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2672 Escala Circle

Before Rehab

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After Rehab

Escala (1)
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Details:

Address: 2672 Escala Circle, San Diego, CA 92108
Property type: Single Family Home
Purchase Price: $425,000
Rehab cost: $10,000
ARV: $535,000
Date of Purchase: 06/30/2015
Projected timeline for refinance or sale: 4 months
Ground Partner: Gioavanni Gracias
Company: Pacific Property Solutions, LLC
Contact details: ggracias@pacpropsolutions.com; (619) 251-2808
 

Documents:

 
AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
2672 Escala Circle, San Diego, CA 92108Single Family Home$425,000$10,000$535,00006/30/20154 months
Date of SaleSales PriceCoCAnnualized ROI% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
08/09/2016Refinanced $125,000 of EAC principal30%36%N/AN/A330%
 
Timeline:

09/20/2016

Property refinanced with other lenders. EAC repaid.

08/30/2016

– Property refinanced with 2-year loan last week.
– EAC received $125k of $155k balance. Remaining balance placed on 33rd St.

08/09/2016

Listing removed. Partner seeking lower interest refi. From the refinance proceeds, 80% of EAC capital will be repaid and remaining 20% cbalance moved to 33rd.
Foreclosure process still proceeding as planned as a contingency.

07/26/2016

– Listed $560-580k, some verbal interest, but nothing in writing
– 25 days on market, with current supply in Mission Valley at 0.9 mo.

07/05/2016

Escala listed, but no offers

06/21/2016

– No update on refinancing
– EAC 12-month note due July 3

06/07/2016

– Working out refinancing through another lender. No updates.
– 12 mo deadline: July 6

05/17/2016

The refinance process is still in the works with Presidio Mortgage locally in San Diego.  The 2nd position lender is on board with coming in as well and we are going through details of the contract starting tomorrow. Once this is completed, I anticipate the refinance to take 10-14 days.

05/03/2016

I have decided to refinance this property and converting it to a rental. I am working with a hard money lender that will refinance me out at 8% interest. By refinancing I will cash out of my existing hard money loan. I have a 2nd position lender that will take over EAC’s position in the deal and  cash out our loan. The process will take approximately 2 weeks to complete. More details to come.

04/19/2016

We have interest from a Keller Williams agent who has 2 buyers that saw the property last week. I am waiting to see if they will send us an offer. I gave him a deadline of 7pm tonight. One of the potential buyers is a renter in the complex and ready to buy.

04/05/2016

Property still not relisted. Originally listed 11/25, pulled 1/8 for higher comps to close, then 2 months waiting for Realtor financing, which fell through 3 weeks ago. See link below.
http://bit.ly/1RVqq0D
http://bit.ly/1N5On0N

03/22/2016

– My realtor attempted to purchase the property along with a family member but they did not qualify for private financing
– We will be back on the MLS in the next couple days at a listing price of $549K.

03/08/2016

– Currently waiting to see if my realtor lender qualifies them for purchase through a private loan – If we dont have an answer by friday we will be back on the market by the weekend
– New projected listing price will be in the $559-$589K range as comps have gone up significantly

02/23/2016

– The property was off the market for 2.5 weeks to allow higher pending comps to close.
– My Realtor’s cousin will be submitting an official offer this week and offering a quick close. I will evaluate the offer and its favorable we will accept and move to escrow. Otherwise the property will be back on the market at a higher price point than originally listed price of $530K.

02/29/2016

– The property has been off the market 2 weeks to allow higher pending comps to close.
– One pending closed at $545K and the 2nd is expected to close on Friday in the $549k range.
– We do have an offer coming in this afternoon from another Realtor my current Broker knows.

01/26/2016

– We received to offers at $520K and $535K the last 2 weeks. I had both offers cross qualified with my preferred lender (Prospect Mortgage) and discovered that the $535K offer was not very strong due to the buyers financials. The $520K was stronger but $520K was the max they could go up on their offer.
– My Realtor recommended that we take the list of the market for a week to allow 2 other similar condos in the community to close. As of today 1 closed at $545K and the other is still pending and expected to close at $549K.
– Once the 2nd property closes we will re-list the property at $549K since we will have 2 additional recent comps

01/12/2016

We received 2 offers over the weekend. First offer is at $529k and the other $535k. Both are in process of getting pre-qualified with our preferred lender. If both pass then we will send them a multiple counter offer.

12/29/2015

– We currently have an offer in at $520,000 and we will be countering today at $535,000 – Activity on this property has been good since we hit the market but offers that did come in were on the lower end of my range

12/15/2015

– Property is still on the market.
– Activity has picked up significantly the last week and its been shown 8 times since last tuesday
– Feedback on finishes and remodel has been good thus fur
– No pushback on pricing
– We are continuing to market the property

12/01/2015

– Property is on the market and we are getting a lot of showings with activity picking up now that the Thanksgiving break is over.
– We are listed on a range: $529K-$559K
– Final project pics can be seen here: https://www.dropbox.com/sh/6c25pk6wqgolgzg/AACrs1MrCP7HNj9a0Hulr4Wla?dl=0

11/17/2015

– This project has been completed and will be on the market as soon as we get final pictures
– Stager is wrapping up final details and is expected to be finished by 2pm Weds.
– Photographer is scheduled to take pictures Weds at 3:30pm with a 24hr turn around for final pictures.
– The property will be on the MLS by Friday on a range from $530K-$560K

11/03/2015

– Had the cabinet refinisher back in there this week. There were spots that didn’t take the cabinet staining very and had to be redone.
– Staging was put on standby until we are done with the refinishing of cabinets.. – Expect to be on the market next week once all final clean up is done.
– There are still a total of 2 comps active ranging between $535K-$549K and there are now 3 pending that were listed at $555K or higher.

10/20/2015

Staging will be taking place this week and final details will be completed by the weekend. Comps still the $565-$585K range.

10/06/2015

– Carpeting has been replaced and flooring refinishing to be finalized this week.
– Staging vendor has been found and will begin staging next weekend.
– There were a total of 3 comps active ranging between $535K-$549K and there are now 2 pending that were listed at $555Kor higher

09/22/2015

– Carpeting company replacing carpeting in all stairs on Saturday.
– Electrical upgrades being made this Thursday (changes include: installing of new ceiling fans, dimmers, and installation of TV hook up above the fireplace)
– Staging quote has been accepted and planning to start next Thursday 9/30.
– There are a total of 3 comps active ranging between $535K-$549K and one pending that was listed at $555K

06/30/2015

Date of Purchase