acquisition Jul-11
disposition Dec-11
holding period 156

PROJECT AND SITE DESCRIPTION | Located in the idyllic community of Monrovia, this home sits in a neighborhood filled with fastidiously maintained Craftsmen and Victorian homes.  At the time we purchased this home it had been red-tagged by the city due to non permitted construction and its uninhabitable conditions. Both the city and area residents were eager to have this home cleaned up.  The home was 1188 sqft on a 7099 sqft lot at the foothills of the San Gabriel mountains.

STRATEGY | Having been red-tagged by the city for both its condition and improper alterations, the project required working with an engineer to correct these dangerous structural defects.  The structural issues centered on the interior roof that was altered to create a vaulted effect by removing critical structural elements.  From the beginning the city was helpful in working with us to clean up the blight and civic problem this house had become.  They expedited our plans by approving them in a matter of days instead of the weeks plan approval normally takes. This saved us valuable time.  Our plan focused on re-engineering the roof while maintaining vaulted ceilings, creating an open floor plan, cosmetic updates, new mechanical systems (copper plumbing, electrical, windows, HVAC)  and a craftsman inspired interior/exterior.

RESULTS | The home sold 6% higher and 12% faster then comparable homes in the area.  Our home went on sale during a depressed period in the real estate cycle of 2011.  Regardless of this the home was a clear success.  The project returned 18% on the equity over the 81 day holding period.