What demand are you seeing for new construction SFR's ~ 3000 sq'. Modern style with downtown view.

Asked by Robert, Silver Lake, Los Angeles, CA Sat Jun 21, 2008

About a month away from pre-construction of four custom homes in Silverlake. Looking in to the possibility of offering pre-sale discounts for qualified buyers interested in going on construction loan documents. Has anyone been involved with transactions like this ?

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5
Sky Minor, Agent, Los Angeles, CA
Wed Jan 21, 2009
I applaud your chutzpah!!! Are you sure the construction lender will still pull through on this funding??

I just did a purchase loan for a gorgeous new modern in 90068. Purchase price was 1.75m for a little over 2000 sq. ft 3+3. Superior zip code for value but the views were comperable to Silverlake. I think you will be looking at a tidy profit on this one.
Web Reference:  http://www.skyminor.com
0 votes
Keith Sorem, Agent, Glendale, CA
Sun Jun 22, 2008
Robert
This is a common practice in new developments and in the current market a very wise move. The quality of renderings is very important, as well as in what aspects buyers can select options (color, tile, wood, etc.).
Silverlake has not suffered the large glut of foreclosed homes outlying areas have, however, the uniqueness of the topography make marketing these listings very delicate and precise work.

I would also interview a couple of Realtors and have them present their marketing plan to get those homes sold for top dollar. If you would like some suggestions you can conctact me via my profile.
0 votes
Jeffrey White, Agent, Beverly HIlls, CA
Sat Jun 21, 2008
Robert, this is actually a great idea. I work in Silverlake/Los Feliz and the draw to the east side of the lake where the architectural homes are is causing people to ask for it. There just isn't much inventory that fits your description and the prices sound very nice.

I think that most people looking for these size homes that would consider living in silverlake don't find much and therefore purchase in los feliz or hollywood hills instead because of the inventory of larger homes. I think these homes will set a new precedent and open up the market nicely.

I would be excited to talk in more detail about your development so please call if you have time. Thanks!

- Jeffrey White -
Sotheby's Int'l Realty
323-251-2296
0 votes
Robert, Both Buyer And Seller, Silver Lake, Los Angeles, CA
Sat Jun 21, 2008
Between $1M and $1.2M. At 3000 sq' that the lower sales price would only be $367 sq' selling price where the current market selling price in 90039 is near $480 sq' .
0 votes
Jimmy Hutchi…, , Downey, CA
Sat Jun 21, 2008
Hello Robert,
I have been in volved with deals like this but not in CA and I was the buyer in this case. What is the price range for the home? That will determine the amount of discount you should consider offering because the market isn't moving too fast in that area for homes of that size, but thats not to say your homes wont. Feel free to call me if you have any more questions, 310-350-4280

Jimmy Hutchinson
Atmosphere Realty
0 votes
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