acquisition 11/29/2011
disposition 4/25/2012
holding period 149

PROJECT AND SITE DESCRIPTION | Located in Monte Nido within the highly regarded Los Virgenes school district, this 1782 SF home sits on a 9,525 soft lot.  The neighborhood of Monte Nido is a wealthy enclave that attracts horse enthusiasts who want the rural off-the-grid feel, while having access to both Malibu and Calabasas.

Where other investors found obstacles with 809 Thornhill Rd we found opportunity.  We believed this home was over-looked by investors due to the difficulty in establishing home values in the neighborhood.  We predicted that this home, after a rehab, would be attractive to buyers due to it’s affordability compared to the high priced estates surrounding it.  It would give a buyer entry into a neighborhood they would normally be priced out of.

STRATEGY | The existing home had a good floor plan but was in disrepair and needed a new identity.  First we went about deciding what aesthetic drew people to the neighborhood.  We decided from the existing structure plus the cues we got from the neighborhood that the home would be best re-imagined as a country house.  We focused on redesigning the facade and entry to evoke this.  On the inside we opened up the kitchen to the livingroom giving the family area a spacious feel .  Although the existing kitchen cabinets were old and outdated we were able to salvage them by adding design features that gave them a new contemporary look.  This saved the project considerable time and money.  After replacing the hardware and appliances and installing new countertops the kitchen looked brand new.  Another important change we made in the house was improving the master bedroom by giving it a luxurious bathroom and impressively sized closets.  Throughout the home we updated windows, doors, flooring, HVAC, and paint, creating a financeable, turn-key property for a new owner.

RESULTS | Due to our efforts the final product was sold at the highest price per square foot for comparably sized homes.   In the vicinity similar sized homes took on average 232 days to sell during this period, where ours took 32 days.  Our sales price of 750,000 was also 8% higher then our projections.