Completed single family development in Sherman Oaks, CA

[Will Barnard]

Welcome to Killion Street in Sherman Oaks. The original home was 1,162 SF on a 6,863 SF lot built in 1949. A small portion of the original home was kept and an addition was made to bring this home to 2100 SF with 3 beds rooms, 2.5 bathrooms, pool, and attached 2 car garage.

This is another of many homes designed and built by Will Barnard and company.

It was placed on the MLS on 10-4-19, with open houses that weekend and a full price offer now accepted inside 1 week!

Purchased for $760,000 and with $19k back in real estate commissions. Construction including pool was $357,000 and in escrow at full ask price of $1,369,000. This was a tight deal at 80% but it sold quickly with an all cash offer without appraisals or financing contingencies and we listed it so that saved another 2.5% on the back end. It also added yet another product in my local market to continue to build our reputation as one of the top quality builders here.

You can see the listing and the rest of the professional photography here: https://www.zillow.com/homedet...

[Will Barnard]

Originally posted by @Scott Mac:

Hi Will,

It looks great. Good Job!

Do you think it sold to someone who is going to flip it, or rent it out, or was the buyer someone with $1,369,000 cash in pocket who wants the house as a primary residence?

If someone financed that I'd ballpark the monthly payment at about $6,500 a month give or take bit depending on the rate.

I'd guess that would take about $300,000 in yearly income to qualify for a loan of that size (DINC couples maybe).

Are there a lot of families in that area in that income range?

The Buyer is an owner/user for a personal residence. Assuming a standard 20% down and a 4% interest rate, the PI would be $5,228.65 monthly on a 30 year loan.

Yes, there are lots of buyers with proper income in my area to support the purchase of homes in this price range and even higher. Just closed on one a few months ago for $1.75M. Buyer did financing and had plenty of cash and income to support the purchase.

Thanks for your comments and kind words.