A Short Sale Tale in Los Angeles

Danny Batsalkin
Perseverance definitely pays off for real estate agents and home buyers when trying to close on a short sale or REO deal. Just ask Danny Batsalkin of Rodeo Realty’s Beverly Hills office. He recently wrote on his blog that he closed a deal in Carthay Circle, Los Angeles after more than six months of going round and round with lenders.
The buyers -Batsalkin’s clients- originally submitted an offer on their dream home when it was listed as a short sale. The offer was accepted by the seller and submitted to the bank for review. After approx. three months, the bank finally began negotiating the short sale. The buyers were then informed the bank would likely approve their offer.
However there was a snag. The second lien holder, who was owed several hundred thousand dollars, would not cooperate in the short sale without a sizable owner contribution. The owner was not able to comply with these terms and the first lien holder was forced to foreclose on the home. This effectively wiped out the buyers’ offer.
Although the buyers were extremely disappointed, Batsalkin reassured them the house would come back on the market as a bank owned property and they would still have a chance to purchase it. He kept his eye on the property, following up with the bank almost daily. Eventually, Batsalkin found out who the new listing agent would be.

Carthay Circle Home
The buyers submitted a new offer on the property and, although there were multiple offers, the buyers prevailed and got the house.

This is an important story to keep in mind, because short sales and REO deals are a large percentage of the local residential real estate market these days.

In Southern California last month, the number of distressed sales — the combination of foreclosures and short sales — accounted for well over half of the market for previously owned properties, according to the Los Angeles Times, which sourced DataQuick.
Foreclosures made up 37.1% of the market and short sales 19.8%. Absentee buyers — mostly investors and some second-home purchasers — bought a record 26.1% of Southland homes sold in February, paying a median $198,000. Buyers who paid cash accounted for a record 31.7% of February home sales, paying a median $200,000.

Joe Babajian Closes Deal in Prime Holmby Hills

Joe Babajian of Rodeo Realty’s Beverly Hills office recently closed on a sale in prime Holmby Hills. The Mediterranean tennis court estate, listed at $15.9 million, sits on a full acre of land in the prestigious neighborhood.

Re-built in 2004, the gated estate is inspired by the classic Provencal chateaus of France. It features 8 bedrooms, 11 baths, beautifully designed interiors, and proportioned formal rooms that are scaled for entertaining on a grand level.

The home has formal living and dining rooms, a two-story paneled library, game room and a five-star chef’s kitchen. The master suite features dual baths and dressing rooms.
There are five additional bedroom suites, staff quarters, and a two story guest house with two bedrooms and baths and a kitchen.

The breathtaking grounds include numerous verandas, courtyards, terraces, perfectly manicured and sculptured rose gardens and a park-like grassy yard with pool. Congratulations Joe!

Delaney Bramlett's Rock-n-Roll Ranch in Sunland

The long time residence of late singer, songwriter and producer Delaney Bramlett is on the market in Sunland, Calif. Bramlett, who passed in 2008 at the age of 69, worked with rock and blues greats such as Eric Clapton, George Harrison, Duane Allman, and JJ Cale, to name a few.
The L.A. Times featured the listing in today’s Hot Properties. Visit: http://www.latimes.com/features/home/la-hm-hotprop-delany-bramlett-20110309,0,5612090.story

Bramlett produced Eric Clapton’s debut solo album, Eric Clapton. He co-wrote “Let it Rain” with Clapton, who also recorded it, and “Never Ending Song of Love,” which was recorded by more than 100 artists including Ray Charles, George Jones, Tammy Wynette, Patty Loveless and Dwight Yoakam, according to an Associated Press report.
To get an idea of the soul Delaney Bramlett communicated in his music, watch the YouTube clip below. This one nearly brought me to tears.
The song “Groupie (Superstar),” which Bramlett co-wrote with Leon Russell, has gone on to be recorded by Usher, Luther Vandross, Bette Midler, The Carpenters and most recently, Sonic Youth. The Sonic Youth version was featured on the Grammy-nominated soundtrack of the movie “Juno,” according to the AP.
Known as “Delaney’s Rock-n-Roll Ranch,” the 1,638 square foot home sits on a full acre of land, with barn/stable for four horses, tact room and gated driveway. The house, built in 1935, has 3 bedrooms, 2 baths, mountain views, a pool, and a recording studio in the garage. The kitchen has been upgraded with granite counter tops and each bedroom has a separate entrance.

