Coco 's LA Condo Lifestyle Blog

As expected we are seeing an amazing increase in REO properties around the country and particularly in our area.   With a record number of homes in foreclosure it is not difficult to see why over half of the homes in foreclosure are reverting to REOs.  This large influx of REO properties suggests that banks and lenders are going to be extremely motivated to make deals this summer.  It simply isn't fiscally sound for them to hang on to these properties. 

What does this mean for buyers?  Its time to make deals.  If you want to buy a home don't miss this opportunity.  Once the banks relieve some of the pressure built up by the glut of REOs they are going to be tougher about negotiations.  Life changing deals will be made this summer.  Don't miss this opportunity.

As expected we are seeing an amazing increase in REO properties around the country and particularly in our area.   With a record number of homes in foreclosure it is not difficult to see why over half of the homes in foreclosure are reverting to REOs.  This large influx of REO properties suggests that banks and lenders are going to be extremely motivated to make deals this summer.  It simply isn't fiscally sound for them to hang on to these properties. 

What does this mean for buyers?  Its time to make deals.  If you want to buy a home don't miss this opportunity.  Once the banks relieve some of the pressure built up by the glut of REOs they are going to be tougher about negotiations.  Life changing deals will be made this summer.  Don't miss this opportunity.

As luxury condominiums grow in popularity we are seeing a surge in ultra-luxury condominium development.  Designers and developers are vying for your attention offering a wide variety of amenities.  The question is what luxury perk will you choose?

On the Wilshire Corridor, where luxury condos are beautifully showcased in a wide variety of packages, there are some amenities that are so prevalent that they are almost taken for granted.  Full security buildings with doormen, 24 hour valet and concierge service are the order of the day on the Wilshire Corridor.  Most of the buildings also offer sparkling swimming pools, luxurious Jacuzzis and spectacular sun decks all in sumptuous sculpted garden settings.

A smaller selection of buildings on the Corridor offer heated lap pools, tennis courts, temperature controlled wine storage, maid's quarters and private elevator vestibules. 

In the ultra-luxury development arena we are hearing rumors of penthouse infinity pools, private Jacuzzis, environmentally friendly construction, energy efficient buildings and state-of-the-art technology creating the ultimate media friendly home.  How much luxury can you handle?

I am not a big fan of apathy.  Life is better when enjoyed with passion.  Apathy is for people who don't feel empowered to design their own lives.  That's not for me. 

I live in one of the most beautiful neighborhoods in one of the most culturally rich and diverse cities in the world.  I am a short car ride away from snow capped mountains and close enough to the beach that I can feel fresh ocean breezes from my balcony.  My home literally nurtures my life style, providing me with valet parking and concierge services to see to my every need.  I don't need a gym membership as there is a state-of-the-art gym in my building.  I am within walking distance of world class shopping and dinning.  I have a veritable smorgasbord of cultural events to choose from on a daily basis, all of it practically in my backyard.  What is there to be apathetic about?

What is good health worth to you?  The difficulty for many people is that they don't appreciate good heath until they don't have it.  When good health is lost suddenly it seems as if being healthy is the single most important goal in life.  Things that appeared to be important suddenly aren't. 

What would our lives be like if we always put a priority on good health?  Consider for yourself, what are the things that you would need to change in order to make a commitment to good health.  Would you need to eat better, get more rest, and exercise more?  Wouldn't doing all of those things make you feel better now, help you be more productive in your life AND help to prevent you from becoming ill in the future?

Think of it as a choice.  You can choose good health everyday or you can choose to risk it.  How do you treat the gas gauge in your car?  Are you the type of person who never likes to see it get below half, do you only fill up when the warning light comes on or are you one of those daredevils who travels sixty miles after the warning light comes on to see how far you can make it? 

What if, as an experiment you tried something different for the next thirty days?  A challenge from me to you.  For the next 30 days put your health first, everyday.  That means everyday you get a minimum of 14 minutes of exercise, you eat right, drink enough water and get enough sleep.  Thirty days, can you do it? I can hear some of you saying, "Coco, I'm too busy!"  Really?  Are you really too busy to feel well?  Because you know that if you feel well you will be able to perform better.  You will actually be able to get more done in less time if you are in good health.  Thirty days.  What do you have to lose?  Who is willing to take the challenge?

What is good health worth to you?  The difficulty for many people is that they don't appreciate good heath until they don't have it.  When good health is lost suddenly it seems as if being healthy is the single most important goal in life.  Things that appeared to be important suddenly aren't. 

What would our lives be like if we always put a priority on good health?  Consider for yourself, what are the things that you would need to change in order to make a commitment to good health.  Would you need to eat better, get more rest, and exercise more?  Wouldn't doing all of those things make you feel better now, help you be more productive in your life AND help to prevent you from becoming ill in the future?

Think of it as a choice.  You can choose good health everyday or you can choose to risk it.  How do you treat the gas gauge in your car?  Are you the type of person who never likes to see it get below half, do you only fill up when the warning light comes on or are you one of those daredevils who travels sixty miles after the warning light comes on to see how far you can make it? 

