|Image courtesy Coldwell Banker|
Back on June 11, 2014, the always informative Lauren Beale at LAT Hot Property revealed that celebrities turned house flippers Amanda Pays and Corbin Bernsen have flipped a Sherman Oaks modern property on the market on June 9, 2014 for $1,299,000 which was later sold on July 24, 2014 for $1,330,000. The $31,000 increase from the listing price is a strong indication of the demand for flipped homes as well as a validation for the Pays/Bernsen design tastes although I would have preferred more cabinets in the kitchen. This could also be a sign that the housing market top is near when celebrities are making money in the real estate flipping game.
The home measures 3 Beds/2 Baths on 1,725 sqft on a total lot size of 9,894 sqft built in 1961. The listing description states:
Another gorgeous reclaimed home by the Pays/Bernsen team. Approach the house up the decomposed granite path, past the olive trees & lavender to walk through the doors of this newly renovated contemporary and find your inner peace. The zen like vibe along with the muted tones and amazing views allow you to feel miles from the city yet this retreat sits minutes to the Westside or Valley. With 3 beds and 2 baths, gray hued wood floors throughout, new doors & windows, reclaimed wood "barn" door and accents, Cesar stone counters & European appliances this home has it all. Beautiful Master (added with permits) seems to float in the canyon and has a large walk in closet & bath. Must been seen to fully appreciate the details. Large yard with room for a pool.
Pays/Bernsen purchased this property for $730,000 on January 10, 2014 which was previously owned by the same owner for more than 30+ years and in dire need of TLC. Based on the selling price, Pays/Bernsen profited $600,000 before expenses. So even if they paid $300,000 to renovate, carrying costs, taxes, commissions, etc, they still made a decent $300,000 net profit.
Corbin Bernsen is an actor best known for his role as divorce attorney Arnold Becker, on L.A. Law. Bernsen is a SFV native born in North Hollywood. Bernsen's wife, Amanda Pays, is also an actress with various TV and film roles. Bernsen and Pays have owned homes in Valley Glen, Encino, Sherman Oaks, and possibly Studio City, Burbank, Van Nuys, and Glendale.Their previous flip was a Valley Glen home that sold on March 3, 2014 for $900,000 bringing in a gross profit of $215,000 which was briefly discussed here.
You can view more SFV Celeb R.E. here.