by Stephanie R. Glidden
Home foreclosures are down and home prices are up — exactly the opportunity that Nick Sinatra and Anthony Nanula of American Coastal Properties LLC are in Southern California to seize.
Fortified with a recent $50 million investment from Colony Capital LLC and the Pritzker/Vlock family, American Coastal is busy buying high-end real estate in strategic neighborhoods and renovating — or what the company calls “repositioning” — the homes for resale in coastal Southern California.
Sinatra, president and founding partner of American Coastal Properties, is adamant that such activity differs from the “flipping” that was partly responsible for the housing crash. Rather, the company describes itself as a pioneer in the high-end repositioning market.
“Unlike a flipped house, which is turned around in six weeks with minimal work other than aesthetic facelifts, American Coastal fundamentally repositions its properties, taking every detail and aspect of the house’s change in market value into consideration,” Sinatra said.
As a result, he said, American Coastal takes three months to one year — or longer in some cases — to sell.