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Matthew B. Sweeney's Blog

By Matt Sweeney | Broker in 90210
  • In Escrow in 5 Days: 1400 North Hayworth #35, West Hollywood - 1br/1ba, 630 sq ft - $315,000

    Posted Under: General Area in West Hollywood, Home Buying in West Hollywood, Home Selling in West Hollywood  |  November 24, 2012 10:57 AM  |  893 views  |  No comments

    I am pleased to announce the listing and now escrow of 1400 North Hayworth #35 in West Hollywood, CA. Whether you are an investor or a first time buyer, the theme for 2012 has been a real lack of inventory especially in this price point. What we have also seen is that when a rare property like this hits the market, it usually doesn't last long. I did one showing on Thursday, had a strong offer on Friday, and officially went into escrow on Monday!

    1400 North Hayworth, #35, West Hollywood, CA 90046 - 1br/1ba, Roughly 630 sq ft - List Price: $315,000

    A unique opportunity to own a piece of authentic Mid Century architecture in the highly coveted, historically designated “Hollywood Riviera” in prime West Hollywood. Done by legendary architect Edward Fickett, this special offering boasts vaulted ceilings, an open living room/kitchen, large balcony and ample storage. Includes 2 covered parking spaces. Lay by the sparkling, sun drenched pool by day and then walk up the street to the heart of the Sunset Strip. Starbucks, Crunch Fitness, CB2, and Hyde Lounge amongst other fine establishments are just a moments walk away. Ask about "Mills Act" Status for potential property tax benefits predicted to go into effect in 2013.

    Missed out on this one? Search like a Beverly Hills Real Estate Agent using my MLS system for up to date info that local agents use vs. national real estate sites. You can search West Hollywood 90046/90069 listings, leases, condos, and single family homes on my newly revamped website: http://richkidsrealestate.com/west-hollywood/

  • Just Sold/For Lease by Rich Kids: 1131 Alta Loma #504, Prime Sunset Strip/WeHo - List: $350,000, Sold: $335,000

    Posted Under: Market Conditions in West Hollywood, Home Buying in West Hollywood, For Rent in West Hollywood  |  July 5, 2011 4:13 PM  |  1,076 views  |  No comments

    I was trying to think of a good analogy for investment/portfolio building condo purchases such as, “Investment condos are the new…” but I was drawing a blank. I then think back to a time in the mid 2000′s when buyer’s were all about purchasing duplexes (or is it “dupli” if it’s plural). The duplex doesn’t make quite as much sense now as it did back then, so it hit me…”Investment condos are the new duplexes for 2011″. Buyer’s are pouncing on condos that have a low sales price and a long proven rental comp history. This unit at Park Wellington was in a multiple offer situation with 4 offers on the table, when our client jumped in at the last minute to secure the unit and we closed it in under 3 weeks. Park Wellington has always had a strong rental history. Now more than ever buyers are recognizing this trend. There has been literally no inventory in this building and when a unit hits, it’s gone in a flash. Side Note: When you are ready to buy, come prepared either with a pre approval or proof of funds. Lately there has definitely been a shortage of these types of properties. They don’t last! Certainly cash with a short escrow period will typically dominate. If you are looking to build a strong real estate portfolio, this is the route to go in my humble opinion! There are about 5 buildings in town that follow this trend, all with very limited inventory. If you are interested in learning more, hit the Rich Kids Team Up at connect@richkidsrealestate.com.

    With that said, we want to congratulate a long time member of the Rich Kids family on the purchase of an amazing 1br/1.5 ba at Park Wellington. After seeing everything in Hollywood and West Hollywood, what kept drawing us back to this unit was how pristine it was. Park Wellington has always been a favorite building of mine for both investors and first time buyers alike. You can get a well priced unit in a full service building that includes: 24 hour security/front desk concierge, a huge swimming pool w/ cabanas and large spa, tennis court, and full fitness center surrounded by tropical gardens in the middle of the best part of West Hollywood. Alta Loma is barricaded from Sunset so that people cannot use it as a through street, which keeps traffic to a minimum. For any of my readers who are more rich grannies than Rich Kids or who are fans of Bob Newhart, you can thank the late Suzanne Pleshette for this. An agent who specializes in Empire West across the street where she formally resided told me in passing that it was one of Suzanne’s missions in life to stop the traffic and have those barricades installed. Suzanne, I look up towards the heavens in thanks to you for making this a safer and more desirable street due to all your hard work lobbying against the city of West Hollywood.

