A “Win-Win” Proposition

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A “Win-Win” Proposition, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

A "Win-Win" Proposition, by Carrie Benuska, San Marino Real Estate

A “Win-Win” Proposition, by Carrie Benuska, San Marino Real Estate

With today’s wild and crazy real estate market, sellers can often call the shots on the negotiable elements of the purchase agreement.  If the home is desirable to many, buyers are having to get creative to get their offer to the top of the pile.  Beyond the purchase price, people are resorting to tactics like dropping all contingencies, closing in very short time frames, and giving the seller a period of free lease-back.  Buyers are pulling out all the stops to make their offer pleasing to the seller.

One option included in the purchase agreement is for the seller to provide the buyer with a home warranty.  As the name implies, this is an insurance policy for the major systems and appliances in the house.  Not every buyer will ask for one, and when the competition is extremely stiff, a buyer might decide to leave that option out.  Even if a buyer does ask for one, a seller who is trying to maximize proceeds, might decide to counter the home warranty out of the agreement.

Things covered under most home warranty policies include:

Plumbing, stoppages, electrical, range/oven/cooktop, dishwasher, garbage disposal, central vacuum, ceiling fans, doorbells, telephone wiring, water heater, whirlpool tub, heating/heat pump, microwave trash compactor, hot water dispenser, exhaust fan, garage door opener.

Additional coverage could be added for central air conditioning, water softener, pool/spa, refrigerator, washer/dryer, well pump, and septic plumbing.

The policy kicks in after the close of escrow and will cover items laid out in the contract.  If the air conditioning goes out during the first hot spell, the new owner can contact the warranty company, and they will send out a tradesperson to diagnose the problem.  For a nominal service fee, this professional will get the air conditioning in working condition, even if it means they have to replace a component that is covered under the policy.

It is important for buyers to understand that home warranty company will repair or replace only covered items that fail due to normal wear and tear.  A garbage disposal that is broken because your sweet boy decided to grind up his Star Wars action figure would not be covered under the policy.  Also, they will not fix something that was broken before your bought the house.  If the owners disclosed that the heating system on your new home has been non-operational since 1980, the warranty will not cover the replacement cost.

A standard warranty with air conditioning should run under $400, and I believe it is worth every penny.  The buyers will be thrilled to be protected from unexpected issues during their first year.  After making the major investment required to purchase a home, it is nice to know that there is protection in place in case a problem arises.

The benefit to the seller is a bit harder to perceive, but it is equally important for them.  Most sellers are very diligent to keep the systems of there home in good working condition.  Most have deep pride of ownership and feel responsible to pass on their home in excellent shape.  Even with consistent care, though, things can go wrong.  If the water heater dies just one week after escrow closes, it is nice to know that the buyers will call the home warranty company rather than calling you.  The additional layer of protection that a home warranty provides limits any disagreements that could arise after escrow closes.

Most sellers are reaping huge rewards for selling their home in this current market.  I have been surprised at the high prices my sellers have been receiving in the last few months.  Even though the seller is in the power seat, I believe spending a few hundred dollars on a home warranty will be a “win-win” proposition.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

Where Do We Go From Here?

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Where Do We Go From Here? by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

The last six months have been a crazy period for residential real estate in the city of San Marino.  Although other Greater Pasadena communities have been experiencing  brisk markets, San Marino has been in a class of its own.  After going through a period of ups and downs after the nation’s real estate crisis, the average price per square foot for homes sold in San Marino has literally skyrocketed.

A major factor driving the hot market is high demand from overseas buyers.  Armed with cash, these buyers are anxious to purchase a home in a well-respected community also known for having an excellent school system.  In addition to San Marino, Arcadia is also experiencing heavy demand from this demographic.

The number of homes available for sale has been at historic lows, and what has come on the market has sold lightening fast.  There have been multiple offers on most every sale, and people have resorted to brokering deals outside of the open market.  Anyone who bought a home in San Marino during the early months of 2013 probably resorted to extreme measures to get it.  It is the true definition of a seller’s market.

The question that many people are asking is, “Where do we go from here?”  People have always expected healthy growth in the San Marino housing market, but don’t things have to equalize at some point?  This question has been heavy on my mind as I watch each new listing come on the market and then track the final sales figures.

