Details: redone/upgraded 3 bed/2 bath Spanish house on a 6,500 sq ft lot with a back house
Description: Sensational spanish home in a lush, private gated compound. This romantic spanish features great indoor/outdoor living with easy access from living & dining rooms to private yards. The main house has 3 bedrooms with 2 baths, large inviting living room with fireplace, formal dining room, huge gourmet kitchen, wood & concrete floors, wood beamed ceiling, arched doorways, 3 outdoor spaces & more! Very spacious & amazing permitted guest house! Wonderful home for entertaining & living!
Previous Purchase: 8/15/08 - $1,607,000
Listing History: 11/4/11 - $1,425,000
If you take a look at the listing from 2008 when these owners purchased the house, it seems all the upgrades were done prior to that sale, so we are looking at an apples to apples situation here.
I think this house is the kind of house that a lot of buyers would be interested in. The problem dear readers is of course the fact that any location snob* would instantly be turned off by the fact that the house is on the corner of 11th and Pacific. Pacific is a fine street. 11th isn't. So you can have a great house that you would enjoy living in but it all gets spoiled by living on a super busy street. This fact also leads me to believe that this house may need to be marked down a bit more than the current 11.3% that the current listing price equates to. The owners unfortunately purchased right before markets and the economy took a big leg down. Had they been readers of the blog and waited 6 months they would have fared far better.
*Location, location, location. Any person considering purchasing property in such an extremely expensive and simultaneously traffic choked market should be hyper vigilant about location. A street such as 11th may seem OK on a Sunday afternoon but come Monday rush hour it changes into a mini highway. A proper discount should always be demanded by those willing to put up with living near such busy streets.
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