Elayne Ceder's Blog

Currently there are four properties Listed for Sale on Mount Olympus Drive & they are all priced less than 1.6!

1941 Mt Olympus                 $1,259,000       POOL   4Bd/3Ba   2532 SqFt

1916 Mt Olympus                  $1,325,000                           4Bd/3Ba    3462 SqFt

2114 Mt Olympus                  $1,549,000                            4Bd/4Ba   3536 SqFt

2110 Mt Olympus                  $1,595,000       POOL   5Bd/4Ba    3582   SqFt

Each of these houses is distinctly different from the others. Contact me if you want additional details & the “inside” scoop!

Elayne Ceder: 424-249-7170   or     ElayneToday@aol.com

There are many nearby hillside communities above Sunset Strip – each with its own distinctive character: Nichols Canyon, Sunset Plaza, Runyon Canyon,  Outpost, Doheny Estates, & Laurel Canyon. What is distinctive about Mount Olympus?

The Answer is Very Specific:

1] Underground Utilities :

Not only is that a safer alternative, but there are no unsightly  poles & wires to disturb the look of the streets or interfere with the views.

2] Wide Flat Streets

Another Safer Alternative – but it also means that there are NO RED FLAG DAYS in Mount Olympus!

 In most of Laurel Canyon, Nichols, Sunset Plaza & a large portion of Doheny & the “birds”, the streets are too narrow to allow a fire truck to pass if any vehicle is parked. So on those days when the humidity is low & the fire danger is high, the Fire Dept declares “red flag days”. On some streets you will actually see Red Flag Signs posted.

During a Red Flag Alert, No Street Parking   of any kind is permitted by any vehicle . It is  typical that in any given year there are over one hundred red flag days! Not very convenient if you are a homeowner! That does not occur in Mt Olympus!

3] Underground  & Above-Ground Storm Drain System              

The cost of engineering this system back in the 60′s almost broke the developers! But during rainy seasons it has protected every homeowner in the development! Excess rainwater is collected in above-ground cement gullies that run both horizontal & vertical. They  empty into 9″ drain openings at various intervals &   then travel underground  & connect to the city sewer system. That prevent hillside erosion, and  does not exist elsewhere in the Hollywood Hills West Area.

4] Private Security Patrol with a Full-time Dedicated Vehicle

    One car -24/7- is Exclusive to   Mount Olympus

Easy  Answer:

A œcomp [ short for œcomparable] is  any Recently Closed Property Sale in your Neighborhood that affects the Market Value of your Property.

Every Sale in your Neighborhood   Affects the Market Value of your Property whether you like it or not.  There are formulas that Appraisers use to accommodate for differences  in size, conditon, and amenities between various homes.  But if it is nearby and recently transacted,  it is a œcomp! And both the Lender  & the Buyer will be paying attention!

The Hard Part:

A  Lender performing an appraisal, and a  Prospective Buyer trying to determine what your house is worth,   may have a different concept of œRecent and œNeighborhood.

It has been considered  a rule of thumb that Lenders would accept any property that sold within the last 6 months & within 2 miles of your property as a œcomp for your home.

That is not entirely true.   Lenders will  be most interested in the closest properties to your home, and the most recent transactions. They will never ignore the closest or the most recent in lieu of what might be morefavorable comps that are   further away or sold earlier.  

There are, however,  certain conditions when  that would not be true.   For example:

If you  own a  newer 4000SF Major View Property and right across the street, on the non-view side – an older 2300SF house closed escrow 3 weeks ago. In that case,  a 3800SF home located  1/2 mile away  that sold 3 months ago  would  be a more relevant œcomp.     When  the differences in Size, Year Built, and Condition are too great, the proximity to your property would not matter  as much -as long as there  are other reasonable sales to consider.  

Another factor considered by both Buyers & Lenders is how long the property was on the market before it  Sold. Frequently referred to as œDOM, Days on Market is a  fact that affects the importance of  every  comp.

You also need to be aware that not all comps are given œequal weight.

Re: Neighborhood

Here in the Sunset Strip/Hollywood Hills West area of Los Angeles, we have very specific and clearly defined neighborhoods: Doheny Estates; Sunset Strip, Laurel Canyon, Mount Olympus, Nichols Canyon, and Outpost.

Each one of these areas has its own Specific Characteristics and Price Values. Even if a house in Laurel Canyon was physically less than 2 miles from a house in Sunset Strip or Mount Olympus, those 2 homes would not be very relevant comps. When there is a clearly defined œpocket, that™s where you™ll find your comps! Just ask the BUYERS!

 Warning: What is NOT KNOWN cannot be Considered

No Buyer,   Lender, or Appraiser is ever privy to the private negotiations between a Buyer & a Seller. And it is those very  terms and conditions that a Seller is willing to accept that has an extremely  significant impact on the Sold Price.