599 Camino Calidad, Palm Springs, CA 92264
Check out the premier location and panoramic views from this downtown Palm Springs’ contemporary estate located on a street where two homes have recently closed escrow above $2.6 million, both only 4150 square feet, also just one street over a recent sale of $2.5 million for only 3500 square feet. Offering ultra-high ceilings, an open floor plan, multiple entertaining spaces, and an ultra-private backyard with big views, saline pool and spa, outdoor kitchen/BBQ, and exterior shower!
The remodel of this home will be an absolutely AMAZING marquis property. The entire floor plan is being changed to encompass open sightline from the front door to the Palm Springs Mountains.
This home will feature a massive entertaining open kitchen, new glass enclosed wine cellar, L shaped bar, floating fireplace and la cantina doors giving the home the indoor/outdoor living experience.
The home will also feature LARGE entertaining deck above the garage with glass railing, giving you views of the entire Palms Springs valley. The home currently has an elevator, which will be kept. The bed and bath count remain the same at 4 beds and 4.5 baths and become over 6000 square feet with the addition of a “man cave” downstairs connecting to the elevator.
A TRULY AMAZING PALM SPRINGS ESTATE! Due to the recent comps in the neighborhood and the development of the SKYE homes three blocks away, we feel we will attain no less than $3.3 million upon sale.
The home was originally purchased in August of 2016. This was a difficult structural challenge and took several months for them to finalize the plans. They submitted the package to the city on 12/20 and are 1 week from final approval. ALL DEMO has been completed and they have started framing and all rough ins. This project will be finished by mid to late April.
We are once again working with an experienced borrower with over $400k of his own money in this deal already.
Some of the best parts about this deal is the short turnaround period and significant skin in the game by the borrower. It will be back on the market in less than 3 months.
Here are the numbers.
Purchase Payoff: $1,375,000
Projected Profit: $630,400
Total JV Investment Amount: $595,000(Minimum Investment Amount is $60,000)
Investors Share of the Profit: 50% of projected profit = $315,200!
Projected ROI is 53% in approximately 6 months! That is 106% annualized!
Hurry, this offering will not last long! Don’t miss out!