Address: 708 Raymond - 90405Details: 2 bed/2 bath 916 sq ft house, 5,650 sq ft lot
Description: Great opportunity and value in Ocean Park at a new price. Large R2 zoned lot with upside development potential (verify with City). The home features two (2) bedrooms, 1.25 baths with a galley style kitchen including tile counters, dishwasher and an open dining area with stylish lighting. Good sized living room with direct access to outdoor patio and large yard. Plenty of yard both front and rear along with a detached two-car garage. Location is very near beaches, shopping & restaurants. Live now, build later! Buyer to verify all information.
Previous Purchase: 8/11/04 - $829,000
Listing History: 7/20/09 - $829,000
Reduced down to - $785,000
SOLD: 3/10/10 - $720,000
Not sure if there is something I'm missing here but this rollback is substantial. The fact that it stayed on the market for so long even at 2004 rollback levels tells me there must be something unattractive about this property.
It is a big rollback indeed; the surprising thing is that it's in a good location, nowhere near the airport and actually well west of PCH/Lincoln, easy walk to the beach.
ReplyDeleteWhat it's got "against" it is that it's basically a teardown, the tiny two bedroom on the lot is worthless.
That said, at $720k we're at 2003 levels, which isn't that bad. And I don't say this often . . . $720k is also within the $729k "conforming" limit for FHA, so whoever bought this could do so with a measly 3.5% down. Maybe that explains why it had trouble selling at $829k, that was over the limit.
When it was for sale in 2004 it was advertised as a tear down and it was so bad that the realtor had her table outside so people would not go in. It wasn't necessary. It has a few problems as you suspect. The front yard is a paved area that looks like it would be for parking but there is no curb cut or driveway. Then there is a high retaining wall and the house sits above and at the rear of the lot. The front of the lot is useless and the house is not well positioned.
ReplyDeleteThere is what appears to be a shared driveway on the east side of the lot and a garage or something in back. The realtor mumbled something about an easement but didn't know anything about it.
After the sale and "fix up" it was listed for rent and I don't know what happened after that.
I think the current buyer got a fair deal and it is a bit below lot value, but not much.