What if, as an experiment you tried something different for the next thirty days?  A challenge from me to you.  For the next 30 days put your health first, everyday.  That means everyday you get a minimum of 14 minutes of exercise, you eat right, drink enough water and get enough sleep.  Thirty days, can you do it? I can hear some of you saying, "Coco, I'm too busy!"  Really?  Are you really too busy to feel well?  Because you know that if you feel well you will be able to perform better.  You will actually be able to get more done in less time if you are in good health.  Thirty days.  What do you have to lose?  Who is willing to take the challenge?

Whether you are new to the Real Estate market or you have made a decision to make a fresh start in this changing market, this blog is for you.  I think one of the most important beginnings to any project is doing the proper research.  So take the time to do the proper research on current market trends, arm yourself with all the current information about the business and don't be afraid to make a change in your business plan if the business has changed. Being prepared and knowledgeable will always serve you well.

My next recommendation is to find a mentor or coach.  Ideally you should choose someone who has proved their chops in real estate and is either still in the business or is recently retired.  I coach people on their businesses as I have been coached for over six years and found it to be one of the most rewarding relationships of my life and it has kept me accountable to my goals ( which I set every year).

The right mentor is someone who can help you with advice, focus, motivation when off track, and most importantly a positive attitude. The current market brings with it many new issues and it is important to have the support you need as things that worked last year don't this year. I have heard of agents giving their mentors a percentage of their commissions, some mentors charge a flat hourly fee, while others are willing to donate their time.  Make certain you understand what the financial agreement is before starting out. Remember in real estate everything is negotiable!

Doing your research and arming yourself with an experienced mentor are two important steps to a brilliant real estate career.  Setting goals and a written business plan is also critical to a prosperous and productive new year.  Both will serve you well in this fascinating business full of twists and turns. 

I wish you prosperity, peace and good fortune on the beginning of your new venture and I hope you'll check in for other helpful tips and comments.

The quickest most efficient way to build your business is through referrals.  This is true in any business, but most especially in real estate.  When clients are happy they talk about it and that leads to more business.  It always behooves us to make our clients happy.  So I have compiled a list of practical ways to make our clients happy.  They are basic and easy to do, but don't discount them.  You'd be surprised how many agents are not living by these simple principles:

1. Be polite - always, it will never serve you wrong.

2. Treat your clients with respect - never base how you treat your client on how much money you stand to make.  Treat everyone like a billionaire client - I have had clients who purchased a $300,000 condo refer me to someone that bought for $3,000,000.

3.  Keep in touch - even when you have no news to report, call and report that there is no news.

4.  Respect their privacy - never hover when showing properties, give them the ability to talk among themselves. It's always appreciated.

5. Always thank a client for their business - it is the gracious thing to do, but it also reminds them to thank you.

Following these steps won't necessarily guarantee that all of your clients will be happy, but I guarantee that it will improve your referral business. And remember you need to ask for referrals!

Buying REOs isn't right for everyone.  It takes a special kind of investor who is patient, prepared and has a keen eye for value.  Everyone appreciates value, but not everyone is interested in being patient and prepared.

I have two very good friends who are both excellent shoppers, but their styles are distinctly different.  My one friend, a woman, loves to buy things on sale, but would rather pay full price for something she really wants than to take a risk that it won't be there if she waits.  When something catches her eye, she wants it.  She's a perfectionist and brilliant with details but she likes for things to be right the first time and doesn't want to wait for perfection, she wants it now.  I recently watched her fall in love with a beautiful antique armoire, there was only one problem one of the doors needed extensive repairs and the shop owner was not prepared to make the repairs.  My friend ultimately decided not to buy the armoire, as much as she liked it, as good as the price was, she didn't want to have to find someone who could do the necessary repairs.  She didn't want a "project". 

I have another friend, a man, one of the epic all time great shoppers.  I love to tour his home and see his treasures, each one with its own rich story of how he discovered it and what amazing price he got it for.  Had this friend seen the beautiful armoire with the broken door he would have been thrilled.  The broken door would have become a haggling point to lower the already low price. The journey toward getting the door repaired would have been an adventure not a "project". Ultimately, the pride in the bargain would be in his voice when ever he showed off his new acquisition. 

Would my female friend be a good candidate for purchasing an REO?  Probably not and that's okay there are plenty of other homes on the market for her to look at.  But my other friend is the perfect candidate for buying an REO.  He loves the adventure of finding something of value; an object  that needs a little repair before turning into a treasure.  In the end that's what buying REOs is all about, finding the treasure.  Are you a treasure hunter like my friend?  Buying an REO might be the right thing for you.  Give me a call and let's start the hunt together.

If you haven't paid a visit to the fabulous Aqua Star Spa in the Beverly Hilton you need to treat yourself as soon as possible.  When The Beverly Hilton originally opened back in 1955 the Aqua Star Pool was considered the quintessential symbol of health, well being and LA glamour.  As part of its truly phenomenal restoration the essence of the Aqua Star pool lives on in the Aqua Star Spa.  This cutting edge spa offers its guest rejuvenation, invigoration and luxurious pampering on a scale that is epic in nature.

The world class spa experience offered at Aqua Star Spa features Sothy's Institute treatments paired with European massage.  Whether you are looking for a restorative facial, or a full day of extreme pampering the Aqua Star Spa is the place to be.