acquisition Oct-13
disposition Aug-14
holding period 304

PROJECT AND SITE DESCRIPTION | Located in the Westside Village area of Los Angeles, 3213 Glendon is nestled between Palms, Cheviot Hills, West Los Angeles and Culver City.  The neighborhood is part of the National Blue Ribbon awarded Clover Elementary school district which is widely known for the quality of its academics.  This home sits on a 6,371SF lot on a gentle hill with treetop and neighborhood views.  The existing home was originally 1,102 sf house with  3 bedroom 2 bathroom.

STRATEGY |  By assessing sales comps, we found the existing lot was underutilized for the neighborhood. We decided to substantially increase the existing home by 1,565 SF to a total of 2,667 SF with 4 bedrooms and 2.5 bathrooms.  To accomplish this, we extended the back of the house and added a second floor to the addition.  Building this addition required altering the topography of the backyard with retaining walls and significant soil grading. For the style of the home we chose to go with a Cape Cod motif with a open floor plan and clean lines.  It was important from the beginning that the added square footage look integrated into the existing house in a seamless way.  To achieve this we matched floor and ceiling heights to the existing floor plan. On the exterior new siding unified the entire structure.    In addition all mechanical systems and finishes were updated for a modern, cohesive look.

RESULTS |  In the 12 months prior to the Glendon sale, all comparable homes averaged a sale price of $493 per SF.  This property sold for $597 per SF, a remarkable 21% higher than the average and in just 46 days… 20 days less than average for the area.