In most instances, I compare median home price over a period of time to show market changes.  This is a particularly effective way to gain market intelligence.  As I have been looking at listings coming through on the Multiple Listing Service, my eye has been drawn to the price per square foot figure.  It is also a great gauge of how the market is performing.

Chart for where do we go from here

The attached chart clearly shows the sharp acceleration of prices in the city of San Marino in recent months.  I began tracking average price per square foot for homes sold in 2006.  To summarize the graph:

  • The first market high was in 2007, with a healthy 8.3% gain in average price per square foot from 2006
  • From 2007 through 2011, average price per square foot went on a bit of a roller coaster ride
  • The turn-around came in 2012, when the market rebounded by 5%
  • From the period January through April of 2013, average price per square foot of sold homes jumped an astounding 14.5% from the year ended 2012
  • The average price per square foot of homes on the market as of end of day May 6 was $779.  This average is 12.2% higher than the home sold from January through April

As of May 6, there were 17 available homes for sale.  This is an increase from the latter months of 2012 and the early months of 2013.  Supply appears to be on the rise.  In addition, sellers are responding to the quickly accelerating market by pricing their properties at premium prices (see average price per square foot of current active listings), hoping to capitalize on favorable market conditions.  At some point, buyers will be unwilling to pay the high prices and might turn to other markets as an alternative to San Marino or wait for sellers to reduce their asking price.  With some people opting out of the market, demand would decrease.

From my Econ 101 class in college, I know that increased supply and decreased demand should lead to decreased prices.  This would be welcome news for buyers interested in breaking into the San Marino market, but not that good of news for sellers interested in cashing in.

I am not an economist or a fortune teller, so I have no idea what the future has in store for the robust San Marino real estate market.  You can be certain, though, that I will be eagerly following prices to see where we go from here!

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

Coming Soon – 528 Segovia Avenue, San Gabriel

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Coming Soon – 528 Segovia Avenue, San Gabriel, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

Coming Soon - 528 Segovia Avenue, by Carrie Benuska, San Marino Real Estate

Coming Soon – 528 Segovia Avenue, by Carrie Benuska, San Marino Real Estate

It was exciting to see North San Gabriel show gains in both median home price and average price per square foot during the first quarter of 2013.  In the early weeks of the second quarter, sales in this desirable area have continued to strengthen.  Quite a few recent listings have received multiple offers and had accepted offers well over the asking price.  The market is really heating up.

North San Gabriel rests right below San Marino and is home to the gorgeous San Gabriel Country Club.  There are many attractive streets lined with appealing houses in the 91775, but some would contend that the area above Roses Road, between San Gabriel Boulevard and Mission Street, is the very best.  This small rectangular area has Church of our Saviour and the San Gabriel Cemetery at its center and shares a northern border with San Marino.

Next week, I will be introducing to the market an absolutely adorable one-story Traditional, located in this prime North San Gabriel Neighborhood.  Sited on one of the best streets, 528 Segovia Avenue is a true stand-out on the block.  It is blessed with great architecture, a killer paint job, tons of light, and a beautifully landscaped front yard.  The home has a friendly feel that invites you to come in for a closer look.

The current owners bought the home from an elderly man, and it was  badly in need of some TLC.  Luckily, they were able to see beyond the dingy paint and dated systems, realizing that the home was well-made and blessed with innate charm and appeal.  They went to work and transformed the interior and exterior of the home into a true delight.  They were wise about the improvements they made, building upon the assets the home already possessed.

Featuring three bedrooms, one bath, and 1,372 square feet of living space, the house has a great floor plan and many special details.  The systems have all been upgraded, and the kitchen and bath have also received improvements.  The interior is attractively painted and has freshly refinished hardwood floors.  It is truly move-in ready.

The light-filled living room is extremely spacious and has a bay window and fireplace.  The attractive formal dining leads into the bright and cheery kitchen, with a custom-made window seat, white cabinetry, and a vintage stove.  Beyond the kitchen is a separate laundry room with a door to the back garden.  The three bedrooms are conveniently located and share an attractive remodeled bath.

A highlight of the property is the lush and peaceful back garden, with a large grass area, a prolific lemon tree, and a picturesque rose garden.  The roomy 7,701 square foot lot has all been landscaped, has an updated sprinkler system, and provides a large space for backyard living.

