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BEN LEE’S BLOG
What In The World Is Happening To The Westside Pavilion?
There has been a lot of talk in the news lately about the future of our local mall, the Westside Pavilion. This enormous structure has been a famous fixture in Rancho Park for about thirty years. It has appeared in dozens of movies and television shows and was once considered the quintessential destination spot for shoppers looking for the ultimate mall experience: to encounter a plethora and wide variety of retail stores all in one spot without having to drive from place to place.
Well times, as they say, are a’changing and the future of this great dinosaur of a shopping mecca is at stake. Nordstroms announced a while ago that they would be closing up shop in 2016 and heading east to Century City. At first locals were trying to guess what would take its place but now the rumor seems to be that once Nordstroms goes away, the rest of the mall will shutter as well. I’ve read that the entire mall will be torn down and mixed use buildings (that would include both housing and shopping) will take its place.
The boxy indoor malls have lost their luster ever since the more popular outdoor strolling/shopping spots such as the 3rd Street Promenade and the Grove came into the public’s embrace. Developers of these architecturally stylish shopping streets took into account that Southern Californians like to spend money while feeling the sunshine on their faces. Being stuck in a windowless mall is the antithesis of the true Californian experience.
Malls like the Westside Pavilion also took a strong beating with the rise of the internet. Once the internet showed people how utterly easy it was to shop from home, they did just that: stayed home! Suddenly the indoor mall became more desolate once people realized that they didn’t have to battle each other for parking spots, wait in long lines or deal with the headache of lugging heavy packages. Amazon made it so easy to browse from your bathrobe and with the click of a button, find exactly what you needed and have it delivered right to your doorstep.
But that’s not to say all shoppers prefer to conduct business from the comfort of their homes. Some still enjoy the process of handling items, trying things on, meeting up with friends to get those necessary second opinions. But tastes today dictate that shoppers aren’t just looking for the latest in trendy fashions. They also want to have dinner, see a movie, browse around a bit and then head upstairs to their condo with a city view.
No one knows for sure what will happen with the Westside Pavilion, whether it will be torn down or kept as-is. While I liked having a big mall on Pico/Westwood and the services and jobs it provided for my community, I’m also kind of excited to see what might go in its place and how our neighborhood could be made even better as a result of the development. Only time will tell what will happen but I’m feeling very optimistic that whatever it is will be a very good thing for us all.
What’s My Home Really Worth?
When I come into your home for a price evaluation, I’m looking at many factors. I’m also competing with the opinions of my colleagues, your friends, the internet, Zillow, and what you have already determined your home is worth based on how much you ‘d like to net after the sale.
Pricing a home in an inexact science and often times sellers are enticed by the highest number he/she hears from any number of sources, some reliable, others not so much. The basket of gold at the end of the rainbow is undeniably attractive but it’s all very speculative and sellers should keep that in mind. What happens if you set your mind on this inflated number? It would be hard not to feel disappointed if you didn’t get it, right? But keep in mind, that price was likely always a fantasy. The bottom line is: no matter what you think your home is worth, the market sets the price. Not your real estate agent, not your parents and definitely not the magic number that Zillow has come up with.
There is a thoughtful process when it comes to determining the price for your home. A lot of times it depends on whether or not it’s a buyers’ or sellers’ market to gauge how aggressive one can actually get. Comparables (or ‘comps’ as they’re familiarly known) are an important factor and a good agent will do his homework prior to meeting with a seller and come equipped with the knowledge of what houses of similar size and age have sold for in the area. Comps are a good tool, however, used alone are unreliable because within the size/age category there are dozens of additional variables. What were the significant upgrades of these homes that sold? How many bedrooms/baths? What was the lot size? This is one reason why Zillow should not be used as an accurate assessment of a home’s worth. It hasn’t seen the inside or the infrastructure of a home- it’s based on what has sold in the area but the reasons behind these sales wouldn’t be taken into consideration.
Accurate comps are also better gleaned from a true neighborhood realtor, someone who knows what all the off market properties have sold for. Arm-chair real estate enthusiasts aren’t clued in to all the buying and selling that is done without a home ever hitting the market. But a neighborhood expert knows about them and these transactions all should be included when pricing your home, too.
It’s my opinion that a house should be priced competitively with what’s going on in the neighborhood yet attractive enough to incite a bidding war once it hits the market.
The only way you will know what the right price for your home actually is will be to witness how the public reacts once it hits the market. If an agent tells you that your house is worth a number that seems gloriously high, he may be using this as a tactic to get hired. Don’t be lured by an inflated value only to feel let down when you’re forced to reduce after no one makes an offer.
From Clients To Friends
I love it when clients become friends. This usually only happens when there had been mutual respect during the transaction. If I was treated like a professional and, in turn, treated my clients in a similar way, then more often than not, a friendship can take the place of what was once just a business relationship.
I have found that when it comes to real estate, there is an assumption amongst certain people that they can do this job. Lawyers, for example, often think they can also handle real estate transactions. Sometimes they can, but you know the old adage: the guy who is his own lawyer has a fool for a client? The same can be said for real estate. Just because you passed the bar, does not mean you know all the ins and outs of a real estate purchase or sale. I know because I’ve passed the bar. It might make you a lawyer but not a broker. When a client allows me to do what I do well, when he takes my professional advice, when she listens to what years have experience has taught me, when people who hire me do so because they trust me, it makes for a much smoother and happier transaction for all concerned.
Last night my wife and I were invited over to a client’s house for dinner. This was Matt and Stacy’s first home purchase and they were excited to bring us in to show how it looked now that they’ve moved in. They wanted us to know how happy they were there and to thank me for making one of their dreams come true: homeownership. They had worked with a few other brokers in the past and for one reason or another dropped out of a few potential purchases. When they decided that enough was enough, that they were truly ready to buy, they asked me to represent them and I was happy to do so.
