14623 McCormick Street – Transaction Details
Date: May 18, 2018
Property Type: 3 Bedroom, 2 Bathroom, 1,558 Square Foot Single-Family Home
Purchase Price: $1,000,000.00
Year Built: 1953
Description: Assisted buyers with a 1031 exchange involving the purchase of this traditional home in the Magnolia Woods area of Sherman Oaks.
14623 McCormick Street – Transaction Summary
Our clients started their home-buying journey in late 2017, in anticipation of selling an investment property in Northern California and completing a 1031 exchange for a new investment property in Southern California. After preliminarily exploring different areas at around the $1mm purchase price, our clients decided to focus in the Encino / Sherman Oaks / Studio City / Valley Village areas. After the property in Northern California was sold, the clock began ticking for our clients to identify and purchase a replacement home in Southern California. After several trips down from Northern California and weekends touring different neighborhoods and properties, our clients identified this charming single family home in the Magnolia Woods area of Sherman Oaks, perfectly situated on a pocket street in the highly desirable Kester Avenue Elementary school district. Knowing that this was the property for them, our clients made an aggressive all-cash offer and were able to beat out other buyers in an extremely competitive market. Escrow went smoothly and our clients were even able to access the property to meet with contractors and architects prior to the close of escrow in order to avoid further delays on their remodeling plans. In the end, we assisted our clients with effectively navigating a successful 1031 exchange and acquiring a beautiful home in an excellent neighborhood.
Additional information and pictures are available here.
For more information on this transaction or to discuss any other questions you may have concerning the Los Angeles real estate market, contact Esquire Real Estate Brokerage, Inc. at 213-973-9439 or firstname.lastname@example.org.