Those interested in this North San Gabriel beauty will need to wait a few days.  We are fast at work putting on the finishing touches, so that it looks its very best and will bring it on the market on Monday.  This is one you will not want to miss.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

The Wonders of “Thai House”

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The Wonders of “Thai House,” by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

The Wonders of Thai House, by Carrie Benuska, San Marino Real Estate

The Wonders of Thai House, by Carrie Benuska, San Marino Real Estate

As an architecture fanatic, I have developed a growing love for the work of Bob Ray Offenhauser, a local architect who has been designing amazing structures for more than 40 years.  My first exposure to his work was in 2010, when I viewed a condominium that he designed in South Pasadena.  Located in a very small complex, I was entranced the moment I stepped into the door.  It was a stylish unit built in 1962, with soaring ceilings, floor-to-ceiling windows and doors, and extensive use of Terrazo tile.  It was exquisite.

Not long after, I showed a client a unit in a Bob Ray Offenhauser designed condominium complex on South Orange Grove, called “The Trianon.”  Built in 1965, this building has a pleasing French flair, including beautiful formal gardens along the entry pathway.  Similar to the South Pasadena condo, the Trianon unit had very high ceilings and doors which reached all the way from floor to ceiling.  The unit was sophisticated and glamorous, and my respect for Offenhauser grew as I admired his sense of scale and tendency toward the dramatic.

To my delight, I was given the opportunity last Thursday to view an exquisite Bob Ray Offenhauser creation at 1055 S. San Rafael Avenue in Pasadena.  Listed with Lois Derry of Coldwell Banker San Marino and Tink Cheney of Coldwell Banker Pasadena, the home is officially called “Thai House” and is literally a work of art.  It features 2 bedrooms, 3.5 baths, 6,907 square feet of living space, and an 18,500 square foot lot.  As the name implies, the architecture has a pronounced Far Eastern aesthetic, but wandering through the interior of the home, I saw many of Offenhauser’s signature elements.

The home, which is perched on a knoll, is fascinating from first glance. The exterior features ample stone detailing, intricate window grills, and a delightful fish-scale tile roof, all which create a sense of historic opulence.  A set of dark wood doors provide admittance to the inner sanctum of “Thai House.”  The doors lead to a ravishingly beautiful entry patio, with a unique combination swimming pool and fountain.  The home is built around this picturesque area and is viewed through enormous windows in several of the interior rooms.

The interior of the home is quite modern and sleek, but there is a clever addition of antique Thai elements, which create a beautiful juxtaposition.  As with his other designs, this home has extremely high ceilings, floor-to ceiling doorways, and tall vertical windows.  Although the home has not been recently renovated, it has an enduring style that is timeless.  It is dominated by large common areas and would be a perfect home for entertaining.

The living room, with towering 34 foot ceilings and modern black columns, is a dramatic and modern space that sets the tone for the entire house.  Adjacent to this magnificent room is a large formal dining room, which incorporates the historic with beautiful carved wood shutters.  Beyond that is a large old-world gourmet kitchen, with an attached family room with fireplace.  This space also incorporates a butler’s pantry, a huge walk-in pantry, and a half bath.  To the other side of the living room is a very formal and intricate wood-paneled library.

The highlight of the bedroom space is an enormous master suite, with a private office, several closets, two beautiful baths, and a spiral staircase leading down to a private gym.  The master retreat is a separate wing of the house and provides immense privacy.  The second bedroom suite is located on the opposite side of the house on the lower level.  There is also a separate guest house.

This home is definitely slanted toward an adult lifestyle and features a unique layout.  Since I am moving into my empty nest years, this home would be a dream-come-true.  It is so exciting to know that Bob Ray Offenhauser is still active in the industry and continues to design.  I look forward to discovering more of his work!

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

An English With Flare

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An English With Flare, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

An English With Flair, by Carrie Benuska, San Marino Real Estate

An English With Flair, by Carrie Benuska, San Marino Real Estate

Every week when I go out on Broker Caravan, I am excited to see the new inventory that has hit the market in the greater Pasadena area.  Especially with the current shortage of available homes for sale, having new properties to investigate and pass on to my clients is quite thrilling.  As I plot out my tour schedule, I review the homes on caravan, concentrating on the property details, location, and photos.  Since the list is too extensive to visit all of the homes, I have to determine which homes are the most important for me to see.

