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An Eagle Rock native with over a decade's experience in the real estate industry, Keely Myres is the team’s go-to-person when it comes to overseeing all the details of a transaction, whether that means getting a house ready and launched on the market or helping buyers plan their purchase. When she's not making sure all the I's are dotted and the T'...s are crossed, Keely enjoys hiking with her rescue pup, checking out the nearest tiki bar, and listening to live music (especially if there's a horn section involved). More

Fannie Mae tests new system for REO offers

Fannie Mae tests new system for REO offers - from Inman News.
Fannie Mae has launched a pilot program in three markets in which it's only accepting offers on properties in its real estate owned (REO) inventory when they are first submitted online by agents representing buyers.

By requiring that all offers be submitted by buyer's agents, Fannie Mae may also be able to prevent "property flopping" -- a fraudulent practice in which listing agents representing distressed or REO properties receive multiple offers but withhold one or more of those offers in order to help an investor purchase the home at a lower price.

If the six-month HomePath Online Offers pilot program is a success in the three test markets -- Orlando, Fla., San Diego and Detroit -- it will be expanded to markets nationwide, Fannie Mae said.

The stated goal of HomePath Online Offers is to provide increased transparency and efficiency in the REO bidding process by providing buyer's agents with offer confirmations and allowing them to track the status of submitted offers.

This is a great idea, especially for home buyers in multiple offer situations.  And especially for home buyers at lower price points that have been competing with investors (who usually offer all cash, and in my experience very few buyers can compete with that).  My only concern would be that it slows down the process, but hey, the process of buying bank-owed homes is already a marathon to get through.  It will be interesting to see what the results are after the six-month trial period.
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Are you a home buyer starting your search? READ THIS!

In the past we posted our number one tip for home buyers -- always change your locks when you move into a new home.  But that tip is for buyers who actually find a house and make it to the close of escrow, not buyers who are just starting out on their journey to home ownership. 

So for all of you who are jumping in and not quite sure what to do besides pore over Redfin listings online, here you go:

The very first thing you should do, BEFORE you even start looking online for houses, is call a lender and get PRE-APPROVED!

If I got a dollar for each time I'd seen buyers start looking before they take this crucial step, end up finding their dream home and then learn that they can't afford it -- well, I'd be able to buy my own dream home!

Talking to a lender should really be foremost in your mind.  Learn what your options are.

Because let me tell you, if you're looking at homes in the $500,000 range and then learn that you can only afford $350,000... well let's just say that a house listed for $350,000 is a whole heck of a lot different than a house listed for $500,000.  Or even $450,000.  Nothing in your new $350,000 range is going to look good enough after you've seen those $500K homes.

And then there's the flip side - what if you learn that you can actually afford a bigger loan?  Or that there is a financing solution that allows you to get a re-hab loan?  Maybe you didn't even know you could afford a house!

Don't have a lender?  Try Edward Uriarte (310.463.2270).  Or Steve Kenilvort.  We've worked with both and they've done great things for our clients.
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Friday Real Estate Wrap-Up

Lots of interesting things going on in the market this week! Let's go through it quickly so you can get the scoop and get on with your weekend:

1. Did you see the "brand new hillside architectural live/work space" at 3126 Verdugo Place in Glassell Park? We saw it on caravan last week, and it's a cool property with FANTASTIC views and a neat rooftop deck with hookups for a jacuzzi. It was listed for $649,00, which is a great price for the property but I wasn't sure the neighborhood would stand up to a price that high. Well, looking at the MLS hot sheet this morning I see that Verdugo Place is in escrow - which is GREAT news for the neighborhood! We don't know what price it's in escrow at, but I'm hoping they got close to asking - or more!

2. There's a very cute little neighborhood (called "Floristan Heights" on title) located south of Colorado Blvd, off of Townsend Avenue, and it is filled with cute little houses (I know because I happen to live in this area!). And one of those cute little houses just recorded as sold in the MLS (Multiple Listing Service) for a tidy sum of $515,000. 1576 Glen Aylsa is a 3 bedroom, 2 bath and was recently renovated. It was originally listed for $490,000. This is more great news for this particular neighborhood - things are selling if priced right. It's not all doom and gloom around here!

3. We saw some really great properties on caravan yesterday, and we want you to buy one! Here's a quick peek:

5500 Nordyke Street, Highland Park
5500 Nordyke Street, Highland Park


5500 Nordyke Street, Highland Park: Wow, what a view! This 3 bedroom, 3 bath home sits on a 0.59 acre lot, obviously with fantastic views. It's clean and updated and ready for you to move in and escape from the rest of the city on your private hill. It's in a great neighborhood in Highland Park, tucked away almost to Eagle Rock. Listed for $499,000.

2652 Saxon Drive, Eagle Rock
2652 Saxon Drive, Eagle Rock


2652 Saxon Drive, Eagle Rock: This house has a ton of space, although it may not look like it from the outside. Four bedrooms, two baths in 1,700 SF, all sitting on a 3,060 SF corner lot. It's another Better Shelter flip, so it's done up all nice and pretty and ready for you to settle in. Another one that is tucked away in a nice neighborhood, and it has Eagle Rock schools, so even better. Also listed for $499,000.

