors along with a multi- purpose floor plan perfect for today'sneeds. The ground floor is comprised of a gracious step down living room with fireplace and bay windows, largeformal dining room with storage, remodeled gourmet kitchen with stainless appliances and granite counters, dualwood paneled den/offices with fireplaces, spacious family/media room, direct access garage, and cozy maid withbath. Upstairs are three private en-suite bedrooms including a spacious master suite with multiple closets, dressingarea and remodeled marble bath. In the rear are a lower private patio area and an upper flat pad perfect for grassyplay area, pool or sports court. All this and located just minutes from Westwood village, Century C...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14775081
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$2,095,000737 WESTHOLME AVE, Los Angeles
MLS#14775081
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$2,095,000737 WESTHOLME AVE, Los Angeles
MLS#14774411
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Property Details
$1,995,000439 VETERAN AVE, Los Angeles
Courtesy of Coldwell Banker-MontanaLISTING INFORMATION
MLS#: 14774411 Beds: 4 Sq Ft: 3,452 List Date: 7/2/14
Status: Active Baths: 4/1 Year Built: 1938 DOM: 9
FEATURES
Status details: Active; Appliances: Dishwasher,Garbage Disposal,Refrigerator; Floors: Mixed (N); Cooling: AirConditioning,Central A/C; Heating: Central Furnace,Forced Air; View: No View; TB map code: 631J2;Zoning: LAR1; CDOM: 9; Lotsize: 12171;
REMARKS
A classic 1930's Westwood Ranch. 4 Bedrooms and 4 ~~ Bathrooms. Very spacious, single level home on a largecorner lot close to UCLA. Rooms open to a beautiful central courtyard ideal for family and entertaining. There is aliving room with a fireplace, formal dining room, family room with a fireplace and two offices, hardwood floors,large and bright bedrooms. Added in 1992, a multi-purpose guest quarter which has its own direct street access, livingroom, bedroom, office and ~~ bathroom.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14774411
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$1,995,000439 VETERAN AVE, Los Angeles
MLS#14774411
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$1,995,000439 VETERAN AVE, Los Angeles
MLS#14771841
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Property Details
$1,950,0001315 HOLMBY AVE, Los Angeles
Courtesy of Coldwell Banker-BH NorthLISTING INFORMATION
MLS#: 14771841 Beds: 3 Sq Ft: 2,184 List Date: 6/23/14
Status: Active Baths: 1/1/0/0 Year Built: 1939 DOM: 18
FEATURES
Status details: Active; Appliances: Dishwasher,Refrigerator; Floors: Carpet,Wood; Cooling: Air Conditioning;Heating: Central Furnace; TB map code: 632C2; Zoning: LAR1; CDOM: 18; Lot description: Walk Street;Lotsize: 6504;
REMARKS
Gorgeous, extensively updated traditional 3 bedroom, 2 bath home, situated on one of the most charming, quietblocks of coveted Holmby Avenue. Generous living and dining rooms surrounded by beautiful over sized windows,light and bright with a wonderful cross-breeze. Fully remodeled bathrooms and kitchen with granite counter-tops,Viking appliances, custom cabinetry, and breakfast nook. Large spacious backyard, plenty of room for kids to play,outdoor entertaining, and a bonus room. The perfect family home.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14771841
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$1,950,0001315 HOLMBY AVE, Los Angeles
MLS#14771841
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$1,950,0001315 HOLMBY AVE, Los Angeles
MLS#14775323
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Property Details
$1,749,0001041 WESTHOLME AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertiesLISTING INFORMATION
MLS#: 14775323 Beds: 3 Sq Ft: 2,050 List Date: 7/7/14
Status: Active Baths: 2/1 Year Built: 1953 DOM: 4
FEATURES
