3234 Orilla Ave

We could call this home a case study – not of the registered, architectural variety – though there’s plenty of original details and classic elements to speak of in this 1930 Spanish-style house: vintage-tiled bathroom, Batchelder tile fireplace, hardwood floors, barrel ceilings, etc., all waiting to be restored.  This is, however, a case study of the type of home that exemplifies what we mean when we talk about great value-add potential. The house initially went onto the market while still being tenant-occupied and thus was difficult to show.  After sitting for over a month, we reached out to the listing agents and discovered that the property was now vacant and the owners were eager to sell. Taking advantage of these circumstances allowed our clients to get into escrow without a multiple-offer bidding war, which are still very common in this neighborhood, and, ultimately, acquire a property below asking price, with all closing costs paid. And perhaps best of all, at the time of closing, neighborhood comps were showing ARV in the range of $1.5 – $1.6MM, or more than $300k than what they purchased the house for.  A dream scenario, a home-run of an investment, and soon to be our clients’ dream house. Stay tuned for more photos in the coming months as some of those renovations take place!