Last night, over a delicious homemade dinner served on fine china inherited from Matt’s grandmother, we were sitting in their dining room and heard the story of how they decided to work with me. They had come to many of my open houses and had met me on numerous occasions but during most of these visits, there were many other people around and they didn’t have the chance to really chat. Then, one Sunday about six months ago, they admitted to coming in to one of my open houses because they had hoped to eat one of my wife’s homemade brownies that she bakes for my new listings. They came to the open and were happy to see that not only were fresh brownies awaiting them, but there were very few people around. They reintroduced themselves to me, we had a nice moment to talk about the kind of house they were looking for and the rest, as they say, was history. My wife and I were listening to this nice story in their new dining room, amazed at how sometimes all that is right in the world comes together to make everyone involved happy. It doesn’t happen all the time, but when it does, it deserves a clink of wine glasses and toast of congratulations.
I have a feeling there will be more dinners in our future and nothing would make me happier, knowing that with all that can go wrong in the world, it’s really nice when things go so thoroughly right. It was beyond heartening to see these two lovely people find the happiness in a home that had previously eluded them and on top of that, a new friendship has been formed.
Homestyle Cooking at Food
Just about every neighborhood probably has its version of Cheers. That familiar place where everyone knows your name. I imagine this is an extremely personal declaration and my familiar hang out is not necessarily the same as yours. In other words, a town’s “Cheers,” isn’t always (or ever) a one size fits all kind of an establishment.
For me, my Cheviot Hills/Rancho Park/Pico parking spot where I can sidle up to the counter and know I’ll be greeted with a warm, first name welcome and gracious familiarity is: FOOD. Judy has been the owner and head chef for as long as it’s bright red blocked name has been hovering above Pico Boulevard. I had the pleasure of selling her son’s condo and putting him and his wife (who happens to be a teacher at our son’s elementary school) into their new home. Their toddler-aged daughter has combined my first and last name and calls me Benly. When I pop into Food for a quick bite and hear ‘BENLY!’ from across the crowded restaurant, I know Emma is eating there, too.
Going to Food, for me, is kind of like going home again. There are rules here and regulars know them: no saving seats and have your counter order ready because there’s usually a long line of hungry customers waiting behind you. Judy knows when I’m trying to diet (sometimes because my wife will be in the day before and mention it to her) and not only will she steer me in healthier directions, but she won’t sneak me a special sweet treat that she knows are so hard to resist.
One of the fun aspects of coming to Food is all the friends and neighbors you run into. If you’re not in the mood to be social, you’re probably better off going some place else. I often liken the experience to Food being Cheviot Hills’ communal cafeteria but with much better food. I often happen across everyone from clients to old friends having a bite to eat. It can get loud in there during lunch time but it’s always nice to see a familiar face and have a minute or two to catch up before heading back to work.
There is a comfort that comes from a menu that you know and like as well as pleasure that stems from receiving amazing customer service so subtle that you don’t even know you’re really getting it until you realize later that you might not have tried the salmon if Judy hadn’t have recommended it. And speaking of recommendations, I suggest you arrive before twelve if you want an extra minute to decide what you’re going to eat. The closer the clock inches towards that lunchtime rush, the less patient the line behind you will be. My favorite is a trio of display case salads but everything I’ve tried here has been great. See you there!
Auction Fever
Spring is in the air and if you have any connection to a school, you know what that means: it’s auction time! Many schools, both public and private, use silent and live auctions to raise a lot of money to support programs that would otherwise possibly be eliminated. I know at my son’s school (Castle Heights Elementary) the money raised goes directly to fund everything from teacher’s aides to the librarian. The computer lab and the physical education program, the art teachers and science teachers and practically everything in between is all made possible thanks to fundraising. If you are of grandparent age, the current state of public schools is not the same as when your children attended. This doesn’t mean the schools are subpar- far from it! However, the money doesn’t flow like it once did and it’s really up to the efforts of parents to keep the extra curricular programs funded.
So, we all try to do our part to make sure these auctions are chock full of terrific items on which to bid so that attendees are inclined to shop and spend heartily. Concert tickets, show tapings, beauty baskets, books, kitchen equipment, signed memorabilia- it’s all for sale at practically every local school across the city. The sky is literally the limit. As far as I know, anyone who wants to spend a bit of money to attend these auctions can do so. There’s always food, drink and, of course, the opportunity to bid on some pretty amazing products. Good karma points, too, since the items have all been donated so your money is going straight to the school.
I think this may be my 6th year in a row that I sponsor the Castle Heights raffle. Each student sells a bunch of raffle tickets and there are two winners chosen out of the 12,000+ tickets sold. I donate the two cash prizes (1,000 dollars goes to the first place winner and 500 to the second) and I also have the esteemed honor of getting to draw the winners’ names at the auction in March. It’s a lot of fun to do and I feel good knowing I’m helping my son’s fantastic school. I also make a donation to Overland Elementary because a friend asked me to do it and how could I say no?
So, if you are a business or restaurant owner and you get approached by a hardworking mom or dad looking for you to make a donation to their school, I encourage you to give a product or two to be auctioned off. Not only is it great exposure for your business, but it could help get you a new customer who might not have otherwise patronized your business. And, beyond that, you get to feel good knowing you’ve done something nice for your local school.
And, if you’re a neighbor and you hear a knock at your door- it may be a student selling a raffle ticket sponsored by Ben Lee. At only a dollar each, what do you have to lose? Might as well buy a few because you never know- I may be calling your name as the grand prize winner this upcoming March during the auction. Good luck!