Just Sold: 3131 Canfield Unit 102 Los Angeles

My buyer client just closed escrow on this 2 bedroom unit on the Culver City - Beverlywood border just north of the 10 Freeway.

The 2 bedroom, 2 bath 1065 Sq Ft kind of hip front facing unit is close to trendy downtown Culver City nightlife, Miracle Mile, and Beverly Hills with easy access to freeways, close to Trader Joes, restaurants, shopping and more. And with the rare side by side parking that everyone wants.

With a spacious living room featuring light colored hardwood floors, recessed lighting, and a gas fireplace, shaker style espresso cabinetry, beautiful granite counter-tops, stainless steel appliances, and tile backsplash in the kitchen and an in unit laundry plus a large storage closet it wasn’t surprising that this listing received multiple offers.

And that’s where the story gets interesting, really interesting.

I often say there that where agents earn their commission (on both sides of the transaction) is from contract ti close because a lot can come up. Like buyer’s remorse.

My first time buyer got involved in a fierce bidding war and wound up going higher than he might have been comfortable with. It was actually at the out edge of where I thought an appraiser might come in. But Chase didn’t even need an appraisal, their automated system brought it back at value. Wow.

We did the inspection and nothing major noted. Except that after spending more time in the property, the buyer realized that the floors were quite scratched up (previous owner had a dog) and would need to be repaired or if not repaired, replaced. My rough estimate was that replacement would cost around $12-15K at most and painting the unit another $10K.

So, the buyer asked me to renegotiate the price down by $26K. Not based on any usual repair items, but on cosmetic upgrades. What I call requests for improvement - which really isn’t a thing. One cent less and he said he was walking.

So, after a few not quite pleasant calls with the listing agent, I actually got the reduction. That was the largest reduction I ever got for a buyer whether for an appraisal shortfall, or legitimate repairs (furnace, roof, mold, you name it). A day in the life of a real estate agent.

Original list price $649,000. Contract price $701,000. Close price $675,000. If this was just a little further south with a Culver City address it would have gone for more. A lot more.

There is a difference in agents and experience counts. That’s why you work with me.