The Magazine was also distributed to all of the major hotels in Santa Monica (I know for a fact that all the rooms at the Fairmont received the mags on Saturday Feb 9th)), and the Magazine will also be sold on news stands nationwide at over 35,000 locations. In addition, Delta Airlines (Sponsor of the 55th Annual Grammy Awards) gave the Magazine out on all flights coming and going to Los Angeles for several days leading up to the Grammy Awards Los Angeles. And of course, the Magazine is on-line and I have provided a link below.

The 55th Annual Grammy Awards was awesome this year and provided much entertainment value. My favorite moment of the evening was when the Artist formerly known as Prince read the winner of Record of the Year Grammy Award going to Gotye and Gotye was so humble to see Prince there .. that was cool. Ocean Blue Luxury Homes would also like to specifically acknowledge Frank Ocean who took home a Grammy Award last night. We would also like to congratulate Gotye for Record of the Year, and of course, Kelly Clarkson for being awesome as usual. It was a fun night for the Grammy Awards Los Angeles.

The Annual Grammy Awards are always held in Los Angeles, because the Recording Academy is located here and lets face it the weather is awesome. Grammy Awards Los Angeles is the perfect venue.

If you’re still in town or coming back, give me a call now at 310 310 2530 and will be sure to show you some of the best properties in the area.  Serious Buyers and/or Ballers Only!   I like to work with artists because I can relate as I spent many years in the entertainment business as a lawyer and talent manager.  For the last 10 years or so I have been representing clients in connection with purchasing homes in Malibu, Santa Monica and Beverly Hills, acting as their Real Estate Broker. 

Originally from New York (how ya doin?), I have been residing in Santa Monica, California for 23 years now and love it … although I still go back to the east coast all the time, depending on the weather, which lately, as you know, has not been that good or should I just say it .. its been crappy. The weather is often the number one reason why people love it here on the west coast in the areas of Malibu, Santa Monica and Beverly Hills. If you’re in the entertainment business, then you already know whats up. Now its time to get with the right Broker, like me, and make a purchase that your Business Manager would be proud of.

There you have it. You can learn more about my brokerage on this website, or if you want to start looking at properties, you can search properties on my site, look at the menu you will see the icon. And of course, you can just Call Me and I will be happy to tell you all about the area, real estate market, schools, etc.

Here is a link to the on-line version of the Official 55th Grammy Awards Magazine, our ad is on page 27, be sure to check it out.

http://www.zinio.com/reader.jsp?issue=416252618&o=ext&WT.mc_id=ACQ_COM_EXPLORE_GLOBAL_020512_GRAMMY_55

Visit the Grammy Awards Official Site here: www.grammy.com

Gary Scott Adwar, Broker/J.D. – Call me at 310 310 2530

As of January 20, 2013 there are approximately 90 properties for Sale in Santa Monica. That is not exactly a lot of inventory.

Over the past few years we have usually ran at approximately 120 properties on the market at any given time. Low Supply and high demand has kept prices consistent in the area, where other areas have seen prices fall (some areas more than others).

The people who reside in the luxury properties in Santa Monica are not losing their homes right and left like in other areas. If you are looking to purchase here in Santa Monica you should know the market conditions so that you can best maneuver and procure the best property for the best possible price. If you would like my assistance, I can help you find something special.

If you are looking for an ocean view home, then your choices are narrowed down to approximately 23 properties currently available in Santa Monica (3 of these are SFR and 20 are Condos). So its not exactly a Buyers market, however, there is still an opportunity to purchase a special property and of course there are the occasional trust sales, etc. that can provide an opportunity for the Buyer that happens to be at the right place and the right time. That’s when your Broker is in a position to hook you up with a special deal. That’s the kind of Broker I am. Give me a call at 310 310 2530 and let’s get started on a search. Or if you want to look on your own, just go to the Property Search feature on this site and it’s easy to see what is available. Either way, call me when you are ready.

