I’m so excited to share with you a stunning Mid-Century Modern house flip done by Thomas Bayles, founder and CEO of Urban Asset Group. Located at 5350 Neal Drive, the spectacular home set records as the most expensive home to sell in Eagle Rock with a sale price of $2.1M.
Originally purchased in August of 2015 for $917,000, the sale was finalized on Friday, September 22, 2017 at a closing price of $2,115,000. Per public record, no home in the history of the area has sold for more than $1.85M. Since the first quarter of 2016, sale prices in the Eagle Rock neighborhood have significantly increased by 11 percent.
“I am thrilled with the success of our latest project in Eagle Rock,” says Thomas Bayles, founder and CEO of Urban Asset Group. “I live, work, and play in Los Angeles’ emerging neighborhoods, where new businesses are resonating with the millennial market.”
The five-bedroom, five-bathroom home features 4,602 square feet of living space as well as custom walnut cabinetry with Bianco Carrara marble countertops and white oak floors throughout. Located on a quarter acre lot, the home also features three grand stone fireplaces, vaulted ceilings, walk-in closets and a unique indoor/outdoor swimming pool.
Voted the “2nd hottest neighborhood in America” by Redfin, this Neal Drive home is just one of the many properties Bayles has a hand in.
House Flipping Advice from Thomas
We were lucky enough to get a few pro tips for house flipping. Read what Thomas has to say about leaving the original character of a home and flipping as a newbie.
How to leave the original character of a house while doing a flip?
Look for details that are unique to the property. Are there old light fixtures that can be refurbished and reused as part of the “original character”? Any built-in cabinets that are worth salvaging? If you have an older craftsman or Spanish home, do some research on typical exterior colors used when they originally were built. This attention to detail always pays off and potential buyers love it.
Your best flip advice for newbies?
Start small. The smaller the house, the smaller the budget and the less chance for big costly mistakes. Believe me, you will make mistakes that will cost you hundreds or thousands of dollars, but learn from it and move on. Think of it as paying for your MBA in property flipping. Pretty sure I’ve paid for a Harvard education by now…
Glad it all worked out for you–and the neighborhood is very happy about it!