Results for ‘Selling’ category

More on the state of the apartment market

This is a verbatim quote from an email from an agent listing an apartment building in a nice part of the Valley: “Yes, it is available, but seller is now asking $50k over listing price. Need an offer all cash at listing price or above no contingencies. That is the only way.” I’m keeping the

How not to price your building

[Note: I wrote this piece a long time ago but couldn’t post it until now, because I didn’t want to screw up a potential deal in progress.] Am helping a couple who are looking to buy an apartment building for roughly $1MM, all cash. Surprisingly, there’s not a lot out there. I did manage to

Why you get the rents buttoned-up BEFORE listing a property

Recently, I closed on a deal where the seller inflated the rents in the marketing materials. It was an unpleasant experience for everyone involved, including the buyer, seller, agents and tenants. Here’s what happened: One of the tenants had applied to the landlord for permission to move a new occupant into his unit. Per LA

Westmoreland = sold

Remember 1239 N. Westmoreland? We put up for sale on the MLS on April 17 for $949,000. On May 19, just over a month later, we closed for $950,000. After selling costs, we netted $920,000 or so. We bought the property and renovated it in 2009 for a total investment of $680,000. During the time we

Why choosing a good listing broker matters

Some people have the impression that who your listing (selling) broker is doesn’t matter that much. After all, whoever it is is going to put the property up on the MLS, maybe have an open house or two, and then collect offers. Who cares how knowledgeable that person is? Why not just hire your cousin

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