686 North Gramercy Place – Transaction Details
Date: August 31, 2017
Property Type: 2 Bedroom, 2.5 Bathroom, 1,520 Square Foot Single-Family Home
Purchase Price: $899,000.00
Year Built: 2014
Description: After representing him as a buyer two years ago, we sold our client’s Koreatown home on Gramercy for $143,000 over the original purchase price.
686 North Gramercy Place – Transaction Summary
We originally assisted our client as the buyer of this new construction small-lot development home for $756,000 in November of 2014. After owning the home for a little over two years, and due to a changing work situation, our client decided to sell the home. The property was on the market for only two weeks before opening escrow. Although the initial buyer was ultimately unable to qualify for financing to secure the purchase, we were immediately ready with another buyer at the list price of $899,000 without putting the property back on the market, thereby saving our client the time and expense associated with delayed closing and additional showings. This time, escrow went extremely smoothly and we closed on schedule, which gave our client plenty of time to make the transition to his new home. In the end, our client turned a profit of $143,000, or almost 20%, in less than three years. As an added bonus, our client took advantage of the 5% downpayment, with no PMI, loan option available to lawyers and doctors (for additional information on this program, click here). This means his initial investment was less than $40,000, plus monthly payments, which were ultimately recouped in addition to turning a profit. This purchase and sale is a great example of how we make sure our clients are well-informed in order to enable them not only to find the home of their dreams, but also make great investments.
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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.