Project and Site Description | Located directly off of the Burbank exit of the 101 freeway in North Hollywood this as purchased, partially renovated, two bedroom, two bathroom home of 1,398 SF on a 6,750 SF lot is close to the much talked about NOHO Arts District and just 1 block from a police station, making it a very good starter home for young families.
STRATEGY | Operating in 2010 during a major recession our plan was to minimize large capital expenditures, focus primarily on cosmetic upgrades and add an additional bedroom without increasing square footage of the home. These aspects would keep our eventual sale price within budget of FNMA guidelines and increase our potential buyer pool, allowing for a faster sale and return of equity to our investors. During the planning phase we were able to create the third bedroom by segregating a space off the kitchen. The updated house was cosmetically enhanced with two renovated bathrooms, new paint, recessed lighting, an updated kitchen and landscape design.
RESULTS | At $445,000 this home was the highest priced sale per square foot of comparable homes within six months prior to its sale, 24% higher on a price per square foot basis of comparable homes in the same period.