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San Marino Real Estate Weekly Update, by Carrie Benuska

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San Marino Real Estate Weekly Update, by Carrie Benuska, San Marino Real Estate

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

Last week it appeared that the market was slow due to the upcoming holiday, however, there has been slightly more activity in the past few days. Here is the activity for San Marino home sales for this week 11/18/11 – 11/22/11:

Active/New Listing:
2005 Sycamore Drive, 4Bd, 3Ba, 2340 Sq Ft, 8854 Lot Sz, Listed for $1,200,000
Pending:
2590 Ridgeway Road, 4Bd, 3Ba, 2946 Sq Ft, 11,244 Lot Sz, Listed for $1,599,000
Sold:
2275 Lorain Road, 3Bd, 2Ba, 2218 Sq Ft, 8820 Lot Sz, Listed for $1,186,000
690 San Marino Avenue, 5Bd, 4Ba, 4973 Sq Ft, 21998 Lot Sz, Listed for $4,500,000

2590 Ridgeway Road, San Marino

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

San Marino Real Estate Weekly Update, by Carrie Benuska

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San Marino Real Estate Weekly Update, by Carrie Benuska, San Marino Real Estate

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

With the upcoming holiday, the market has been a little slow. During the past week, three homes sold, but there weren’t any new listings or pending transactions. Here is the activity for San Marino home sales for this week 11/11/11 – 11/17/11:

Active:
N/A
Pending:
N/A
Sold:
1905 Kerns Avenue, 5Bd, 4Ba, 2705 Sq Ft, 12,640 Lot Sz, Listed for $1,200,000
1660 Chelsea Road, 5Bd, 5Ba, 3740 Sq Ft, 21,800 Lot Sz, Listed for $1,782,000
1779 Lombardy Road, 7Bd, 7Ba, 6835 Sq Ft, 31,158 Lot Sz, Listed for $4,388,000

1779 Lombardy Road, San Marino

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

The Delight of Small Town Businesses, by Carrie Benuska

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The Delight of Small Town Businesses, by Carrie Benuska, San Marino Real Estate

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

George Banks, owner of San Marino Seafood, with his trusty side-kick Gabriel Mejia

San Marino is one of the most elite residential communities in the state of California and  has an outstanding reputation across the nation and even around the world.  Our well-respected school system, beautiful architectural homes, and well-manicured and scenic tree-lined streets make us a destination of choice for potential home buyers.  San Marino provides the whole package and has enjoyed an outstanding reputation for decades.

Part of San Marino’s charm has always been its quaint, small town atmosphere.  This is not the town for strip malls, fast food restaurants, or large international chain stores.  I am glad that San Marino now has a Starbucks, but I also value that our town is filled with owner-operated businesses.  Stores and restaurants like this provide personalized service, go out of their way to meet your needs, and make you feel connected to your community.  There is nothing like walking into a store or restaurant and being greeted by name.  In our fast-paced world, it is refreshing and uplifting to be known, valued, and remembered.

There are many very special businesses in San Marino, but I would like to highlight a few:

San Marino Seafood:

Founded in 2002 and located in a prominent Huntington Drive location, San Marino Seafood is an outstanding restaurant and fish market.  This is one of my favorite lunch spots, and I am particularly wild about the seafood sandwiches and the white clam chowder.  The food is fresh, healthy, and delicious, and the outdoor patio is a pleasure on a sunny afternoon.

What makes San Marino Seafood so special, though, is the friendly staff, led by the owner George Banks.  George, with his booming voice and hearty laughter, makes everyone feel welcome.  I have never had a bad meal at San Marino Seafood, and they go out of their way to make sure that the entire dining experience is enjoyable.

Huntington Pharmacy:

Even with the recent bad press and alarming rumors of impropriety, I have to give a nod to one of my favorite San Marino businesses, Huntington Pharmacy.  The owner, P.K. Lim, has shown immense kindness to our family through the years and gone the extra mile to ensure that all of our needs are met.  I will never forget an instance when P.K. came to the pharmacy on a Sunday in order to fill a particularly important prescription.  His staff is friendly and helpful, and I particularly appreciate the wonderful delivery service.  Huntington Pharmacy is also a great spot to pick up a large assortment of items, including birthday cards, gifts, makeup, or office supplies.

San Marino Toy and Book:

If I had to choose my very favorite store in San Marino, it would most assuredly be San Marino Toy and Book.  This fantastic store, owned by Betty Takeuchi, has been a San Marino fixture for decades.  I first stumbled upon the shop when it was located on the opposite side of Huntington Drive and my eldest daughter, Ellie, was a baby.  I carried Ellie (now 20) in a back pack, and I searched through the racks of beautiful books.  I was shocked to run into some old friends like “Curious George”, “Clifford the Big Red Dog”, and “The Little Fur Family”.  The memories of my mom reading me these time-honored books caused me to make reading aloud to my own kids a huge priority.

I probably have spent more money at San Marino Toy and Book than any other store in town.  During my kids’ young years, I made full use of all the store provided.  I brought the kids to book signings, attended workshops, and stood in line to enjoy the summer sale.  If San Marino Toy and Book doesn’t have what you need, they will order it, and they are the best gift wrappers around.

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

Fantastic Family Living, by Carrie Benuska

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Fantastic Family Living, by Carrie Benuska, San Marino Real Estate

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

San Marino offers some great family-friendly streets that are ideal for kids and adults alike.

San Marino is an ideal city for families looking to settle in the Los Angeles area.  Our housing is well-built and beautiful, our property values are solid, our school district is the number one in the state of California, and our community is safe and child-friendly.  San Marino evokes memories of days-gone-by, when children had the freedom to roam the neighborhood in search of a playmate.  One only needs to attend a Friday night Titans football game, experience the 4th of July celebration in Lacy Park, or linger around the little league fields on a Saturday morning to realize that San Marino is a fantastic place to raise children.

