1100 Alta Loma Rd., #801 (90069)$999,000
2BR / 2.5BA
2,252 sq ft
HOA: $1,641/mo (full-service bldg)
Days on Market: 114
THIS IS A BLOW OUT SALE! PRICE WAY BELOW MARKET VALUE. GREAT VALUE. CLASSICAL CONTEMPORARY STYLE. DESIRABLE TWO BEDROOM AND DEN FLOOR PLAN. GORGEOUS FLOORS THRU-OUT. STATE-OF-THE-ART KITCHEN. AMAZING NATURAL LIGHT. PRESTIGIOUS FULL SERVICE BUILDING WITH POOL, TENNIS COURT, CONCIERGE. VIEWS FROM EVERY ROOM. MASTER SUITE WITH GUEST BEDROOM SUITE PLUS DEN/LIBRARY. LOVELY LANDSCAPED TERRACE. MOTIVATED SELLER.
Sold: 1/14/98 - $278,000
Sold: 8/15/03 - $895,000
Sold: 8/18/05 - $1,550,000
Listed: 6/12/09 - $1,345,000
Reduced: 10/2/09 - to current price
The sales price run-ups speak for themselves here, and yes, it does look like the 2005 price was a "real" sale, although based on some quick research, the buyer is probably one who, if they want a property, don't have to care much about price.
That said, what about "market value"? In my book, the definition is "the price at which a transaction will clear the market". Of course, that definition can move around fairly quickly in uncertain times. Was the "market value" $1.5mm in 2005? Of course - that's the price someone was willing to pay. Of course, we'll be exiting the funny money times soon enough. I'd look for pricing to settle below the 2003 price eventually. Yep, that's a 50% reduction in the 90069.
1 comment:
Zillow thinks it's worth $1.4 million. Is that what they mean by way below market value? And what's up with those astronomical HOA dues? Either the HOA is paying off some kind of lawsuit, or for $1600+ per month you get a weekly massage...with happy ending. Yikes!
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