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Market Conditions in Sherman Oaks : Real Estate Advice

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  • Home Buying46
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Activity 7
Wed May 7, 2014
mel.elle asked:
This question was asked from http://www.trulia.com/rental/3140158561-13231-Moorpark-St-Sherman-Oaks-CA-91423
0 votes 0 Answers Share Flag
Wed Oct 24, 2012
Anthony A answered:
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... more
0 votes 7 answers Share Flag
Fri Apr 6, 2012
SERGEY FEDNOV *** 424-777-9377 answered:
4551 Hazletine Avenue, Sherman Oaks, CA 91423 - $1,160,000

The subject property is a four unit apartment building located at 4551 Hazeltine Avenue, Sherman Oaks, CA. The property was built in 1954, and is located south of the 101 Freeway and north of Moorpark Street. The unit mix consists of one one-bedroom/one-bath unit and three two-bedroom/one-bath units. There is a washer and dryer and central air and heat in each unit. Some of the units have recessed lighting and crown moldings in the living room. All of the units have one large patio/balcony and individual hot water heaters. There are four garages with the possibility of parking one additional car in front of each garage.

PLEASE DO NOT DISTURB TENANTS. THEY ARE NOT AWARE THAT THE PROPERTY IS FOR SALE. ALL SHOWINGS THROUGH THE AGENT ONLY!!!

I'll be happy to find out more information for this property and arrange a private showing for you.
Please call me anytime - 424-777-9377


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
http://www.TrustSale.com
http://www.TrustSaleRealty.com
Lic# 01896869
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10 votes 9 answers Share Flag
Fri Jul 9, 2010
Cynthia Sparagna answered:
Dear Mom:
Like every market, it truly depends on the property's location, condition and price whether or not an appraisal is "favorable" or not. Last year there was a change in appraisal regulation and we saw a lot more conservative appraisals coming in. Depending on the location/neighborhood of the property, the appraisals are indicating a response in favor of a slightly higher market than last year. Honestly, the appraising has nothing to do with loan modifications from what we are experiencing in my office. Since the banks have the TARP money, they are not realy working hard to assist folks in loan mods. Also, what people don't understand about loan mods is they are not loan reductions, simply a reduction in monthly payments for a temporary amount of time. Most of my clients and friends are not getting much support from their mortgage lenders in providing them a loan modification.
Cynthia Sparagna 818.207.9399
E&A/Sotheby's - Sherman Oaks
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0 votes 4 answers Share Flag
Mon Jun 21, 2010
Tommy Lee answered:
Mstreet,
I have seen anywhere from 14 to 45 for regular retail and 22 to 54 for restaurant. That is, per square foot per year. A couple places I showed a client were in pretty sad shape and needed a lot of renovation. That was on the lower end. The upper end I showed a restaurant set up that was next to a coffee shop on the boulevard and it, of course was on the upper end.

If you are a home buyer, why the interest in commercial?

If you need assistance with anything, please call or email me.

Tommy Lee
DRE#01723594
tommy.lee@dilbeck.com
323-821-2292
... more
0 votes 1 answer Share Flag
Wed May 19, 2010
Valley Glen answered:
We put 20% down. The house is a gated mini-estate with over 13,000 sq. feet lot. Fantastic landscaping, cul de sac with million dollar homes on street. It has three bedrooms, 2 1/2 baths, completely remodeled in 2007. Three patios, outdoor fireplace, built in BBQ, the works. There is NO WAY it is worth a measly $540,000. We didn't want cash; just wanted to lower our interest rate. Loan mod was not available to us and I was told that we could not get a second appraisal and that if we got our own appraisal it would not be looked at. We could probably sell it for $700,000 and have a buyers frenzy. But we love our house and have no plans to sell. I am out of pocket $600 for this debacle. I have emailed our "broker" at Citimortgage several times but he is not responding. He was happy to call me and tell me that if we coughed up $13,000 in fees we could still get a re-fi. This was supposed to be a slam dunk re-fi - excellent jobs, salary and fico. ... more
0 votes 8 answers Share Flag
Mon Apr 12, 2010
Tommy Lee answered:
Haila,
You are correct that home prices in Van Nuys have dropped. The peaked in that 91411 zip code at about 600k are are now at 412 according to the Los Angeles Business Journal. Most agents gernally give commercial about 24 month lag to residential. And, the stimulus package and tax credits are affecting residential but not commercial real estate.

With that in mind, you can expect that it will be some months after this tax credit expires to see if residential starts to climb. Then you should see the commercial start back about 2 years later.

I recently showed some clients commercial property for a restaurant along Ventura Blvd. Three years ago there were no properties along the Boulevard for lease. They went as fast as they came on the market. Prices were over $4 per square foot with really high proven reserves.

I managed to find my client a property at $1.95 per square foot. And he had a number of properties to choose from in our search process which took about 3 weeks.

If you have any quesitons, please don't hesitate to call or email me.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
... more
0 votes 3 answers Share Flag
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