Highland Park Trust Sale Closed

Last week this Highland Park trust sale closed escrow, and here’s how it went: We met with the trustee the week before Thanksgiving, and the listing agreement was signed on 11/30/22. The first week of December, we hired The Building Biographer who researched the history of this 1917 Craftsman home. The home was measured, and a site plan was prepared. A pre-inspection was ordered, and we made a list of suggested repairs for the trustee to approve. The handyman began the work on January 4th. Cleaning was scheduled on January 10, with professional high-resolution photography the following day. Once the photos were received, we had the home virtually staged.

Pros:
Much of the original character of this gated home had been retained. The 11,898-square-foot lot was gated, and the home had amazing curb appeal. While the floor plan needed help, the living room opened to a terrace, with access to the roof for additional entertaining space.

Cons:
The two-bedroom apartment with a separate entrance was not permitted. Most of the character homes in the immediate neighborhood were torn down and apartments built. The next-door larger apartment building loomed over our lot.

Pricing was difficult for this home as there were no similar sales or active listings. Thus it was all about instinct. As the market had softened due to rising interest rates, I was doubtful we would get multiple offers on this unique home.  On 12/31/2022, Zillow indicated this home was worth just $1,171,600.

We didn’t want to list for the three-day Martin Luther Day weekend, so we waited until the 18th to go live at $1,900,000 in the MLS as “coming soon.” Open houses were held that weekend, Saturday and Sunday. We didn’t get as much activity as I had hoped, but we were testing the market and were ready to react quickly. The following Tuesday, with just six days on the market, we dropped the price to $1,785,000.

The buyer who closed saw the home with his Realtor on that Friday, and a full-price offer of $1,785,000 was received on Monday, January 29th. We sold for more than $600,000 over Zillow’s Zestimate.