All units have transferred to their new owners who have moved in. Investors received a generous 10% annual return in this energy-efficient subdivision in the heart of urban L.A. Doing good never felt this good.
All four Rosewood units have sold and are expected to be transferred to their new owners within thirty days. Sales prices exceeded original estimates by $70 – $100,000. Individual sales prices are:
- A1 front right – $1,240,000
- A2 front left – $1,240,000
- B1 back right – $1,399,000
- B2 back left – $1,364,000
The sales season has barely begun and two of the Rosewood homes already have offers on them. One of the A units has an offer of $1,249,000 and Unit B2 an offer of $1,361,000.
Sales activity has picked up after the lull of April 15. Thirty-five people attended Sunday’s open house along with nine private showings over the past week, movie stars in tow. There’s serious interest brewing for the two units that remain available.
After the first weekend of showings, Rosewood has its first buyers for Unit 2B – newlyweds! Purchase price will be $1,350,000.
The project has been completed and the units are listed for sale, with prices ranging from $1,295,000 to $1,395,000.
Although substantially complete since August, the project is still suffering some delays due to local utility companies. Their lagging service is due to a extremely strong market causing higher-than–usual demand. The Los Angeles Department of Water and Power (LADWP) has finally connected sewer lines and water meters and the Southern California Gas Company has installed gas meters. With these utilities in place, the driveway concrete was poured and the site was cleaned and landscaped.
The housing market continues to be strong in the area. Sales within a quarter mile radius have averaged $1,220,000 ($670 / SF) with quick, less than 60-day sales. Listings for the project will be $130,000 to $230,000 more per unit than originally planned. At the same time, the developer anticipates total costs to be in line with our projections.
Construction is on track and within budget with an anticipated completion date of late summer. Interior finishes are almost complete with tiles and kitchen cabinets installed. Hardwood flooring, throughout the homes, is planned next.
The scaffolding is off!
Construction is on track and on budget. The developers hope to be complete this summer. The exterior stucco is now complete, with work on the underground utilities underway, and kitchen cabinet installation beginning next week.
Images courtesy of The 4Corners Group