Los Angeles

May 30th, 2011

Sherman Oaks, Los Angeles Housing Market Recap 5/30/11

By Darryl Izakowitz Be the first to comment!

Posted in: Los Angeles

Sherman Oaks, Los Angeles Housing Market Recap

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

There are currently 163 active Sherman Oaks homes for sale in a huge price range from $339,900-$5,295,000 in which 13 of these are Short Sales.

There are also 22 homes listed as Short Sales, but they are in backup offers ranging from $422,000-$979,000. 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 34 homes in backup offer status that are standard sales.

Additionally, 48 homes are in pending status and are scheduled to close in escrow. These range from $400,000-$1,995,000 at their list prices.

In the past 30 days, there were 23 homes in Sherman Oaks that sold. These homes ranged from $430,000-$1,639,000 and had an average sale price per sq.ft. of $361. The homes averaged 79 days on the market and sold at 98% 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: Sherman Oaks is an eight square-mile district in the San Fernando Valley area of the city of Los Angeles. It surrounds two major freeways and serves as a gateway into the San Fernando Valley. The area is relatively urbanized, with commercial skyscrapers rising along Ventura Boulevard. Sherman Oaks is a local hub for regional transportation, business, shopping, and dining. Its residential densities are highly mixed, with apartment and condominium neighborhoods alongside single family residential homes.

Sherman Oaks is bound on the south by Mulholland Drive. The western boundary is Firmament Ave. where it intersects Ventura Blvd. The new northern boundary is Burbank Blvd., and the eastern boundary is a combination of Coldwater Canyon Ave., Fulton Ave., and Longridge Ave.

Would you consider living in Sherman Oaks?

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

May 25th, 2011

Sherman Oaks, Los Angeles Flip Deal of the Week 5/25/11

By Darryl Izakowitz Be the first to comment!

Posted in: Flip Deal, Foreclosure, Los Angeles

Sherman Oaks, Los Angeles Flip Deal of the Week.

The best home to flip in Sherman Oaks right now! This property was listed at the end of March at $699,900. It subsequently was sold, but then fell out of escrow. It’s now at $629,900, and it’s even a better deal than before.

This REO/bank owned property needs to be rehabbed. This home offers gorgeous views of the San Fernando Valley, and includes a detached guest house. Please contact me for all the details on this excellent flip project.

List of features:

2 Bedrooms
3 Baths
1,967 sq.ft.
9,360 sq.ft. lot size
2-car detached garage
Built in 1952
Wonderful valley views
Long driveway with extra parking
Private rear setting

Please contact me for more information, photos, or maps on this flip deal.

Agent notes: Endless potential house has a great flow to it and it enjoys a fabulous view of the City. Offered in as-is where-is condition. The property requires quite a bit of repairs and replacements. There is a guest house which is detached evidence of some mold and may be unpermitted. Information is not guaranteed buyer to investigate, verify and rely on their own findings property, has a notice of abatement proceeding and the new owners have to comply with the city code enforcement.

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. Sherman Oaks is a diverse community that offers many homes in the foothills of the Santa Monica Mountains with privacy and valley and/or canyon views. The neighborhoods can be mixed with estates valued at $2MM-$4MM to smaller homes valued around $600k-$850k.

This home is located in a great part of the hills with relative proximity to Ventura Blvd. There are several homes valued at $1.2MM to $2.3MM 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 remodel. Some of Chris’ ideas are to restore this contemporary home with all new hardwood flooring, cabinets, fixtures, and appliances. Part of this property’s appeal is the detached guest house in back. The guest house needs to be completely rebuilt to code and permitted for an additional 400-500 livable square feet. An investor can rehab this property into its full potential without overbuilding for the area or the market.

Nice, turn-key homes in this neighborhood are selling for $450-$550 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 $1,200,000, but the secret is in negotiating the purchase price and construction costs. Chris has estimated his construction rehab to be $285k 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 $650k and spend $300k on a remodel, then you are into the property for $950k. Selling it on the market for $1.2MM 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 Sherman Oaks 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.

May 23rd, 2011

Cheviot Hills, Los Angeles Housing Market Recap 5/23/11

By Darryl Izakowitz Be the first to comment!

Posted in: Cheviot Hills, Los Angeles

Cheviot Hills, Los Angeles Housing Market Recap

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

There are currently 28 active Cheviot Hills homes for sale in a huge price range from $330,000-$3,995,000 in which 2 of these are Short Sales.

There are no homes listed as Short Sales in backup offers. 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 5 homes in backup offer status that are standard sales.

Additionally, 5 homes are in pending status and are scheduled to close in escrow. These range from $899,000-$1,995,000 at their list prices.

