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Property Review For 1276 Warner Ave., LA CA 90024

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This property review is for the classic Spanish home at 1276 Warner Ave., LA CA 90024. According to the MLS, the home is a 4 bedroom / 3.75 bath, 3,213 sq ft of home on a 7,020 sq ft lot. The home is mostly original in condition and is perfect for someone wanting to come in and restore a classic Spanish home. The home is very clean and livable inside, but for today's standards I would consider this home to be more of a fixer. The home has a wide 52 ft frontage according to the MLS and has great curb appeal. The bedrooms in the home are all situated upstairs and are all large and well proportioned for the home. Also, you have 3 bathrooms upstairs which are all original in condition. Downstairs you have a big formal living room with the exposed wood beam ceiling, a dining room, partially remodeled kitchen with a detached breakfast nook and a family room/den equivalent in size to the living room. The entertaining rooms both open to a spacious grassy yard with a garden in the rear of the yard. The garage is also detached from the house and in the rear corner of the backyard. The sizable existing floor plan, opportunity to restore a large Spanish home, great location and asking price of $1,849,000 lead me to believe this home will most likely sell quickly. Just as a comparison, a recent completely remodeled 3,100+ sq ft traditional home in the same neighborhood sold for $2,500,000.

Anonymous said...
August 13, 2008 at 10:42 PM  

it will sell - but the buyer will lose money over the next 2 years if they try to re-sell it.

Assuming the bones and layout are good and solid (i.e., no real structural issues, and buyer likes the layout, etc., then it is worth$500 a square foot, but LESS the cost of bringing it up to snuff in terms of any A/C, plumbing, electrical, bathroom and kitchen remodeling needed to make it closer to "average upgraded" instead of "fixer."

So, $1.60mm LESS about $200,000 for upgrading = $1.4mm of value. Pay more at your peril!

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