When I was a kid there was a show on TV about a magician called MR. X. The premise of the show was that he would go around revealing every single magic trick out there.  This is what this post is about for Real Estate.

What they say: We have an AD on the Caravan magazine, LA Times and other magazines.

The Fact: Print advertising does not work to sell your place. It works to help the agent get more listings/clients. Print advertising is slow and outdated  You can’t search, you can’t save to your phone/computer, you can’t see a map, more pictures,  schools and many other things that you can do online. Then there is the other issue: updating. You can change the price, add extra pictures or change description online is less than one minute. With print you have to design the AD again and go by printing dealines, it can take a month to make one simple change.

What they say: We are going to do Open Houses.

The Fact: Open houses are another way for the agent to get more listings/clients. Open houses work better in some areas than others, but the like-ability that you are going to miss a sale if you don’t do an open house is very slim. Most buyers that are looking in your area know that your place is on the market and will make an appointment to see it if they are interested. Most buyers that only want to go to the open houses are on the looking phase and are not ready to buy yet. Open Houses put unnecessary wear and tear on your place and can even be dangerous. 

What they say: Is better to list with a big franchise (Keller Williams, REMAX, Coldwell Banker, etc).

The Facts: The only thing the big companies do better is advertise their name, they don’t do anything for the agent or the client. They are about quantity, not quality. What matters is the agent and what he/she will do for you. 

Bottom line is: Find an agent that is keeping up with the times and invested money in technology and attracting buyers online. Most buyers start there. Have him take professional pictures and prepare your place before taking them. Staging is another big thing and makes all the difference in the world. Its not about finding your place, once you put in the MLS it goes viral. Its about showcasing your place under the best light and its about an agent that knows the product.

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A lot of times as agents we give sellers and buyers our advice. Unfortuantely a lot of times or advice is taken as if we were just thinking about our commission and dont have our clients best interestd in mind.

On the listing side: How many times I advised the seller to take an offer that he thought was too low and he ended up selling for much less much later. Not only he lost time, but also money. Thats the sellers learning curve. It takes a few offers and some time on the market to start listening to us.

On the buyer side: How many times I advised the buyer to bid a certain amount based on my knowledge of the market and they wanted to bid lower. They had to bid on many lofts before they ended up taking my advice and purchasing one. Thats the buyers learning curve. They have to miss many lofts before they understand the market. If the market is going up, the loft they buy will be more expensive than if they bought the one before.

You can avoid losing money and time if you listen to your agent. We know the market and we know what it takes to buy and sell. This one of the reasons that you have to picky your agent well and why you hire him/her in the first place.

The post The learning curve appeared first on Loftway.

As you’ve thought about your LOFT and its many needs, chances are you’ve visited Houzz.com. Design ideas for both inside and outside your LOFT abound at Houzz and luckily they have now added a “Real Estate Agent” category!

This is good news for you and your LOFT because it gives you an easier way to communicate when it comes time to buy or sell your LOFT.

Perhaps you are in the market to buy a LOFT… simply show favorite LOFT ideas to your real estate agent to see if any similar properties are currently for sale. You could also show your ideas and ask how they compare to your price range.

As a LOFT seller, you can use the millions of photos and idea books to decide quick fixes to get your LOFT ready to be placed on the market.

With photo spreads, both buyers and sellers benefit. There is no longer the need to labor over how to express yourself with words when it comes to explaining a LOFT look. You can even see post renovation shots that are similar to projects you are considering for your LOFT. However, viewing some the pictures may have you reconsidering whether or not you really want to buy or sell your LOFT, too!

One other benefit you’ll find on Houzz is the compilation of excellent contractors and renovators found there. Many have uploaded projects and idea books in the Houzz galleries, too, complete with reviews on their services, to give you a very clear understanding of how each one works.

Houzz reports that 10% of Houzz LOFT owners and 50% of Houzz renters plan on buying a LOFT in the next 2 years. Additionally 10% more will be building a custom LOFT, according to the 2013 Houzz & LOFT survey. Using Houzz as a tool may make the buying process smoother in ensuing years. If you’ve had a positive experience explaining your LOFT needs through photos, please let us know.

The post Communicate More Easily About Your LOFT with Houzz appeared first on Loftway.

