Home Buying in 90210>Question Details

Alameh, Home Buyer in 90210

I am a buyer looking for a house in Beverly Hills. My budget is $3 to $3.5 mil

Asked by Alameh, 90210 Mon Aug 17, 2009

I am looking for a house in north of Santa monica or north of sunset. Lot size of 14000 SQF or higher and 4 bedroom minimum. I am mainly looking for pocket listing. I know all the houses in MLS so please do not contact me with those houses unless you think you can get the house 30% below asking price.

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Connie De Groot’s answer
I hope you consider that some sellers price their homes well above the actual market price waiting for someone like you that will be happy to get a home at a large discount. The actual market price will determine if you are getting a good deal and not the fancy discount. As strange as it may seem, there are still buyers over-paying. It's a shame. If you don't have information as to the homes that sold and the actual experience seeing the home (inside and out) you could be mislead. Good luck.
0 votes Thank Flag Link Mon Apr 25, 2011
That is no realistic, there is no blanket rule you will get something for 30% off, everything is dependent on the specific house and situation.
1 vote Thank Flag Link Fri Jan 15, 2010
Hi Alameh
Our office has over 300 agents and many of them, including us, work in that area. If you send me an email with exactly what you have in mind, I would be happy to search for a pocket for you.
Best Regards,

LA Real Estate Group
Lou Arakelian
Alex Golshan
1 vote Thank Flag Link Wed Aug 19, 2009
The only way you're going to get a home actually worth $4.5-5m for only $3-3.5m, is if it's a real fixer upper.

Think about this: If the property were a short sale (not too many in this price range), the bank will still send out 1-3 appraisers to make sure they're netting the maximum they can to cover their losses. The home will likely be in better shape than an REO though.

REO property: Again, the bank's asset manager, prior to putting the home on the market for sale will also be obtaining appraisals, they will price it less than market, but chances are if the owner was going under in this price range, they probably lost at a MINIMUM $500-1m from their original down payment & have probably stripped the place, so you'll have missing light fixtures, kitchen cabinets, appliances, sinks, toilets, possibly tubs, staircase railings, garage door openers, heck maybe the entire garage door! etc)

The real deal on an REO like this is if you were able to pick it up at the actual auction, but then you will need to pay ALL CASH & make sure to investigate other liens that may be against the property. If you don't know a lot about foreclosures you should go to a few of these & just watch. Bear in mind you're going to up against other investors who make this their full time business & have staff to investigate each property.

In this economy, someone willing to lose 30% in this price range has got to be some fire sale of sorts, maybe a probate or trust sale. Even then, if you were heir to the throne would you say "ahh, what's another million, let's just dump it"

Your journey to find the pot of gold will be tough. There aren't many stupid sellers with $5m homes in great shape willing to sell for $3.5M. Even the soon to be Ex wants their full share plus your trousers & the shirt off your back!

When you're ready to float on down to reality-land, let me know. I do know of some homes that are not on the market. They all have defaulting owners.
1 vote Thank Flag Link Mon Aug 17, 2009
I agree with Christophe, this just simply isn't realistic. North of Santa Monica -especially No. of Montana properties are selling very quickly when priced right, many of these homes are receiving multiple offers, and even offer over listing price. Homes in this area have gone up almost 5 months straight in value. The change that you are going to get a property 30% below market value here, is slim to almost none. The $5 million + market has been selling very rapidly as well.
0 votes Thank Flag Link Mon Jan 17, 2011
Hi Ameh,
I have plenty of pocket listings. We have 900 + agents in my company with plenty of listings in Brentwood, beverly Hills (in office pocket listings) that never hit the market. Contact me my office in beverly hills.
henry Vega
0 votes Thank Flag Link Tue Dec 28, 2010
I come across a number of pocket listings all the time, however, I would like to be able to contact you more discreetly than on this platform... Can you contact me or give me your contact information? Thank you and always happy to assist...
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Sun Sep 19, 2010
How about bringing that bag of cash to Texas and buy 30 homes to lease out? The rental market is insane over here, they lease in 2-5 days. With the amount of return you'll never have to work again. Well if you have 3.5 Mil you likely don't anyway have to anyway, but investing in the rental market is a great idea. Just a suggestion, and I'll manage them.
0 votes Thank Flag Link Tue Jul 13, 2010
Do you mind BHPO? There are some bigger parcels in great areas in the 2Million range....

Let me know if you want me to prepare some options for you.

Roger Perry, Realtor/Broker
Rodeo Realty, Beverly Hills
(310) 600 1553
0 votes Thank Flag Link Tue Jul 13, 2010


0 votes Thank Flag Link Wed Jan 27, 2010
30% below? it is still rare in those areas. I have a few pockets , email me, u might like something.

Inna Ivchenko,
Realtor, PSC, GRI at KWR Beverly Hills # 01828994
0 votes Thank Flag Link Sat Nov 14, 2009
I am currently working with Investors and there is no way that a bank will accept an offer 30% below list price. R.E.O. (Foreclosed) properties are already reduced 22% - 30% when they are listed in the MLS.

As far as my investors, they have submitted offers and they have been beaten by home buyers offering between $30K to $80K over listed price.

Alameh, is this an all cash offer or is it a conventional mortgage?
Feel free to email me if you have any questions.

Jes Sierra, B.Sc., Realtor®
0 votes Thank Flag Link Mon Aug 17, 2009
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