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Sun Valley Fixer Closed

Our Sun Valley fixer closed! Located at 11978 Art Street, we had big plans for this home that had been vacant for more than a year. The trustee hoped to maximize his bottom line with landscape clean-up and minor repairs. Unfortunately, our pre-inspection noted there was likely mold. We had the home tested, which resulted in finding mold in three locations. We hired a leak detection company and could not discover the source of the leak causing the mold. Without knowing the source, we were uncomfortable about having the mold abated. So we sold this Sun Vally fixer AS IS.

Sun Valley Fixer Closed

We disclosed the mold report, abatement estimate, pre-inspection, and leak detection report to the buyer. The buyer was going to remodel and was not too concerned with the mold.

We originally listed this home for $750,000, but until we reduced it to $699,000, we didn’t get much activity. This was the first price reduction we have had on one of our listings in years. Once reduced, we quickly received a full-price AS IS offer. As we had so many pre-inspections the buyer felt comfortable removing his inspection contingency.

Just several months ago this Sun Valley fixer would have closed with multiple offers and over the initial asking price. Unfortunately, rates in the low sevens have severely dampened the Los Angeles real estate market.

One thought on “Sun Valley Fixer Closed

  1. Carrie says:

    Hopefully the new owner will find the source of the mold during the remodel. I hear leaky windows can be a cause that leak detection would miss unless it was raining at the time

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