Last Tuesday on Caravan found a good Investment for a builder

Doing the regular RE Agent/Broker caravan is the very important path to really getting the feel of what is available. It is what keeps us RE Professionals hot on the trends and closest to the inventory that is constantly changing.

I roamed from Santa Monica to West LA to Westside Village to Palms and then to the Mar Vista and northern edge of Venice this day. Found that the items I had selected included a few that were very well priced for the benefits and livability.

But one stood out… A builders investment hot property. Just listed. Priced Right. Good buildable lot. Small house of little more than 600 sqft ! That will nock over with a small little bobcat and one dumpster. On Ashwood in Mar Vista. A Great deal at $659,000. Very hot.

Build a nice house of 1800 to 2000 sqft and sell it for a tidy profit. The older homes are going for $899k in that area. A new one will easily be $1.150 to $1.25m In north Venice one APN away there are some rebuilds going for that and then some.

Lot: $ 659,000

Build $ 370,000 – ($185per sqft x 2000)

Plus holding costs and permits etc. (30 to 40K)

Cost $1,150,000 sell for a 100k to 200k profit.

Not bad for one years work. I quickly called all the builders I know. They were all on vacation to the Colorado River or at Catalina Island with boats and family. Dooh.

By Weds the listing agent had 7 offers by 5 pm. Good deals do not last once the word is really out. Just one Day!

I will track this as it closes and it is rebuilt to let you good readers know what/how/where a good market and quick actions can reward an investor. Teaming up with a Real Estate professional who is “In the Know” is the best way to score on this type of opportunity.