8709 Sherwood Dr. (90069)$572,300 - bank owned
2BR / 1 BA
765 sq ft
Lot Size: 2300 sq ft
Great find in a highly desirable area. This 2 BR/1 BA home is ready for your touches. Bath has been redone. Close to trendy shopping & dining! lInformation herein is not verified by agent. Buyer to verify all information & rely on their findings. Offers must be submitted on CAR form w/pre-approval (NOT pre-qual), copy of earnest money check, proof of funds (if cash offer) & agency disclosure. For guarantee receipt of your offer please check private remarks for fax cover & faxing instructions.
Bank Buyback: 1/13/09 - $588,720
We'll go ahead and make the informed assumption that this is an REO, given the wording in the description. Cause, you know, we wouldn't want to disclose that, or anything ...
In fairness, there was no ubiquitous "pride of ownership" reference in the description. I just always find that phrase hilarious, in a "what-you-mean-to-say is buyers for properties at this level are too poor to afford a real house" kind of way.
Almost $600k. For a 765 sq ft property. With a lot size maybe allowing you to a little more than double the footprint while still having some semblance of a yard (someone can enlighten me on the restrictions on building vertically).
Let's say you doubled the size, at approx $300k/ft construction costs. That's just over $200k, plus permitting, other misc costs, overruns, landscaping, etc. So call it $300k, or around $900k at the current list price.
For comparable purposes, the REO at 8616 Sherwood, a 1400 sq ft new construction, sold for $810k in early June, although it may have had some of the "it was originally listed for over $1mm, it must be a deal" psychology.
Also, 8625 Rugby, just up the street, a 1+1, 884 sq ft SFR, sold for just over $600k in early August.
5 comments:
Sherwood property is in an R2 zone that allows 2 stories (up to 25') and 2 dwelling units on a lot less than 4,000 sqft. BUT, there's another calculation required and I think it goes like this: Take the total lot and divide by 2, then take that result and subtract the current footprint of the house, and you get the additional amount of structure that can be added. So, 2300/2=1150 - 765 sqft current house = 385 sq ft of additional house. If this sells for what's being asked (and that's doubtful nowadays), it could become the second least expensive SFR sold in the city of WEHO this year.
In July, 7557 Romaine, 1/1, 832 sqft house/1933 sqft lot sold for $444K after having been bought in 11/08 for $300K and remodelled. Congratulations to the seller.
Third least expensive would then be 8625 Rugby, 1/1, 884/3,440 -- now that's some relatively good-sized land to have in order to add extra structure!! Sold for $607K in 8/09, evidence that the best WEHO deals are done quietly. Double congratulations to the buyer.
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