In the past 30 days, there were 5 homes in Cheviot Hills that sold. These homes ranged from $795,000-$2,140,000 and had an average sale price per sq.ft. of $432. The homes averaged 130 days on the market and sold at 94% 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: Cheviot Hills is a fusion of several residential tracts that were developed beginning in the early-1920s. First built were Country Club Highlands (1923), Cheviot Hills (1924), and Monte-Mar Vista (1926). These three tracts retained their separate identities until at least the late 1930s. In 1939, a fourth tract was added to the south: Cheviot Knolls. The California Country Club Estates tract was built beginning in about 1952, followed by the final nearly two-dozen homes on the east in around 1968.

Today, Cheviot Hills is bordered by Rancho Park on the west and northwest, Palms on the south, Beverlywood on the east, and Century City and Beverly Hills on the north. Principal thoroughfares include Pico and National Boulevards and Manning and Motor Avenues.

Would you consider living in Cheviot Hills?

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

May 19th, 2011

Sherman Oaks Deal of the Week 5/19/11

By Darryl Izakowitz Be the first to comment!

Posted in: Deal of the Week, Foreclosure, Los Angeles

Wonderful Sherman Oaks View Home! Deal of the Week.

The Best Deal in Sherman Oaks…Right Now!

Just listed at $799,900 – $369 per sq.ft. A great value for this REO/bank owned Sherman Oaks hillside home! This home is recently remodeled and offers views of the San Fernando Valley. This home is move-in ready and priced now to sell.

REO/bank owned. As far as we’re concerned, Short Sales are not deals despite their low list prices (wish prices).

List of features:

3 Bedrooms
3.5 Baths
2,165 sq.ft.
6,520 sq.ft. lot size
Built in 1957
2-car garage
City lights views
Close to Ventura Blvd.

Please contact me for more information, photos, or maps on this deal.

Agent notes: VIEW PROPERTY with OVER 2,000 sq.ft. for UNDER $800K!!! Chic Mediterranean recently remodeled throughout!!! City lights & treetop views from most living areas and Master Suite! Tasteful décor in all earth tones includes natural wood floors and cabinets, stone tile flooring, marble & tile baths, granite kitchen with stainless steel appliances, custom lighting, decorator colors! Romantic master suite features walk in closet and private bath with a spa tub and double vanity! Single pane wood doors, step ceiling in kitchen, high ceilings in some areas, impressive LR fireplace, oversized rooms and adjacent to 2 downstairs bedrooms is a huge family/game room w/brick faced fireplace and access to rear yard grass area.

Please contact us today for more information, photos, and maps on this amazing home. If you are searching for a great deal in Sherman Oaks or the surrounding area, we can also help you find it.

May 17th, 2011

Sherman Oaks, Los Angeles Flip Deal of the Week 5/17/11

By Darryl Izakowitz Be the first to comment!

Posted in: Flip Deal, Foreclosure, Los Angeles

Sherman Oaks, Los Angeles Flip Deal of the Week.

The best home to flip in Sherman Oaks right now!

Just listed at $747,900 – $345 per sq.ft. This REO/bank owned property needs to be remodeled, but has several nice features like a great pool and large lot. Please contact me for all the details on this excellent flip project.

List of features:

3 Bedrooms
2 Baths
2,171 sq.ft.
10,190 sq.ft. lot size
2-car attached garage
Circular driveway
Pool
Built in 1956
Private rear setting

Please contact me for more information, photos, or maps on this flip deal.

Agent notes: BANK OWNED REO PRICED FOR IMMEDIATE SALE! Circular Drive and Up on a Knoll. 3 Bedrooms and 2 Baths with 2,171 Square Feet on a 10,190 Lot. Large Kitchen. Nice Yard with Gated Pool and Fireplace.

This home is located in a great part of the hills with relative proximity to Ventura Blvd. There are several homes valued at $1.2MM to $2MM 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 cosmetic remodel. Some of Chris’ ideas are to restore this traditional home with all new hardwood flooring, cabinets, fixtures, and appliances. Part of this property’s appeal is the private backyard and pool. An investor can rehab this property into its full potential without overbuilding for the area or the market.

Nice, turn-key homes in this neighborhood are selling for $450-$500 per square foot. This home will be completely remodeled utilizing its existing traditional ranch style. A conservative estimate on the final retail value of this home is $1,100,000, but the secret is in negotiating the purchase price and construction costs. Chris has estimated his construction rehab to be $100k and to take about 4 months with doing everything he suggests to the property. To keep figures in perspective, if you can purchase this property for $725k and spend $100k on a remodel, then you are into the property for $825k. Selling it on the market for $1.1MM will make an investor a lot of profit in less than one year.

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.