High-end Luxury Flip Opportunity in Laguna Beach, CA

[Matthew Nixon]

Hello BP! 

I have a client who is scheduled to close on a short sale with Chase tomorrow. Due to the fact he was able to acquire this property at a great discount he has multiple exit strategies he is considering. One of which is to sell the property (there are no deed restrictions) to an investor who can pull off a high-end luxury flip. 

A recent appraisal has valued the property at $2.8m as-is, and depending on the type of rehab/remodel (I've heard estimates of $600k-1.2m) you plan to do you can re-sell the property after it's all fixed up for anywhere between $4m- $5m. He is considering offers in the $2.5m range. The house next door at 591 Balboa is in escrow for $5.2 MM (estimate) with a back-up offer. Balboa has 200 sq. ft. less than this property with slightly better views.

Property details:

• Over 3700 sq ft of living space
• White water coastline views
• Wraparound deck w/ views of the ocean
• Private pool on an over 7500 sq ft lot
• 2 story home w/ cathedral ceilings
• 2 car attached garage

Please, serious inquiries only. Principals preferred but will work with agents and brokers. If interested I can send you the property address and more information. Flexible financing options available to qualified borrowers.