June 23, 2008

Here’s One of Jeff Lewis’ New Flips

I don’t know about you, but I’m really digging the second season of “Flipping Out,” the Bravo TV reality show about Los Angeles-based OCD home flipper Jeff Lewis.  I was wondering how Jeff and his company would make ends meet with the downturn in the real estate market, and now we have our answer:  Jeff is hiring himself out as a remodeler.  His project is a Hancock Park mansion that has hosted several U.S. presidents and thus is referred to by some as “the Western White House.”

I can’t find an exact location of the Hancock Park property, but, with help from The Real Estalker, I found the property Jeff and Co. call “Valley Oak” on the show. 

According to Property Shark, Jeff and his partner Ryan Brown purchased the home at 5731 Valley Oak Drive in Los Feliz in March 2007 for $1,710,000.  It’s a three-bedroom, three-bath with more than 3,000 square feet on about a third of an acre.  After a Jeff-and-Ryan signature remodel, including the addition of another half-bath, it was put up for sale in April for $3,195,000 and reduced to its current $2,995,000 a few weeks later.  Here’s the Redfin listing.

It must not bother Jeff that his homes seem to end up being among the most pricey in the area.  According to the Redfin database, the most expensive home sold in the last six months was under $2 million. 

Sold: 

5682 Holly Oak Drive
Sold for $1,999,999 on 5/12/08
3BR/4B/3,164 square feet
Notes:  This house, purchased for $880,000 in January 2003, netted the owner a profit that might make Jeff Lewis envious.

2269 Canyon Drive
Sold for $1,500,000 on /23/08
3BR/3B/2,578 square feet
Notes:  A good investment for whoever purchased this house for $423,000 in 1997.

For sale:

2332 Bronson Hill Drive
$1,799,000
3BR/2B/2,655 square feet
Notes: Last sold in 1990 for $500,000, this house hit the market in March at $1,997,000 and has been reduced twice.

1944 Canyon Drive
$1,399,000
3BR/3.5B/2,800 square feet
Notes:  Last changed hands in 2001, for $468,000.

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