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By Donny Opoku | Agent in 90008
  • Peter Morton serves up real estate buys, including Elvis' estate

    Posted Under: Celebrity Homes in Los Angeles  |  February 7, 2013 9:22 PM  |  453 views  |  1 comment
    Hard Rock cafe co-founder Peter Morton has made his mark on L.A.'s real estate scene of late, buying the old Elvis Presley estate in Beverly Hills at year end for $9.8 million.

    But flying under the radar was his bigger off-market purchase midyear for a property in Bel-Air at $25 million, public records show. Area real estate agents not involved in the transaction say that Morton plans to take down the existing home and build another on the site. The estate had belonged to Joseph Farrell, who founded National Research Group Inc. in 1978 and brought market testing to Hollywood. Farrell died in December 2011.

    The gated Beverly Hills compound Morton bought that was once home to Elvis Presley and wife Priscilla encompasses 1.18 acres. The French Regency-style house, built in 1958, features four bedrooms, five bathrooms, 5,367 square feet of living space and an attached guesthouse. There is a swimming pool, a four-car carport and a motor court and spa.

    The property had been listed in October at $12.995 million with Jade Mills of Coldwell Banker, Beverly Hills.
  • 5 Best Tips For Selling Luxury Homes

    Posted Under: Celebrity Homes in Los Angeles  |  February 3, 2013 10:16 AM  |  173 views  |  2 comments

    Selling a luxury property goes beyond a regular real estate sale. The most important thing to remember is that your luxury home is an investment and that means you're going to have to put a bit of money in to get a lot out. Luxury property sellers can expect more upfront costs than homes in

    1. Clean For The Queen

    Pretend you're inviting The Queen of England or the President of the United States to stay at your place for a week and have the home in the appropriate condition. We're talking immaculate landscaping, showroom-worthy closets and not a speck of dust throughout the house. Don't leave anything in a state you wouldn't want the President to personally inspect.

    2. Hire A Staging Company

    Hire a staging company to make your home stand out. Remove all of your own furniture and allow the expert designers to make decisions. The furniture and plants might not suit your style and that's perfectly fine--it's the buyer's approval you're after and staging companies know exactly how to get it.

    3. Invest in a Professional Media

    Your property is phenomenal and you want interested buyers to know it too. Luxury buyers are usually looking for homes that instantly grab attention, which is why you have to grab theirs when they are glancing through hundreds of MLS listing. Spend the money on a professional photographer and accommodate their requests for achieving the best photos possible, even if they're a bit of an inconvenience.

    You'll also want to consider a video tour and posting the floor plans online. Consider that a lot of luxury buyers view and purchase homes from out of the country, through local representation. The more familiar the actual buyer feels with a home they've never seen, the more likely they are to actually buy it.

    4. Advertise With A Pro

    Your real estate agent should be doing everything possible to market your luxury home, so make sure they are! Your listing write-up should be perfect, your ad should be in every major real estate source around and your real estate agent should be personally reaching out to their network of luxury contacts. Talk to your agent and ensure they are taking these steps on your behalf. If not, fire them.

    5. Be Patient

    Luxury homes tend to sit on the market longer, simply because there are significantly fewer buyers who can afford them. It's important to remember that it's not uncommon for luxury homes to have an "average days on market" that spans several months. As long as you're patient and follow the expert tips above, your luxury home will be sold before you know it.

  • Jeremy Renner The Actor, House Flipper Extraordinaire

    Posted Under: Celebrity Homes in Los Angeles  |  February 2, 2013 9:12 AM  |  120 views  |  No comments

    Last night Jeremy Renner appeared on the Late Show with David Letterman and shed some light on his side business: When he’s not starring in hit movies like The Bourne Legacy, The Avengers and The Hurt Locker, you can find Jeremy flipping houses. What first began as an attempt to stop paying rent has turned into a serious business.

    Jeremy and a friend had come across some money a few years back and decided to combine forces. By purchasing a house instead of renting, they’d be able to grow their money as opposed to throwing it away (smart move). Surprisingly, after renovating the home, a buyer came along and offered twice what they paid for it. Shortly thereafter the property was sold for a hefty profit, and twenty houses later they’re still going strong.

    Jeremy Renner and his business partner typically look for historic, architectural homes in Los Angeles, CA. “I love architecture and to me it has always been something that’s a tangible art form,” Renner stated. He went on to add that “we feel like we don’t build homes or remodel homes or flip houses or anything, we provide lifestyles for people.”

    When asked about how long each project takes, Renner said anywhere from three months to a year and a half. What’s most interesting is that he actually lives in the properties while they’re being renovated, which sounds like a nightmare. However, since he focuses on homes ranging from $500,000 to over $5 million, it may not be too bad after all. His partner recently completed a $25 million flip in Holmby Hills.

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