As a top realtor in South Pasadena, CA - I have the occasion to present a property to the marketplace which is less than turnkey. 1555 Diamond Avenue was just such a property. Built in 1911 and only modestly updated throughout the years, the seller decided to undertake renovations on the kitchen and bathrooms.
As the client was geographically distant - the task became too time consuming and complex. Therefore the seller opted to place the property on the market with the kitchen and bathrooms gutted - and ready for the new owners to finish up.
The main challenges for this type of sale were twofold:
As the property had tons of deferred maintenance and was somewhat torn apart with no heat - it would not qualify for a conventional loan. That meant only cash buyers could purchase the property.
I wanted to show the property via Open Houses - however the "under construction" element of the property dictated that absolutely no children could be wandering around the property or work areas.
After an exhaustive building prep and marketing effort we were ready for sale.
The listing price was chosen to be $949,000 - which was estimated to be the value of the land. Final sales results? 17 offers - all cash - and a final sales price of: $1,305,000.
Check out the video below for more details. Thanks for watching my video!
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