    One of my favorite features is also the location and walkability, which I am seeing is becoming more and more of a priority amongst clients. For the Rich Kid who wants to enjoy the best that LA has to offer, you are smack dab in the center of essentially Sunset Plaza and the fun part of Santa Monica Blvd. It’s a five minute walk to Equinox, Mondrian, Palihouse, as well as all the Gay Night Life.

    The good news is that my buyer’s smart purchase can be yours to enjoy. Once through the double door entry, this 1 br/1.5ba residence features freshly painted walls and crisp Berber carpeting throughout. Walk out to the expansive balcony for courtyard views and city lights. Large guest parking lot for visitors. This is where you live the LA dream! $2400/month on a 1 year lease for immediate occupancy!

    As always, a special shout out to my favorite agent Cristie for making this a seamless transaction and a pleasant one at that!  You and Markus are an amazing team to work with!

    Master Bedroom 2 504Living Room 504 2Salt Water Pool and Cabanas
    Balcony ViewDining Kitchen 504Pool Entrance
    Pathway to PoolTennis CourtMaster Bathroom 2 504
    Lobby ConciergeBalcony View 2Master Bathroom 504
    Main Living RoomLiving Dining Kitchen 504Park Wellington Sunset
    Fitness Center 2Park Wellington ExteriorFitness Center
    Master Bedroom 504Living Dining Area 504
  • Just Sold By Rich Kids Real Estate: 845 N Harper/WeHo – 3br/3ba with Pool – Sale Price: $1,175,000

    Posted Under: Market Conditions in West Hollywood, Home Buying in West Hollywood, Home Selling in West Hollywood  |  April 19, 2011 11:12 AM  |  781 views  |  No comments

    It's been a while since I have last posted! My typical disclaimer is that things have been so hectic that I have had little time to breathe, let alone sit down to write. With that said, it gives me no greater pleasure than to update my blog with a new sale by Rich Kids Real Estate in the West Hollywood area!

    Located on prime Harper between Melrose Ave and Santa Monica Blvd, my clients instantly fell in love with this property (as well as the whole home buying community apparently...I'll touch on that shortly). The moment you walk through the front gate encased in lush green palms for ultimate privacy, you are immediately enveloped in the playful yet sophisticated courtyard. Colorful plants. vines, and hedges surround the front entrance while whimsical tiles add a Moroccan flair to this Spanish charmer. The house itself was once two large duplexes (Side Note: Deep Thought - Could you say "dupli" for  two duplexes and if you had two Lexuses, could it be "Lexi" - I have had arguments with friends over this) essentially fused together offering up large open rooms that flow seamlessly into one another. The kitchen and baths definitely reflect the Spanish/Moroccan juxtaposition with elaborate tile work synergized with heavy wood finishes.

    What completes the property is a beautiful grassy yard backyard with a decadent heated swimming pool and upper loggia, allowing the owner's to entertain in a number of different capacities. One of my favorite features is a tropical mural to one side of the pool while the other sides are curtained with heavy palms. This home is the epitome of the California good life - cocktails poolside by day and then simply walk or cab to the best nightlife or dining around.

    Congrats R, K, and little C - welcome to the Rich Kids family!! What I love about real estate is that with every transaction, you are presented with a new group of clients and future friends. This deal was my first young couple around my age with an infant. To me they are a reflection of a new generation, our generation, and an openness to everything which is one of the core fundamentals of Rich Kids. Something my clients said that I found especially touching was that they wanted to raise their little girl in a community that is especially diverse in every way possible. West Hollywood is truly a melting pot bringing all types of lifestyles and cultural influences together in one place. That's pretty amazing! I can only imagine how even more open minded this little girl will be as well as her generation in the next 18 years. It's a lot of pressure on a 6 month old, but I will be excited (other than the fact that I will have transitioned from Rich Kid to Old Fart)  to see what she and her peers bring forth to the world.

