I was trying to think of a good analogy for investment/portfolio building condo purchases such as, “Investment condos are the new…” but I was drawing a blank. I then think back to a time in the mid 2000′s when buyer’s were all about purchasing duplexes (or is it “dupli” if it’s plural). The duplex doesn’t make quite as much sense now as it did back then, so it hit me…”Investment condos are the new duplexes for 2011″. Buyer’s are pouncing on condos that have a low sales price and a long proven rental comp history. This unit at Park Wellington was in a multiple offer situation with 4 offers on the table, when our client jumped in at the last minute to secure the unit and we closed it in under 3 weeks. Park Wellington has always had a strong rental history. Now more than ever buyers are recognizing this trend. There has been literally no inventory in this building and when a unit hits, it’s gone in a flash. Side Note: When you are ready to buy, come prepared either with a pre approval or proof of funds. Lately there has definitely been a shortage of these types of properties. They don’t last! Certainly cash with a short escrow period will typically dominate. If you are looking to build a strong real estate portfolio, this is the route to go in my humble opinion! There are about 5 buildings in town that follow this trend, all with very limited inventory. If you are interested in learning more, hit the Rich Kids Team Up at connect@richkidsrealestate.com.
With that said, we want to congratulate a long time member of the Rich Kids family on the purchase of an amazing 1br/1.5 ba at Park Wellington. After seeing everything in Hollywood and West Hollywood, what kept drawing us back to this unit was how pristine it was. Park Wellington has always been a favorite building of mine for both investors and first time buyers alike. You can get a well priced unit in a full service building that includes: 24 hour security/front desk concierge, a huge swimming pool w/ cabanas and large spa, tennis court, and full fitness center surrounded by tropical gardens in the middle of the best part of West Hollywood. Alta Loma is barricaded from Sunset so that people cannot use it as a through street, which keeps traffic to a minimum. For any of my readers who are more rich grannies than Rich Kids or who are fans of Bob Newhart, you can thank the late Suzanne Pleshette for this. An agent who specializes in Empire West across the street where she formally resided told me in passing that it was one of Suzanne’s missions in life to stop the traffic and have those barricades installed. Suzanne, I look up towards the heavens in thanks to you for making this a safer and more desirable street due to all your hard work lobbying against the city of West Hollywood.
One of my favorite features is also the location and walkability, which I am seeing is becoming more and more of a priority amongst clients. For the Rich Kid who wants to enjoy the best that LA has to offer, you are smack dab in the center of essentially Sunset Plaza and the fun part of Santa Monica Blvd. It’s a five minute walk to Equinox, Mondrian, Palihouse, as well as all the Gay Night Life.
The good news is that my buyer’s smart purchase can be yours to enjoy. Once through the double door entry, this 1 br/1.5ba residence features freshly painted walls and crisp Berber carpeting throughout. Walk out to the expansive balcony for courtyard views and city lights. Large guest parking lot for visitors. This is where you live the LA dream! $2400/month on a 1 year lease for immediate occupancy!
As always, a special shout out to my favorite agent Cristie for making this a seamless transaction and a pleasant one at that! You and Markus are an amazing team to work with!
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