Friday, January 15, 2010

Mind your Bs and Qs

Address: 444 OBISPO Ave #104, 90814
Asking Price: $255,000
Beds: 2
Baths: 1
Sq. Ft.: 941
$/Sq. Ft.: $271
Year Built: 1966
MLS#: P712709
On Redfin: 44 days
HOA: $200
Down Payment: $8,925 (FHA)
Income Requirement: $64,000
Monthly Nut: $1,700 (FHA)
Description: $30,000 price reduction, the best price 2bedroom at Belmont Height. Very Easy to show, go DIRECT. Needs some minor work. Probate Executor is assigned & approved by the court. Only offer need to be submitted and court needs to approve it. First floor corner unit by the building pool. Walk to beach & 4th St. trendy Art Theater, wine bars & classic boutique stores. This tranquil unit features include an east facing living room with pleasant outlook, two large bedrooms with ample closet space, open kitchen, one specious bathroom with tub & separate stall shower & one parking space. Building features include nice pool, BQ area, backyard area, laundry room & small gym area.

"the best price 2bedroom at Belmont Height"?

There are at least three egregious errors within that tiny little half-a-sentence. Oy.

And a "specious" bathroom? You mean it's deceptively alluring or falsely attractive? You be the judge:

That description is an unholy mess.

And the interior doesn't seem to be much better:

However, even if this apartment does require "some minor work," it's approaching a decent deal at $255,000. With 20% down, the monthly nut would be around $1,500--which it could easily fetch in rent given the Bluff Heights location (once the minor work has been completed, obviously).

The solo parking spot, lone bathroom, and ground-level location (this could be preferable I suppose) are detriments, but at least you get a pool, small gym, and "BQ area" for your HOA dollars.

And given the size and speed of the price reduction (now undercutting a vast majority of recent sold comps), the seller clearly wants to get it sold. Which means you might be able to get an even better deal.

Probate sales always make me kind of sad. It's such a vulnerable, emotional position to be in. Luckily, the next of kin appear to be on the right track as far as pricing so there's no need to bash the hell out of the listing.

I don't have much else to add. Just wanted to highlight what could be a decent deal on a (small, outdated) Bluff Heights apartment.


  1. and its next to Holy Mole and Taqueria la Mexiana.

    I'd grow to over 3 bills if I move there.

  2. Hi El Bee. I'm a writer working on a story about the real estate market in Long Beach. Is there a way to get in touch with you? Thank you! Dawn.