If you want a deal in the Hill Section, 601 Larsson could be your best bet. Just be prepared for some twists and turns.
The current owner paid $2.0m in Sept. 2005.
The home hit the market this Spring at $2.695m, then quickly came down to $2.495m. In time, the price hit $2.395m, but there were no takers.
By mid-July,…
If you want a deal in the Hill Section,
601 Larsson could be your best bet. Just be prepared for some twists and turns.
The current owner paid $2.0m in Sept. 2005.
The home hit the market this Spring at $2.695m, then quickly came down to $2.495m. In time, the price hit $2.395m, but there were no takers.
By mid-July, the listing was canceled and the signs were down. But it's available again.
Today it's on Craigslist (yes, they sell real estate there), and
Zillow lists it as FSBO.
Here's the language from
the Craigslist listing:
Investors...Take over payments "subject to" + $100,000 cash. Comps include a home, seconds away, just went into escrow listed at $4,295,000. This property 3800 sq.ft, large corner lot, hardwood floors, granite, etc.
Of course, the big question is how much is owed on the house. Is it near the $2m paid <2 years ago?
If you just want to move in, the loan terms and monthly payment are what matters – provided you really could take over the mortgage, no easy feat. Payment has got to be $10k+/mo., and you've got $20k in property taxes each year to worry about, too.
Finally, the seller wants $100k. Maybe that's for his or her pockets, maybe it's to bring payments current, maybe some of both. This is what the seller wants to walk away – a clearer statement of a seller's bottom line than you'll often see.
(Is it negotiable?) Before you think this looks like a great flip opportunity, let's dispense with the ad's reference to a potential comp. That was new construction at
300 N Dianthus, 1700 sq. ft. more of living space and a lot that is 2000 sq. ft. larger. There are so many reasons you should
not consider Dianthus in relation to Larsson. But savvy investors will see past that instantly.
The vital fact is that the market has rejected this home at $2.4m this year, so its resale value appears to be something below that, if you could get it now on good terms.
MBC has asked the owner to provide some details, and we'll update this story if we get a response.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 12:10am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.