The good news for sellers and buyers alike is that there is some well priced inventory out there that is actually moving under thirty days or less. As usual, all the main components need to be in tact for a quick sale to occur: price, location, and the perceived value of the property itself. Over the last 10 days, I’ve received a couple of calls from buyers interested in purchasing property that would allow them to acquire at a decent price and then do some basic updates to be placed back on the market a short time later. There have been two properties that I have had my eye on for just that purpose.
Only because I know you are hanging on my every word, I thought I would tease you by making this as a two part series – a real estate 80′s style ”to be continued” if you will (kind of like “The Facts of Life” Goes to Australia). Today’s property (which I would also classify as a “Hot Prop of the Day”) is located on La Jolla between Melrose and Santa Monica Blvd. This neighborhood is that weird little pocket that is essentially West Hollywood, but technically the city of LA. In the agent world, this section of town is known as “Area 19 – Beverly Center” as dubbed by The MLS. For quite some time, Area 19 has been one of the strongest markets in Los Angeles. After a detailed analysis (ie – looking at the market report as well as checking the stats on the area each day), Area 19 is the pack leader in terms of shortest average days on the market (57) and a list to sale price differential of about 4.75%. This is slightly ahead of West Hollywood and substantially ahead of Hollywood Hills/Beverly Hills. The sweet spot for this neighborhood would be an updated home on a primarily residential street between Beverly and Santa Monica Blvd priced right around $1,000,000.
I saw today’s opportunity at a broker’s open about 10 days ago. It has many of the characteristics of similar pristine Spanish style homes on the street. You enter the front yard through a gate surrounded by well landscaped privacy foliage. Much of the properties usable land is located in front, as seen by the folding table and chairs on the lawn (which I probably would get rid of in lieu of some nice outdoor living pieces). Inside, it is instantly obvious that there is a tremendous pride of ownership, as every detail is thoughtfully executed. Gleaming hardwood floors, carefully executed appointments, and a nice flow make this an ideal Spanish bungalow. I loved the sitting area that is very old Hollywood glamour with white/black checkered flooring and iron accents on the archway leading into the room as well as a really cute, sunny breakfast nook.
This house is very similar to a property a few doors down from another ”Hot Prop of the Day” at 522 North La Jolla that went into escrow within 3 days of it’s first showings with multiple back ups (as I…ahem…predicted). If someone were to come into this home, do a basic redo of the kitchen with Viking appliances and cosmetic bathroom remodel, I think there would be a comparable result as there was on 522 N. La Jolla. I think this properties only real liability is that all the yardage is in front. Disclaimer: I cannot predict the market and guarantee that this will be the case, but evidence shows that there is real demand here.
If you are not looking to invest and just want to purchase a great property, this is one to definitely consider. You can easily move in and not do a thing if you wanted. The price is decent and I’m sure there is some wiggle room from there!
Tomorrow we go into the hills for a fixer with explosive city views…until then
503 North La Jolla Ave, Los Angeles, CA 90048 – 2br/1.5ba, Roughly 1291 sq ft – $795,000
SPANISH RESIDENCE SITED ON QUIET CORNER OF HIGHLY-DESIRED TREE-LINED STREET. THE 2BR/1.5BA APPROX 1,300 SQ.FT. HOME COMBINES EARLY-LA STYLE W/MODERN-DAY UPGRADES; COPPER RE-PIPING, A NEW ELECTRICAL SYSTEM, FRESH PAINT (INSIDE AND OUT), NEW PORCELAIN AND CHROME BATHROOM FIXTURES, AND A BUILT-IN WASHER/DRYER. GATED AND PRIVATE, HIGH CEILINGS, WALL-SIZED WINDOWS, GLEAMING WOOD FLOORS, AIRY KITCHEN AND BREAKFAST ROOM. HEDGED YARD PROVIDES USABLE OUTDOOR SPACE ON THE APPROX 3,000 SQ.FT. “HALF” LOT Listed by Keller Williams Beverly Hills