1517 Avenue 47, Highland Park
1517 Avenue 47, Highland Park


1517 Avenue 47, Highland P ark: I love, love, love this property. I saw it when it was on the market as a distress sale, and I love what Elemental Homes (another fix-and-flip company) did. The front house has two bedrooms, two baths and a open, airy floor plan. The back house has two bedrooms, 1 bath. The deck in the back of the front house is amazing. It's all amazing. If I could buy it, I would! Amazingly, it is ALSO listed for $499,000! What a deal.

Alright, three great properties for you to consider. If you are interested and want to see one of them, give me a call at 323.243.1234. Or shoot me an email at keelymyres[at]gmail[dot]com. Tracy is taking off to Peru in the morning for a little adventure, so I'm in charge - don't hesitate to get in touch if you have any questions/comments.

That's it for now, have a great weekend!
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1539 Hits

Pacific Oaks School Puts Historic Building on the Market

Pacific Oaks, a private school in Pasadena, has decided to sell off one of the two Craftsman-style mansions it occupies. The 1909 Myron Hunt designed building at 6 Westmoreland Place can be yours for the price of $4 million! The school feels it is not fully utilizing the large space.

The house is 11,000 square feet on three levels. Zoning could make it difficult to restore the building to its original use as a home, so an institutional use is most likely.

If this sounds like something that suits your needs, give us a call at 626.844.2256.

6 Westmoreland Place, Pasadena

6 Westmoreland Place, Pasadena

Listing courtesy of Hoss MacVaugh, MacVaugh & Co.

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Better deal than your grandparents got!

One of the agents in our office pitched his new listing at 1375 Coronet in Pasadena this morning, a 4 bedroom, 3 bath traditional in Hastings Ranch.  The cool thing about the pitch was that the sellers had the original ad for the property from 1952.  The original list price was $15,005 - at a 4% interest rate!  There ya go folks... it's not everyday that you will actually be getting a better deal than you would have almost 60 years ago!


coronet



 

coronetinterest



A little blurry, but wow!

1375 Coronet is listed for $649,500 (unfortunately for buyers, home prices haven't dropped to 1950s prices!).  If you want to see this home it is open today 10-2, or you can give us a call at 626.844.2211.

Listing courtesy of Darrell Done, Coldwell Banker
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1202 Kipling Avenue, Eagle Rock

1202 Kipling Avenue is our bright, light and airy new listing in Eagle Rock. Located north of Colorado Boulevard, Kipling is an updated traditional with 3 bedrooms and 2 full baths. Inside you'll find spacious rooms, slate and bamboo floors, central air and heat, updated electrical system and copper plumbing. The open floor plan is destined for entertaining!

Kitchen

Kitchen

Deck

Deck

Enjoy outdoor dining on the deck off the kitchen/dining area. The landscaped back yard is completely fenced.

Master Bedroom

Master Bedroom

Eagle Rock schools include Dahlia Heights Elementary (according to LAUSD School Finder). Easy distance to Eagle Rock Recreational Center and park, Old Town Pasadena, and freeways to further destinations.

Back Yard

Back Yard

Specs: Listed for $549,000. Built in 1948. 2,086 SF on a 5,009 SF lot.

For more pictures, visit www.1202Kipling.com.

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1669 Hits

533 Neva Place, Highland Park

If you are looking for a completely done little Craftsman cottage in Highland Park then you are in luck. 533 Neva Place is back on the market! Two bedrooms, two baths, plus over 1,200 square feet of bonus space. Upgrades include: tankless water heater, central air and heat, laundry, and a finished two-car garage.

Specs: Listed for $479,000, 1,050 SF on a 4,600 SF lot. Built in 1908.

Want to see it? Give us a call at 626.844.2211.

Living Room

Living Room

Dining to Living

Dining to Living

Kitchen

Kitchen

Bedroom

Bedroom

Master Bedroom

Master Bedroom

Master Bath

Master Bath

Back Yard and Garage

Back Yard and Garage

Listing Courtesy of Matt Manner, Extraordinary Real Estate

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1548 Hits

6163 Buena Vista Terrace, Highland Park

Here is our new listing in Highland Park (right on the Eagle Rock border) - listed for $399,000! Two bedrooms, 1 bath, plus den in 1,292 SF on a 4,835 SF lot. This 1912 Craftsman retains much of its original charm, like the built-in buffet in the formal dining room, the built-in bookcases and desk surrounding the fireplace in the living room, and the graceful arched doorway between the two rooms. Hardwood floors, large windows that let in lots of light, and rooms beyond the two bedrooms that are currently used as an office and a den. The home is complemented by a landscaped front yard and private, fenced back yard.

Open Tuesday, October 12, 10:00-2:00pm
Open Thursday, October 14, 10:00-2:00pm
Open Sunday, October 17, 2:00-5:00pm


You can also call to schedule a private showing if you can't make the open house times. For more pictures, visit www.6163BuenaVista.com.
Dining Room, with view to Living Room Dining Room, with view to Living Room

Master Bedroom Master Bedroom


Living Room Living Room


Back Yard Back Yard

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1563 Hits

Eagle Rock as Wine Country

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1521 Hits