Carmen Mormino of Rodeo Realty’s Westlake Village office is the listing agent. The home is priced at $769,000. Visit the property web site here: http://johannajewel.com

By Eric Billingsley

Real Estate Agent Raising Money for Rescue Horse

AGENTS GIVING BACK: Robin Lucas, an agent with Rodeo Realty’s Calabasas office, recently took up the cause of helping raise money for a rescue horse in Hidden Hills, Calif. by the name of Devon.
Hidden Hills is one of the communities Lucas serves in her work as a real estate agent.
Devon is a beautiful, courageous, kind-hearted rescue that was recently rushed into emergency surgery for a severely twisted colon. The procedure cost $9,000.
Annette Osterlund, who rescues and rehabilitates former race horses at Paradise Valley Farm in Hidden Hills, is Devon’s owner. When the vet came out to assess the situation, he gave her the choice of either putting the animal down or proceeding with the costly surgery.
Osterlund could not afford the surgery but also couldn’t bear the thought of going through with the other option. Devon has won a variety of awards, is used for riding lessons, and has an amazing temperament, said Lucas.
Lucas, a horse owner, is also donating her own time and energy at the farm to help speed up Devon’s recovery.

To raise money for Devon’s procedure, Osterlund is offering a riding lesson to anyone willing to make a donation of $50.00 or more directly to WEST COAST EQUINE HOSPITAL.

The hospital is located at 4310 Sand Canyon Road in Somis, CA 93066. The telephone is (805) 386-7151.

For more information, call Annette directly at (818) 903-3633.

Captain Cardiac and the Coronaries LIVE!

Pat “Pasquale” Losurdo and his high high school buddies loved the music of “Happy Days” and “Sha Na Na.” They were also big fans of the coming of age movie classic “American Graffiti.” Losurdo is an agent with Rodeo Realty’s Northridge office.

So in the early 1970s they formed a band to pay tribute to all of the great music of Motown, the 1950s and the 1960s. Nearly four decades later “Captain Cardiac and the Coronaries” is still going strong. And Losurdo says music and real estate are the perfect combination.

“Real estate and rock-n-roll go together hand-in-hand,” said Losurdo. “Juggling the time commitments of both is not a problem. And I always get leads and do a lot of networking when we do shows.”

The six member band, all of whom attended Monroe High School in North Hills, is made up of Losurdo, two guys who work with Raytheon, a small business owner, a retiree and one member who works at Amgen.

They’ve carved a successful niche playing at corporate events, festivals, parties and on cruise ships. Captain Cardiac and the Coronaries even recently played a gig to celebrate the new president of Southland Regional Association of Realtors.

The band has also performed with Chubby Checker, The Coasters, The Drifters, Freddy Cannon, John Sebastion, The Chantays, Paul Revere and the Raiders, MaryWells, Tony Bennett, The Pointer Sisters, Tommy James and the Shondells, Bruce Willis, Kingston Trio.

For more information, visit: http://www.captaincardiac.com/

Captain Cardiac and the Coronaries is also playing The Canyon in Agoura Hills on Friday March 4, 2011 – Doors 6pm. Show 9:30pm.

Rodeo Realty Making Progress on New Beverly Hills Office

The build-out of Rodeo Realty’s new 13,000 square foot office in Beverly Hills continues to make progress. The latest development is the addition of some nice signage on Canon Drive. It blends well with the Montage across the street and the overall upscale decor of the neighborhood.
Here are a few teaser photos.

Located at 202 N. Canon Drive in the 90210, Wolcott Architecture/Interiors is doing the interior of the building.

The new office, located in the one time headquarters of the William Morris Agency, will eventually house close to 200 agents. The current Beverly Hills branch has approx. 130 agents who will move to the new digs. And Dave Osman, manager of the branch, expects to bring on an additional 80 agents.