For the Buyer looking for the Ocean View. Most of the available Ocean View Properties are located on Ocean Avenue in Santa Monica. Prices vary depending on the location of building, quality of building, location of unit within the building, view type, quality of interior, size, strength of HOA, etc. Just to give you an idea, the prices vary from $600,000 for a small studio or 1 bedroom to $6,000,000 for a trophy property on a top floor with killer ocean views.

The average price per square foot also varies from approximately $800/sq ft to approximately $1800 per sq ft, so it’s important when comparing properties that you look at other factors as well, rather than merely looking at price per square foot. I would be happy to conduct a comparative market evaluation for specific property(s) for any Buyer on my website. This is the best way to determine what a property is worth.

As you probably know, a property is valued not by what the Seller says its worth but by what a reasonable person would be willing to pay for that property on an open market, in an arms length transaction, factoring in current market conditions. The way to figure that out is to look at comparable properties in the area that were recently Sold and see what price they Sold for and then compare the details of the properties to come up with an estimate of value for the Subject Property. This is often referred to as “running comps”. I always run comps for my Buyers whenever they are considering making an offer on a property. Feel free to contact me by email, phone 310 310 2530 or text 310 663 1789.

In the meantime, the “Property Search” feature on my website will allow you to have access to all of the available properties in the areas of Santa Monica, Malibu and Beverly Hills.

Ocean Blue Luxury Homes

Gary Scott Adwar, Broker/J.D.
DRE# 01395659

Currently, Santa Monica Real Estate Market Trends for the area code 90402 reveal a median listing price of $2,160,310. The list prices dropped by -1.86% from the previous month of October 2012. As you evaluate the chart below, you will notice the listing prices peak around summer time and then drop off after September 1st. What does this mean? It means that November and December are good times to buy. Listing prices are down.

At the current moment, as of today November 14, 2012 there are 49 listings in the 90402 area code which is down 24% percent from the previous month. Less Supply.

In Santa Monica 90402, the median days on the market is 52. This number is significantly shorter than the national average. High Demand.

In summary, the current market shows slightly lower listing prices despite significantly less supply and slightly higher demand. A bit unusual, but still a good time to buy in the area. My brokerage Ocean Blue Luxury Homes specializes in representing Buyers Only. What this means is that we can be trusted, because we are not trying to sell you any of our own listings. Our goal is to find Buyer the best property for the money. That’s what we do. For more info please contact Gary Scott Adwar at 310 310 2530 or email gary@oceanblueluxuryhomes.com or stop by the office at 1327 Ocean Avenue, Santa Monica, Ca 90401. Best to call first though.

I hope you find this information valuable to you.

Santa Monica Real Estate – Market Trend – Area Code 90402

Okay, back to the property. The main house is very unique, in fact, I asked the Listing Agent, Richard Stearns of Partners & Trust, how best to describe this one of a kind property. He had more time with it than I, so I will go with his description in quotes “AMONG THE TRULY GREAT AND UNIQUE HOMES IN ALL OF SANTA MONICA, 428 ALTA DELIVERS A WONDERFUL AND UNIQUE COMPOUND ON A PRIVATE OVERSIZED LOT. DESIGNED AND CRAFTED BY RAMIREZ DESIGN STUDIO (WWW.RAMIREZSTUDIO.COM), THE ARCHITECTURE AND DESIGN ELEMENTS COMBINE THE FINISHES, COMFORT AND GRACE OF THE ARTS & CRAFTS PERIOD OVERLAYED WITH A MODERN CALIFORNIA VIBE. THE GARDENS AND LANDSCAPING ARE BOTH INSPIRING AND RELAXING AND FEATURE A SOLAR/SALINE POOL, BEAUTIFUL KOI POND, MATURE TROPICAL FOLIAGE, HEDGES AND TREES. A PRIVATE GUEST HOUSE IS NESTLED IN THE BACK CORNER ACROSS FROM THE 2 CAR GARAGE WHICH HAS BEEN CONVERTED INTO A GREAT FUNCTIONING ARCHITECTURE STUDIO. THE MAIN HOUSE FEATURES INCREDIBLE INDOOR/OUTDOOR SPACES, SOARING WOOD CLAD AND BEAMED CEILINGS AND INSPIRING ARCHITECTURAL ELEMENTS AND ANTIQUITIES. THE KITCHEN IS A GOURMET CHEF’S DREAM AND THE MASTER SUITE IS EXQUISITE, WITH BOTH AN INDOOR AND OUTDOOR SLEEPING ROOMS. 428 ALTA IS A 4 STAR RESORT IN YOUR OWN BACK YARD.”

