1187 E 3rd St #202, 90802
Price: $229,900
Beds: 2
Baths: 2
Sq. Ft.: 1,056
$/Sq. Ft.: $218
HOA: $235
Year Built: 1969
MLS#: P694073
Status: Backup Offers Accepted
On Redfin: 21 days
Down Payment: $46,000
Monthly Payment: $1,500
Income Requirement: $66,000
Description: SHARP SINGLE LEVEL CONDO WITH 2 BEDROOMS AND 2 BATHS. THIS IS A CORNER UNIT WITH 2 BALCONIES. IT HAS A VERY OPEN FEELING AND NUMEROUS WINDOWS. NEWER PAINT AND FLOORING. REMODELED KITCHEN AND BATHS. GATED PARKING IS ON THE 1ST FLOOR WITH AN ELEVATOR TO THE THIS 3RD FLOOR UNIT.
Abysmal furniture, big flat-screen TV. That's the distressed seller's calling card.
According to the listing description, this swingin' sixties short sale just went pending. Assuming the bank lets it go for the current asking price of $229,900, the loss with commissions will be somewhere in the -$154,000 range.
How's about a paper cut from a manila envelope right across your eyeball? Yowch!
Can you believe that just two short years ago the bank valued this same apartment at $370,000? That is some serious equity destruction!
The good news is the new buyer got himself a pretty sweet little pad with two balconies for a song. And if the downsides of downtown (or community laundry, ugh) ever get to him, he can always turn it into a cashflow positive rental. Nice work, buddy!
And the incredibly low price is probably why the photo quality is so craptastic--the agent knew it would go quickly so why put in the time?
Here's something amusing: Listing Price Excludes MICROWAVE
You mean to tell me the seller took the time to specifically instruct their realtor to put that in the listing and make it ABSOLUTELY CLEAR to potential buyers that the clock that occassionally cooks shit is OFF FUCKING LIMITS.
Really? That must be one special microwave.
Anyhow, here is yet another two-bed, two-bath upgraded Long Beach apartment (allegedly) selling in the low-200s per square foot. And this one is just blocks from the beach!
Whatever the hell is going on in the LBC these days, I like what I'm seeing.
LMAO
ReplyDeleteAre the banks really approving short sales now? If they are, then MAYBE, just MAYBE the prices in Long Beach will become less sticky.
ReplyDeleteThe stickiness is still present in 90808 however.
Hi Carl,
ReplyDeleteI have yet to see any evidence that more short sales are being approved. This place could revert back to Active status any day now. Just the nature of the beast, I guess.
However, I agree that when short sales DO actually start getting approved, there will be much rejoicing in the LBC.
But I wouldn't be surprised whatsoever if this short sale suddenly reverted back to Active status.
I wonder if it is time for me to bookmark this new listing...
ReplyDeletehttp://www.redfin.com/CA/Long-Beach/3060-McNab-Ave-90808/home/7567181
SOLD 3/04 for $225K
SOLD 10/06 for $460K
Listed 7/09 for $595K.
Why doesn't the listing agent just say "owner put in $100K in upgrades in 2007 (per property shark records) and wants all of the money back".
Property Shark also indicates that the buyer of the house in 2006 was an LLC based out of IL.
Yep.. bookmarked.
What is interesting is that we have friends who are thinking of moving out of this area, and were told that the over $600K market was non-existent, but that the 500-599 market was still there. Homes under $600 are flying off the market. Hmmm.. Is this a story being propagated by Long Beach realtors?