Address: 1917 12th - 90404Details: 2 bed/1 bath 992 sq ft house, 7,497 sq ft lot, "needs some cosmetic work", short sale
Description: BACK ON THE MARKET! EXISTING LENDER HAS APPROVED SHORT SALE FOR ASKING PRICE. MAJOR PRICE REDUCTION PER LENDER.ALL CASH OFFERS ONLY! NO LOAN CONTINGENCIES. SOLD AS IS. Hurry this won't last! SFR in a very nice wide street in a quiet neighborhood, house needs some cosmetic work, or demo the house and build residential units in growing area (condos, apartments, or a SFR), near SM College, shopping, 10 fwy, and beach. Buyer to check with the city of Santa Monica for construction requirements and codes.
Purchase History:
1/6/04 - $825,000
10/31/03 - $640,000
5/10/01 - $460,000
Listing History: 3/1/09 - $1,100,000
Reduced down to - $625,000
SOLD: 3/15/10 - $625,000
This is a dumpy, beaten down shack in an area which I will kindly describe as not the best in Santa Monica. That being said, the lot is 7,500 sq ft and it is zoned R-2. There would seem to be some type of development value to this and that is who likely bought this...but I could always be wrong.
Looking at the sales history, the early 2004 sales price looks like fraud since it is such a massive increase over the price just 3 months earlier. But again, I don't have all the facts and am working with what I can see. This just sold for below the October 2003 price so this is a healthy rollback. The fact that the bank wanted an all cash offer certainly helped push the price down. Overall, I enjoy seeing these situations because we need to work through the distress to get back to a healthy market. A short sale in this situation brought about a resolution much faster than a foreclosure which could have taken even longer...
It could qualify as close to the worst location in SM. The lot is good sized, but it is hard to visualize any development in that area now or in the near future. So you are left with the shack to live in or rent out and keep repaired. Not an appealing choice.
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