It’s been an interesting time in the real estate market. I have been noticing a lot (pun intended) of properties that are either tear downs, distressed, or in need of major renovations being snapped up with multiple offers in a matter of days. They can be on the lower end of the spectrum as well the upper echelon of price points of $4.5 + (also going into multiples). Having had a tremendous 2011, what is apparent to me is that buyers are recognizing that we have reached the bottom of the market and are scooping up all major investment opportunities with that the notion that in hopefully 2 years, but certainly 5 years time that there is going to be tremendous returns on their investments. Side Note: My crystal ball is perpetually on the fritz and still in the shop…I am just relaying my observations as well as other agents sentiments as best we can predict without said crystal ball.
With that said, Rich Kids is pleased to present an extraordinary opportunity to create the ultimate dream home in prime, lower Laurel Canyon. This expansive flat lot of almost 11,000 sq. ft is primed and ready for development. The original structure (uninhabitable) remains on a raised foundation, as well as a storage shed and 2 car garage/carport. Even in it’s current state, the property immediately envelops you into it’s lush foliage, towering trees of historical significance, and an enchanting hillside dotted with colorful floral accents contrasted against vibrant greenery. Few opportunities of this caliber remain in this uber central location where one can walk to the heart of the Sunset Strip and then return back to a perfect custom built retreat that feels worlds away from the city.
As I had mentioned in the beginning of this post, I have had a lot of clients looking for development opportunities. While they are certainly out there, many are located hillside adding on significant costs for expansion (additional sq footage, pools, etc) due to the geological conditions. Many are great properties, but one would need to spend a quite a bit to get them up to par with an entry point hovering right around the one million dollar mark. Although I am not a contractor, those who I have briefly consulted with see some interesting possibilities with the original structure/foundation. Either way, flat lots in Little Laurel just north of Sunset are few and far between. My gut says this should be a pretty quick sale (or it could be that not so savory breakfast burrito I just ate). I’ve been getting calls left and right indicating that there certainly is interest, which is exciting for having been on the market 2 days!
I will keep my loyal readers posted as things develop (again, another pun intended, lol). Stay tuned…
In true Rich Kids fashion, every property needs some sort of event hovering around it. Since there is no house to hold an open in or a cocktail reception, I am thinking a white trash themed abandoned lot party: Coors light kegs, trucker hats (circa the hideous white trash chic Von Dutch movement of 2002), and some really awesome local bands performing. Start digging trough your closet now…don’t lie – I know you have something appropriate for the event like say anything “acid washed”. Along with the lot photos, I have included a shot from the original “White Trash Bash” thrown to celebrate the closing of my friend H’s new pad a few years back in West Hollywood. I channeled my inner Kevin Federline and am the one in the Dodgers cap!