Today was supposed to be the second part of my "to be continued" special on properties that would make interesting investments. The bad news is that the property I wanted to feature just went into escrow after being on the market for only 10 days. The good news for buyers is that it is becoming quiteeasy to spot homes that have enormous potential and are priced correctly.
Just to give you a little overview on the house, Evanview is located off of prime Sunset Plaza (one of the best sections of the Hollywood Hills). What makes this home so special is the explosive city views from almost every room and the ample outdoor decking perfect for lounging, entertaining, or cocktailing. A house like this was built to showcase the views and the floor to ceiling windows do just that.
Priced at $999,000, this property is very much in it's original condition. I have been noticing that the sweet spot for this portion of the Hollywood Hills is about $1,500,000 for a quick sale on a slick/done home under 2000 sq ft. I felt a home like this would make the perfect pad for a cash buyer to come in, buy in the low nine's (let's say $925K, cash, as is condition with a 30 day or less escrow), invest around $150,000 (assuming that the geo, survey, and soil reports all come back solid) in renovations, and then put it back on the market around $1,495,000. Clearly someone else saw that potential too whether it be to execute the above scenario or just redo for their own primary residence (which is also a fantastic option).
There will be plenty more opportunities to come. I would also say that being in back up status is a good place to be if you have any interest in this home. Often the back up buyer gets the better deal should the original buyer drop out because at this point the seller is already in moving mind set.
8880 Evanview Drive, Los Angeles, CA 90069 - 2br/2ba, Roughly 1862 sq ft - $999,000 - Looking for Back Ups
1958 architectural gem with jetliner city and hills views. Walls of glass showcase the stunning views of city lights & hills from nearly every room in the house! Classic 50's architecture incorporates wood beam ceilings, skylights, and hardwood floors to define the living space. The open living room flows into the dining area and kitchen. Each bedroom offers direct access to the top-level deck showcasing the stellar views. A sprawling family room resides downstairs, plus a lower deck & terraced yard for outdoor enjoyment. Nestled on one of the most sought after streets in the hills, seconds from the Sunset Strip. Listed by Coldwell Banker Sunset Strip
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