    As I had menntioned above, something that I wanted to touch on is the topic of competitive properties. This property was listed at $1,099,000 clearly to spark multiple offers. Now depending on the house, this strategy may or may not work. In this case, it had all the components to draw in numerous offers: priced below comps, central/pime area, ample square footage, move in ready, and a large grassy backyard with swimming pool! I haven't seen a frenzy for a property like this since my early days as an agent when the market was white hot (although starting to cool) and it seemed that if you didn't place an offer the day it hit the market, you were finished before you had even begun. A few lessons to be learned from this transaction:

    1) Stick with a local agent (like myself who you would be working with anyhow) who really knows the market as well as their fellow agents/players in the game.

    2) Make sure your agent is well liked and respected. Agent/agent relationships are just as important as agent/client relationships. If you are on a fairly even playing field, the seller will often choose the buyer who has an agent who is known to be friendly, smart, and easy to work with.

    3) When in situations like this, perform to the deadlines stated within the contract. Because of the nature of this particular transaction, there was absolutely no margin for error. My clients performed flawlessly, often early, and came to the game prepared with a savvy lender who knew what she was doing. Even with an accepted offer, an even larger offer can come in after the fact which is why it is paramount to do as the agreement states. That Notice to Perform can quickly turn into a cancellation if you are not careful.

    4) Just to emphasize a point in the last item - come to the game prepared! You just never know when you are going to bump into your dream house. Had my clients not already been well qualified before going out to look at property, they would never have won this home. I know this point can be hammered to death, but make sure you are pre approved (income verified, tax returns, etc) if you are out looking with an agent and have a sense of urgency to buy.

     (5) Take the time to sit down with your agent prior to looking at property, face to face, and go over the process. One of the things I have found beneficial to all parties is doing a buyer's intake (doesn't that sound like something you do at a shrink's office - not that I have every stepped foot in one of those), as I did with these clients over coffee. My ideal scenario is to sit down with my buyers for about 30 minute before even sending listings. I like to educated my Rich Kids by going over local area comps, discussing  areas that they are interestedin purchasing in and how that will fit their ideal lifetsyles, as well as simply going over the buying process. With things constantly shifting in the market, there are always new things to be learned ahead of time. Who coined the phrase, "knowledge is power"?

    This was an especially lengthy entry, but if you have made it this far you will be rewarded to be first in on some happenings with Rich Kids Real Estate. First and foremost, this will be my last original entry on this version of the Rich Kids web site. Rich Kids has experienced tremendous growth over the last few years and some very interesting opportunities have come our way. Rich Kids Real Estate 2.0 will be launching in about 2 weeks! What does that mean? You'll have to wait and see, although per usual, we are going completely over the top in every way possible to provide you with the ultimate real estate experience available. I'll give you one nugget - the Rich Kids site is totally being redone from scratch with a new logo, color scheme, and major technological advances. I can truly say it will be slick as hell and nothing like it. Once the site has been launched, the rest will unfold (the site is only a small component). In the mean time, I will be counting down over the next few weeks with some of my most favorite and controversial entries leading us into the next evolution of Rich Kids. The package is nearly complete and I cannot wait for everyone to see what we've cooked up for you. Be prepared to be blown...away!

    Master Bedroom Reverse Master Poolside Guest Room Office Pool Grassy Backyard Pool 2 Office Master Bath 1 Master 2 Living Room 2 Living Room Kitchen 2 Kitchen Hallway Guest Room #1 Guest Bath Family Room Entrance Courtyard Dining Room Courtyard Gate Courtyard 1
  • The 2010 Market Recap Part 1 – The Rob Clark

    Posted Under: General Area in West Hollywood, Market Conditions in West Hollywood  |  December 7, 2010 1:45 PM  |  755 views  |  No comments

    I always feel like I need to start out with an apology when it's been a while since I have last posted a blog entry. It seems like once you pass Halloween, holiday season madness is in full swing. For me, November and December are always extremely hectic. There are so many loose ends to tie up both professionally and personally that it can leave very little free time for anything else. Typically, once we hit December 15th, things tend to get quiet usually until the second week of January. As agents, most of us are so passionate and addicted to what we do that it is very rare for us to take much down time. This makes the holiday season the perfect opportunity to take an actual vacation. Because I am such a workaholic, I find that even after a few days of not working, I am back on my laptop constantly monitoring what's going on. What can I say, real estate is in my blood!