The Asking Price for this property is $4,800,000 and that is not a bad start. Of course, since I represent Buyers, I will give you information that will allow you to make the right offer on this one. The main house is approx. 3100 square feet and then there is a guest house that is absolutely amazing and can sleep 3 or 4 guests. What really caught my attention was the Master Bedroom in the main house. There was this genuine open out door feel that was carefully planned and designed. The Master Bedroom had two Beds, one outside and one on the inside. Hard to explain, but take my word for it, you have to see this house for yourself.

I do not represent the Owner of this property. I only work with Buyers like you. This allows me to give you unbiased, straight talking advice on properties in the area. I think this one here is a good one. Not for everyone, but if you are bored with the traditional floor plans, you might get excited about this one too.

Please call me to set up a showing at 310 310 2530. Gary Scott Adwar Broker/JD.

I am not saying this property is over-priced, I certainly don’t think so, but what I am saying is that there are not that many buyers in the $10 million and above range. In Beverly Hills this past 12 months (as of October 21, 2012) there have been 20 properties that have sold in the $10 million and above range. The average time on the market for these properties is between 4 months – 12 months. At the moment there are 27 Beverly Hills Properties for Sale in the $10 million and above price range.

What does this mean? It means a Buyer in this price range has an opportunity to negotiate a sweet deal on a special property, because there are not that many Buyers in this price range.

Of course, not every case is the same and some Sellers are more motivated to sell then others. But let’s face it, if a property has been sitting around for a while (let’s say more than 6 months), then it might be an opportunity for a Buyer to come in with a low offer with some flexibility to negotiate upward to arrive at a great buy.

As your Agent I would conduct a market analysis in which I pulled recent sales of comparable properties (“Comps”) and advise you of a strategy for making your offer, including estimate of current value of the subject property. I have already ran the comps on this one, give me a call and let’s talk about the kind of buy you can get on this Beverly Hills Real Estate. Call me at 310 310 2530.

This particular property is on an acre plus of prime real estate in the best part of Beverly Hills. $12,900,000 might seem a bit pricey, but this is a very special property that’s hard to come by due to its superior location that offers seclusion and privacy.  Plus, this property has unbelievable views (see photo below).

This property is listed for sale for $12,900,000 by John Aaroe Group. They represent the Seller. If you are a Buyer looking to purchase a Beverly Hills Estate, then you should have representation of your own. You should have a Buyers Agent.  If possible, you should engage the services of an Exclusive Buyer Agency.   My company, Ocean Blue Luxury Homes is an Exclusive Buyer Agency with more than 10 years experience representing Buyers in Beverly Hills, Santa Monica and Malibu.  Call now for a free consultation at 310 310 2530 or Text me at 310 663 1789 or email gary@oceanblueluxuryhomes.com

Spectacular View from 1175 N. Hillcrest Road, Beverly Hills, Ca 90210

Ocean Blue Luxury Homes is located at 1327 Ocean Avenue, Santa Monica, California 90401. Come in or call us at 310 310 2530 or Text me at 310 663 1789.

DRE# 01395659

Okay, despite the photo above, you’re not really going to bring a suitcase full of cash to the closing. You will most likely have the cash wired from your Bank to the Escrow Company, just a few days before the Closing Date.

If you are in a position to write an “all cash offer” then you’d have a buyers advantage in the current marketplace. That is because the all cash offer is favored over other offers where the Buyer would be relying on a bank loan. However, it should be noted that even if you are an all cash buyer, you may not be the only one, as more and more Buyers are writing “all cash offers” in this competitive Santa Monica Real Estate Market.