Status details: Active; Appliances: Dishwasher,Refrigerator; Floors: Tile (N),Other; Cooling: None; Heating:Central Furnace; View: No View; TB map code: 632C2; Zoning: LAR1; Patio: Patio Open; CDOM: 4;Lotsize: 6384;
REMARKS
Classic Mid-Century awaits in Little Holmby-Westwood. Open, light & cheerful, this gem blends seamlessly the in &out of doors & sports all the architectural elements of the period: clean lines, tall windows/doors & walls of glass.Spacious Living Room, its vintage, scored concrete fireplace w/ floating hearth adds warmth & interest. This areaflows seamlessly to a casual-feeling Dining Area & to an adjacent Family Room, complete w/ built in bookshelves.Both of these rooms are sensibly sited just off the crisply-done Kitchen & command views to the backyard. Marblefloors grace these public areas. The Kitchen, amply-sized w/ plenty of counter/cabinet space, is done w/ granitecountertops giving it a fresh feel. Three Bedrooms in one wing, the Master w/ its own bath & opening to the yardthrough glass doors. Two Bedrooms share a Hall Bath. Out back, framed & by a verdant wall of tall p...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14775323
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$1,749,0001041 WESTHOLME AVE, Los Angeles
MLS#14775323
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$1,749,0001041 WESTHOLME AVE, Los Angeles
MLS#14774519
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Property Details
$1,679,00010783 WELLWORTH AVE, Los Angeles
Courtesy of Keller Williams Beverly HillsLISTING INFORMATION
MLS#: 14774519 Beds: 3 Sq Ft: 2,463 List Date: 7/1/14
Status: Active Baths: 1/1/1/0 Year Built: 1933 DOM: 10
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Washer; Interior: Basement,BeamedCeiling(s),Built-Ins,Chair Railings,High Ceilings (9 Feet+),Pre-wired for surround sound,Recessed Lighting,StorageSpace,Sunken Living Room; Kitchen: Tile Counters (N); Floors: Hardwood,Pavers,Tile (N); Roof: Spanish ClayTile; Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code: 632B3; Zoning:LAR1; Pool: No Pool; Spa: None; Patio: Covered Porch,Patio Open,Covered,Other - See Remarks,Slab;CDOM: 10; Water: In Street; Lot description: Utilities - Overhead;
REMARKS
This charming Spanish home located on a lovely tree-lined street just blocks from Westwood Blvd and WestwoodVillage features custom wood shutters, Viking stove, outdoor dining patio, and spacious 462sqft finished basementwith windows and dual entrances. Great for an office, media or game room. Spacious step-down living room withfireplace, vaulted ceiling and recessed lighting. Master bedroom features large walk-in closet and an attached sittingroom with French doors opening directly to the grassy yard. (Note: Home is now furnished differently.)
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14774519
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$1,679,00010783 WELLWORTH AVE, Los Angeles
MLS#14774519
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$1,679,00010783 WELLWORTH AVE, Los Angeles
MLS#14766131
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$1,399,5002148 MANNING AVE, Los Angeles
Courtesy of Keller Williams Rlty BrentwoodLISTING INFORMATION
MLS#: 14766131 Beds: 3 Sq Ft: 2,175 List Date: 6/2/14
Status: Active Baths: 3/0 Year Built: 1928 DOM: 39
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Carpet,Hardwood,Mixed (N),Slate; Cooling: Central A/C,Wall Unit(s),Ceiling Fan(s); Heating: CentralFurnace,Gravity Heating; View: Park Or Green Belt View; TB map code: 632D5; Zoning: LAR1; Spa: HotTub; CDOM: 39; Lotsize: 6751;
REMARKS
Charming Spanish style home with cozy front courtyard and private rear patio area. Extra spacious living room withnew carpet off entryway with warming fireplace. Separate dining and breakfast rooms off the remodeled kitchen withnewer high quality appliances. Den and Master bedroom and master bathroom were added with permits. Separateoffice/guest house in rear of property. Convenient to nearby restaurants, shops, movie theaters.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14766131
