Address: 838 25th - 90403Details: 2 bed/1.5 bath 1,550 sq ft house, 8,000 sq ft lot, "updated"
Description: SHOWING THIS TUESDAY 3/2 1:30 - 3:00. 1ST TIME EVER ON MARKET! TREMENDOUS OPPORTUNITY! CHARMING SANTA MONICA TRADITIONAL 2 BEDROOM HOUSE. RECENTLY REMODELED/UPDATED. READY TO MOVE-IN. HARDWOOD FLOOR. HUGE 8,000SF LOT.
Listing History: 2/23/10 - $1,195,000
Here's one that I was alerted to by an ever vigilant reader. House is small but certainly livable, lot is a good size, location is pretty solid. The only downside to this that I see is the fact that it backs up to the playground of Franklin. I wouldn't imagine noise to be too big an issue inside the house but if you were the type of person who really wanted a quiet backyard during school hours, this could be an issue. Other than that, I think this house could prove to be an attractive entry level way into 90403. I am anticipating that this will sell pretty quickly for near list. I don't think that the price is extremely attractive, but it doesn't seem delusional.
For all the reasons described by Warchest, the asking price is attractive. That being said, there appears to be a nascent bidding war for this property with the seller's real estate agent intimating that if an offer isn't 1.3 or better, you may as well forget about making an offer. If that's accurate (and get this, you shouldn't believe everything a real estate agent says, you know), then we're looking at a savvy pricing strategy by the seller that will result in a significant increase in the sale price, versus the more typical drudgery of chasing the market down. If this assessment is accurate, why don't more sellers (at least those who are solvent and not upside down)take this "underpricing" approach? Now does seem to be an opportune time to exploit such a strategy while there remains financially qualified people who are motivated to buy in this market.
ReplyDeleteThis is a junk two bedroom literally next to a playground. Not worth $1.3. If a sucker wants to pay that, gratz to the seller, take him for all he's got.
ReplyDeleteThis is already pending. Let's see if it falls out of escrow.
ReplyDeleteIt's a great location if the buyer had elementary age kids and it's only going to go up in value like the rest of Santa Monica.
ReplyDelete