    Speaking of markets, I thought I would end the year with a series of juicy recaps on the state of the market from last year until today! This will be a four part series starting with an update for all my Rob Clarksters. As I always preface whenever I have a lease or listing at the Rob Clark, I was one of the sales people that came in for year #2 to sell out the last remaining units. It was definitely a big turning point in my real estate career and I learned a lot from the experience. It's made me and Rich Kids Real Estate what it is today. For that reason, the Rob Clark will always have a special place in my heart and why it gets it's own dedicated recap!

    For my friends at the Rob Clark, we know that much like the rest of the market in general, 2009 was not an especially gracious year to the project. Here's the break down:

    3 sales total

    1 sale was a short sale - a 3rd floor, 1+Den for $395,000

    The other 2 sales were conventional: a 1+1, designer done listed at $489,000 selling for $430,000 and a studio for $339,000 selling for $330,000

    Average days on the market was 47

    Average price per square foot was $619.30

    The difference between what a condo was listed at vs. what it actually sold for was 5.17%

    There were additional sellers who initially had opted to sell, but knew they would be taking too much of a hit. If they had the means to hold on, most kept their units and leased them out.

    2010 was a bit like an S&M dominatrix - we received both pleasure and pain when it came to sales. However, this year was certainly much kinder with regards to volume and one sale in particular which I found especially encouraging:

    6 sales total - double the volume from 2009 - whoop whoop!!!

    Here's where we get spanked with a paddle - out of the 6 sales, 4 were short sales.

    Our velvet embrace is that unit 223 (pool side 2 bedroom/2ba) sold for $505,000 which is the most encouraging resale I have seen to date and sold for higher than what the seller bought it for in 2008. I'll explain why I think he was able to make this happen.

    2nd floor 1br/1ba - $380,800 (short sale); 2nd floor 1 br/1ba - $380,000 (short sale); 3rd floor 1+den - $352,000 (short sale); 4th floor 1+1 - $375,000 (regular sale); 5th floor 1+den - $379,900 (short sale); 2nd floor 2+2 - $505,000 (regular sale - yay)

    Average days on the market was 50

    Average price per square foot (back to the pain part) dropped to $538.64

    The difference between what a condo was listed at vs. what it actually sold for was 1.99% (the gap is much smaller, but due to all the short sales the list prices were very low).

    You can look at 2010 in a couple of different ways. I choose to use unit 223 as the beacon of light amidst all these short sales. I say this often to my friends at The Rob Clark, but I think it's a terrific example of what to do when selling. The Rob Clark provided the perfect pallet to create an amazing space. I've seen units that look more like college apartments, but I've also seen ones that could rival a swank unit at Sierra Towers. When selling a condo in this market, it is absolutely all about presentation. This particular seller was a perfectionist when it came to paint, lighting, furnishings, and all the extra little goodies that attract a buyer. If you have a couple of couches with white walls, no window dressings, or anything hanging from the wall, it will give provide a completely different showing experience than that of a unit which has been impeccably done. I have a unit for sale now at Shoreham Towers that was vacant. We took a blank canvas, painted, and had it staged for a nominal fee. It transformed a great unit into a spectacular one.

    Something else to get excited about is that the Rob Clark has been extremely consistent in bringing in lease amounts that usually range from about $2000-$2300 for a 1 or 1+den. This has held fairly firm over the last two years. In my humble opinion, I think that the Rob Clark is one of the better portfolio builders due to it's consistent demand and rental amounts. Ideally, if it made sense to keep it to lease out when you are ready to upsize, I would advise to do it!

    That raps up our year in review at The Rob Clark. I am hoping that we have seen that bulk of the short sales come and go. Being the optimist that I am, I have a gut feeling 2011 will bring in higher comps and more substantial growth. In the mean time, start painting and get yourself to CB2!

