Los Angeles

August 19th, 2011

Passmore Drive, Hollywood Hills Flip Project, Part II

By Darryl Izakowitz Be the first to comment!

Posted in: Hollywood Hills, Los Angeles

Passmore Drive, Hollywood Hills Flip Project, Part II

Update as of August 19, 2011:

The interior is close to completion. Painting, installing bathroom cabinets, fixtures, and appliances are still needed. Then the focus turns to the exterior where a new carport, storage garage, and wrap-around front deck get installed.

Please let me know if you or anyone you know might be interested in purchasing this contemporary remodel.

Some highlights of this home when completed:

Passmore Drive, Hollywood Hills
1,893 sq.ft.
7,910 sq.ft. lot size
2 Bedrooms
2.5 Baths
Home office/guest room
Storage garage
Carport
Wrap-around decking
Hollywood sign peek-a-boo view
Stunning contemporary styling

This incredible, modern contemporary home is being remodeled by Chris Teutsch of Avante Interiors. It has been redesigned to emphasize a larger master suite which will offer scenic canyon views. All bathrooms will be transformed into modern pieces of art. The contemporary chef’s kitchen will flow from the walnut cabinets and marble counters into a large living space using polished concrete flooring. Outside, a large wrap-around deck out front will lead to a private escape off the master suite where a patio will offer peek-a-boo views of the Hollywood sign. Under the front deck will be a large storage garage, and a carport will provide coverage for vehicles.

Chris has brought in one of his architects and designers who have been recently involved in numerous remodeled homes in the Hollywood Hills. This project will transform into a nice Hollywood Hills contemporary home. The targeted completion date is September 2011. Current home values in this neighborhood are at $550-$725 per sq.ft. and this would value this completed remodel/addition at approximately $1,400,000.

View all photos of this project.

If you would like more information about this property or have an interest in purchasing it before it hits the market, please contact me.

August 18th, 2011

Forrester Dr, Cheviot Hills Flip Project, Part V

By Darryl Izakowitz Be the first to comment!

Posted in: Cheviot Hills, Los Angeles

Forrester Dr, Cheviot Hills Flip Project, Part V

Update as of August 18, 2011

As you can tell from the new photos above, the stucco lathe is complete and the drywall installation is close to completion. Please contact me for all the details and/or to schedule a private tour of this property.

Some highlights of this home when completed:

Forrester Drive, Cheviot Hills
5,571 sq.ft.
9,760 sq.ft. lot size
Two stories plus basement
5 Bedrooms
4.5 Baths
Home gym
Library/office
571 sq.ft. finished basement
3-car garage
Pool and spa
Deck off master suite

This incredible, contemporary home is being rebuilt by Chris Teutsch of Avante Interiors. It has been redesigned to take advantage of the large setback from the street while providing additional living space. The upstairs addition will boast 9-foot ceilings with 4 bedrooms total, a Jack-and-Jill bath, and a magnificent master suite and master deck. The downstairs will offer 10-foot ceilings, an approximate 1,000 sq.ft. great room which will open up entirely to the pool and backyard, a fabulous chef’s kitchen, a home gym, and a library/office which could serve as a fifth bedroom with separate bath. The basement will provide for either a home theater or a game room.

Chris has brought in one of his architects and designers who have been recently involved in numerous remodeled homes and mini-estates in Cheviot Hills. This particular home was originally custom built in 1978 with 3,920 livable sq.ft. as a one-story home with a basement. The original carport will be replaced with a 3-car garage, and the backyard pool will include a spa and refreshed hardscape throughout the yard.

This project will transform into an amazing West Los Angeles contemporary home. The targeted completion date is October 2011. Current home values in this neighborhood are at $550-$600 per sq.ft. which would value this completed remodel/addition at approximately $3,000,000-$3,200,000.

View all photos of this project.

Proposed final floor plan and renderings.

If you would like more information about this property or have an interest in purchasing it before it hits the market, please contact me.

July 29th, 2011

Forrester Dr, Cheviot Hills Flip Project, Part IV

By Darryl Izakowitz Be the first to comment!

Posted in: Cheviot Hills, Los Angeles

Forrester Dr, Cheviot Hills Flip Project, Part IV

Update as of July 29, 2011:

As you can tell from the new photo above, the stucco wrap is almost complete, and drywall installation begins next week. Please contact me for all the details and/or to schedule a private tour of this property.

Some highlights of this home when completed:

Forrester Drive, Cheviot Hills
5,571 sq.ft.
9,760 sq.ft. lot size
Two stories plus basement
5 Bedrooms
4.5 Baths
Home gym
Library/office
571 sq.ft. finished basement
3-car garage
Pool and spa
Deck off master suite

View all photos of this project.

Proposed final floor plan and renderings.

If you would like more information about this property or have an interest in purchasing it before it hits the market, please contact me.

June 8th, 2011

Hancock Park, Los Angeles Housing Market Recap 6/8/11

By Darryl Izakowitz Be the first to comment!

Posted in: Hancock Park, Los Angeles

Hancock Park, Los Angeles Housing Market Recap

Below is the current home activity for sale in Hancock Park for single family residences in the past 30 days.

There are currently 59 active Hancock Park homes for sale in a huge price range from $610,000-$8,265,000 in which 2 of these are Short Sales.

There are also 3 homes listed as Short Sales, but they are in backup offers ranging from $349,000-$775,000. In the case of a backup offer, this usually means that the seller is allowing backup offers to be submitted on the property, while the lien holder(s) is pending approval. There are also 4 homes in backup offer status that are standard sales.

Additionally, there are 16 homes in pending status and scheduled to close in escrow. These range from $600,000-$3,175,000 at their list prices.

In the past 30 days, there were 17 homes in Hancock Park that sold. These homes ranged from $679,000-$5,000,000 and had an average sale price of $1,725,565 or $525 per sq.ft. The homes averaged 95 days on the market and sold at 93% of their sale price over their list price.

I will continue to keep you connected with the real estate market in this community. Stay tuned or subscribe for future blog posts.

Side note: Hancock Park is a historic and affluent urban neighborhood in Los Angeles that was developed in the 1920s by the Hancock family. It surrounds the Wilshire Country Club and is roughly bounded by Van Ness Avenue to the East, Melrose Avenue to the North, La Brea Avenue to the West, and Wilshire Boulevard to the South.

In sharp contrast to most Los Angeles neighborhoods, homes in Hancock Park are set well back from the street, most power and telephone lines are buried, and fences are strongly discouraged.

Hancock Park shares an abundance of classic Los Angeles architecture which has helped make it one of the most desirable areas in all of Southern California.

Would you consider living in Hancock Park?

If I can be of any assistance to you in buying or selling your home, please contact me.

June 1st, 2011

Hancock Park, Los Angeles Flip Deal of the Week 6/1/11

By Darryl Izakowitz Be the first to comment!

Posted in: Flip Deal, Foreclosure, Hancock Park, Los Angeles

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.