Out of all the buildings in Beverly Hills, one of my absolute favorites is 9601 Charleville Blvd. Located on the corner of Charleville and Peck, this development is the epitome of simple, refined elegance. This recently done condo conversion was executed by one of my personal heroes of the development world, Lyn Konheim of Buckeye Properties in Beverly Hills. Lyn has a knack for classic sophistication and it is easy to recognize his thumbprints on various multi family dwellings peppered throughout the city. For those of you who are local, you might recognize another one of his iconic buildings (also a personal favorite) on the NW corner of Rodeo and Charleville (this particular building is a rental with units ranging from the mid $4000 price point to the $7000 range).
I kept saying that if a unit ever became available in Charleville for under $400,000 (the least expensive recorded sale in the MLS was $550,000), that I would snatch it up as an investment for myself. When a studio hit the market for $395,000 I was ecstatic. Unfortunately with the overhead of starting a new brokerage and in true rich kids style, mother and father in the midst of a very ugly divorce, the timing wasn’t right. However, I believed in it so much that I told a friend that I knew I would sell it to one lucky client. As fate would have it, I had the perfect buyer in mind who was in the market for an investment condo. We put in a cash offer and closed in 10 days of acceptance. Within roughly 8 days of close, we had a 1 year lease finalized at $2300/month. Not a bad turnaround at all!
For those of you who have the cash (especially foreign buyers where the currency is much stronger than the dollar…and let’s face it, which country is that not the case), purchasing small inexpensive condos in prime neighborhoods to lease out is absolutely the way to go. If you recall from a few weeks back, I had another sale where the client got a great deal on a condo in prime Sunset Plaza area in full service Park Wellington for $330,000 and leased it out in about 6 days for $2150. As one of my favorite clients so eloquently stated, “they are real estate toys that are fun to acquire”. Especially if you can hold on to these indefinitely (which is usually the case with these types of investors) not only can you continue to collect rent consistently, but you are also looking at a nice resale profit somewhere down the line (disclaimer…crystal ball is in the shop and repairs are uncertain…when “down the line” cannot be given a definitive date).
Cheers to the newest member of the Rich Kids Clique!
9601 Charleville Blvd, Unit #6, Beverly Hills CA 90212: List – $395,000 Sold: $380,000; Lease: $2300/month – Approximate Square Footage: 510 sq ft
Prime Beverly Hills studio located in the famed 9601 Charleville building. The building has recently gone through an extensive remodel and renovation designed by architect Peter Choate and world renowned designer Waldo Fernandez (responsible for the interiors of West Hollywood’s exclusive SoHo House). Charleville boasts traditional layouts, a rooftop garden, and a classic yet modern aesthetic with the finest materials and details. This light, airy unit features gleaming, dark hardwood floors, thick/ornate crown molding, recessed lighting, and floor to ceiling French doors that open to a balcony. A cook’s kitchen features blue marble counter tops and full Viking appliance package. Rounding out the unit is a sumptuous master bath with Carrara marble, an in unit Miele stackable washer & dryer, huge storage space, and massive built out walk in closet. A quick walk to Barney’s, Saks, Sports Club LA, and all the best of BH. Parking spot+storage locker with brass unit number plate.