Despite that fact that mortgage rates are slowly creeping higher, Freddie Mac reports that they are still low enough to allow high LOFT-affordability for your LOFT. In fact, LOFT sales continue to rise and new construction is being completed nationwide to keep up with the demands of prospective LOFT buyers.

The Primary Mortgage Market Survey® (PMMS®) reported the average 30-year fixed-rate mortgage (FRM) at 3.59% (0.7 point) last week, which is still lower that the average rate of 3.78% a year ago. The current average 15-year FRM came in at 2.77% (0.7 point), versus the reported 2012 rate of 3.04%.

The rate increase has been gradual and is not expected to affect your LOFT sales at this point.

Frank Nothaft, vice president and chief economist, at Freddie Mac, responded to the higher rates, saying,”While this may slow some of the refinance momentum, rates are nonetheless low and LOFT-buyer affordability high, which should further aid LOFT sales and construction in coming weeks. For instance, in April, single family housing permits rose to the strongest pace since May 2008 while existing LOFT sales for the same month grew the most since November 2009. Moreover, the National Association of Realtors® reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011.”

Little change was seen in the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM), shown at 2.63% (.5 point) for May 23, 2013 as compared to 2.83% for the same time period last year, and the 1-year Treasury-indexed ARM is currently averaging 2.55% (0.4 point), while last year it came in at 2.75%.

To read more about the housing market and review current and historic rates, please click here.

The post Will Creeping Mortgage Rates Affect Your LOFT? appeared first on Loftway.

Whether you are trying to sell your LOFT or are hoping to buy, the latest report from Fannie Mae’s Economic & Strategic Research Group shares a positive outlook.

The Group report indicates a marked increase in consumer spending since 2010 and a “modest re-acceleration” is predicted for the rest of 2013 due to a stronger labor market and improving financial and housing market conditions. Growth of 2.2% in housing and market conditions for 2013 is further anticipated, which is good news for your LOFT.

According to Fannie Mae Chief Economist Doug Duncan, a sustainable pace is continuing in the housing market, and should “act as a tailwind for the economy throughout the year and into 2014.” The Economic & Strategic Research Group cited continued increased LOFT demand as a possible significant contributor to growth in 2014.

Duncan went on to state, “Our May forecast predicts that the second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months.”

As the housing market shifts, does it change how you feel about your LOFT status currently?

Do these statistics spur you towards selling your LOFT?

As a buyer, does this information cause you to feel that now is the best time to buy your LOFT?

If so, there are lots of options to consider as you buy and sell. If you have questions, please feel free to contact me. If you want to see the May housing forecast, please click here.

The post Report Indicates Stronger Market For Your LOFT appeared first on Loftway.

The W just listed their bigger and most expensive Penthouse. Its 25,000 sq ft and priced at $45 Million. This is an amazing place with 360 degree views on the 15th floor. It features 7 bedrooms, 11 bathrooms and 17 parking spaces.  Here is the listing.

6250 HOLLYWOOD, Unit PENTHOUSE, Los Angeles, CA 90028 (MLS # 13672191)

One of the most significant Penthouses to be offered in the United States boasting over 25,000 square feet of unparalleled luxury living in one of the worlds most renowned locations. With 360 degree views of the entire Los Angeles region this "Estate in the Sky" is the most unique offering based on square footage, privacy, location and architectural integrity. Buyers will have the ability to create and work with designers to develop the ultimate residential property which will include the finest interior design features and amenities. With walls of glass, grand scale and huge balconies / terraces this home showcases the city below and many iconic vistas. This property is for those who demand ultra luxurious living and the pride of acquiring one of the most trophy and sought after properties in the United States.

Property Type(s): Condominium, Residential

Last Updated	5/27/2013	Tract	n/a
Year Built	2009	Community	Hollywood
Garage Spaces	17.0	County	Los Angeles
Total Parking	34	Walk Score ®	91

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

(view all details for MLS #13672191)

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As agents, we have to coexist with other agents, this can be a frustrating task. A lot of times we wish the clients knew what kind of agents they have working for them. Why are they paying the same commission and getting half of the service? Below are some of the issues that I found throughout the years.

1) Non responsive agents. They dont reply to email or calls or take a few days to do so.

