“Are there any good deals on fixer properties in Palos Verdes?” A prospective buyer recently called me with this question. My answer was a cautious yes. After years of a raging seller’s market with annual price increases, an underpriced property is a rarity. Thus, future potential becomes the front and center consideration for my fix and flip clientele.
Any Palos Verdes fixer property under consideration as a potential fix and flip candidate already has two crucial factors in place: Location and excellent schools. If a Palos Verdes property hits the market with a stunning view, ample square footage, and an interior begging to be updated, expect plenty of competition because such houses are a rare discovery in this market. If you’re waiting for such a find, be patient, your expectations may be ahead of the current market.
If you’re willing to delve a bit deeper with your vision (and perhaps your wallet), it’s possible to combine current condition with future potential in a property that does not meet your criteria on its first examination. There’s a property in Palos Verdes Estates for sale with a big view but a price tag that is too high. The sq. ft. is not ideal, but with a second-floor addition (if that’s possible) would offer a panoramic ocean and coastline view. Its location is prime, and the surrounding homes are some of the most expensive in Palos Verdes. Does it have future potential as a luxury home with a panoramic view in a superb location? You bet.
If you prefer a project with a less significant initial outlay of cash, the Eastview neighborhood in Rancho Palos Verdes is the most affordable neighborhood on the Palos Verdes Peninsula that gives you entry into one of the most sought-after school districts in the Greater Los Angeles Area. Many of the homes have L.A. Harbor and city lights views. The neighborhood still has many small ranch houses ripe for expansion if the lot and view restrictions permit.
My favorite price range for a fix and flip property is a purchase price around $2,000,000 give or take a hundred thousand or two. 🙂 With the right view and right neighborhood, these houses when remodeled offer a solid return to the seller and a modernized, move-in condition property to the buyer. That’s a win for all.
Selling Palos Verdes Properties Since 1992
Norma Toering 310.493.8333 or Norma@CharlemagneProperties.com.