Why Buying Today in the 2M Range is a Good Idea
4610 Encino Terrace – This home underwent a stunning renovation by ID Group a boutique investment firm who specializes in single family renovation in 2007. Think of them as the newest and hottest when it comes to flipping homes towards the more modern look and feel. This house was gorgeous!
In 2005 they purchased this home, completed their work and in 2007 sold it for $3,200,000. Of course the banks lent way too much and the owner lost the home to the bank. Heard of this story? Just a few short years later (October 2010) this home was picked up buy a new buyer from the bank for $2,005,000 in an all cash deal a whopping 38 Percent discount. The reason I know it was all cash is because I represented a buyer who wrote the other competing offer at the time and we lost in a multiple offer. This was in 2010 but the point is, these types of deals are around and if you have the cash (or hefty down payment) you really can take advantage in this market.
Or how about 14633 Round Valley in Sherman Oaks which sold this year in a short sale at $2,150,000?
This stunning Tuscan estate was originally built-in 1951 and essentially was re-built brand new in 2005 behind gates w/ 180 degree valley views. It changed hands and was re-painted and re-branded as a little more Tuscan/Mediterranean in 07 selling for 2,700,000.
At one point it was listed for $3,495,000. Most recently it came back on the market this year for $2,999,999 and after several months of marketing the home the seller finally realized they would not be able to sell it for more than the loans against it. It wound up closing escrow in August of 2011 for $2,150,000 a 29% discount from its original list price and a whopping 38% less than what it was listed for a few years back.
To learn more about what opportunities are out there in the areas of Encino, Sherman Oaks & Studio City, call us today @ 818-324-9329 or visit www.AlanTaylorRealEstate.com