How much would you pay for this view? 6993 La Presa Drive, LA 90068
How much would you pay for this view? 6993 La Presa Drive, Los Angeles, CA 90068
Yesterday, I was at a Probate Auction in the coveted Outpost Estates. The actual address was 6993 La Presa Drive, Los Angeles, CA 90068, some of you who read my blog posts on a consistent basis; know I have written about the benefit of living in Outpost Estates. In case you missed one of them check out this link http://actvra.in/HRS
This property was marketed for the past three week through all the venues Realtors get the word out. My client, his architect and his partner we all went and saw this property at least twice prior to bidding. I did my market research and based on the most recent comps determined that a new home on the size of land could command a huge dollar amount. Having stayed close to all the activity I was aware that there were at least fifty or more people who spent time at the property. Now keep in mind these were just the ones that signed in. I suspect another twenty five or more went at different times.
Clearly there would be a lot of people present for the auction. This was a no contingency best and highest price auction. All investigation had to be done in advance as to size, and what could actually be built here and needless to say the ability to perform was indicated by bringing a Cashier’s Check for $10,000 to be allowed to bid and having a blank check to be able to write the difference of the 10% of the accepted bid.
Keep in mind the lot size was about 18,000 sq ft and the house as far as I was concerned was a total teardown. He property was underpriced and was listed at $699,000. I did the research and shared the comps with my client. I anticipated the highest value to be around $1,200,000. They felt that they would be willing to go to $850,000. For that price I thought it would be a great upside to it. I suspected the property will go out somewhere around $950,000-$1,000,000.
The bidding was moving slow and started sputtering around $800,000. It looked promising at this point. Then there were three people who did not even step into the bidding until this point. Needless to say then it took off like a rocket ship to about $1,150,000. Then there were only two bidders left and would you believe it the winning bid was $1,270,000.
Although I was disappointed that we did not win the bid, I felt clearly vindicated and my clients understood that the value in the Greater Los Angeles Real Estate market is there for not only buying but creating some fantastic properties.
After all isn’t this a $5million dollar view once it is done?
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Playa Vista, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.