Housing doesn’t come low cost in Los Angeles. However in case you are prepared to stay considerably like a troll, there may be one thing accessible for you in Alhambra.
Compass Actual Property lately put in the marketplace a one bed room fixer-upper on East Fundamental Road that sits below a bridge, inside strolling distance of a Vietnamese restaurant and a hair salon.
Southern California’s dear housing market has pressured many potential consumers to both settle into comfy houses in far-flung suburbs or buy postage stamp-size properties nearer to the area’s job facilities. The current hikes in mortgage rates of interest have solely aggravated the issue.
One other excessive possibility for potential consumers: Think about a unusual, one-of-a-kind property like Alhambra’s bridge home.
The 450-square-foot condominium in-built 1949 has a terrace that appears over a stream and a rooftop patio that sits subsequent to a street bridge, separated solely by a fence. It’s priced at $250,000 — a steal contemplating the median sale worth for an current single-family home in Southern California is about $785,000.
“We had no comparables … no similar properties,” stated Doug Lee, the Compass agent who listed the home, which he stated as soon as belonged to a highschool buddy’s mother and father. “This is a very, very unique property.”
Lee stated his buddy’s mother and father bought the home in 2005 for about $72,000.
Inside view of an Alhambra condominium constructed over a stream that’s in the marketplace for $250,000
(Courtesy of Douglas Lee / Compas)
Already, Lee has seen a flurry of curiosity within the home, which has been in the marketplace for a number of weeks.
He held open homes and confirmed the place to 40 or 50 teams every day, he stated.
“This weekend we had it open and it was a zoo,” he stated.
The typical one-bedroom home within the Alhambra neighborhood prices about $350,000, so Lee determined to strategically worth the condominium at $250,000 to generate curiosity — and since there’s no devoted parking spot, Lee stated.
“There’s no dedicated parking. It’s a fixer-upper. We didn’t know how responsive the market would be,” he stated.
The condominium’s low worth makes it one in every of solely 11 properties within the county listed for below $250,000, Lee stated.
There’s one potential hiccup. Whereas most householders personal the land below their home, the bridge is presumably public land, Lee stated. The actual property brokers are working to clear up such property points with the U.S. Military Corps of Engineers.
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