Details: 4 bed/2.5 bath 2,700 sq ft house, 4,750 sq ft lot, extensively remodeled
Description: Great curb appeal with this beautiful Traditional apx. two blocks away from Montana Ave. in the Franklin School District. 4 bedrooms & 2.5 baths. Spacious & extensively remodeled, feels like a new home! Light & bright with skylights, recessed lighting, wide-plank hardwood and travertine floors downstairs with new Sisal-style carpeting on the second floor, elegant crown moldings and plantation shutters. Fantastic layout with the dining room opening to the living room, kitchen and backyard. Large master suite features a balcony, walk-in closet, master bath with top-of-the-line fixtures & spa tub. Chef’s kitchen features custom cabinetry, granite counters, travertine floors and Subzero & Viking oven. Beautiful front and back landscaping with the lush private backyard surrounded by tall hedges . A must see! Definitely a well-priced property in one of the most sought after neighborhoods in Santa Monica.
Previous Purchase: 1/28/04 - $1,550,000
Listing History: 9/10/10 - $1,795,000
This house looks pretty nice inside and has been remodeled/upgraded. I will note up front that I don't know when the upgrades were done. I'm guessing prior to the 2004 purchase.
The trade-off on this property comes when you look at the very small square footage on the lot. The land is where the money is in this neighborhood so you can't compare this house to others just around the corner because the lot size on this is so much smaller. However, with the smaller lot size, you get to apply a discount and get a larger house in better condition for much less than you could otherwise obtain one for. So it comes down to what is important to you and what your budget is.
On valuation...if the upgrades were done prior to the 2004 sale then I think the asking price is about $100k too high. A late 2004/early 2005 rollback would be about $1.7mm. The asking price becomes more reasonable if some of the upgrades were done after 2004. It makes sense that the upgrades were done prior to 2004 as listing something for 5-6% above what it is likely worth is pretty common as a first list price. If nobody shows interest then look for it to be cut down to about $1.7mm in 30-45 days or look for a buyer to just bid them down right now and have them accept it.
House is already looking for backup...
ReplyDeleteHard to tell for sure b/c we don't know the timing of the upgrades...but like you say, with a smaller lot (relatively) if you find the right person with preference for a larger house but smaller yard, then the price is right.
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