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Just Sold! 299 Rosemont Avenue, Pasadena

by Keely on February 21, 2012

299 Rosemont Avenue, PasadenaLast week we closed escrow on this bankruptcy sale – a townhouse in the desirable Orange Grove Village I complex.  Our buyers are getting an amazing deal, they purchased the 2 bedroom, 2.5 bath home for $400,000!  Features include wood floors, Walker Zanger Anthracite slate tile floors in kitchen and baths, private patio, two-car garage, plus access to the complex’s pool, tennis court, and recreation room.  If you are looking to buy or sell in the area, contact us today!

299 Rosemont Avenue, Pasadena Entrance
299 Rosemont Pasadena Living Room
299 Rosemont Kitchen
299 Rosemont Family Room
299 Rosemont Master Bedroom
299 Rosemont Pool
Property Details:
Listed for $399,000
Sold for $400,000
1,318 sq. ft.
2 bedrooms, 2.5 baths
Built in 1975

Listing and photos courtesy of John Abreu, Coldwell Banker

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We hear this from sellers all the time. We discuss reducing the price after we have marketed the property for several weeks and have received no offers. Sellers don’t want to reduce their price because they are hoping that they will get lucky and some desperate buyer will pay their price. We talk about how buyers don’t want to make an insulting offer and anger the seller. The seller claims they would not be offended (food for another blog). So they say, if a buyer likes the house, why don’t they make an offer?

I have discovered the truth about this: buyers don’t make offers on properties they think are overpriced because they are conditioned not to! A prospective buyer called me about a listing that has been on themarket about 3 weeks. She wanted to know if we were planning to reduce the price soon. I chatted with her about the house, which she had seen at an open house and she loved it. But she felt it was priced too high. However, she said she knew that often a house would come on too high and they would reduce it if no offers came in.

What does this tell us? This woman has been looking for a house for a while and has been seeing patterns in the marketplace. She has seen significant price reductions happen fairly soon after a house hits the market. She has seen enough properties that she has an opinion about what she believes the value is. Also, she didn’t want to insult the seller by making a low offer, she wanted to find out if the seller’s price was negotiable by seeing him make a reduction.

What kind of offer would she want to make? It turns out that she thinks it’s about $100,000 too high. I told her that the seller was not in a position to sell it for that much less. I also told her she might want to look at homes priced under $450,000 if that was her price range.

After we hung up, I thought of a listing I have that is coming on the market next month. I called her back and told her about it–a cute house in the hills of Highland Park near Eagle Rock that will come on at $399,000–a short sale that has been tenant occupied for a year. She said she would be interested if it was just as nicely done as the one she had seen.

Who knows if this buyer is at all realistic about values, but she does have an educated opinion. She may be hoping that $400,000 will buy her a perfectly done house in a nice neighborhood in Eagle Rock–a not very likely possibility. When my new listing is ready for the market, you can be sure that I will call her to tell her about it and find out just how serious she is.

But the lesson here is for sellers: buyers don’t want to begin a negotiation on a negative note by making a low offer. They have seen a lot of properties have price reductions after being on the market a fairly short time. When they see a price drop, they know that a seller is willing to negotiate and are more likely to make an offer at that point. So if you have been trying a higher price and it hasn’t brought any offers, consider making a price reduction to stimulate activity, because often that is just what a buyer is waiting for.

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This is one fun event for the Art Deco Society

by Tracy on February 18, 2012


Taken at The Los Angeles Athletic Club

Posted via email from Tracy’s LA Real Estate

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Taken at 1221 Ocean Avenue

Posted via email from Tracy’s LA Real Estate

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Roof Top Views in Eagle Rock

by Tracy on February 13, 2012

Today we went to see a charming brick apartment building located at 5119 Eagle Rock Boulevard and spied some fantastic views from the roof.  The 1923-built apartment building is for sale for $995,000, and has six studio apartments upstairs and five commercial units on street level.  The building has been refurbished by the current owner, and even has a back yard for tenants to use.  Want to see this great opportunity?  Call us at 323.243.1234 to schedule an appointment.

Looking south across Eagle Rock

Looking north towards the mountains
Listing courtesy of William Ramsey, Rodeo Realty

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In case you were wondering how much your own housing situation would be affected by the big mortgage settlement: probably zilch…
Mortgage settlement is great — for politicians and banks
Source: latimes.com

I hate a parade. And the parade of rosy self-congratulation staged last week by the creators of the $25-billion mortgage fraud settlement with five big banks is the kind of parade I really hate.

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Have you eaten at Halong Bay, yet?

by Tracy on February 11, 2012

We enjoyed a delicious meal at Halong Bay in Eagle Rock tonight – have you tried it yet?  Great atmosphere, delicious food (I recommend the grilled pork chop), attentive service, good selection of beer and wine, what else could you need!  Check it out next time you want to dine out in Eagle Rock.

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New Listing! 2035 Ridgeview Avenue, Eagle Rock

by Keely on February 6, 2012

Tracy King | Teles Properties | (626) 827-9795
2035 Ridgeview Ave, Eagle Rock, CA
New Listing! Open Tuesday, 2/7 10-2pm; Thursday, 2/9 10-2; Thursday, 2/9 5-7pm; and Sunday, 2/12 1-4pm.
3BR/2BA Single Family House
offered at $649,000
Year Built 1940
Sq Footage 1,353
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 2
Parking 2 Car garage
Lot Size 7,210 sqft
HOA/Maint $0 per month
DESCRIPTION

Nestled up from the street, this enchanting 1940s traditional takes advantage of the treetop views to create a private oasis in the city. It feels much bigger than the assessor’s square footage with the split-level floor plan and vaulted beamed ceilings and fireplaces in the living room and bedroom. The cook’s kitchen includes Carrera marble counters, top-of-the-line appliances and fixtures including a pot-filler, a luxury trough-style stainless steel sink, a Bosch dishwasher. Perfectly updated bathrooms feature Waterworks fixtures, marble floors, and subway tile. All the systems have been updated from the roof to the plumbing, HVAC and electrical. The terraced backyard has spaces for dining al fresco while enjoying the beautiful sunsets and landscaping. Located a stone’s throw from the cultural and architectural bounty of Occidental College, this great home takes advantage of the proximity to hiking trails, parks, cafe, bookstore, athletic facilities and much more.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- High/Vaulted ceiling - Hardwood floor - Living room
- Dining room - Dishwasher - Refrigerator
- Stove/Oven - Microwave - Stainless steel appliances
- Laundry area – inside - Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- Done, done, done – this house is move-in ready!
- Located near Occidental College
- All systems have been updated
- Two fireplaces
- Updated kitchen and baths
ADDITIONAL PHOTOS


2035 Ridgeview

Living Room

Living Room

Dining Room

Dining Room

Kitchen

Kitchen

Bedroom

Bedroom

Bedroom

Bath

Bath

Yard

Yard

Street View
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Feb 6, 2012, 7:36am PST

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Why you Should Short Sell Your House Now

February 3, 2012

If you’ve been sitting on the fence about whether to proceed with selling your house as a short sale, you should read the column by Lew Sichelman printed in the Los Angeles Times last week.
A short sale is a transaction in which the homeowner owes more on the home than they can sell it for [...]

Read the full article →