    Part 2 we will be recapping the West Hollywood/Beverly Center/Beverly Hills condo market as a whole from 2009 to today...stay tuned :)

  • Rich Kids Real Estate Proudly Presents Designer Done Zen Living at Shoreham Towers - Sunset Strip/West Hollywood - 1br/1.5b

    Posted Under: General Area in West Hollywood, Home Buying in West Hollywood, Moving in West Hollywood  |  October 11, 2010 4:09 PM  |  1,004 views  |  No comments

    shot-1-mainAfter my teaser last week, I am proud to announce the newest addition to the Rich Kids collection which officially hits the market today. Tomorrow will be the debut to both agents/the public alike with two showings: 11am-2pm  and Twilight Cocktails from 6pm-8pm. Due to the heavy security within the building, anyone interested in attending the Twilight showing will either need to RSVP with me so that I can give your name to the concierge or upon arrival, tell the front desk that you are  a clientof mine for unit 206. Who would have guessed getting into an open house would be as challenging as a Bolthouse? Shoreham is outstanding in it's dedication to providing homeowner's with complete privacy, discretion, security, and world class service.

    shot-6-entrance-to-balconyWhile most's vision of art would consist of paintings, sculptures, and drawings, mine would be putting together a truly fantastic property. I put my heart into every listing that I take and each one is presented in a manner that best suits it's strengths. Between the jaw dropping views and stunning decor, I had a ton of fun getting this ready for the market. It rained most of the week, giving us literally seconds to capture those moments at twilight where the clouds had cleared over the city and there was just enough light to frame the perfect shot. When I saw the finished product, I was completely blown away with how wonderful everything together! I'll let you be the judge of that.

    shot-8-master-bedroomShoreham sits high above the Sunset Strip allowing those lucky enough to own a front facing unit panoramic views of almost all of LA from west to east. With a wall of glass and 8ft of balcony space, the view takes the center stage. One can open the massive sliding doors providing an indoor/outdoor feel, as if you are floating above the city once you enter the double doors of the condo. The airy living room/dining area provides ample opportunity to create the perfect arrangement with it generous proportions. I love the contrast between the colorful zen yet slightly mid century decor and the dark hardwood flooring. To be able to create a space that is designer chic, yet warm and inviting is a tough dichotomy. This paradox is the essence of unit 206 and there is not one section where it is not felt. There is a true feeling of sanctuary, but one gaze out of any window is a vibrant reminder that you are in the heart of one of the most dynamic sections of LA.

    Check out the property site with the volume on...I think the music is pretty killer: www.shorehamtowers206.com

    8787 Shoreham Drive, Unit 206, West Hollywood, CA 90069 - 1br/1.5ba - $515,000

    Step into the world of decadent luxury at the famed Shoreham Towers the moment car keys are handed over to the 24 hour valet. The always present concierge quietly greets each home owner as polished elevator doors automatically slide open, beckoning one into a quiet, tranquil oasis perched high above the most exclusive section of the Sunset Strip. This designer done, front facing unit features rich hardwood floors throughout with an open living room drenched in sunlight leading seamlessly into a kitchen perfectly configured for entertaining. A master bedroom with city views and a sumptuous spa inspired bathroom with separate sunken tub/shower can invigorate or seduce depending on the mood of the day. An additional powder room affords the owner privacy while ensuring each guest's comfort. Walls of glass behind an expansive balcony showcase every detail from sunrise to the twinkling city lights that commence at twilight. Just another day at Shoreham...All utilities included in HOA dues. Listed by Rich Kids Real Estate Group - Keller Williams Beverly Hills

    shot-18-shoreham-towers shot-16-gym shot-15-pool shot-14-gigi-concierge shot-13-lobby-3 shot-12-lobby-2 shot-11-lobby shot-10-master-bath-2 shot-9-master-bath shot-8-master-bedroom 0B8J0531 shot-6-entrance-to-balcony shot-5-dining-kitchen shot-4-dining-roomoffice-nook shot-3-living-room-reverse shot-2-balcony
  • Oops I Did It Again…A Rare Opportunity to Lease at Famed Chateau Brittany in WeHo - 1br/1ba + Huge Loft - $3000/month

