Below is a summary of the transactions that SilkRoad has been involved with so far this year.
Sale Pending – Representing Seller - Turn-Key Mar Vista House – 3378 Colonial Ave – Mar Vista
Listed For: $899,000
Bedrooms: 3
Bathrooms: 1
Bldg. sq. ft.: 1,226
Lot sq. ft.: 5,750
MLS No.: 13-689203
Beautifully updated Mar Vista Turn-Key Gem! Enjoy cooking in the spacious kitchen including granite countertops & breakfast bar. Cozy breakfast area and family room off the kitchen. Bathroom features upscale tile work & vanity with relaxing spa tub. Original thin slat, white oak, hardwood floors add to the warm, comfortable feel of this great home. Third bedroom has its own outside entrance - perfect for a home office. Private, tree-lined back yard that once housed a pool. Large auto-gate enclosed front yard/lawn. Plenty of parking w/driveway and detached garage. Don't miss this great house!
Sold – Representing Buyer – 3270 Granville – Mar Vista
Purchased For: $1,475,000
Listing Price: $1,295,000
Bedrooms: 5
Bathrooms: 3
Bldg. sq. ft.: 2,183
Lot sq. ft.: 7,380
MLS No.: 13-691533
Mar Vista is one of the hottest real estate pockets in Los Angeles. It is centrally located and has a great elementary school, Mar Vista Elementary School. Our clients were adamant about living in Mar Vista and luckily they have found the right house. We were able to purchase this house and sell their current house simultaneously.
Sold – Represented Seller – 20253 Keswick St., #124 - Winnetka
Sold For: $229,000
Listing Price: $229,000
Bedrooms: 2
Bathrooms: 2
Bldg. sq. ft.: 880
Lot sq. ft.: n/a (Condo)
MLS No.: 13-682443
This condo was purchased by an investor in 2009. It was purchased for approximately $124,000. It was rented from 2009 through May 2013. It sold for $229,000 in July.
Sold – Represented Seller – 2331 Westridge Rd - Brentwood
Sold For: $1,750,000
Listing Price: $1,625,000
Bedrooms: 3
Bathrooms: 3.5
Bldg. sq. ft.: 2,312
Lot sq. ft.: 10,952
MLS No.: 13-668401
Sold within a week of listing for $125,000 above asking price. Beautiful gracious Brentwood home perfect for family living and entertaining. Wonderful open architectural flow, floor to ceiling windows - suffused with light. Three bedrooms and large bright family room easily convertible into a fourth bedroom. Three and half bathrooms. Big kitchen and breakfast area. Large tree shaded redwood deck for outdoor dining and relaxing. Grassy yard surrounded by mature flower beds.
Office Lease – Represented Lessee – 10811 Washington Blvd – Culver City
Leased For: $2.20 / Sq. Ft.
Listing Price = $2.35 / Sq. Ft.
Office Size = 370 Sq. Ft.
Lease Term = 3 Years
Type of Lease = Modified Gross
Our client was excited to open her marriage and family therapy practice and just needed the right office. We helped our client negotiate terms that made financial sense with concessions that were important to her.
Sold – Represented Seller – 936 Eucalyptus Drive - El Segundo
Sold For: $785,000
Listing Price: $799,000
Bedrooms: 3
Bathrooms: 2
Bldg. sq. ft.: 1,444
Lot sq. ft.: 5,362
MLS Number 13-645415
Beautiful 3 Bedroom, 2 bath with Family Room. Updated kitchen with built-in Jenn-Air oven/range and grill-top, and Frigidaire Refrigerator/Freezer and built-in Microwave. Family room opens through French Doors to spacious outdoor entertainment area including patio, large yard, and Gazebo with Spa. Further upgrades include beautifully remodeled bathrooms with granite and tile throughout; wood shutters; crown moldings, recessed lighting, fireplace, in-wall soundproofing and double-pane windows, central heat and air conditioning, and multiple skylights.
Sold – Represented Buyer - XXXXX Monte Hermoso Dr. - Pacific Palisades
Purchased For: $2,525,000
Listing Price: $2,599,000
Bedrooms: 5
Bathrooms: 5
Bldg. sq. ft.: 6,110
Lot sq. ft.: 15,868
MLS No.: n/a
The buyers were looking for a house that was big enough to accommodate their family size and close enough to West Los Angeles and nature. That is exactly what we found them. There are hiking trails walking distance and only a 30 minute commute to West Los Angeles.
Furthermore, the sellers were non-residents. Under U.S. tax law, when a non-resident sells real property in U.S. the IRS requires the buyer to act as the withholding agent and deduct 10% of the sells price and turn it over to IRS. In addition to representing the buyers as their broker, we were able to provide the buyer with the appropriate tax advice to accommodate the withholding rules without the buyer incurring any additional costs or liability.
Sold – Represented Seller, Buyer & Lessee - Dental Practice - Agoura Hills
Sold For: $150,000
Listing Price: $239,000
Number of Operatories: 3
Size: Approx. 2,000 sq. ft.
MLS No.: n/a
We represented the seller, buyer and negotiated a new lease for the buyer with the landlord.
This was a challange because there were four parties involved; seller, buyer, the buyer’s lender and the landlord. Our challenge was to orchestriate the transaction between all four parties. At the end, we were able to meet our challenge and were able to have all four parties come to an agreement.
Sold – Consultants to Seller - Gas Station – Reseda
Sold For: $2,313,000
Listing Price: $2,499,000
Bldg sq. ft.: 2,950
Land sq. ft.: 14,196
MLS No.: n/a
This was a very intereting transaction. The seller hired us as consultants to this transaction.
There were four lien holders or lenders on this property. Our client was the third lien holder. When the owner defaulted on his loan payments, our client foreclosed on the property to secure his investment. If the first or second lien holders had foreclosed on the property before our client, our client would have lost his investment. Unfortunately for the fourth lien holder, he/she lost their investment.
Our client first went through an eviction process, Unlawful Detainer, to remove the owner from the property.
Then as the third lien holder, he had to continue to make payments to the first and second lien holders. He negotiated an amount with the second lien holder and paid them off. He got a loan at better terms than the first lien holder was proposing and paid off the first lien holder as well.
Couple of weeks later he found a buyer. He ended up selling property and carrying back the note, seller financing, with that buyer.
For tax purposes, when a seller carries back the note, its called an installment sale. The tax advantage of an installment sale is that the seller will recognize the gain for tax purposes through out the years as he receives principal payments from the buyer, not all in the year the sell took place.
Our client was sophisticated enough to realize the property’s value and to act on it. He saved his investment and actually made money too when he sold the property. It was a lot of work for our client but worth it at the end.
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