(Image sources: Realtor.com)
Fashion fans take notice—Vera Wang has purchased a new home in Beverly Hills! Anyone in fashion (or with a designer’s eye) definitely knows of Vera Wang, the figure skater turned high-end fashion designer.
Wang, who focuses primarily on wedding attire, was raised in New York City which is where the headquarters of her fashion company lies. However, Wang may be spending a lot more time in California in the near future and obviously needed a modern home to make her stay comfortable.
Many hot celebrities including Mariah Carey, Jennifer Lopez, Kate Hudson, and Jennifer Garner have worn wedding dresses made by Wang down the aisle! Even Kourtney Kardashian was recently seen walking out of the Los Angeles Vera Wang store.
Wang has developed a nice partnership with Zales for “Vera Wang Love,” which is a collection of approximately 50 pieces including everything from engagement rings to diamond wedding collections. These pieces could be on the market as early as October of this year!
The new home of Wang costs her approximately $10 million, which was lower than the asking price of $10.9 million in March. The home is absolutely stunning, featuring incredible windows that provide an exceptional view of the beautiful Beverly Hills surroundings. Furthermore, the home includes a personal theater, stunning pool, and comfortable spa.
The previous owner of the home Steven Hermann only paid $5 million for the property in 2008; however, he made extensive renovations to turn it into the splendid modern home that he put on the market. It is estimated that he spend approximately $3 million for all of the renovations.
In the end, Hermann made approximately $2 million from this property. This goes to show that house flipping is definitely possible for investors with the time to make renovations (or the money to hire someone to make them) and patience! It is clear that now perfect time to make real estate investments while interest rates are low and home prices are down. With renovations and patience for the right buyer, real estate investing is alive and thriving—even in Hollywood—just ask Hermann!
In short, Wang has a nice new home and Hermann made a $2 million profit off his renovated modern home with glass walls. Investor? Now is the time to purchase investment properties and make renovations that increase your profits.