I regularly represent families who are looking to purchase a home in San Marino.  These home buyers are usually looking for more than just a four bedroom, three bath home with a pool.  They often pay equal if not more attention to the location of the property.  Most families are hoping for a home on a friendly, quiet, and welcoming street.  Not only is this type of location ideal for the kids, it also provides an opportunity for the parents to make life-long friendships and enjoy the benefits of a tight-knit community.

I am sure that there are streets and blocks all over the city that provide great family-friendly living, but I would like to highlight a few that I hear about on a regular basis.

Banning Way

This tiny street, which runs between Monterey Road and Old Mill Road, is renowned for being a great place to raise a family.  The houses are adorable, but it is the sense of community that it provides that makes it so popular.  The residents know each other, look out for one another, and enjoy finding opportunities to get together.  The homeowners I know are dedicated to this street and love the lifestyle that it provides.

Homet Road

Homet Road is a small street on the far northern edge of the city that runs parallel to California Boulevard.  My favorite section is between San Marino Avenue and Bonita Avenue, because it is filled with adorable architectural homes.  The street is off the beaten track, so it experiences very little traffic, making it ideal for a baseball game in the street.  Whenever a home comes on the market on Homet Road, it usually sells quick as lightning.  This street provides the whole package for a potential buyer with kids.

Sherwood Road

Sherwood Road is a long street that runs almost the whole length of the city, but it is the stretch between Saint Albans and Old Mill Road that is my absolute favorite.  The homes are large and fantastic, and this part of the street seems to attract fantastic people.  All that you need to do is walk this long block on a Halloween night in order to get a taste of the sense of community it provides.  This street not only attracts young families but also is home to many long-time residents who now live in their parent’s home.

Plymouth Road

This Mission District street has a section that runs to the east of El Molino Avenue and connects up with Winthrop Road, forming a “U”.  Plymouth Road is bursting with charming architectural homes but also provides an ideal family-friendly environment.  Because the street is basically a cul-de-sac, there is very little car traffic.  Plymouth Road is known for having great block parties and is home to families of young children all the way up to college-aged young adults.

The streets and blocks mentioned above are only a small sample of the many family-friendly streets in San Marino.  If you are particularly dedicated to your street, email me at carrie.benuska@telesproperties.com and let me know what life in your neighborhood is all about.

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

Event Pricing – A Case Study, by Carrie Benuska

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Event Pricing – A Case Study, by Carrie Benuska, San Marino Real Estate

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

Event Pricing - A Case Study, by Carrie Benuska

In the world of residential real estate, the ultimate goal of most sellers is to maximize the proceeds from the sale of their home.  The seller’s financial and personal circumstances will affect how they approach the sales process and how they set their expectations.  Selling a personal residence can be an exciting entrance into a new phase in life, a stressful response to economic difficulties, or a scenario some place in the middle.

With the current economy, I find that many sellers are under at least moderate stress during the sales process.  A typical seller still has equity left in their home but has re-financed a few times, pulling money out each time for varying reasons.  They are having difficulty paying their large monthly mortgage bill, and work is not going as well as usual.  These sellers see the writing on the wall and are trying to scale back their financial obligations before real trouble strikes.

The seller that I have just described would be wise to consider “Event Pricing” their home, putting themselves in the driver’s seat for the entire sales process.  As I mentioned in last week’s article on pricing strategies, “Event Pricing” involves setting the list price at the very low end of the value range, or even a bit lower than that.  The price will catch so much attention from Realtors and potential buyers that it will draw multiple people to make offers within the first weeks.

“Event Pricing” is truly counter-intuitive.  Why would you put a lower price on something that you wish to maximize?  The answer revolves around the nature of San Marino Real Estate.  Just as much as sellers want to make money on the sale of their property, buyers want to get a good deal on their purchase.  Realtors and buyers have a keen sense of what is a good value and will instantly express interest in a property that falls into that category.  Once a seller has more than one interested party, they have the power to negotiate the price in an upward manner.  Warning:  a home is only worth what a qualified buyer is willing to pay for it.  The ultimate sales price depends on how badly the buyers want the house and how much they are willing to spend to get it.

As a case study, I would like to discuss a situation in which “Event Pricing” proved to be highly successful for my clients.  The sellers had purchased their home over a decade before for a very good price.  They had pulled money out of the house to invest in a business venture.  Trouble struck when the seller lost his job and also discovered that the money invested in the business venture was un-recoverable.  Although they still had family income flowing, they felt incredibly stressed about their monthly obligations and yearned to get out from under the burden.

In this instance, the sellers knew exactly what they would need to gross in order to pay off their loan and cover closing costs.  The home had been on the market six months earlier for just $25,000 over this magic number, but we did not receive one offer at this price.  This time around, I advised my clients to list over $50,000 below their target number, ensuring that the property would draw a lot of interest.

I knew within 30 minutes of putting the property into the Multiple Listing Service that our low price had accomplished its purpose.  Within the first few days, we received three offers.  One of these offers was at their target price, all cash, and with only a five day buyer inspection contingency.  They closed on the house in less than a month and were able to meet all of their obligations.

Not all stories are this perfect, but I have found “Event Pricing” to be very successful in this brisk San Marino real estate market.  We have very healthy buyer demand, and as long as the listing agent allows enough time to thoroughly expose the property before accepting offers, the market will drive the price up to where it belongs.  “Event Pricing” is not right for every seller and every circumstance, but this strategy has been used in San Marino real estate quite a bit this year and has reaped some amazing results.  Talk to your Realtor if you think “Event Pricing” might be right for you.

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