Under $800k in the Sand

Posted by Dave Fratello on Thursday, May 12th, 2011 at 5:54pm.

They finally sealed up 3515 Vista, roughly on the plateau near Rosecrans. It's a rare sale of an SFR under $800k in the Sand Section.

Final price: $779k.

The listing still blares, "THIS PRICE HAS NOW GOTTEN TOO GOOD TO BE TRUE."

The home's a clean but dated 1950s cottage on a slightly-more-than-half lot (1650 sq. ft.).

Officially, the home offers 2br/2ba and 864 sq. ft. of all-upstairs living space over a 2-car garage. A little office/crash room downstairs has a window and probably doesn't figure in. It has the more updated of the 2 baths, oddly placed with its own door direct to the back patio (can you say, "fancy surf shower?")

Looking back to January 2007, we found only 2 true Sand Section SFRs that sold for less than $800k:
  • 201 44th, a little cottage (1br/1ba, 1800 sq. ft. on a 1300 sq. ft. lot) in El Porto Norte, at $799k in Sept. 2009; and
  • 462 36th Place (2br/2ba, 1000 sq. ft.), one of the truly bizarre homes pieces of shelter we've encountered in several years of looking at MB properties – $760k in Aug. 2007 before a rehab job that we wrote up in "A Real Turkey" (remember the "Tower of Horrors"?).
Want to go further back? Before those mid-2007 sales, the last Sand Section SFR sale below $800k was in August 2004 – a full 3 years prior, and nearly 7 years in the rear view mirror from today. That was 226 44th, a tiny Porto house (1br/2ba, 700 sq. ft.) on a tiny lot (990 sq. ft.) that went for $780k. (It resold in '07 for $871k.)



What's interesting about 3515 Vista beyond its price may be that it could pencil out as a rental at or near that acquisition price.

The home has been a long-term rental, so an investor could go into this one with a decent down payment and knowledge of market rent sufficient to put it right back out there as an income property. The 1650 sq. ft. lot will appreciate over time, even if the little cottage won't – could be a good way to make money long-term if the buyers aren't entry-level folks looking simply to get into the 90266.

MBC ran through the property and posted the video tour above and at this link back in February. Enjoy.
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