In addition to seeing properties that are relevant to my clients, I try to see an overview of homes in an assortment of areas.  From my research, I usually have an idea of the homes I am going to like best.  Inevitably, though, I am surprised by a property.  It either is much better than I even imagined it would be or it is a real disappointment in person.

I had the pleasure on Thursday to view a truly special home at 1284 Roanoke Road in San Marino, which far exceeded my expectations.  Listed with Terry and Peter Shelton of Sotheby’s International Realty, it is blessed with four bedrooms, four baths, 3,246 square feet of living space, and a 12,394 square foot lot.  Although I could tell I would like it from the photos, I was captivated once I actually stepped foot onto the property.  A stunning brick English, with an entrancing cottage garden in the front, it is a treat from beginning to end.

The home has been renovated from top to bottom, utilizing beautiful and unique fixtures and finishes.  The owners clearly have a great eye for design and the home has a luxe and sophisticated feeling, beautifully augmented by their interesting artwork and artifacts.  The overall floor plan is convenient and provides the spaces that today’s buyers are looking for.  The yard is gorgeous and there is a great connection between the indoor and outdoor spaces.

Beyond the entry is a dramatic living room, with high barreled ceilings, abundant windows, and French doors out to the pleasing side patio. There is also a beautiful formal dining room, which leads to the fantastic kitchen/family room area, with separate breakfast room.  The kitchen has been beautifully renovated and ideally connects to a cheerful family room, with built-in cabinetry and French doors to another outdoor patio space.  For guests, there is also a stylish powder room.

The ground floor is also highlighted by a opulent master suite, which connects to one of the lovely patio spaces.  The bedroom is bright, yet peaceful and serene, and is reached by walking through a study.  The master bath is stunning, with interesting cabinetry, beautiful marble surfaces, and a pleasing soaking tub.  The suite also has a  spacious master closet.  With all of its amenities, I can imagine entering and not wanting to leave.

The home also features a second story.  Perfect for several kids and space for guest, there is a bedroom suite and two additional bedrooms which share an attractive full bath.  The landing provides ideal space for a study room or a kid’s hangout spot.

The back yard is inviting and beautifully landscaped.  Off the house is a concrete patio, which is covered by an attractive pergola and provides the perfect location for outdoor dining.  There is also a sparkling pool, with plenty of room for sunning, and a small grass area.

I am assuming that many other viewers were equally impressed by this outstanding property.  I would imagine that it will sell extremely quickly, so don’t hesitate.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

Good News All Around, by Carrie Benuska

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Good News All Around, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

Good News All Around, by Carrie Benuska, San Marino Real Estate

The U.S. economy appears to be on the rise, with decreased unemployment, improved national home sales, and a thriving stock market.  Even with all of the good news, though, many economists continue to speak with caution about our national recovery.  Whatever is happening seems to be happening slowly, and there are still some troubling economic issues that our country needs to face.  Experts seem to speak with guarded optimism.

As I reviewed the San Marino home sales for the rolling year from April 1, 2012 through March 31, 2013 and compared them with the previous year, there is no need for caution.  Real estate in San Marino is booming across all price ranges, and every marker I compared points to healthy growth.

Table for Breaking It Down

Number of Homes Sold:

As a whole, there was an increase in the number of homes sold.  Although the price range from $1.2 million to $1.4999 million saw a 14.7% reduction, the $2 million to $2.999 million category more than made up for it with an impressive 72% increase in the number of homes sold.  Increased sales volume is a one sign of market improvement.

Average Price Per Square Feet:

Across the board, the average price per square foot in each category increased.  Price per square foot is a useful tool in comparing homes of different sizes.  It is not particularly relevant, though, to compare the price per square foot of a small cottage in the Mission District to the price per square foot of a sprawling mansion in Lacy Estates.  By breaking the data down into price range categories, the trends in price per square foot are more easily tracked.  Most price categories showed substantial increases in price per square foot.

