Studio City, Los Angeles Flip Deal of the Week.
The best home to flip in Studio City right now!
Just listed at $495,000 – $399 per sq.ft. This standard sale property needs to be rebuilt. Private dead-end road provides incredible canyon and mountain views from this ½ acre lot. Please contact me for all the details on this excellent flip project.
List of features:
- 2 Bedrooms
- 2 Baths
- 1,240 sq.ft.
- 20,910 sq.ft. lot size
- 2-car detached garage
- Guest quarters above garage
- Built in 1947
- Incredible canyon, mountain, and city lights views
- Completely private setting
Please contact me for more information, photos, or maps on this flip deal.
Agent notes: Prime Studio City Hills perched above highly desirable “Silver Triangle” sits this (20,910 sqft per assr) amazing view lot, very private and secluded – this is a great opportunity to either fix or build new. The main home is in need of major repair. Carport/garage has living area above it. Situated in the Carpenter Elementary School area, this is a great location with a very large flat pad – to fix & expand or build? Endless city light & mountain views.
When buying and selling a flip on behalf of a client, it is crucial to know the neighborhoods, know the comps, and be conservative in all figures. Studio City is a diverse community that offers many homes in the foothills of the Santa Monica Mountains with privacy and city and/or canyon views. The neighborhoods can be mixed with estates valued at $3MM-$7MM to smaller homes valued around $600k-$850k.
This home is located in an excellent neighborhood of Studio City with relative proximity to Ventura Blvd. There are several homes valued at $2.5MM to $3MM nearby. I met with Chris Teutsch of Avante Interiors for over an hour at this property. Knowing the market and the neighborhood, we decided that an investor looking to flip this property and to make the most profit needs to do a complete rebuild. Some of Chris’ ideas are to expand the home and build an upstairs to really enhance the incredible views. A stunning contemporary home with all new hardwood flooring, cabinets, fixtures, and appliances will really stand out. An investor needs to be careful and not overbuild this property for the market. The home is literally the “ugly duckling” on a street with gorgeous homes and mini-estates. This can provide for an excellent investment.
Aside from the two-story addition/remodel (and knocking down a few walls to really open up the floor plan), this property needs a completely new driveway, hardscaping, and some retaining walls. The detached 2-car garage would remain with the above guest quarters fully remodeled.
Nice, turn-key homes in this neighborhood are selling for $400-$450 per square foot and up. This home will be completely remodeled utilizing its existing contemporary style. A conservative estimate on the final retail value of this home is $1,500,000, but the secret is in negotiating the purchase price and construction costs. Chris has estimated his construction rehab to be $450k and to take about 9 months with doing everything he suggests to the property. To keep figures in perspective, if you can purchase this property for $450k and spend $450k on a remodel, then you are into the property for $900k. Selling it on the market for $1.5MM will make an investor a ton of profit in less than one year.
Chris Teutsch of Avante Interiors does exceptional work, and he is my contractor of choice in Los Angeles. Chris has completed several remodeled homes in Studio City in the past few years, and we are currently working on a remodeling project for one of our clients on Passmore Drive in the Cahuenga Pass. You can discover more about Chris Teutsch and Avante Interiors on our Affiliate page.
Chris will create a complete detailed estimate for this property. I think you will be amazed at how much profit is available as a flip potential and equally amazed at what a beautiful home this will be for an owner-occupant.
If you are searching for a great flip in Los Angeles, I will find it. Please contact me today about this home or any of your real estate needs.
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