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$1,399,5002148 MANNING AVE, Los Angeles
MLS#14766131
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$1,399,5002148 MANNING AVE, Los Angeles
MLS#14770119
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$1,399,00010370 LOUISIANA AVE, Los Angeles
Courtesy of Partners Trust Beverly HillsLISTING INFORMATION
MLS#: 14770119 Beds: 2 Sq Ft: List Date: 6/20/14
Status: Active Baths: 2/0 Year Built: 1929 DOM: 21
FEATURES
Status details: Active; Appliances: Dishwasher,Garbage Disposal,Refrigerator,Stackable W/D Hookup; Floors:Carpet,Hardwood,Tile (N); Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code:632D4; Zoning: LAR1; CDOM: 21; Lotsize: 5326;
REMARKS
One of a kind Spanish charmer nestled on a quiet tree lined street in Century City. Front living room w/ fireplaceand storybook window welcomes you into the home. Remodeled kitchen features granite countertops, vikingappliances, center island, breakfast table, and adjacent dining room. Master bedroom w/ walk in closet andremodeled bathroom connects to a private grassy backyard. 2nd bedroom w/ closet and side facing windows isperfect for a kids or guest bedroom. Refinished hardwood, custom tile, and carpet flooring. Garage has beenconverted into a family screening room with add'l closets and an un-permitted half bath. (appx. 600 sq ft per owner).Well maintained yard in both the front and back w/ lush foliage and mature trees. Tons of natural light. Perfectescape from the city life yet right in the heart of it!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14770119
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$1,399,00010370 LOUISIANA AVE, Los Angeles
MLS#14770119
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$1,399,00010370 LOUISIANA AVE, Los Angeles
MLS#14766455
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$1,300,0002223 KERWOOD AVE, Los Angeles
Courtesy of Teles Properties, Inc.LISTING INFORMATION
MLS#: 14766455 Beds: 3 Sq Ft: 1,442 List Date: 6/3/14
Status: Active Baths: 1/1/0/0 Year Built: 1930 DOM: 38
FEATURES
Status details: Active; Appliances: Dishwasher; Floors: Hardwood; Cooling: Central A/C; Heating: CentralFurnace; View: City View,City Lights View,Tree Top View; TB map code: 632E4; Zoning: LAR1; Patio: PatioOpen; CDOM: 38; Builders tract name: CENTURY CITY ADJACENT; Lotsize: 5851;
REMARKS
Century City Adjacent 3 bed/1.75 bath Spanish set privately on knoll with beautiful Century City views. Spaciousliving room with fireplace, coved ceiling & picture window overlooking treetop & city views. Large formal diningroom w/ views & chair railing leads to kitchen w/ pantry cabinet, tiled countertops, gas range/oven, charmingbreakfast room w/ views & separate laundry room w/ built-ins. Rear master bedroom opens to tiled full bath w/separate bath & shower. 2nd bedroom w/ en-suite 3/4 bath & access to relaxing large backyard including large wooddeck & hot tub. Beautifully landscaped w/ mature fruit trees & grassy yard. Updates include central a/c & heat,copper plumbing, wired alarm system & crown molding in bedrooms & hallway. Incredible original charm withwood framed windows, hardwood flooring, archways. Spacious storage room w/ side yard access. Garage w/ autodoor. Prid...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14766455
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$1,300,0002223 KERWOOD AVE, Los Angeles
MLS#14766455
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$1,300,0002223 KERWOOD AVE, Los Angeles
MLS#14775457
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$1,239,0002149 PROSSER AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertiesLISTING INFORMATION
MLS#: 14775457 Beds: 3 Sq Ft: 1,647 List Date: 7/10/14
Status: Active Baths: 2/0 Year Built: 1927 DOM: 1
FEATURES