Sales Price to List Price Percentage:

Other than a small decrease in the $2 million to $2.999 million range, each category saw an increase in the sales price to list price percentage.  A percentage less than 100% indicates the average home sold for less than its list price.  A percentage over 100% indicates the average home sold over the list price.  A greater than 100% figure also infers a high level of competition which pushed the price above asking.  All price categories, except for the over $3 million range, had a sales price to list price percentage over 100% during the most recent period.

Average Days on Market:

Most price categories showed a substantial decrease in the number of days on market.  This marker quantifies how many days it took for the average house to go from active to pending, which includes any time it took to market the property and go through all  contingency periods.  The reduction of days on market points to a quickening of the sales process.

As usual, San Marino is a shining example of a resilient real estate market.  The negative affects of the real estate crisis hit San Marino very late, and the city is leading the way in its path to recovery and growth.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

Real Estate Road Trip – Atlanta, Georgia, by Carrie Benuska

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Real Estate Road Trip – Atlanta, Georgia, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

Real Estate Road Trip - Atlanta, Georgia, by Carrie Benuska, San Marino Real Estate

Real Estate Road Trip – Atlanta, Georgia, by Carrie Benuska, San Marino Real Estate

It is that time of year . . . college decisions have been rendered and it is crunch time for high school seniors.  Before May 1st, each student needs to choose a college and put down their deposit, claiming their spot in the class of 2017.  My family is going through this process for the third and last time, so we are spending Spring Break on the road.  Stop number one:  Atlanta, Georgia, to visit the Yellow Jackets of Georgia Institute of Technology. This was my first time in Atlanta, so I was excited to investigate the city and the local real estate market.

It did not take much to realize that my real estate tour needed to start in Buckhead, a glorious neighborhood within the city of Atlanta.  The scenic streets of this elite community are lined with beautiful Colonial and Traditional homes, many which look like they could be located in greater Pasadena.  With many trees in bloom and a fresh spring breeze blowing, it was hard not to be completely captivated!

As a part of my investigations, I viewed a beautiful home at 3489 Knollwood Drive NW in an lovely Buckhead neighborhood called Tuxedo Park.  Since the property was open for broker’s caravan, I was able to freely roam and investigate all of its amenities.  Relatively modest compared to many homes in the area, it is a one-story Traditional built in the early 1950’s.  It has 4,507 square feet of living space and sits on a remarkable lot of over two acres.

The interior of the home is in very nice condition, is nicely decorated, and has a great open floor plan.  The main house has a large master suite, with a gigantic closet, his and her bathrooms, and a private study.  There are also three additional bedrooms and two baths.  Beyond the lovely formal living and dining rooms, the best part of the house is the extremely large kitchen/family room area.  The kitchen has been nicely renovated and is open to a spacious family room, with built-in cabinetry, a stone fireplace, and French doors leading out to the beautiful back yard.

As a native Californian, I was blown away with the enormous finished basement, with a full bath.  This space provides plenty of room for a myriad of purposes, and would be perfect retreat for kids.  I also loved the guest apartment, located over the detached garage.  It was extremely charming and featured a separate bedroom, a small kitchen, and a living room.  Another bonus for me was the adorable screened-in porch off of the family room.  I could easily imagine spending relaxing summer evenings in this open yet protected space.

Beyond all else, I fell in love with the sprawling back yard.  Beyond the pool and grass area, lies a huge wooded area.  In addition to being scenic and restful, it is a kid’s wonderland, ideal for hide-and-go-seek, fort building, or general exploring.  A family dog would think they died and went to heaven with this yard as their playground.

Similar to Southern California, Atlanta is also experiencing very low levels of inventory.  Homes that are well-priced are selling over the asking price and with multiple offers.  This fantastic home is listed for $1,750,000, which calculates out to $388 per square foot.  Even without the enormous multi-acre lot, this home is priced far below what you would need to pay for a home in San Marino, where the average price per square foot is currently close to $600.  One down-side of Buckhead is that most families end up sending their kids to private schools, opting out of the Atlanta school system.

As with all of my real estate road trips, I loved discovering a new area with similar characteristics to San Marino.  Atlanta is interesting, stimulating, and beautiful, but I find myself eager to return to Southern California.  Truly, there is no place like home!

For more information on the San Marino real estate, read Heyday For Sellers

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena