Some may think they can glean all there is to know about the value of a property from looking online. But sometimes there is something special that is not obvious. Take this example of a property I just closed in Eagle Rock.
Listed at $925,000, Closed at $1,250,000
Here’s the skinny. Older home, needs restoration. We’ve all seen it. Many folks will assess the market value, plus the amount of work, and close the book on this type of home. The buyers of this Eagle Rock property saw beyond that.
Imagine discovering a secret door with a staircase on the other side. What could be up there? It turns out an enormous walk-up attic space. There’s more. Toward the back of the large flat lot, an oversized garage, big enough to covert into an ADU and still have a garage space. Plus plenty of onsite parking.
What is the most concrete way to add value to a home? Square footage. This property offered the new owners the ability to convert these two spaces into very usable areas without having to start from scratch. Say you pay $250/sf to convert these spaces, but you then adds over 3 times that in value. Yes, please, so where do I sign up for that?
At the end of the day, the new owners will have an ADU attached to the garage and a large playroom on the second floor. And they will have added tremendous value to their home.
Check it out here: http://www.