Hancock Park, Los Angeles Flip Deal of the Week.
The best home to flip in Hancock Park right now!
Listed at $949,900 – $330 per sq.ft. This Spanish original is located in a wonderful area of Hancock Park. The home will benefit tremendously from a thorough remodel revival. Please contact me for all the details on this beautiful Spanish original.
List of features:
- 4 Bedrooms
- 3 Baths
- 2,882 sq.ft.
- 7,680 sq.ft. lot size
- Built in 1926
- 3 fireplaces
- Carport
- Close to LaBrea Ave’s restaurants and stores
Please contact me for more information, photos, or maps on this flip deal.
Agent notes: LOCATION! Look no further- This Stylish 1930′s Spanish Beauty is located in the Prestigious Hancock Park. Charming Gated courtyard w/ outdoor fountains & spa. Features beamed ceilings, 3 Fireplaces, Formal Dining, Hardwood Floors. Den, Kitchen, Breakfast & Library. Dramatic Entry. Large Bedrooms (3+2 UP) with Walk In Closets, Deco Bathrooms featuring original tile. Agents see private remarks for showing instructions and details. Buyer to verify permits and all info herein-sold As-Is. This one will require repairs and some imagination -priced to move!
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. Hancock Park is a historic and affluent community that surrounds the Wilshire Country Club. The neighborhoods can be mixed with large estates valued at $7MM-$10MM to smaller homes valued around $800k-$1MM.
This home is located on busy Highland Avenue, but the beautiful homes and proximity to city amenities hold these home’s value. There are several homes valued at $1.5MM to $1.3MM nearby. I met with Chris Teutsch of Avante Interiors at this property. Knowing the market and the neighborhood, we decided that an investor looking to flip this property and to make a quick profit should conduct a major remodel. Care must be taken to maintain the original home’s charm and Spanish luster while modernizing all systems.
Nice, turn-key homes in this neighborhood are selling for $650-$750 per square foot. This home will be completely remodeled utilizing its existing Spanish style. A conservative estimate on the final retail value of this home is between $1.5MM – $1.6MM, but the secret is in negotiating the purchase price and construction costs. Chris has estimated his cosmetic remodel to be $250k and to take about 6 months with doing everything he suggests to the property. To keep figures in perspective, if you can purchase this property for $900k and spend $250k on a remodel, then you are into the property for $1.15MM. Selling it on the market for $1.5MM to $1.6MM will make an investor a lot of profit within a 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 Hancock Park in the past few years. 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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