'Amazing' REO, Or Not

By Dave Fratello | November 18th, 2010
If what you've got is a little mutt, why pretend it's a show horse?

A new listing at 3608 Maple today became the 9th Tree Section listing below $900k, with its start at $769k, and what that price suggests is 2 things:

1) it's a small, original cottage, needing lots of updates; and

2) it may best be viewed as a lot sale.
Those things are readily apparent.

The listing also happens to be an REO.

Someone bought Maple for the unfortunate, wildly inflated price of $1.250m back in Sept. 2005. Must have seemed smart at the time. It went back to the bank 5 years later, and now shows up priced nearly $500k lower.

So maybe this one winds up a bargain for someone who can deal with a location issue and a tiny-house issue. (It's 2br/1ba, 930 sq. ft..)

Still, the listing describes it like some kind of treasure or rare find.

It's "Right near the BEACH!"

The home is "Amazing."

It's even "walking distance to the Manhattan Beach Village Shopping Center."

Check out the listing pics yourself. It's an old place with a weird, wood-paneled kitchen with avocado appliances, featuring cheap carpets and blinds in the bedrooms and living areas. Not amazing.

Close to the beach? Compared to other towns, perhaps, but not within MB. Most folks are driving to the beach, even if nearby Rosecrans offers an attractive, direct route.

And walking to Manhattan Village? Is that common?

Contrast the undue hype around Maple with the grim and matter-of-fact description of comparably priced 2600 Oak (up at $749k):

2 Bedroom 1 Bath house. Property is sold as is, No repairs, No termite work will be done by seller. This is a short sale and all terms subject to lender approval. Value is in the land. Fixer, the property needs work. 
That one's a shorter walk to Manhattan Village, but they're not pitching it. It's even closer for anyone who wants to commute to the real estate office on the other side of the fence. Alas, this is not mentioned, either. They played it straight.

Did we mention that 3608 Maple is also a mere mile from the "Gold Course?"

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