    Posted Under: Quality of Life in West Hollywood, In My Neighborhood in West Hollywood, Moving in West Hollywood  |  October 7, 2010 3:37 PM  |  1,271 views  |  No comments

    living-room-1OK, I need to stop with the Britney Spears references when referring to the enchanting Chateau Brittany. If you recall, I just recently sold a unit that was not on the market in the building in August  listed at $630,000 and closed it in two weeks. As I have waxed on in my various blog entries about this specific property, I have noted that it is very infrequent that listings become available for sale let alone for lease. According to my records (documentation in the MLS), there have only been ten leases at The Brits in 31 years. That's pretty extraordinary, but then again this is truly an exceptional property. Lightning has indeed struck twice, because not only did my client and I find the most perfect unit here, but OOPS, I am able to bring to the market an impeccable rental unit from another long time owner whom I met as a result.

    pool-viewOnce through the impeccably manicured privacy hedges of this landmark West Hollywood condominium arrangement, one enters a world of complete serenity and classic elegance. The central courtyard blends a heated swimming pool, fountains, spa, and lush greenery with decadent slate accents. Plush lounge chairs with seating areas positioned throughout the property offer a traditional resort atmosphere perfect for unwinding, entertaining, or to be used as a tranquil refuge to recharge from the delights this prime West Hollywood neighborhood has to offer.

    living-room-expanseThis special offering boasts a sophisticated elegance with gleaming hardwood floors throughout, generously proportioned rooms including a large kitchen and substantial dining area, an expansive living room complete with ornate wood burning fireplace, a tasteful bathroom with a separate tub/shower, a tree top facing master bedroom loaded with custom built in cabinetry, a MASSIVE loft that could be easily used as a second bedroom (with closet), tons of storage space, and a grand balcony that allows one to marvel at the expansive beauty that envelopes the tenant(s) lucky enough to call Chateau Brittany home. A private covered garage with remote and additional storage as well as a West Hollywood street parking permit are also included.

    1321 North Hayworth Avenue, Unit D, West Hollywood, CA 90046 - 1br/1ba + Loft - $3000/month - 1 Year Lease Minimum - Listed by Rich Kids Real Estate Group/Keller Williams Beverly Hills

    spa pool poolfountain pathways more-courtyards gardens exterior unit-entrance-exterior unit-entrance unit pool-view master-bedroom-3 master-bedroom-2 master-bedroom loft-view-fireplace loft-expanse loft living-room-expanse living-room-1 kitchen-21 kitchen1 entrance-w-rich-kids-sign1 entrance-balcony1 dining-area1 bathroom-21 bathroom1 balcony-view-21 balcony-view1 kitchen-2 kitchen hallway entrance-w-rich-kids-sign entrance-balcony dining-area bathroom-2 bathroom balcony-view-2 balcony-view
  • The Teaser…Rich Kids Presents a Chic New Offering Set in Opulant Full Service Luxury on the Prime Sunset Strtip…1br/1.5baâ€

    Posted Under: General Area in West Hollywood, Home Buying in West Hollywood, In My Neighborhood in West Hollywood  |  October 1, 2010 12:39 PM  |  884 views  |  No comments

    Slick.Sexy.Stunning...Coming Soon on the Sunset Strip...Save the Date

    shoreham-at-twilightEvery client and friend of mine knows  that with Rich Kids, a new listing hitting the market is like a debutant or dilettante making their debut at Cotillion...it's a reason to celebrate and obviously go over the top. To (slight adjustment made to fit the theme) quote Ab Fab's Edina Monsoon..."it's not an {open house}, it's a happening".

    With that said, Rich Kids newest listing will be hitting the market next Friday, October 8th with it's first open house Sunday, October 10th from 1pm-5pm. I'd love for everyone to attend the open and save the date for Tuesday, October 12th from 6pm-8pm for cocktails at Twilight (Robert Pattison/Kristen Stewart not included). It's the perfect time to sip a  libation while watching the sun set over the city below us. For those of you who remember Cocktails at Kirkwood, you definitely won't want to miss out on this one! 

    This designed to perfection "hot prop" has it all: gleaming hardwood floors, a decadent master bath with seperate spa like shower/tub, tons of storage/closet space, a powder room,  a closed off yet open kitchen, and a complete wall of floor to ceiling windows flooding the unit with natural light. Sip coffee as you marvel at every detail of the sun kissed paradise that is LA  stretched out for your viewing pleasure and then count your blessings as night brings forth jaw dropping views of twinkling city lights.

    That's all for now...location, pictures and price in one week. Need instant gratification? Sorry, I don't want to spoil the surprise so stay tuned...

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