Address: 311 Marguerita - 90402Details: 5 bed/4.5 bath 3,547 sq ft house, 11,183 sq ft lot, "remodeled"
Description: Located in the highly desirable north of Montana of Santa Monica! This Remodeled 5 bed/4.5 bath spacious home is located 1 block from the ocean. Features include a gourmet cooks kitchen with granite counters, top of the line stainless steel appliances, hardwood floors, sunny indoor courtyard, living room with soaring ceilings and family room that opens up to large landscaped entertainers backyard. The master has a luxury bath, walk in closet, steam shower &spa tub. This is truly one of a kind!
Previous Purchase: 4/2/07 - $3,895,000
Listing History: 3/4/10 - $3,295,000
SOLD: 5/27/10 - $3,200,000
Zillow shows a listing for this property back in January 2009 for $3.7mm but I don't have the full history on it.
The sale price for this represents a loss of $695,000 which is about 18% off the early 2007 sales price. That seems like a fairly modest loss (in terms of percentage). I'm not sure when the remodel was done but I'm guessing before the 2007 sale so it is a moot point. If not, that would explain why the gross rollback seems more modest, but I don't believe that to be the case.
Remodeled but they took a piece of crap and made it into less of a piece of crap (sorry, just being honest). This looks fine inside but the layout is awful and the finishings are not nice. It feels like a partially renovated, poorly laid out, apartment. Buyer paid about 200k too much here. This will ultimately be a tear down, just like the house next door (literally) that sold for $2.9. These lots are great and the lots are worth around $2.5mm give or take. Seller did great here even if they took a loss.
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