Status details: Active; Appliances: Dishwasher,Garbage Disposal,Refrigerator; Floors: Hardwood; Cooling:Central A/C; Heating: Central Furnace; View: No View; TB map code: 632D5; Zoning: LAR1; Pool: PrivatePool; Patio: Patio Open; CDOM: 1; Lotsize: 6070;
REMARKS
With its thick, wooden gate, tile roof & wood/iron front door, this gated Spanish is conveniently-located, in apopular Westwood neighborhood. Spanish architectural elements such as pavers, archways, coves & niches providecharacter in a very sensible floor plan, warmed by wood floors. The Living Room features a high barreled ceiling,picture window & a fireplace; it opens to a Formal Dining Area, & to the Kitchen beyond, sparkling, sunny &updated. This lovely Kitchen w/ Breakfast Area is complete w/ tile countertops & stainless steel appliances. SpaciousMaster w/ Bath & walk-in closet. The Master Bath is set in marble & features dual vanities, separate shower/tub. Thebackyard deck & yard can be accessed via a French door. The two secondary bedrooms share a full Hall Bath. Gateddriveway provides privacy & security for the backyard, a grassy area opening to a pool. Finished, conver...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14775457
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$1,239,0002149 PROSSER AVE, Los Angeles
MLS#14775457
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$1,239,0002149 PROSSER AVE, Los Angeles
MLS#14776031
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Property Details
$1,149,0002264 PARNELL AVE, Los Angeles
Courtesy of RE/MAX ESTATE PROPERTIESLISTING INFORMATION
MLS#: 14776031 Beds: 2 Sq Ft: 1,403 List Date: 7/9/14
Status: Active Baths: 1/0 Year Built: 1932 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher,Garbage Disposal,Refrigerator; Floors: Hardwood,Other; Roof:Clay Tile; Cooling: Central A/C; Heating: Central Furnace; View: Park Or Green Belt View; TB map code:632D5; Zoning: LAR1; CDOM: 2; Lotsize: 6066;
REMARKS
THIS CLASSIC SPANISH 2 BD/1BA IN RANCHO PARK HAS BEEN LOVINGLY MAINTAINED WITHFANTASTIC VINTAGE DETAILS AND BEAUTIFUL PROPORTIONED SPACES. ENTER THROUGHCHARMING COURTYARD WITH STUNNING CURVED DOOR. INSIDE FIND HARDWOOD FLOORSTHROUGHOUT, LARGE SUNNY LIVING ROOM WITH BEAMED CEILINGS, FIREPLACE, AND BUILT-INBOOKCASES. SPACIOUS DINING ROOM, BREAKFAST ROOM, AND ROOMY KITCHEN WITH SEPARATELAUNDRY ROOM. ART DECO LIGHT FIXTURES, CARVED AND STENCILED VINTAGE DOORS WITHORIGINAL HARDWARE WILL DELIGHT THOSE SEEKING UNIQUE ARTISTIC CHARACTER. TWO-CARDETACHED GARAGE PLUS CARPORT, BRICK PATIO IN BACK WITH LUSH FLOWER-FILLEDLANDSCAPED YARD. HOUSE IS BOLTED, PARTIAL COPPER PLUMBING, NEWER ROOF, AND CENTRALAC/HEAT.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14776031
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$1,149,0002264 PARNELL AVE, Los Angeles
MLS#14776031
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$1,149,0002264 PARNELL AVE, Los Angeles
INFOCloud CMA
What Are Your Homebuying Goals?
With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes asinvestments. But the flip side, is that your investment is still a home, one you’re likely to occupy for several years ormore.
Ownership
According to the annual Profile of Home Buyers and Sellers, compiled by the National Association of REALTORS®, theprimary reason buyers cite for purchasing a home is simply the desire to own, followed closely by the desire for morespace, and a change in the family situation.
For most people, buying a home is more about giving household members more comfortable living arrangements andputting them closer to jobs, favorite activities, other family and friends. What are your goals for buying a home? Youmight want a better home and neighborhood. You might want a different kind of living experience, such as moving froman apartment to a single-family home with a private garage and yard. Your family may be growing, so you have to thinkabout school districts and proximity to parks and other recreation.