Architectural Homes in West Hollywood

This weekend marks the kickoff of Modernism Week, Palm Springs’annual celebration of all things midcentury modern, according to a New York Times article. 
One of the highlights is “Steel and Shade: The Architecture of Donald Wexler,” an exhibition at the Palm Springs Art Museum. http://tmagazine.blogs.nytimes.com/2011/02/17/seeing-things-donald-wexler-desert-modernist/?src=twrhp


825 N. Kings Road
Fred Henry, manager of Rodeo Realty’s Sunset Strip office, noted that if you’re staying in Los Angeles, we have our own architectural properties on display in West Hollywood. They are open during the weekend from 1:00 to 4:00.
John Galich Group has 825 N. Kings Road, #17. Visit: http://www.825northkingsroad.com/
The property,  by Lorcan O’Herlihy Architects, won the 2008 AIA National Housing Award.

825 N. Kings Road kitchen

The building was designed to complement the renowned Schindler House next door. Interlocking lime-green and Redwood volumes blend light, materials and color to create the sculptural façade and expansive courtyard.

The rear upper unit offers views, light and wonderful features including Boffi kitchen with Miele & Viking appliances. It has dark hardwood floors, flat screens and is wired for music throughout. It’s one of the best buildings in West Hollywood.

1400 Hayworth Ave.

Peter Schwartz and Jonathan Fritts’ have 1400 N. Hayworth Ave: http://www.1400hayworth.com/
Located in an architecturally significant mid-century “lanai” building, the top-floor corner unit has a true foyer that leads into a living room with dramatic soaring ceilings, wood floors, and large double-height windows.

1400 Hayworth Ave. interior

The kitchen has been smartly renovated with maple cabinets, granite counters, great appliances. The bedroom is spacious with beamed ceilings.
The complex has a large pool in the center courtyard. It’s the heart of West Hollywood, with all the amenities of the city and the Sunset Strip in immediate proximity.

David Krumholtz Sunset Strip Area Home

Allyson Carter of Rodeo Realty recently listed the Sunset Strip area home of actor David Krumholtz.

The actor is well known for playing Professor Charlie Eppes in the television series “Numb3rs.”

In addition to his work on Numb3rs, Krumholtz appeared as Goldstein in the films “Harold & Kumar Go to White Castle” and its sequel “Harold & Kumar Escape from Guantanamo Bay.”

A few of his other credits include playing Bernard in “The Santa Clause” and acting in motion pictures such as “Slums of Beverly Hills,” and “I Love You, Man.”

The listing is featured in L.A. Times Hot Properties at: http://www.latimes.com/features/home/la-hm-hotprop-david-krumholtz-20110217,0,6384749.story

Known as “El Castillo,” the home includes approx. 4,000+ square feet of living space, four bedrooms including 2 master suites, four baths, commercial grade elevator, gourmet eat-in kitchen, dining room, and separate living room with hand carved high ceilings.

The estate is gated from the street and well equipped for entertaining, with indoor and outdoor entertaining spaces, outdoor spa and plenty of parking. The home is priced at $2,175,000. Allyson Carter is doing an open house this Sunday (Feb. 20) from 1pm to 4pm. The property web site is http://www.8054fareholm.com/

Ultimate Hollywood Hills Bachelor Pad

Yesterday, E! News filmed a spot at one of Patrick Newman’s listings in the Hollywood Hills. The 6,500 square foot home on Sunset Plaza Drive is the ultimate bachelor pad.
And, it has been rented to a string of celebrities over the years and been used as a shoot location for two of E!’s reality shows. Here are a few highlights.
* Author/actor Fabio lived in the house when he was getting his start in LA in the early 1990s.
* Russell Simmons, co-founder of the hip hop label Def Jam, leased the home.
* Diddy rented it for a week.
* E! reality show “Love is in the Heir” was filmed there.
* Denise Richards shot in the home for E!’s reality show “It’s Complicated”
* Director Michael Caton-Jones rented the home (Doc Hollywood, The Jackal, Basic Instinct 2).
* Professional athletes are constantly approaching the owner about renting the house, because it’s perfectly set-up to be a party pad.
The four bedroom, 5.5 bath architectural home, owned by English glamour photographer Richard Franklin, has seven stories to play with. He has essentially made the whole house into his photo studio and work of art.
A few of the cool features include: a two-story waterfall, theater with floor-to-ceiling movie screen, gorgeous pool and deck, a two-level disco tricked out with high end sound system and lights, grotto with hot tub, casino, gym, eagle’s nest deck on the top of the house, and jet liner views.
Norman, who works with Rodeo Realty’s Beverly Hills office, listed the home for $7.5 million. It’s also available for lease.