Address: 1508 12th Street #6 - 90401Details: 2 bed/2 bath 1,153 sq ft condo, 1971 building, $252/month HOA, "remodeled...updated"
Description: LOCATION! LOCATION! LOCATION! Walking distance to beach and 3rd St. - GREAT VALUE - Top floor end unit with only 1 common wall - sunny & spacious bedrooms - large balcony off living room facing 12th st - wood flooring throughout - renovated kitchen with granite countertops - remodeled master bath - updated fixtures - plantation shutters - skylights - 2 assigned covered parking w/ extra storage - washer/dryer in unit - EASY TO SEE!
Previous Purchase: 10/4/05 - $599,000
Listing History: 3/16/09 - $559,000
SOLD: 5/12/09 - $552,000
This unit was only "active" on the market for 11 days before going into escrow and clearing with a price very near asking. Good to see these situations.
From the description, it looks like some money was spent updating this unit. So as always, the timing of the upgrades will impact the rollback severity. If the seller was the one to do the upgrades, this rollback is more severe.
Either way, I would have a hard time imagining that this unit is anywhere near a bottom in terms of pricing...Check out the previous sale before the one in 2005.
2/26/02 - $286,000
4 comments:
wow. someone bought poorly. i imagine that without the US govt's intervention into the mortgage market and efforts to keep rates low, condos like this would sell much more cheaply.
1971 building? Yikes....that can only mean fugly fug.
I am a huge bear, but $286k sale price is way under rent right now. Rent would have to drop 30% from today's prices to justify that big of a drop in price. Not saying it's impossible though....
EP
I think this would rent for $2800/month, so $286K sales price (100x monthly rent) is about what age-old conventional wisdom would say is a good buy.
Age-old conventional wisdom does probably assume a higher interest-rate environment than we have right now. Of course, higher interest rates could arrive at some point.
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