If you’re not certain, you might think about what would change about your situation if you became a homeowner. You’lldefinitely be more established. If you’re like most homebuyers, you expect to stay in your new home about 10 years.
Equity
You’ll also build equity for yourself, instead of for someone else. Every payment you make, plus the rules of inflation willeventually allow you to recoup most if not all of your investment, or make a profit when you sell. Affordability may alsobe an important factor for you. The combination of low interest rates and low prices allows you to buy more home forthe money. Rents are rising, making ownership more affordable than renting in many areas, especially when you factorin tax incentives such as mortgage interest deductions and property taxes allowable as deductions against your income.
When you buy, make your goals long-term. Choose the home you think will serve your household’s needs the best for thelongest period of time, as it’s been proven that the longer you own a home, the more equity you’ll build. Today’s marketconditions and affordability, make it more likely that you will reach your homebuying goals, no matter what they are.
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The Homebuying Process
Follow These Steps
Get prequalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child supportas well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment;smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustablerate) will determine what you can afford in monthly payments.
Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle -condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, butmuch more exterior and yard maintenance.
Hire a real estate professional - Your real estate professional should be expert in the area where you want to live andfamiliar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood andcan offer the best advice on homes in your range.
Select your home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suitsthe activities and needs of your household now and in the years ahead? Don’t buy more than you need or cancomfortably afford.
Make an offer - Your offer depends on the current market. If a home has been on the market a long time, you can askthe seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your realestate professional for advice.
Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector willpoint out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the nextowner.
Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, thebank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move towardclosing.
Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This couldbe a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties.The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursementshave been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready tomove into your new home
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Making an Offer
Before you submit an offer, have your agent pull up the most recent sold comparables (CMA) within a reasonable radiusof the home, so you can compare the home fairly in terms of location, size, features, and amenities. Next, ask your agentabout market conditions, so you can choose a strategy.
Strategy
In a buyer’s market, discounts are common because there are fewer buyers, more properties for sale, and home prices aresoft or falling. In a seller’s market, homes sell quickly for full price or higher because there are plenty of buyers and fewhomes for sale. Whether you are in a buyer’s market or a seller’s market, your goal is to buy the home at a fair price. Ifyou were the seller, what is the lowest possible price you’d accept?
Risk
Low-balling the seller is risky. If the seller feels insulted by your offer, you’ve lost the opportunity to negotiate. On theother hand, some sellers are simply unrealistic about their home’s value. Maybe your offer will be their wake-up call. Ifthe seller’s home is offered at a reasonable price, pay asking price or close to it. A home priced to sell will sell quickly.
Is there a way to sweeten your offer with a quick closing or an all-cash sale? To show the seller you’re serious, include acopy of your lender’s pre-approval letter, along with a cover letter summarizing your strengths as a buyer in terms ofcreditworthiness, flexibility in closing, and why you love this home. Include a copy of your comparables to show whyyou feel your offer is a fair price for the property. If your offer is conditional, such as your need to sell another homebefore closing on the seller’s, you’ll have to find a way to sweeten the deal, such as a full-price offer. Few sellers wouldaccept a discount and a contingency at the same time.
Reward
Your real estate professional will help you draft the offer with a price, estimated closing date, and terms, includingearnest money (a guarantee that you’ll perform as a buyer in good faith), final approval by your lender, and your right tohave an inspection. Once your offer is negotiated and accepted, your earnest money will be sent to the escrow agent'soffice. Now the inspections occur, and this is where the contract negotiations can break down. During the inspectionprocess, the inspector will tell you about the condition of appliances, heat and cooling systems, roofs, electrical andplumbing systems, etc, and if your future home is up to current city codes. You should only renegotiate a repair when itwasn’t obvious before, or when a system is unsafe or not functioning. Once the seller has agreed, your offer is now abinding contract, and you’ll proceed to closing.
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Scott McIntoshColdwell Banker
BRE number 01759826
Mobile 310-500-6107
Web www.scott-mcintosh.com
E-mail [email protected]
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