Although I did get my flu shot, I ended up with the flu and a bout of bronchitis – so much for being prepared. In the meantime, things are progressing at Harb & Co. and it’s time for our real estate update:
It’s been difficult with the holidays and I finally accumulated all of the estimates for the recommended preparation for our Alhambra starter home. Now I am waiting to learn if the executors opt to sell as is or as repaired. Spending $10,000 on paint, floor refinishing and fixtures should net the trust another $30,000. When making any fix-it recommendations to clients, I believe each dollar spent should yield a three dollar return.
Our Altadena multi-family property is closing on Friday.
Our Glendale automotive listing is still in the environmental testing stage. The buyer has completed their Phase 1 inspection and Phase 2 will be next week. Commercial lenders now require extensive environmental testing prior to lending on commercial real estate. Our Glendale condo is floundering in escrow….. this is the second buyer who has wanted a discount and has not done an inspection….. We sold again in multiple offers, so we will see where the negotiations lead.
Our Pasadena Spanish will likely come on the market in February…. it’s been a long haul for the repairs. The seller changed their mind mid-stream and decided to do even more, including a new kitchen. And I have an awesome La Crescenta listing coming on the market in the next month or so.
We are off to a good start for the New Year, I hope you are as well.