TV Actor Sells $1.25 Million Home in 24 Hours
The real estate market in certain Los Angeles neighborhoods is so hot right now TV actor Richard Jannone was able to sell his three-bedroom home overnight.
How crazy is the Los Angeles real estate market? Recently Richard Jannone found out, and his head is still spinning. After doing hundreds of episodes of shows like Desperate Housewives, C.S.I. Miami, C.S.I. New York and Charmed, he’d arrived at that place where he was more interested in travel and freedom than in home maintenance and yard upkeep.
Fortunately for him, he reached that point about the same time the Los Angeles area real estate market heated up to the boiling point.
One Friday afternoon about a month ago, his agent/broker listed his three-bedroom, two-and-a-half bath, 2,573-square-foot house on a beautiful, tree-lined street in the San Fernando Valley’s bucolic Valley Village. No open houses were planned, and no “For Sale” signs were posted
The very next morning the first potential buyer pulled up to his curb, sans agent. The guy had been surfing the Web meticulously, and noticed immediately when the 35 photos appeared on the MLS for the first time. Jannone’s agent, who also happens to be his son Marc, was at the house, discussing their selling strategy and Richard always kept the house immaculate, so they invited the buyer in for a tour.
By that afternoon, less than 24 hours after the house was listed, they had an offer for the full asking price, $1.25 million. Myriad agents with interested buyers were disappointed just a day later. That’s how hot the real estate market is in some parts of Los Angeles right now.
Inside the Actor's HomeView All 7 Photos
“A lot of it has to do with the school districts,” said Marc Jannone, of Jannone Development. “The super desirable real estate pockets right now are in the best public school districts. He explained that while you may have to spend a little more for a house in these areas, private school can cost up to $30,000 per year per child, so it more than evens out.
Jannone and his neighbors had seen their homes lose up to 25 percent of their value over the past several years, and were surprised when they started receiving letters from real estate agents stating that they had interested buyers who were looking for homes in their area and would pay top dollar.
But Jannone’s son Marc, who is both a broker and a contractor, had been monitoring the trends in the neighborhood, and knew that the time was right for his dad to make a move, so he began polishing the house with little improvements like touching up the paint and planting flowers – efforts that make a home more appealing.
“What can I say?” asks Richard. “It was mind boggling because we listed it high just to see what the market would bear. After being underwater a mere six months ago, the market started going up 10-15 percent per month. I think we nailed the super sweet spot, but now I wish we’d listed it even higher,” he laughs.