Historic Queen Anne Style Property is Brought Back to Life
Originally built over a century ago, poor maintenance left this beautiful, Queen Anne style home in a state of extreme disrepair. After seven years of local code enforcement efforts to encourage the owners to act on fixing the hazardous issues onsite were unsuccessful, we were appointed as the Receiver by a Superior Court Judge. We found the property structurally unsound, with hoarding conditions inside the house, as well as a major rodent and insect infestation. Neighbors were plagued by foul odors emanating from the property and accumulated junk, as well as overgrown landscaping, littered the exterior of the property leaving an eyesore that partially blocked the public sidewalk. We determined that the best cause of action was to renovate this historic property and remove the dangerous conditions.
In Six Months Receivership Completes Construction Work and Sells Property for 25% Over List Price
Our team of licensed contractors assisted us in clearing the property, repairing the structural damage and removing hazardous waste, including lead and asbestos. Once construction was completed, and we received confirmation from local code enforcement that the violations of health and safety codes were abated, we listed the property for sale. We received over ten bids for this now highly desirable home, and were ultimately able to sell it for $178,000 above the listed price, allowing us to pass on the maximum amount of proceeds to the original property owner.
California Receivership Group Demonstrates Effectiveness of Receivership Remedy
This property was a cancer on the surrounding community, if it wasn’t for the receivership remedy, it was clear that this property would have continued to languish. Yet, in a relatively short amount of time, we were able to find a successful and enduring solution that benefitted all parties. This case is evidence of how renovation work can take a property that is valued below market, to not only surpass market value, but sell for significantly higher than it.