About The Property

Several blocks from a picturesque Laguna Beach shoreline, 31671 Seacove Drive is a charming triplex offering ocean views and a vacant unit. Located two blocks from Table Rock Beach and 0.4 miles from 1000 Steps Beach, 31671 Seacove is surrounded by multi-million dollar homes and is minutes from world-class resorts.

Stats

Price $2,200,000

Year Built 1959

City Laguna Beach

Current CAP 3.13%

Price p/ Sq. ft. $1,206

Price P/ Unit $733,333

Background

Located several blocks from a picturesque Laguna Beach shoreline, 31671 Seacove was a well-maintained triplex near Table Rock Beach and 1000 Steps Beach. The property was surrounded by multi-million dollar homes and minutes from world-class resorts. The sellers had two successful sales in 2023 (9137 Park & 9203 Park) with Kenny Stevens Team and Granston Group, and reached out to continue their portfolio diversification.

Challenge

We listed the property in Oct. 2023 and offered the property at a 2.94% CAP. With premium pricing and limited flexibility in price, we increased the property’s visibility. Our 3 email campaigns generated over 20,000 views. In addition, digital ads on Facebook and Instagram generated 50,000 views and drove 2,500 unique viewers to the property website. We generated five offers, and identified an outside agent representing a client transitioning assets from the City of LA to surrounding Southern California neighborhoods.

Result

Several obstacles appeared while we were in escrow. There was an unfinished permit from a previous remodel and some title issues. With the help of a highly regarded escrow and title company, we resolved the issues in time for the closing date. Ultimately, escrow took 45 days and closed at $2,200,000. Our Sellers were thrilled with the outcome, having their third successful sale with KST and Granston Group in the last six months.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”

- Seller (4 Units in Beverly Grove)

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

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