2) Agents that hold off on listing the property in the MLS, so they can get their own buyer.

3) Agents that never show property and just put a lock box on the door and a code in the MLS. Isn’t your job to sell the property? How can you do that if you are not there???

4) Agents that dont want to work nights or weekends  I totally understand that it sucks to works after-hours,  but if you want a 9 to 5 job go work in a bank. Some buyers work all week and can only see places during those days and hours.

5) Agents that are running late to an appointment and call you at the time of the appointment or don’t call you at all.

6) Agents that don’t present offers to the seller and keep holding them until they have their own offer. This is illegal by the way, but I see it all the time.

7) Agents that take a lower offer just because they are double ending the deal. The seller is losing money on this one.

8) Agents that are rude to other agents. This is a relationship business. If your agent has a bad reputation it can make it really difficult to sell or buy a place. Agents like to work with agents that they like, this is specially important on multiple offers. Some agents are just known for being difficult or unprofessional. Most of the time is really hard for you to know that as a client. Only agents know who the good agents are.

There are a lot of bad apples in this industry, make sure you know who you are hiring to sell or buy a place.

The post Things sellers and buyers don’t know about their agents appeared first on Loftway.

I  am primarily a listings agent, selling is my thing. I love marketing and coming up with selling strategies. In this ten years selling Real Estate and got asked tons of questions. Below is my list of things that I think you should not bother with, either because is not important or will not change anything.

What NOT to ask

1) How much did the seller pay for the property? Whatever he paid is not important  What is important is market value and how much you are willing to pay. Buyers worry about this a lot. I have a few investor clients that flip LOFTS and they make a good profit. This is a business for them, some people are lawyers and some prople sell shoes. They sell Real Estate and to make a profit. Most likely they bought at a discount and thats why they are making money.

2) Who is the seller? The seller is a person like you. The only important thing is that he is the owner of record. If he is old, young, tall, short or fat does not change anything.

3) What is the best price you can do? The best prices is above listing price. I do see agents that will quickly reply: “He can go lower” or “We have some room”. Make an offer and you will see. Talk is cheap, you have to put it on paper. As a listing agent our goal is to get the most money for the seller, giving a discount to the first person that asks does not help us achieve this goal.

4) Do I get a discount if I pay cash? Sometimes, but not most of the time. The end number to the seller is the same. Cash is just quicker and easier. It makes a big difference if you are competing with other offers, but otherwise the seller cares about the final number.

5) How much is the loan on the property? None of your business, the price is not based on that. Even tough most of the time your agent can find out this information.

6) Why is the seller moving? Not that important  if is for a negative reason like loud neighbors or other problems, most likely he is not going to tell you, ven tough by law you have to disclose all this stuff and you can go after him later if you can prove that he knew.

I think these are the most annoying and unimportant questions that I get asked all the time. If I think of something else I will add it up.

The post What NOT TO ask appeared first on Loftway.

From Curbed LA: There was yet more good news last week for the for-sale housing sector in the Arts District last week, as developers and politicians gathered to celebrate construction of the final phase of the Barker Block development. When complete, the development will comprise more than 300 residential units at the site of a former furniture manufacturing factory on Hewitt Street near the LA River. The second and final phase of the development will add 68 loft and townhouse units to the existing 241 live/work lofts that came online before the crash in an adjacent building on the same site. When complete in late 2013, the final phase will add 72,451 square feet of residential space to the development site, with an average unit size of 1,065 square feet (650-plus square feet to 2,000-plus square feet for lofts and 1,100-plus square feet to 1,300-plus square feet for townhouses).

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The fun thing about this job is that you are always finding new places. The other day I was on Caravan (Brokers Open Houses) and stumble on this building in Hollywood. Is a very small building and was built in 2007. The listing didnt last very long and is already in escrow. 

We're sorry, but we couldn't find MLS # 13662311 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

The post Detroit Building appeared first on Loftway.

I always loved infographics, I think its a easy and great way to display information.

I have a Graphic designer make one for the Loftway Report. I think he did a good job.

The post Infographics appeared first on Loftway.

Pretty cool map, You can see how many crimes happen in Downtown LA everyday. Funny enough if you look at the numbers it seems like criminals do take Sundays off. VIEW

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