All Forum Posts by: Scotty Scott

Thank you for your responses.

Jon, I admit, I didn't take much thought into the investment aspect of this property, however after reading your response, I realize ultimately every home purchase is an investment, good or bad.

And to answer the other gentleman's question, the property located in downtown San Pedro CA, near the harbor.

To simplify things, the complex has 100 units, with 85% units sold. The remaining unsold units are all 2+2's, similarly listed between $340k and $370k.

Because I don't believe anyone would consider buying the property for even $300k, I would like to know if anyone else shares my skepticism, and if so, what you would offer, from the perspective of a residential buyer?

Would I be way off base in a lowball offer of $250k? While I feel this is a justifiable offer, I wonder if this is just my inexperience.

Two years ago when I first looked at this complex, this was a hot market and the salesperson said the harbor was going through a major revival, yet two years later the area remains largely unchanged. The business units on the first floor are still unleased, given the nearly non-existant foot traffic. I think these things reflect the value of the property and general appeal of the area, along with the fact that the complex is situated in an area largely surrounded by low-income neighborhoods, with exception to a few other developments in the area, all of which are experiencing extremely low sales in today's market.

It appears my url didn't show up as a link therefore I get no responses.

Anyway, here are the photos.


Above pic: Front door entrance, with washer/dryer and closet next to the door.



Above pic: ceilings are about 10' exposed concrete. Small hallway at the right leads into restroom.



Above pic: The open door leads to a small walk-in closet.



Above pic: Kitchen is very roomy, with Whirlpool microwave, oven, and dishwasher.



Above pic: The unit is an open plan, with two ugly columns. This is the left side of the unit, with the large column. The column is 2x2'. There is only enough space for a small bed and maybe a dresser and a small table between the column and window.



Above pic: the view across the street is another residential loft complex. The area is mostly industrial though.



Above pic: This is the view from the left corner of the unit. Just barely enough space for a bed and maybe a small table or dresser.



Above pic: The entire unit is 1200 sq/ft. This is a view from the left wall towards the other end.



Above pic: This is the right side of the unit. I assume this is where the master bed would go. Walk-in closet, and bathroom on the right.


Above pic: Another wall-to-wall view, this time from the right side of the unit.



Above pic: This is a snapshot of one of the restrooms. Shower is just to the right out of view.



Above pic: This is a view of the exterior of the complex. The unit is situated on the 2nd floor just above the parking garage entrance.

What would you recommend for an initial offer? How much do you think the columns would detract appeal, in terms of price? I don't think there are many people who would be willing to buy this property. I think this is an opportunity to buy cheap, assuming I will be able to put up with the columns. This is the only unit in the building with this "feature".

Summary:
New Unit: 1250 sq.ft 2+2
Original listed (since '07): $420,000
Asking: $347,000
HOA: $370/mo
5% Buyers Co-op

Builder's agent suggested I could offer: $310,000. They could give roughly 15k concessions (incl. 1st year HOA, sliding door, and concrete sealant), with final sale price of $310,000 and net purchase price of $295,000

While this is listed for $357k, some quick research showed that they had only 1 sale in the past 60 days. Other available 2+2 units on the same floor (same floorplan, except without the columns) have asking prices of $353,000 and $357,000.

Suggestions are appreciated.

Thanks!

This condo is new development. I'm interested in making this my primary residence. The complex is in a not so busy area, not unlike downtown los angeles. rarely any foot traffic.

It is listed for $347k, however I think they are expecting to net at least $300k. Let me know what you think.. I don't think its worth anywhere near that price, given the problem with the columns. It is the only unit in the complex that has this "feature" and has been on the market since the early 2007.

http://www.flickr.com/photos/scottyscott/sets/72157617848158735/

The HOA is $369/mo. Property Tax is 1.19%.

There is no pool, or gym. only an enclosed courtyard with BBQ stations and seats..

The neighborhood is not quite a location someone would raise a family. . more for young professionals like myself. Just businesses, but no nearby schools. mostly in an industrial area.

Anyway suggestions would be much appreciated!

Thank you!