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Market Conditions in Pacific Palisades : Real Estate Advice

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  • Local Info3
  • Home Buying14
  • Home Selling3
  • Market Conditions9

Activity 3
Wed Feb 22, 2012
Christopher Watson answered:
Hello Brad

There's no question that an infinity pool can enhance a properties appeal and value. That's really a very subjective call and it's hard to say what increase in value may exist without knowing more details about the property. For instance; the style of home will certainly have an impact and does the pool take up the entire backyard or is it an addition to enhance an overall outdoor entertainment area?

Feel free to contact me directly and we can discuss the details.

Have a great weekend!

Best,

Christopher Watson
Prudential CA Realty
DRE 01744550
(310) 230-3790
http://www.christopherwatson.com
chris@christopherwatson.com
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Tue Sep 15, 2009
Andrew Jones answered:
Try http://www.city-data.com which has detailed information of all kinds. I don't think that it goes back as far as you want, but I've seen data back to at least the mid-1990s. Just type a Zip Code or city and state name into the search box. Best of luck and please feel free to contact me anytime for current comparative price lists of the neighborhoods that you mentioned. ... more
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Thu Feb 23, 2012
Brian Patrick Fitzburgh answered:
To see if you project "pencils out" ask yourself the question: "when this home is completed with all the details and features planned, how much would this home be worth if it were to be sold?" The square footage price is not really what I would focus on (you can always do the math to figure out what you pay per square foot). If the total project costs (price that a contractor will charge for the project, plus cost of land and permits, plans, etc.) are less than the market value of the project then things are looking good. The bigger the difference between the total project costs and the market value of the finished home, the more equity you will earn. For example, let's say that the home will be worth $4,000,000 when completed. Let's also say that you paid $2,000,000 for the land and the contractor will charge $1,100,000 to do the work. You will have a total home cost of $3,100,000 and you will have earned equity of $900,000. You will also have exactly the home that you want. Of course, some people want what they want and they are not as concerned about whether or not they will earn equity when the project is completed- that is a personal decision. Keep the big picture in mind- it is not the stated price per square foot, but rather the total project costs as compared to the completed project value that I think should be considered. I am a licensed real estate broker and a licensed general contractor and I have built custom hillside homes in Los Angeles. ... more
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Market Conditions in Pacific Palisades Zip Codes

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