What is an “all cash offer”? An all cash offer basically means that you are not relying on a bank loan (mortgage) for your purchase, because you have enough funds (savings, stocks to be liquidated, etc.) on hand that are sufficient for the Purchase. Proof of funds is submitted at the time the Offer is Tendered. The biggest advantage of the all cash offer is that it strengthens the offer, as the transaction would not be contingent upon Buyer getting a loan. That is a big deal to the Seller because they want to get into escrow with the party who is most likely to Close.

Is an all cash offer necessary?

An “all-cash offer” is not always necessary, but in certain hot markets, with regards to certain hot properties, having the ability to pay “all-cash” will significantly increase the strength of your offer. In a bidding war scenario, making an all cash offer might be the only chance you have of getting your dream property. I say it will give you a “chance” because there is no guarantee, as other Buyers are also making all cash offers. All cash offers are becoming more common lately as the market is quite competitive.

I certainly don’t want to scare any potential Buyers away, but I do want to give you the reality check so you’re not surprised or should I say disappointed. In fact, here in Santa Monica, the Real Estate Market has become very competitive over the past 12 months. During which time we have seen properties going into escrow before the first Open House is Scheduled. Some of the special properties that are priced right, are warranting “bidding wars”.

In the past, all a Buyer had to do was put 20% – 25% down, have good credit and have a pre-approval letter from your bank in order to dazzle a Seller. Times have changed. Today, many Buyers who in the past would have gone with a mortgage are now moving assets around and even liquidating some assets so that they can be in a position to have the ability to make an “all cash offer” when the timing warrants it.

An “all cash Buyer” has an advantage in the current marketplace where properties are selling quickly, sometimes with multiple-offers. When a Seller gets more than one offer, of course the first thing they will look at is to see who is paying the higher purchase price, but the Seller will also look at other factors as well. The most important things to Seller besides Price is “one’s ability to close” and length of contingency periods.

In many cases, a the Seller will choose the “all cash buyer” over a “pre-approved” Buyer, because even when mortgage approval has been obtained there are many issues that come up that can delay a closing or worse, cause the cancellation of escrow. Accordingly, a Seller would choose the “all cash” offer, if all other terms were equal or substantially equal. Sometimes, the “all cash offer” (when there is no bidding war) can save the Buyer money, because of the strength of the offer.

You see at the end of the day, its all about the strength of the offer. There are many techniques for making the best offer possible. I can’t share them all in this blog, but feel free to contact me and I would be happy to give you my advice on the subject.

Please call me at 310 310 2530. My name is Gary Scott Adwar and I am the owner and Broker of Ocean Blue Luxury Homes, a Santa Monica based brokerage. We have over 10 years experience in representing Buyers in Malibu, Santa Monica, Beverly Hills and surrounding high end areas. DRE# 01395659

(1) Broker has intimate knowledge of the market place;
(2) Broker has several years experience in negotiating high end transactions;
(3) Broker has capacity to listen and understand my needs and concerns; and
(4) Broker can be Trusted to look out for my best interest above all other interests.

Seems simple enough?  But not really.  Let me explain.

In 2008, my wife and I decided to sell our house in Long Island, NY and move to California.  We didn’t know any of the Real Estate Agents in the area, so we did research on the internet and also perused the local Homes and Land Magazine while visiting the area.  Upon looking through the magazine, there was one particular property that caught our interest.  I picked up the phone, called the Agent whose phone number was provided in the advertisement and within hours we met with the Agent at the property.  The house was awesome and my wife and I knew at first sight that we wanted it.  The Agent seemed nice enough.   The Agent explained that although Agent represented the Seller, Agent could represent my wife and I as well.  I said I wanted to negotiate the best price for the property and he was quick to reveal what the Sellers “bottom line” was.  While I pondered, the Agent even agreed to knock one point off of his commission and give it to us as a credit upon closing.  I said “where do we sign”.

