Historic Folk Victorian Style Property is Brought Back to Life
Built over a century ago, poor maintenance left this beautiful, Folk Victorian 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 littered the exterior of the property leaving an eyesore that partially blocked the public sidewalk. Additionally, the overgrown landscaping on-site compromised the property’s defensible space in the event of a fire. We determined that the best course of action was to renovate this historic property and remove the dangerous conditions.
In Six Months CRG Completes Construction Work and Sells the 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. When construction was complete, and we received sign-off from local code enforcement that the health and safety code violations 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 the Effectiveness of the Health and Safety Receivership Remedy
This property was a cancer to the surrounding community, if it weren’t for the receivership remedy, 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 benefited 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.