During the Escrow period the Inspection of the House revealed some major issues.   Upon speaking with the Agent, who was now a “Dual Agent”, and going over the Inspection Report, I noticed a change in the Agents demeanor.  Instead of taking our side, Agent was trying to diffuse our concerns over serious issues.  For example, one of the issues was that all of the Fireplaces and Chimneys were old and faulty and were found to be dangerous.  In essence, we were told that we could not use any of the four fireplaces in the home.  We obtained estimates to replace the Fireplaces and Chimneys and the total was close to $80,000.   We submitted a Request for Repairs and while we were filling out the Request, the Agent was trying to tell us not to ask for too much and not to expect too much.   The Agent told us that since the house was over 25 years old, we should expect that the fireplaces will need replacing and that he did not see this as something that the Seller should pay for.  It was at this point that it occurred to me that the Agent was not looking out for my best interest.

It got a little ugly after that, and we had to threaten to pull out of the deal before the Seller relented and agreed to pay for most of the costs for the new Fireplaces.  At this point we were emotionally attached to the property and were willing to take the Sellers compromise.   The Closing was delayed a few days, but we moved in to our new home.

Two years ago, we decided we wanted to purchase another property in the area.  One of my friends introduced me to a local Realtor named Gary Scott Adwar.  Gary had been an Agent with Coldwell Banker in Malibu Pt Dume Office for 9 years before launching his own brokerage called Ocean Blue Luxury Homes.   My friend and then Gary explained that his brokerage is an Exclusive Buyer Agency that represents Buyers Only.  This brokerage actually turns down Listing opportunities from Sellers, just so they can tout the fact that they work with “Buyers Only”.  The concept is very simple, because they only work with Buyers, there is zero chance of Dual Agency and the Buyer is comforted knowing that the Agent is looking out solely for the Buyer.   Wow, what a concept.  It makes a whole lot sense when you think about it.  You can have an agent with the Knowledge, Experience and Ability to Listen, but if you can’t Trust that they will look out “solely for your best interests” then why not get an Exclusive Buyer Agent.

So we engaged Ocean Blue Luxury Homes to represent us and we saw first hand the difference between being handled by a Dual Agent and an Exclusive Buyer Agent.  The Exclusive Buyer Agent doesn’t call the Seller and ask politely “what is your bottom line?”.  Instead, our Broker evaluated the property with a critical eye and compared it to other recent sales in the area (aka “Comps”) and provided us with a basis to make our offer as low as possible, but yet within reason.  Through this method, we were able to come in low and negotiate in good faith with the Seller and arrive at a fair Purchase Price.  During the process, we were able confide in our Agent just how much we wanted the property and how much we were willing to spend, without worrying that this confidential info would be disclosed to the Seller by a Dual Agent.

We are now looking to Purchase a Malibu Beach House and will only work with Ocean Blue Luxury Homes.  So don’t make the mistake that I made in 2008, make sure you work with an Exclusive Buyer Agency like Ocean Blue Luxury Homes.   “Stay Smart My Friends”

The above article is based on true stories that were combined into one and slightly embellished to protect the identity of the client as well as entertainment value.

Buyers looking to purchase in Malibu, Santa Monica, Beverly Hills and surrounding areas want ACCESS TO ALL LISTINGS. On our website, we offer Buyers access to all listings on the market. We get our feed directly from the local MLS (multiple listing service). The info we get is the most accurate and updated available. Many of the local listing agents only allow access to their own listings. Many of the local brokerages will only allow prospects to view listings that are with that particular brokerage.

My company is an Exclusive Buyer Agency, so we work solely with Buyers and therefore, we don’t limit your search but give you “all access” to local properties. In addition to the MLS Listings, we have connections with all of the Listing Agents in the area and have access to their “Pocket Listings”. These are properties that are not yet on the public market, but in which the owners desire to sell. When it comes to finding your dream home, we provide the most extensive search and leave no stone un-turned.

Please visit our website and go to Property Search for immediate access to every property on the market. Call or email us about Pocket Listings.

When there is a Trophy Property for Sale in Malibu, the property usually goes to a celebrity or major mover and shaker.   Lately, I have been showing some of the available Malibu Trophy Properties and this property on Cliffside Drive was, and is, on the short list.

This is a one of a kind Bluff Property in Malibu.    This house can never be duplicated.  It is so big and open that it reminds one of a luxury hotel of the caliber of a Four Seasons in Maui. 14 foot ceilings and pocket doors in every room make you feel like you live out-doors.  Ocean Views from every room in the house and a Master Bedroom and Master Bathroom that will leave you shaking you head and mouthing “OMG”.

I found a really cool video of the property on youtube and have posted it here.  Chris Cortazzo of Coldwell Banker and Nicole Van Parys of Remax are the Listing Agents for the Property Owner and you will see them in the video talking about the property.

The Owner is currently Asking $40 Million U.S.    Engage the brokerage services of Ocean Blue Luxury Homes and we will negotiate the best deal possible as your Exclusive Buyer Agent.

Call Gary Scott Adwar at 310 663 1789 and Get The Buyers Advantage.   Or Visit www.oceanblueluxuryhomes.com

This is one of the top Trophy Properties in all of Malibu.

Call Gary Scott Adwar at 310 663 1789 and Get The Buyers Advantage!

Buyers Market + Buyers Agent = Buyers Advantage

Owner is currently Asking $40 Million U.S.    Engage the brokerage services of Ocean Blue Luxury Homes and we will negotiate the best deal possible as your Buyer Agent.

Call Gary Scott Adwar at 310 663 1789.  This is one of the top Trophy Properties in all of Malibu.

OCEAN BLUE LUXURY HOMES IS AN EXCLUSIVE BUYER AGENCY.

Over the past several months, we have seen the return of the Bidding War here in Santa Monica. That’s right. In case you are from out of the area and you haven’t heard, the market has picked up, the demand is high as people know that this is a great place to reside and invest their money, and interest rates are at historic lows. Thus, many buyers are getting off the fence and are out there in the market place. The bad news is that there is not a lot of inventory and more and more buyers in the market is creating a scenario for multiple offers coming in within a day or two of the property hitting the market aka “The Bidding War.”

Of course, not every property warrants a bidding war and most properties take 30 days or more to sell, but it seems the ones that are warranting multiple offers meet one or more of the following criteria:

(1) Any Condo or House with a better than average Ocean View
(2) Any Condo or Townhome north of Wilshire that is a front unit
(3) Any Condo or Townhome that are upper floor and have a view
(4) Any House, Condo or Townhome that is new construction or newly remodeled
(5) Any Small House that is reasonably priced, that is North of Wilshire

There are other criteria that may warrant a Bidding War, but the scenarios above are the most common in the area.

I hear from many clients that they will refuse to even engage in a Bidding War because they want a more level playing field for negotiating the purchase price, and I understand that. A Bidding War is not an ideal situation to be in. But what ends up happening, more often is that these Buyers look for a long time for the perfect property and when they finally find that dream home .. they want it! They realize that they might not find another property that matches their criteria for a long time, if ever. I tell them, lets not back away just because others are making offers on it. With my guidance, my clients have been successful in many bidding wars.

Now what to you have to do to win in a Bidding War?

1. Be prepared. Have your financing in order. If you are paying all cash that is preferable especially in a bidding war (of course), but if you are getting a loan, make sure you have been pre-approved by a lender ahead of time, so you are not scrambling around at the last minute trying to get a letter from the Lender or Mtg Broker which you will need to submit at the time you submit your offer.

2. Offer the highest Purchase Price you are willing to pay, don’t play games and come in low and expect to increase in counter offers. The strategy doesn’t work. Come in with your best price.

3. Pay “all cash” or if getting a loan, see if you can increase your down payment and put down as much as you can and keep the loan amount as low as you can. If all offers are close in terms, the Seller is going to lean toward the Offer that has the most chance of success. In most cases, the Seller would look at an all cash offer or an offer with more money down and thus a smaller loan amount as a safer bet than other Offers that merely show pre-approval.

4. At time of making the Offer, submit proof of all cash funds or proof of down payment for loan. Let the Seller know that you are ready, willing and able to complete the Sale.

5. Keep the offer clean. Don’t expect to win a bidding war if your Offer is going to be contingent upon you selling your current home, or any other contingency other than the usual Physical Inspection Contingency, Loan/Appraisal Contingency and in the case of Condo the HOA Document Inspection Contingency.

For more information about the Real Estate Market, please contact Gary Scott Adwar at 310 663 1789.